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3.<span style="mso-tab-count: 1">    </span> <u>Disposition of
an Interest in Shurgard Europe</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
On March 31, 2008, an institutional investor acquired a 51%
interest in Shurgard European Holdings LLC, a newly formed
Delaware limited liability company and the holding company for
Shurgard Europe (“Shurgard Holdings”).<span style=
"mso-spacerun: yes">  </span> Public Storage owns the remaining
49% interest and is the managing member of Shurgard Holdings.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Our net proceeds from the transaction aggregated $609,059,000,
comprised of $613,201,000 paid by the institutional investor
less $4,142,000 in legal, accounting, and other expenses
incurred in connection with the transaction.<span style=
"mso-spacerun: yes">  </span> As a result of the disposition,
we reduced our investment in Shurgard Europe by approximately
$305,048,000 for the pro rata portion of our March 31, 2008
investment that was sold, and recognized a gain of $304,011,000
upon disposition, representing the difference between the net
proceeds received of $609,059,000 and the pro rata portion of
our investment sold of $305,048,000.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
In addition, as a result of our disposition of this interest, a
portion of the cumulative currency exchange gains we had
previously recognized in Other Comprehensive Income with
respect to Shurgard Europe was realized.<span style=
"mso-spacerun: yes">  </span> Accordingly, we recognized a
cumulative currency exchange gain of $37,854,000, representing
51% (the pro rata portion of Shurgard Europe that was sold) of
the cumulative currency exchange gain previously included in
Other Comprehensive Income.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The gain upon disposition of $304,011,000 and associated
realized currency exchange gain totaling $37,854,000 are both
included in the line-item “gain (loss) on disposition of real
estate investments” in our condensed consolidated statement of
income for the six months ended June 30, 2008.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The results of operations of Shurgard Europe have been included
in our condensed consolidated statements of income for the
three months ended March 31, 2008.<span style=
"mso-spacerun: yes">  </span> Commencing with the quarter
beginning April 1, 2008, our pro rata share of operations of
Shurgard Europe is reflected on our condensed consolidated
statement of income under equity in earnings of real estate
entities.
</p>
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<p class="MsoNormal" style=
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12.<span style="mso-tab-count: 1">         </span>
<u>Commitments and Contingencies</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
<u>Legal Matters</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
<u>Brinkley v. Public Storage, Inc. (filed April 2005)
(Superior Court of California – Los Angeles County)</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
The plaintiff sued the Company on behalf of a purported class
of California non-exempt employees based on various California
wage and hour laws and seeking monetary damages and injunctive
relief.<span style="mso-spacerun: yes">  </span> In May 2006, a
motion for class certification was filed seeking to certify
five subclasses.<span style="mso-spacerun: yes">  </span>
Plaintiff sought certification for alleged meal period
violations, rest period violations, failure to pay for travel
time, failure to pay for mileage reimbursement, and for wage
statement violations.<span style="mso-spacerun: yes">  </span>
In October 2006, the Court declined to certify three out of the
five subclasses.<span style="mso-spacerun: yes">  </span> The
Court did, however, certify subclasses based on alleged meal
period and wage statement violations.<span style=
"mso-spacerun: yes">  </span> Subsequently, the Company filed a
motion for summary judgment seeking to dismiss the matter in
its entirety.<span style="mso-spacerun: yes">  </span> On June
22, 2007, the Court granted the Company’s summary judgment
motion as to the causes of action relating to the subclasses
certified and dismissed those claims.<span style=
"mso-spacerun: yes">  </span> The only surviving claims are
those relating to the named plaintiff.<span style=
"mso-spacerun: yes">  </span> The plaintiff has filed an appeal
to the Court’s June 22, 2007 summary judgment
ruling.<span style="mso-spacerun: yes">  </span> On October 28,
2008, the Court of Appeals sustained the trial court’s
ruling.<span style="mso-spacerun: yes">  </span> The plaintiff
filed a petition for review with the California Supreme Court,
which was granted but further action in this matter was
deferred pending consideration and disposition of a related
issue in <i>Brinker Restaurant Corp. v. Superior Court</i>
which is currently pending before the California Supreme Court.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
<u>Other Items</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
We are a party to various claims, complaints, and other legal
actions that have arisen in the normal course of business from
time to time that are not described above.<span style=
"mso-spacerun: yes">  </span> We believe that it is unlikely
that the outcome of these other pending legal proceedings
including employment and tenant claims, in the aggregate, will
have a material adverse impact upon our operations or financial
position.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
<u>Insurance and Loss Exposure</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
We have historically carried customary property, earthquake,
general liability and workers compensation coverage through
internationally recognized insurance carriers, subject to
customary levels of deductibles.<span style=
"mso-spacerun: yes">  </span> The aggregate limits on these
policies of $75 million for property coverage and $102 million
for general liability are higher than estimates of maximum
probable loss that could occur from individual catastrophic
events determined in recent engineering and actuarial studies;
however, in case of multiple catastrophic events, these limits
could be exhausted.<span style="mso-spacerun: yes">  </span>
<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify">
Our tenant insurance program reinsures a program that provides
insurance to certificate holders against claims for property
losses due to specific named perils (earthquakes and floods are
not covered by these policies) to goods stored by tenants at
our self-storage facilities for individual limits up to a
maximum of $5,000.  We have third-party insurance coverage for
claims paid exceeding $1,000,000 resulting from any one
individual event, to a limit of $25,000,000. <span style=
"mso-spacerun: yes">  </span>At June 30, 2009, there were
approximately 612,000 certificate holders participating in this
program in the U.S. representing aggregate coverage of
approximately $1.4 billion.<span style=
"mso-spacerun: yes">  </span> We rely on a third-party
insurance company to provide the insurance and are subject to
licensing requirements and regulations in several
states.<span style="mso-spacerun: yes">  </span> No assurance
can be given that this activity can continue to be conducted in
any given jurisdiction.
</p><u><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; mso-bidi-font-weight: bold"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span></u>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.75in; TEXT-INDENT: -0.25in; tab-stops: right 6.5in">
<u><span style="mso-bidi-font-weight: bold">Operating Lease
Obligations</span></u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
We lease land, equipment and office space under various
operating leases. <span style="mso-spacerun: yes">  </span>At
June 30, 2009, the future minimum rental payments required
under our operating leases for the years ending December 31,
are as follows (amounts in thousands):<span style=
"mso-spacerun: yes">  </span>
</p>
<div align="center">
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<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
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valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 17.1pt; TEXT-INDENT: -9pt; tab-stops: right dotted 179.1pt">
2009<span style=
"mso-tab-count: 1 dotted">...............................................................</span>
</p>
</td>
<td style=
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<p class="MsoNormal" style=
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align="right">
$<span style=
"mso-tab-count: 1">  </span>  <span style=
"mso-tab-count: 1">  </span> 3,497
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 184.8pt; PADDING-TOP: 0in"
valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 7.65pt; tab-stops: right dotted 179.1pt">
2010<span style=
"mso-tab-count: 1 dotted">...............................................................</span>
</p>
</td>
<td style=
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valign="top" width="67">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal .55in" align=
"right">
5,858
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 184.8pt; PADDING-TOP: 0in"
valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 17.1pt; TEXT-INDENT: -9pt; tab-stops: right dotted 179.1pt">
2011<span style=
"mso-tab-count: 1 dotted">...............................................................</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.7in; PADDING-TOP: 0in"
valign="top" width="67">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal .55in" align=
"right">
5,315
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 184.8pt; PADDING-TOP: 0in"
valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 17.1pt; TEXT-INDENT: -9pt; tab-stops: right dotted 179.1pt">
2012<span style=
"mso-tab-count: 1 dotted">...............................................................</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.7in; PADDING-TOP: 0in"
valign="top" width="67">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal .55in" align=
"right">
5,321
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 184.8pt; PADDING-TOP: 0in"
valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 17.1pt; TEXT-INDENT: -9pt; tab-stops: right dotted 179.1pt">
2013<span style=
"mso-tab-count: 1 dotted">...............................................................</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.7in; PADDING-TOP: 0in"
valign="top" width="67">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal .55in" align=
"right">
5,201
</p>
</td>
</tr>
<tr style="HEIGHT: 0.15in; mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 184.8pt; PADDING-TOP: 0in; HEIGHT: 0.15in"
valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 17.1pt; TEXT-INDENT: -9pt; tab-stops: right dotted 179.1pt">
Thereafter<span style=
"mso-tab-count: 1 dotted">.....................................................</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.7in; PADDING-TOP: 0in; HEIGHT: 0.15in"
valign="top" width="67">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
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align="right">
74,492
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 184.8pt; PADDING-TOP: 0in"
valign="top" width="246">
<p class="MsoNormal" style=
"MARGIN-LEFT: 30.6pt; TEXT-INDENT: -10.6pt; tab-stops: right dotted 179.1pt">
  
</p>
</td>
<td style=
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valign="top" width="67">
<div style=
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$<span style="mso-tab-count: 1">  </span> 99,684
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Expenses under operating leases were approximately $1.3 million
and $2.7 million for the three and six months ended June 30,
2009, respectively, as compared to $1.3 million and
$2.6 million for the same periods in 2008.<span style=
"mso-spacerun: yes">  </span>
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1.10
0.10
0.10
650000000
650000000
168279732
168355703
168279732
168355703
16829000
16837000
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<p class="MsoNormal" style=
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6.<span style="mso-tab-count: 1">    </span> <u>Notes Payable
and Line of Credit</u>
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The carrying amounts of our notes payable at June 30, 2009 and
December 31, 2008 consist of the following (dollar amounts in
thousands):
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<td style=
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<span style="FONT-SIZE: 9pt">June 30,
<br />
2009</span>
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<span style="FONT-SIZE: 9pt">December 31,
2008</span>
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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valign="top" width="189" colspan="2">
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<span style=
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in thousands)</span>
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<td style=
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<p class="MsoNormal" style=
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<b><i><span style="FONT-SIZE: 9pt">  </span></i></b>
</p>
</td>
<td style=
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valign="top" width="96">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<b><i><span style="FONT-SIZE: 9pt">Unsecured Notes
Payable:</span></i></b>
</p>
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<tr style="mso-yfti-irow: 4">
<td style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in"
valign="top" width="93">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">5.875% effective and
stated note rate, interest only and payable
semi-annually, matures in March 2013<span style=
"mso-tab-count: 1 dotted">.......................................................</span></span>
</p>
</td>
<td style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
<span style="mso-tab-count: 1">  </span>
$<span style="mso-tab-count: 1">      </span>
186,460</span>
</p>
</td>
<td style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
<span style="mso-tab-count: 1">  </span>
$<span style="mso-tab-count: 1">      </span>
200,000</span>
</p>
</td>
</tr>
<tr style="HEIGHT: 4.65pt; mso-yfti-irow: 6">
<td style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">5.73% effective rate,
7.75% stated note rate, interest only and payable
semi-annually, matures in February 2011 (carrying
amount includes $2,856 of unamortized premium at June
30, 2009 and $7,433 at December 31, 2008)
<span style="mso-tab-count: 1 dotted">..........................................................</span></span>
</p>
</td>
<td style=
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valign="top" width="96">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">          </span>
106,173</span>
</p>
</td>
<td style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">          </span>
207,433</span>
</p>
</td>
</tr>
<tr style="HEIGHT: 5.4pt; mso-yfti-irow: 7">
<td style=
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valign="top" width="367">
<p class="MsoNormal" style=
"MARGIN: 0in -0.9pt 0pt 17.3pt; TEXT-INDENT: -9.2pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: right dotted 298.35pt">
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 5.4pt"
valign="top" width="96">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 54.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in; HEIGHT: 5.4pt"
valign="top" width="93">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="HEIGHT: 4.65pt; mso-yfti-irow: 8">
<td style=
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<p class="MsoNormal" style=
"MARGIN: 0in -0.9pt 0pt 17.3pt; TEXT-INDENT: -11.45pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: right dotted 298.35pt">
<b><i><span style="FONT-SIZE: 9pt">Secured Notes
Payable:</span></i></b>
</p>
</td>
<td style=
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valign="top" width="96">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal .55in">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in; HEIGHT: 4.65pt"
valign="top" width="93">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 39.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="HEIGHT: 4pt; mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 275.6pt; PADDING-TOP: 0in; HEIGHT: 4pt"
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
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valign="top" width="96">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in; HEIGHT: 4pt"
valign="top" width="93">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="HEIGHT: 4.65pt; mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 275.6pt; PADDING-TOP: 0in; HEIGHT: 4.65pt"
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<p class="MsoNormal" style=
"MARGIN: 0in -0.9pt 0pt 17.3pt; TEXT-INDENT: -9.2pt; mso-pagination: widow-orphan lines-together; tab-stops: right dotted 298.35pt">
<span style="FONT-SIZE: 9pt">5.47% average effective
rate fixed rate mortgage notes payable, secured by 90
real estate facilities with a net book value of
$567,582 at June 30, 2009 and stated note rates
between 4.95% and 8.75%, maturing at varying dates
between July 2009 and August 2015 (carrying amount
includes $4,809 of unamortized premium at June 30,
2009 and $5,634 at December 31, 2008) <span style=
"mso-tab-count: 1 dotted">........</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 4.65pt"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 54.2pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">          </span>
231,807</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in; HEIGHT: 4.65pt"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">          </span>
236,378</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 4.3pt; mso-yfti-irow: 11; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 275.6pt; PADDING-TOP: 0in; HEIGHT: 4.3pt; mso-height-rule: exactly"
valign="top" width="367">
<p class="MsoNormal" style=
"MARGIN: 0in -0.9pt 0pt 17.3pt; TEXT-INDENT: -9.2pt; mso-pagination: widow-orphan lines-together; tab-stops: right dotted 298.35pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 4.3pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in; HEIGHT: 4.3pt; mso-height-rule: exactly"
valign="top" width="93">
<p class="MsoNormal" style=
"mso-pagination: widow-orphan lines-together; tab-stops: .05in decimal 53.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 275.6pt; PADDING-TOP: 0in"
valign="top" width="367">
<p class="MsoNormal" style=
"MARGIN: 0in -0.9pt 0pt 35.1pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: right dotted 298.35pt">
<span style="FONT-SIZE: 9pt">Total notes
payable<span style=
"mso-tab-count: 1 dotted">....................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-pagination: widow-orphan lines-together; tab-stops: 4.5pt decimal 53.1pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">      </span> 524,440</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 69.75pt; PADDING-TOP: 0in"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-pagination: widow-orphan lines-together; tab-stops: 4.5pt decimal 53.1pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">      </span> 643,811</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: 0.5in; mso-pagination: widow-orphan lines-together; tab-stops: .5in right 6.5in">
</p>
<p class="MsoNormal" style="MARGIN-LEFT: 27pt">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
When assumed in connection with property or other
acquisitions, notes payable are recorded at their respective
estimated fair values upon acquisition.<span style=
"mso-spacerun: yes">  </span> Any initial premium or
discount, representing the difference between the stated note
rate and estimated fair value on the respective date of
assumption, is amortized over the remaining term of the notes
using the effective interest method.<span style=
"mso-spacerun: yes">  </span> Fair values are determined
based upon discounting the future cash flows under each
respective note at an interest rate that approximates those
of loans with similar credit characteristics, term to
maturity, and other market data which represent significant
unobservable inputs, which are “Level 3” inputs as the term
is utilized in SFAS No. 157.
</p>
<p class="MsoNormal" style=
"MARGIN: 12pt 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, we have a revolving credit agreement (the
“Credit Agreement”) which expires on March 27, 2012, with an
aggregate limit with respect to borrowings and letters of
credit of $300 million.<span style=
"mso-spacerun: yes">  </span> Amounts drawn on the Credit
Agreement bear an annual interest rate ranging from the London
Interbank Offered Rate (“LIBOR”) plus 0.35% to LIBOR plus 1.00%
depending on our credit ratings (LIBOR plus 0.35% at June 30,
2009).<span style="mso-spacerun: yes">  </span> In addition, we
are required to pay a quarterly facility fee ranging from 0.10%
per annum to 0.25% per annum depending on our credit ratings
(0.10% per annum at June 30, 2009). <span style=
"mso-spacerun: yes">  </span>We had no outstanding borrowings
on our Credit Agreement at June 30, 2009 or at August 7, 2009.
<span style="mso-spacerun: yes">  </span>At June 30, 2009, we
had undrawn standby letters of credit, which reduce our
borrowing capability with respect to our line of credit by the
amount of the letters of credit, totaling $20,000,000
($17,736,000 at December 31, 2008).<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
On February 12, 2009, we acquired $110,223,000 face amount
($113,736,000 book value) of our existing unsecured notes
pursuant to a tender offer for an aggregate of $109,622,000 in
cash (including costs associated with the tender of $414,000)
plus accrued interest. <span style=
"mso-spacerun: yes">  </span>In connection with this
transaction, we recognized a gain of $4,114,000 for the six
months ended June 30, 2009, representing the difference between
the book value of $113,736,000 and the retirement amount paid
plus tender offer costs.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Our notes payable and our Credit Agreement each have various
customary restrictive covenants, all of which have been met at
June 30, 2009.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; mso-pagination: widow-orphan lines-together; tab-stops: .5in right 6.5in">
At June 30, 2009, approximate principal maturities of our notes
payable are as follows (amounts in thousands):
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="491" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0.05in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-pagination: widow-orphan lines-together; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">Unsecured
<br />
Notes Payable</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 5.3pt; BORDER-LEFT: medium none; MARGIN-RIGHT: 8.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-pagination: widow-orphan lines-together; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">Mortgage Notes
Payable</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0.05in; BORDER-LEFT: medium none; MARGIN-RIGHT: 8.1pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-pagination: widow-orphan lines-together; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt"><br />
Total</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">2009<span style=
"mso-tab-count: 1 dotted">...........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 12.05pt decimal .8in">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">                 </span>
909</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 18.05pt decimal 60.8pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">               </span>
4,559</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 7.9pt decimal 48.6pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">          </span> 5,468</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">2010<span style=
"mso-tab-count: 1 dotted">...........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 12.25pt decimal .8in">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
1,900</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: .25in decimal 59.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
11,037</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 7.9pt decimal 48.6pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">          </span> 12,937</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">2011<span style=
"mso-tab-count: 1 dotted">...........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 12.25pt decimal .8in">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span> 103,364</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: .25in decimal 59.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
27,819</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 7.9pt decimal 48.6pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 131,183</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">2012<span style=
"mso-tab-count: 1 dotted">...........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 12.25pt decimal .8in">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: .25in decimal 59.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
55,575</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 7.9pt decimal 48.6pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">          </span> 55,575</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">2013<span style=
"mso-tab-count: 1 dotted">...........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 12.25pt decimal .8in">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span> 186,460</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: .25in decimal 59.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
64,961</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: 7.9pt decimal 48.6pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 251,421</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: dotted 116.1pt">
<span style="FONT-SIZE: 9pt">Thereafter<span style=
"mso-tab-count: 1 dotted">...................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: decimal 59.85pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt">
<span style="FONT-SIZE: 9pt">               
67,856</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<div style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">          </span> 67,856</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 7">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">          </span> 292,633</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">           </span>
231,807</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<div style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">      </span> 524,440</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 8; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.5pt; PADDING-TOP: 0in"
valign="top" width="174">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">Weighted average
effective rate<span style=
"mso-tab-count: 1 dotted">.</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">                 
5.8%</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 93.4pt; PADDING-TOP: 0in"
valign="top" width="125">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">                 
5.5%</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67.5pt; PADDING-TOP: 0in"
valign="top" width="90">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together; tab-stops: decimal 28.15pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt">             
5.7%</span>
</p>
</div>
</td>
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</p>
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We incurred interest expense (including interest capitalized
as real estate totaling $347,000 and $1,182,000, respectively
for the six months ended June 30, 2009 and 2008) with respect
to our notes payable, capital leases, debt to joint venture
partner and line of credit aggregating $15,763,000 and
$27,270,000 for the six months ended June 30, 2009 and 2008,
respectively.<span style="mso-spacerun: yes">  </span> These
amounts were comprised of $17,652,000 and $29,704,000 in cash
paid for the six months ended June 30, 2009 and 2008,
respectively, less $1,889,000 and $2,434,000 in amortization
of premium, respectively.</span>
</p>
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217069000
94829000
168762000
83796000
20340000
12703000
284779000
128124000
257952000
124478000
<div>
<p class="MsoNormal" style=
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10.<span style="mso-tab-count: 1">         </span>
<u>Share-Based Compensation</u>
</p>
<p class="MsoNormal" style="MARGIN: 0in 0in 12pt 0.75in">
<u>Stock Options</u>
</p>
<p class="MsoNormal" style=
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We have various stock option plans (collectively referred to as
the “PS Plans”).<span style="mso-spacerun: yes">  </span> Under
the PS Plans, the Company has granted non-qualified options to
certain trustees, officers and key employees to purchase the
Company’s common shares at a price equal to the fair market
value of the common shares at the date of grant.<span style=
"mso-spacerun: yes">  </span> Generally, options granted after
December 31, 2002 vest generally over a five-year period and
expire between eight years and ten years after the date they
became exercisable.<span style="mso-spacerun: yes">  </span>
The PS Plans also provide for the grant of restricted shares
(see below) to officers, key employees and service providers on
terms determined by an authorized committee of our Board.
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; mso-pagination: none">
We recognize compensation expense for share-based awards based
upon their fair value on the date of grant amortized over the
applicable vesting period (the “Fair Value Method”), net of
estimates for future forfeitures.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
For the three and six months ended June 30, 2009, we recorded
$900,000 and $1,500,000, respectively, in stock option
compensation expense related to options granted after January
1, 2002, as compared to $951,000 and $1,367,000 for the same
periods in 2008.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
A total of 1,485,000 stock options were granted during the six
months ended June 30, 2009, 19,619 shares were exercised, and
79,000 shares were forfeited.<span style=
"mso-spacerun: yes">  </span> A total of 3,783,713 stock
options were outstanding at June 30, 2009 (2,397,332 at
December 31, 2008).<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Outstanding stock options are included on a one-for-one basis
in our diluted weighted average shares, less a reduction for
the treasury stock method applied to a) the average cumulative
measured but unrecognized compensation expense during the
period and b) the strike price proceeds expected from the
employee upon exercise.
</p>
<h4 style="MARGIN-LEFT: 0.75in">
Restricted Share Units
</h4>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: 45.0pt right 6.5in">
Outstanding restricted share units vest over a five or
eight-year period from the date of grant at the rate of
one-fifth or one-eighth per year, respectively.<span style=
"mso-spacerun: yes">  </span> The employee receives additional
compensation equal to the per-share dividends received by
common shareholders with respect to restricted share units
outstanding.<span style="mso-spacerun: yes">  </span> Such
compensation is accounted for as dividends paid. Any dividends
paid on units which are subsequently forfeited are expensed.
<span style="mso-spacerun: yes">  </span>Upon vesting, the
employee receives common shares equal to the number of vested
restricted share units in exchange for the units.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoBodyTextIndent3" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 27pt; TEXT-ALIGN: justify">
The total value of each restricted share unit grant, based
upon the market price of our common shares at the date of
grant, is amortized over the service period, net of estimates
for future forfeitures, as compensation expense. <span style=
"mso-spacerun: yes">  </span>The related employer portion of
payroll taxes is expensed as incurred.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
During the six months ended June 30, 2009, 99,050 restricted
share units were granted, 42,022 restricted share units were
forfeited and 90,633 restricted share units
vested.<span style="mso-spacerun: yes">  </span> This vesting
resulted in the issuance of 56,352 common shares.<span style=
"mso-spacerun: yes">  </span> In addition, cash compensation
was paid to employees in lieu of 34,281 common shares based
upon the market value of the shares at the date of vesting,
and used to settle the employees’ tax liability generated by
the vesting.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, approximately 596,607 restricted share units
were outstanding (630,212 at December 31, 2008).<span style=
"mso-spacerun: yes">  </span> A total of $2,580,000 and
$4,593,000 in restricted share expense was recorded for the
three and six months ended June 30, 2009, respectively, as
compared to $2,533,000 and $4,891,000 for the same periods in
2008.<span style="mso-spacerun: yes">  </span> Restricted share
expense includes amortization of the grant-date fair value of
the units reflected as an increase to paid-in capital, as well
as payroll taxes we incurred upon each respective vesting.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
See also “net income per common share” above for further
discussion regarding the impact of restricted share units on
our net income per common and income allocated to common
shareholders.
</p>
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-185176000
-185176000
-185176000
-116216000
-116216000
-116216000
552361000
550499000
0
109622000
3.05
0.40
1.75
0.80
-0.01
-0.01
-0.05
-0.05
2542000
520000
<div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
5.<span style="mso-tab-count: 1">    </span> <u>Investments in
Real Estate Entities</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
During the three and six months ended June 30, 2009, we
recognized earnings from our investments in real estate
entities of $7,398,000, and $30,209,000, respectively, and
received cash distributions from such investments, totaling
$11,889,000, and $23,708,000, respectively.<span style=
"mso-spacerun: yes">  </span> During the three and six months
ended June 30, 2008, we recognized earnings from our
investments in real estate entities of $4,632,000, and
$7,361,000, respectively, and received cash distributions from
such investments, totaling $12,656,000, and $19,149,000,
respectively.<span style="mso-spacerun: yes">  </span> Included
in earnings recognized for the six months ended June 30, 2009
is $16,284,000, representing our share of the earnings
allocated from PSB’s preferred shareholders, as a result of
PSB’s repurchases of preferred stock and preferred units for
amounts that were less than the related book value, during the
period.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
During the six months ended June 30, 2009 and 2008, in addition
to the impact of earnings recognized and cash distributions
received, our investments in real estate entities increased by
$11,633,000 and decreased by $891,000, respectively, due to
foreign currency translation adjustments.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The following table sets forth our investments in the real
estate entities at June 30, 2009 and December 31, 2008, and
our equity in earnings of real estate entities for the three
and six months ended June 30, 2009 and 2008 (amounts in
thousands):
</p>
<div align="center">
<table class="MsoNormalTable" style=
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<tbody>
<tr style=
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<td style=
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valign="top" width="161">
<p class="MsoNormal" style=
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<span style=
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</p>
</td>
<td style=
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valign="top" width="194" colspan="2">
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<p class="MsoNormal" style=
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<p class="MsoNormal" style=
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<p class="MsoNormal" style=
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Investments
in Real Estate Entities at</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: dotted 259.75pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
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valign="top" width="101">
<div style=
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<p class="MsoNormal" style=
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">June
30,</span>
</p>
<p class="MsoNormal" style=
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2009</span>
</p>
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</td>
<td style=
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valign="top" width="93">
<div style=
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<p class="MsoNormal" style=
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">December
31,</span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2008</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">PSB</span><span style="mso-tab-count: 1 dotted">.........................................</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 14.85pt decimal .8in; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
      </span> $<span style=
"mso-tab-count: 1">   </span> 280,120</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 14.85pt decimal .8in; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
     </span> $<span style=
"mso-tab-count: 1">   </span> 265,650</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Shurgard
Europe<span style=
"mso-tab-count: 1 dotted">......................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: decimal 58.9pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">            
268,478</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: decimal 58.9pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">           
264,145</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Other
Investments<span style=
"mso-tab-count: 1 dotted">....................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<div style=
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<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">              
14,134</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">             
14,803</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">     
Total<span style=
"mso-tab-count: 1 dotted">...................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 14.65pt decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
      </span> $<span style=
"mso-tab-count: 1">   </span> 562,732</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 14.65pt decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
     </span> $<span style=
"mso-tab-count: 1">   </span> 544,598</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoCaption" style=
"MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in">
  
</p>
<div align="center">
<table class="MsoNormalTable" style=
"MARGIN-LEFT: 21.4pt; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="551" border="0">
<tbody>
<tr style=
"mso-yfti-irow: 0; mso-yfti-firstrow: yes; page-break-inside: avoid">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: dotted 259.75pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 145.75pt; PADDING-TOP: 0in"
valign="top" width="194" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Equity
in Earnings of Real Estate Entities for
the</span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Three
Months Ended June 30,</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 15.5pt; PADDING-TOP: 0in"
valign="top" width="21">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 130.9pt; PADDING-TOP: 0in"
valign="top" width="175" colspan="3">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Equity
in Earnings of Real Estate Entities for
the</span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Six
Months Ended June 30,</span>
</p>
</div>
</td>
</tr>
<tr style=
"mso-yfti-irow: 1; mso-row-margin-right: 5.35pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: dotted 259.75pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2008</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 15.5pt; PADDING-TOP: 0in"
valign="top" width="21">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: center; mso-shading: windowtext; mso-pattern: solid white"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 62.55pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63pt; PADDING-TOP: 0in"
valign="top" width="84">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2008</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="7">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 2; mso-row-margin-right: 5.35pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">PSB</span><span style="mso-tab-count: 1 dotted">.........................................</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 14.85pt decimal 59.5pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
      </span>$<span style=
"mso-tab-count: 1">        </span> 5,201</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 14.85pt decimal 60.3pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">       </span> 2,847</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 15.5pt; PADDING-TOP: 0in"
valign="top" width="21">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 9.0pt decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 62.55pt; PADDING-TOP: 0in"
valign="top" width="83">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 9.0pt decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span>$<span style=
"mso-tab-count: 1">    </span> 25,667</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63pt; PADDING-TOP: 0in"
valign="top" width="84">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 9.0pt decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
  </span>$<span style=
"mso-tab-count: 1">      </span>  5,192</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="7">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 3; mso-row-margin-right: 5.35pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Shurgard
Europe<span style=
"mso-tab-count: 1 dotted">......................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: decimal 58.9pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">                
1,709</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: decimal 58.9pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">             
1,457</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 15.5pt; PADDING-TOP: 0in"
valign="top" width="21">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 62.55pt; PADDING-TOP: 0in"
valign="top" width="83">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">           
3,608</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63pt; PADDING-TOP: 0in"
valign="top" width="84">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">         
 1,457</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="7">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 4; mso-row-margin-right: 5.35pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Other
Investments<span style=
"mso-tab-count: 1 dotted">....................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">                   
488</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">                
328</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 15.5pt; PADDING-TOP: 0in"
valign="top" width="21">
<p class="MsoNormal" style=
"BACKGROUND: white; TEXT-ALIGN: justify; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 62.55pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">             
 934</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63pt; PADDING-TOP: 0in"
valign="top" width="84">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">             
712</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="7">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 5; mso-yfti-lastrow: yes; mso-row-margin-right: 5.35pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 121.05pt; PADDING-TOP: 0in"
valign="top" width="161">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 129.15pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">     
Total<span style=
"mso-tab-count: 1 dotted">...................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 75.7pt; PADDING-TOP: 0in"
valign="top" width="101">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 14.65pt decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
      </span> $<span style=
"mso-tab-count: 1">       </span> 7,398</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.05pt; PADDING-TOP: 0in"
valign="top" width="93">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 14.65pt decimal .8in; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
     </span> $<span style=
"mso-tab-count: 1">      </span>4,632</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 15.5pt; PADDING-TOP: 0in"
valign="top" width="21">
<p class="MsoNormal" style=
"BACKGROUND: white; tab-stops: 9.45pt decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 62.55pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 9.45pt decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">   </span> 30,209</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63pt; PADDING-TOP: 0in"
valign="top" width="84">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-shading: windowtext; mso-pattern: solid white; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 9.45pt decimal 48.6pt; mso-shading: windowtext; mso-pattern: solid white; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 7,361</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="7">
<p class="MsoNormal">
  
</p>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal">
  
</p>
<p class="MsoCaption" style=
"MARGIN-TOP: 0in; TEXT-INDENT: 0.25in">
<span style="FONT-STYLE: normal">Investment in PSB</span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
PSB is a REIT traded on the New York Stock Exchange, which
controls an operating partnership (collectively, the REIT and
the operating partnership are referred to as
“PSB”).<span style="mso-spacerun: yes">  </span> At June 30,
2009, PSB owned and operated approximately 19.6 million net
rentable square feet of commercial space and manages certain
of our commercial space.
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We have a 46% common equity interest in PSB as of June 30,
2009 and December 31, 2008, comprised of our ownership of
5,418,273 shares of PSB’s common stock and 7,305,355 limited
partnership units in the operating partnership.<span style=
"mso-spacerun: yes">  </span> The limited partnership units
are convertible at our option, subject to certain conditions,
on a one-for-one basis into PSB common stock.<span style=
"mso-spacerun: yes">  </span> Based upon the closing price at
June 30, 2009 ($48.44 per share of PSB common stock), the
shares and units had a market value of approximately
$616.3 million as compared to a book value of $280.1 million.
</p><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The following table sets forth selected financial information
of PSB; the amounts represent 100% of PSB’s balances and not
our pro-rata share.
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="522" border="0">
<thead>
<tr style=
"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -6.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2008</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
</thead>
<tbody>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 154pt; PADDING-TOP: 0in"
valign="top" width="205" colspan="3">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: 8.1pt decimal 44.1pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">(Amounts
in thousands)</span>
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 2; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<u><span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">For the
six months ended June 30</span></u><span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">,</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 3; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Total
revenue<span style=
"mso-tab-count: 1 dotted">..........................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span>$<span style=
"mso-tab-count: 1">       </span> 138,073</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
  </span> $<span style=
"mso-tab-count: 1">       </span> 140,929</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 4; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Costs of
operations and general and administrative
expense<span style=
"mso-tab-count: 1 dotted">..</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">            
(47,818)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">            
(48,560)</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 5; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Depreciation
and amortization<span style=
"mso-tab-count: 1 dotted">................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">            
(43,803)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">            
(50,567)</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 6; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Other
items<span style=
"mso-tab-count: 1 dotted">.............................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .75pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">                   
(76)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .75pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">              
(1,373)</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 7; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: 2.05pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Net
income<span style=
"mso-tab-count: 1 dotted">.........................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span>$<span style=
"mso-tab-count: 1">          </span>
46,376</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span>$<span style=
"mso-tab-count: 1">          </span>
40,429</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 8; mso-yfti-lastrow: yes; mso-row-margin-right: 1.2pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"MARGIN-RIGHT: 0.25pt; tab-stops: right dotted 225.8pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style="tab-stops: right dotted 225.8pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="521" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"MARGIN-RIGHT: 0.25pt; tab-stops: right dotted 225.8pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">At
June 30,</span>
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-spacerun: yes">
  </span>2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">At
December 31, 2008</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"MARGIN-RIGHT: 0.25pt; tab-stops: right dotted 225.8pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 152.8pt; PADDING-TOP: 0in"
valign="top" width="204" colspan="2">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: 8.1pt decimal 61.85pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">(Amounts
in thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Total
assets (primarily real estate)<span style=
"mso-tab-count: 1 dotted">..........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
  </span> $<span style=
"mso-tab-count: 1">     </span> 1,400,457</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 1,469,323</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Debt and
other liabilities<span style=
"mso-tab-count: 1 dotted">.........................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">             
102,312</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">              
105,736</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 7.65pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Equity<span style="mso-tab-count: 1 dotted">.....................................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.6pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="99">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">          
1,298,145</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">           
1,363,587</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
<b><u><span style="mso-bidi-font-style: italic">Investment in
Shurgard Europe</span></u></b>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
<span style=
"mso-bidi-font-style: italic; mso-bidi-font-weight: bold">At</span>
June 30<span style=
"mso-bidi-font-style: italic; mso-bidi-font-weight: bold">,
2009 we had a 49% equity investment in Shurgard
Europe.<span style="mso-spacerun: yes">  </span> As a result of
our disposition of an interest in Shurgard Europe, we
deconsolidated Shurgard Europe effective March 31, 2008 (see
Note 3).<span style="mso-spacerun: yes">  </span></span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
<span style=
"mso-bidi-font-style: italic; mso-bidi-font-weight: bold">For
the three and six months ended</span> June 30<span style=
"mso-bidi-font-style: italic; mso-bidi-font-weight: bold">,
2009, we recorded an aggregate of $1,709,000 and $3,608,000,
respectively, in equity in earnings of real estate entities
with respect to our investment in Shurgard
Europe.<span style="mso-spacerun: yes">  </span> For the
three and six months ended</span> June 30<span style=
"mso-bidi-font-style: italic; mso-bidi-font-weight: bold">,
2008, we recorded an aggregate of $1,457,000 in equity in
earnings of real estate entities with respect to our
investment in Shurgard Europe.<span style=
"mso-spacerun: yes">  </span></span> During the six months
ended June 30, 2009 and 2008, our investment in Shurgard
Europe increased by approximately $11,633,000 and decreased
by $891,000, respectively, due to the impact of changes in
foreign currency exchange rates, primarily between the Euro
and the U.S. Dollar.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
The following table sets forth selected financial information
of Shurgard Europe.<span style="mso-spacerun: yes">  </span>
These amounts are based upon 100% of Shurgard Europe’s
balances, rather than our pro rata share and are based upon
Public Storage’s historical acquired book basis.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
Amounts for all periods are presented, notwithstanding that
Shurgard Europe was deconsolidated effective March 31,
2008.<span style="mso-spacerun: yes">  </span> Accordingly, all
amounts (net of intercompany eliminations) prior to April 1,
2008 are included in our consolidated financial statements.
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="746" border="0">
<tbody>
<tr style=
"mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-row-margin-right: 9.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 156.4pt; PADDING-TOP: 0in"
valign="top" width="209" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">For the Three Months
Ended
<br />
June 30,</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 156.4pt; PADDING-TOP: 0in"
valign="top" width="209" colspan="3">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">For the Six Months
Ended
<br />
June 30,</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="12">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2008</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2008</span>
</p>
</div>
</td>
</tr>
<tr style=
"mso-yfti-irow: 2; mso-row-margin-right: 9.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 312.8pt; PADDING-TOP: 0in"
valign="top" width="417" colspan="5">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: 8.1pt decimal 44.1pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="12">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Self-storage and
ancillary revenues<span style=
"mso-tab-count: 1 dotted">........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span> $<span style=
"mso-tab-count: 1">          </span> 53,613</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span> $<span style=
"mso-tab-count: 1">          </span> 63,386</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span> $<span style=
"mso-tab-count: 1">        </span> 104,657</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 1">         </span>123,021</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Interest and other
income (expense)<span style=
"mso-tab-count: 1 dotted">......................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt">                        64</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                     
(75)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                     
193</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                 
356</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Self-storage and
ancillary cost of operations<span style=
"mso-tab-count: 1 dotted">.........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">               
(25,461)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">              
(27,499)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">              
(49,383)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">           
(53,563)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 7">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Trademark license fee
payable to Public Storage<span style=
"mso-tab-count: 1 dotted">...................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt">                      (384)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                   
(418)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                   
(746)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">            
 (1,060)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Depreciation and
amortization<span style=
"mso-tab-count: 1 dotted">..............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                
(17,376)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">              
(25,604)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt">               (34,812)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">           
(47,475)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">General and
administrative<span style=
"mso-tab-count: 1 dotted">....................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                  
(3,364)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                
(2,390)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                
(5,082)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">             
(7,034)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Interest expense on
third party debt <span style=
"mso-tab-count: 1 dotted">...................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                  
(4,198)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                
(7,235)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                
(8,423)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">          
 (14,127)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Interest expense on loan
payable to Public Storage<span style=
"mso-tab-count: 1 dotted">...............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                
(11,366)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">              
(12,390)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">              
(21,517)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">           
(22,798)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Income (expenses) from
foreign currency exchange <span style=
"mso-tab-count: 1 dotted">.............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style=
"FONT-SIZE: 9pt">                        972</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                    
763</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                    
385</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                  
655</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Discontinued
operations<span style=
"mso-tab-count: 1 dotted">........................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt">                          -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt">
<span style="FONT-SIZE: 9pt">                      
(8)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt">                         8</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .5pt">
<span style="FONT-SIZE: 9pt">                 
 (20)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 14">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: 2.05pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Net loss
(a)<span style="mso-tab-count: 1 dotted">........................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span> $<span style=
"mso-tab-count: 1">          </span> (7,500)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span> $<span style=
"mso-tab-count: 1">        </span> (11,470)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span> $<span style=
"mso-tab-count: 1">        </span> (14,720)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span>$<span style=
"mso-tab-count: 1">       </span> (22,045)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 15; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"MARGIN-RIGHT: 0.25pt; tab-stops: right dotted 225.8pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 82.7pt; PADDING-TOP: 0in"
valign="top" width="110">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr height="0">
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="315"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="110"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="98"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="12"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="110"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="89"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="12"></td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify; mso-list: l0 level1 lfo1">
<span style="FONT-SIZE: 9pt"><span style=
"mso-list: Ignore">(a)<span style=
"FONT: 7pt Times New Roman">     </span></span></span>
<span style="FONT-SIZE: 9pt">Approximately $764,000 in net
income and $1,636,000 in net loss was allocated to permanent
noncontrolling equity interests in subsidiaries for the three
months ended June 30, 2009 and 2008, respectively, of which
$2,858,000 and $3,448,000, respectively, represented
depreciation and amortization expense.<span style=
"mso-spacerun: yes">  </span> During the six months ended
June 30, 2009 and 2008, approximately $178,000 in net income
and $3,778,000 in net loss, respectively, was allocated to
permanent noncontrolling equity interests in subsidiaries, of
which $5,597,000 and $6,632,000, respectively, represented
depreciation and amortization expense.</span>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
<span style="FONT-SIZE: 9pt">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.25in">
  
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="521" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">At June 30,
<span style=
"mso-spacerun: yes">    </span>2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">At December 31,
2008</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 152.8pt; PADDING-TOP: 0in"
valign="top" width="204" colspan="2">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: 8.1pt decimal 61.85pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total assets (primarily
self-storage facilities)<span style=
"mso-tab-count: 1 dotted">.........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">   </span>$<span style=
"mso-tab-count: 1">     </span> 1,610,400</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span>$<span style=
"mso-tab-count: 1">     </span> 1,615,370</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total debt to third
parties<span style=
"mso-tab-count: 1 dotted">........................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">             
335,033</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">            
362,352</span>
</p>
</td>
</tr>
<tr style="HEIGHT: 7.65pt; mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total debt to Public
Storage<span style=
"mso-tab-count: 1 dotted">...................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">             
550,499</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">            
552,361</span>
</p>
</td>
</tr>
<tr style="HEIGHT: 7.65pt; mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Other
liabilities<span style=
"mso-tab-count: 1 dotted">.......................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">               
78,827</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">              
82,247</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.3in; PADDING-TOP: 0in"
valign="top" width="317">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 23.3pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 225.8pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Equity<span style=
"mso-tab-count: 1 dotted">.....................................................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.1pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">             
646,041</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">            
618,410</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 6pt 1in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
<span style="FONT-SIZE: 9pt">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Our equity in earnings of Shurgard Europe for the three and
six months ended June 30, 2009 and the six months ended June
30, 2008 totaling $1,709,000, $3,608,000 and $1,457,000,
respectively, are comprised of (i) losses of $4,049,000,
$7,300,000 and $4,819,000, respectively, representing our 49%
pro-rata share of Shurgard Europe’s net loss for the
respective periods and (ii) income of $5,758,000,
$10,908,000, and $6,276,000, respectively, representing our
49% pro-rata share of the interest income and trademark
license fees received from Shurgard Europe for the respective
periods (such amounts are presented as equity in earnings of
real estate entities rather than interest and other
income).<span style="mso-spacerun: yes">  </span>
<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 12pt 0in 12pt 0.25in; TEXT-ALIGN: justify; tab-stops: right 6.5in">
<b><u><span style="mso-bidi-font-style: italic">Other
Investments</span></u></b>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, other investments include an aggregate common
equity ownership of approximately 24% in entities that
collectively own 19 self-storage facilities.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The following table sets forth certain condensed financial
information (representing 100% of these entities’ balances and
not our pro-rata share) with respect to the 19 facilities that
we have an interest in at June 30, 2009:
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -6.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2008</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 154.7pt; PADDING-TOP: 0in"
valign="top" width="206" colspan="3">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: 8.1pt decimal 44.1pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<u><span style="FONT-SIZE: 9pt">For the six months
ended June 30</span></u><span style=
"FONT-SIZE: 9pt">,</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 44.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total
revenue<span style="mso-tab-count: 1 dotted">............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">               </span>
8,266</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">               </span>
8,439</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Cost of operations and
other expenses<span style=
"mso-tab-count: 1 dotted">.....</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">               
(3,310)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104" colspan="2">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">               
(3,320)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Depreciation and
amortization<span style=
"mso-tab-count: 1 dotted">..................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .75pt">
<span style="FONT-SIZE: 9pt">                  
(966)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: decimal 61.85pt; mso-border-bottom-alt: solid windowtext .75pt">
<span style="FONT-SIZE: 9pt">               
(1,076)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">      Net
income<span style=
"mso-tab-count: 1 dotted">.........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-padding-alt: 0in 0in 1.0pt 0in; tab-stops: 8.1pt decimal 61.85pt; mso-border-bottom-alt: double windowtext 2.25pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">               </span>
3,990</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">               </span>
4,043</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 163.7pt; PADDING-TOP: 0in"
valign="top" width="218">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 81pt; PADDING-TOP: 0in"
valign="top" width="108" colspan="2">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 73.7pt; PADDING-TOP: 0in"
valign="top" width="98">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr height="0">
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="218"></td>
<td style=
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width="102"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="6"></td>
<td style=
"BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
width="98"></td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style="TEXT-ALIGN: justify">
  
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 165.35pt; PADDING-TOP: 0in"
valign="top" width="220">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.85pt; PADDING-TOP: 0in"
valign="top" width="100">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -6.8pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
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align="center">
  
</p>
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">At June
30, 2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">At December 31,
2008</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 165.35pt; PADDING-TOP: 0in"
valign="top" width="220">
<p class="MsoNormal" style="MARGIN-RIGHT: 0.25pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 153.05pt; PADDING-TOP: 0in"
valign="top" width="204" colspan="2">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: decimal 57.45pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 165.35pt; PADDING-TOP: 0in"
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<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.85pt; PADDING-TOP: 0in"
valign="top" width="100">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 165.35pt; PADDING-TOP: 0in"
valign="top" width="220">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: dotted 152.1pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total assets (primarily
self- storage facilities)<span style=
"mso-tab-count: 1 dotted">.............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.85pt; PADDING-TOP: 0in"
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<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><br />
$<span style=
"mso-tab-count: 2">             </span>
37,926</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: 8.1pt decimal 61.85pt">
<span style="FONT-SIZE: 9pt"><br />
$<span style=
"mso-tab-count: 2">             </span>
40,168</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 165.35pt; PADDING-TOP: 0in"
valign="top" width="220">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 149.3pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total accrued and other
liabilities<span style=
"mso-tab-count: 1 dotted">............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.85pt; PADDING-TOP: 0in"
valign="top" width="100">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                 
1,047</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">                    
888</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 7.65pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 165.35pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="220">
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN: 0in 0.25pt 0pt 16.75pt; TEXT-INDENT: -13.5pt; tab-stops: right dotted 149.3pt; mso-shading: windowtext; mso-pattern: solid white">
<span style="FONT-SIZE: 9pt">Total Partners’
equity<span style=
"mso-tab-count: 1 dotted">..............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 74.85pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="100">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">               
36,879</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 78.2pt; PADDING-TOP: 0in; HEIGHT: 7.65pt"
valign="top" width="104">
<p class="MsoNormal" style=
"tab-stops: decimal 61.85pt">
<span style="FONT-SIZE: 9pt">               
39,280</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
  
</p>
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<div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
7.<span style="mso-tab-count: 1">    </span> <u>Noncontrolling
Interests in Subsidiaries</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
In consolidation, we classify ownership interests in the net
assets of each of the Consolidated Entities, other than our
own, as “noncontrolling interests in
subsidiaries.”<span style="mso-spacerun: yes">  </span> If
these interests have the ability to require us, except in the
circumstances of an entity liquidation, to redeem the
underlying securities for cash, assets, or other securities
that would not also be classified as equity, then such
interests are presented on our balance sheet outside of
equity.<span style="mso-spacerun: yes">  </span> At the end
of each reporting period, if the book value is less than the
estimated amount to be paid upon a redemption occurring on
the related balance sheet date, with the offset against
retained earnings.<span style="mso-spacerun: yes">  </span>
All other noncontrolling interests in subsidiaries are
presented as a component of equity, “permanent noncontrolling
interests in subsidiaries.”
</p>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.75in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
<u>Redeemable Noncontrolling Interests in Subsidiaries</u>
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
At June 30, 2009, the Other Redeemable Noncontrolling
Interests in Subsidiaries represent equity interests in three
entities that own in aggregate 14 self-storage
facilities.<span style="mso-spacerun: yes">  </span> At
December 31, 2008, these interests were increased and
retained earnings (deficit) was decreased by a total of
$6,469,000 in connection with the implementation of SFAS No.
160, to adjust to their estimated liquidation value (which
approximates fair value).<span style=
"mso-spacerun: yes">  </span> We estimate the amount to be
paid upon redemption of these interests by applying the
related provisions of the governing documents to our estimate
of the fair value of the underlying net assets (principally
real estate assets).
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
In 2007, we sold an approximately 0.6% common equity interest
in Shurgard Europe to various officers of the Company (the
“PS Officers”), other than our chief executive
officer.<span style="mso-spacerun: yes">  </span> For periods
commencing from the sale of the interest through March 31,
2008, the PS Officers’ were allocated their pro rata share of
the earnings of Shurgard Europe, and this was included in
“Other Redeemable noncontrolling interests in
subsidiaries.”<span style="mso-spacerun: yes">  </span> As
described in Note 3, on March 31, 2008, we deconsolidated
Shurgard Europe and, as a result, noncontrolling interests in
subsidiaries with respect to the PS Officers’ investment was
eliminated.<span style="mso-spacerun: yes">  </span> See Note
5 under “Investment in Shurgard Europe” for further
historical information regarding Shurgard Europe.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
During the three and six months ended June 30, 2009, we
allocated a total of $244,000 and $506,000, respectively, in
income to these interests.<span style=
"mso-spacerun: yes">  </span> During the same periods in
2008, we allocated a total of $274,000 and $513,000,
respectively, of income to these interests.<span style=
"mso-spacerun: yes">  </span> During the six months ended
June 30, 2009, these interests were increased by $255,000 to
adjust to their estimated liquidation value (which
approximates fair value).<span style=
"mso-spacerun: yes">  </span> During the six months ended
June 30, 2009 and 2008, we paid distributions to these
interests totaling $666,000 and $645,000, respectively.
</p>
<p class="MsoNormal" style="TEXT-INDENT: 0.25in">
<u>Permanent Noncontrolling Interests in Subsidiaries</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 6pt 0in 0pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
<span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">
At June 30, 2009, the Other Permanent Noncontrolling
Interests in Subsidiaries represent equity interests in 28
entities that own an aggregate of 94 self-storage facilities
(the “Other Permanent Noncontrolling Interests in
Subsidiaries”) and our various preferred partnership units
(the “Preferred Partnership Interests”). <span style=
"mso-spacerun: yes">  </span>These interests are presented as
equity because the holders of the interests do not have the
ability to require us to redeem them for cash or other
assets, or other securities that would not also be classified
as equity.<span style="mso-spacerun: yes">  </span></span> 
<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 6pt 0in 0pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
<u>Preferred Partnership Interests</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 12pt 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
At December 31, 2008, our preferred partnership units
outstanding were comprised of 8,000,000 units of our 6.400%
Series NN ($200,000,000 carrying amount, redeemable March 17,
2010), 1,000,000 units of our 6.250% Series Z ($25,000,000
carrying amount, redeemable October 12, 2009), and 4,000,000
units of our 7.250% Series J ($100,000,000 carrying amount,
redeemable May 9, 2011) preferred partnership
units.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
In March 2009, we acquired all of the 6.40% Series NN
preferred partnership units from a third party ($200.0
million carrying amount) for approximately $128.0 million,
plus accrued and unpaid distributions from December 31, 2008
through the closing date.<span style=
"mso-spacerun: yes">  </span> This transaction resulted in an
increase in paid-in capital of approximately $72.0 million
for the six months ended June 30, 2009, based upon the excess
of the carrying amount over the amount paid.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 12pt 0in 0pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Also in March 2009, we acquired all of the 6.25% Series Z
preferred partnership units from a third party ($25.0 million
carrying amount) for $25.0 million. <span style=
"mso-spacerun: yes">  </span>This resulted in no increase in
income allocated to the common shareholders as they were
acquired at par.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 12pt 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, our preferred partnership units outstanding
were comprised of 4,000,000 units of our 7.250% Series J
preferred units ($100,000,000 carrying amount, redeemable May
9, 2011).<span style="mso-spacerun: yes">  </span> Subject to
certain conditions, the Series J preferred units are
convertible into our 7.25% Series J Cumulative Preferred
Shares.<span style="mso-spacerun: yes">  </span>
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
During the three and six months ended June 30, 2009, we
allocated a total of $1,813,000 and $5,830,000, respectively,
in income to these interests based upon distributions
paid.<span style="mso-spacerun: yes">  </span> During the
same periods in 2008, we allocated a total of $5,403,000 and
$10,806,000, respectively, in income to these interests based
upon distributions paid.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
In addition, during the six months ended June 30, 2009, we
allocated $72,000,000 in income from these interests in
determining net income allocable to Public Storage
shareholders based upon our redemption of certain of the
preferred partnership units for a cash payment that was
$72,000,000 less than the related book value. <span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 6pt 0in 0pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
<u>Other Permanent Noncontrolling Interests in Subsidiaries</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 6pt 0in 0pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in .5in right 6.5in">
At June 30, 2009, the Other Permanent Noncontrolling Interests
in Subsidiaries represent equity interests in 28 entities
(generally partnerships) that own in aggregate 94 self-storage
facilities. <span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in .5in right 6.5in">
Shurgard Europe has a 20% equity interest in two VIE’s which
developed self-storage facilities in Europe, and Shurgard
Europe was the primary beneficiary.<span style=
"mso-spacerun: yes">  </span> The remaining 80% equity interest
in these entities is owned by an unaffiliated
investor.<span style="mso-spacerun: yes">  </span> On March 31,
2008, Shurgard Europe was deconsolidated (see Note 3),
eliminating these permanent noncontrolling interests in
subsidiaries at March 31, 2008.<span style=
"mso-spacerun: yes">  </span> See Note 5 under “Investment in
Shurgard Europe” for further historical information regarding
Shurgard Europe, including historical income allocated to these
interests.<span style="mso-spacerun: yes">  </span> Earnings
allocated to these interests are included in “Other Permanent
Noncontrolling Interests in Subsidiaries” for periods prior to
the deconsolidation of Shurgard Europe.
</p>
<p class="MsoNormal" style=
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<span style=
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During the three and six months ended June 30, 2009, we
allocated a total of $4,158,000 and $8,306,000, respectively,
in income to these interests.<span style=
"mso-spacerun: yes">  </span> During the same periods in
2008, we allocated a total of $4,465,000 and $6,422,000,
respectively, of income to these interests.<span style=
"mso-spacerun: yes">  </span> During the six months ended
June 30, 2009 and 2008, we paid distributions to these
interests totaling $7,581,000 and $7,950,000,
respectively.<span style="mso-spacerun: yes">  </span></span>
</p>
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<span style="mso-list: Ignore">1.<span style=
"FONT: 7pt Times New Roman">      </span></span> <u>Description
of the Business</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 6pt 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Public Storage, Inc., formerly a California corporation, was
organized in 1980.<span style="mso-spacerun: yes">  </span>
Effective June 1, 2007, following approval by our shareholders,
we reorganized Public Storage, Inc. into Public Storage, a
Maryland real estate investment trust (referred to herein as
“the Company”, “the Trust”, “we”, “us”, or
“our”).<span style="mso-spacerun: yes">  </span> Our
principal business activities include the acquisition,
development, ownership and operation of self-storage
facilities which offer storage spaces for lease, generally on
a month-to-month basis, for personal and business
use.<span style="mso-spacerun: yes">  </span> Our
self-storage facilities are located primarily in the United
States (“U.S.”).<span style="mso-spacerun: yes">  </span> We
also have interests in self-storage facilities located in
seven Western European countries.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, we had direct and indirect equity interests
in 2,010 self-storage facilities located in 38 states operating
under the “Public Storage” name, and 185 self-storage
facilities located in Europe which operate under the “Shurgard
Storage Centers” name.<span style="mso-spacerun: yes">  </span>
Included in the 2,010 self-storage facilities is one facility
for which we discontinued operations during the three months
ended June 30, 2009 in connection with an eminent domain
proceeding.<span style="mso-spacerun: yes">  </span> We also
have direct and indirect equity interests in approximately 21
million net rentable square feet of commercial space located in
11 states in the U.S. primarily operated by PS Business Parks,
Inc. (“PSB”) under the “PS Business Parks” name.
</p>
<p class="MsoNormal" style=
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Any reference to the number of properties, square footage,
number of tenant reinsurance policies outstanding and the
aggregate coverage of such reinsurance policies are unaudited
and outside the scope of our independent registered public
accounting firm’s review of our financial statements in
accordance with the standards of the Public Company Accounting
Oversight Board.
</p>
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4.<span style="mso-tab-count: 2">            </span> <u>Real
Estate Facilities</u>
</p>
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Activity in real estate facilities is as follows: 
</p>
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<span style=
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</p>
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align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Six
Months Ended June 30, 2009</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1; page-break-inside: avoid">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: 194.75pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: center; tab-stops: decimal 54.9pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">(Amounts
in thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: 194.75pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Operating
facilities, at cost:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"tab-stops: decimal 54.9pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Beginning
balance</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.75pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
  </span> $ 10,207,022</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Capital
improvements</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 32,575</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Newly
developed facilities opened for operations</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 13,570</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Disposition
of real estate facilities</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> (5,365)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 7">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Impact
of foreign exchange rate changes</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 2,851</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Ending
balance</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">10,250,653</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Accumulated
depreciation:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 54.9pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Beginning
balance</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
      </span> (2,405,473)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Depreciation
expense</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
         </span> (163,920)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Disposition
of real estate facilities</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 2,007</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Impact
of foreign exchange rate changes</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                </span> (829)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 14">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 8.1pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Ending
balance</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
      </span> (2,568,215)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 15">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Construction
in process:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 16">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.4pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Beginning
balance</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 20,340</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 17">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 18.4pt; TEXT-INDENT: -9pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Current
development (includes $347 in capitalized interest
for the six months ended June 30, 2009)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<span style=
"mso-tab-count: 2">              </span>
5,933</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 18">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.4pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Newly
developed facilities opened for operation</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> (13,570)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 19">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.4pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Ending
balance</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 6.5pt decimal 54.9pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 12,703</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 20; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 252.8pt; PADDING-TOP: 0in"
valign="top" width="337">
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"MARGIN-LEFT: 0.4pt; TEXT-ALIGN: justify; tab-stops: dotted 234.4pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Total
real estate facilities at June 30, 2009</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 79.05pt; PADDING-TOP: 0in"
valign="top" width="105">
<div style=
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<p class="MsoNormal" style=
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align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
  </span> $<span style=
"mso-tab-count: 1">  </span> 7,695,141</span>
</p>
</div>
</td>
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</p>
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During the six months ended June 30, 2009, we completed various
expansion projects with total costs of
$13,570,000.<span style="mso-spacerun: yes">  </span> We also
sold an existing real estate facility as well as a portion of
certain real estate facilities during the six months ended
June 30, 2009, primarily in connection with condemnation
proceedings, for aggregate proceeds totaling
$10,261,000.<span style="mso-spacerun: yes">  </span> We
recorded an aggregate gain of approximately $6,903,000, of
which $4,181,000 is included in discontinued operations and
$2,722,000 is included in “gain (loss) on disposition of real
estate investments.”
</p>
<p class="MsoNormal" style=
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<span style=
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Construction in process at June 30, 2009 includes the
development costs relating to various expansions to existing
self-storage facilities.</span>
</p>
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2405473000
2568215000
10207022000
10250653000
7821889000
7695141000
805043000
380770000
742869000
371630000
<div>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
9.<span style="mso-tab-count: 1">            </span>
<u>Related Party Transactions</u>
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
Mr. Hughes, Public Storage’s Chairman of the Board of
Trustees, and his family (collectively the “Hughes Family”)
have ownership interests in, and operate approximately 51
self-storage facilities in Canada using the “Public Storage”
brand name (“PS Canada”) pursuant to a royalty-free trademark
license agreement with Public Storage. <span style=
"mso-spacerun: yes">  </span>We currently do not own any
interests in these facilities nor do we own any facilities in
Canada.<span style="mso-spacerun: yes">  </span> The Hughes
Family owns approximately 20% of our common shares
outstanding at June 30, 2009.<span style=
"mso-spacerun: yes">  </span> We have a right of first
refusal to acquire the stock or assets of the corporation
that manages the 51 self-storage facilities in Canada, if the
Hughes Family or the corporation agrees to sell
them.<span style="mso-spacerun: yes">  </span> However, we
have no interest in the operations of this corporation, we
have no right to acquire this stock or assets unless the
Hughes Family decides to sell and we receive no benefit from
the profits and increases in value of the Canadian
self-storage facilities.
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
We reinsure risks relating to loss of goods stored by tenants
in the self-storage facilities in Canada.<span style=
"mso-spacerun: yes">  </span> During the six months ended
June 30, 2009 and 2008, we received $390,000 and $441,000,
respectively, in reinsurance premiums attributable to the
Canadian facilities.<span style="mso-spacerun: yes">  </span>
Since our right to provide tenant reinsurance to the Canadian
facilities may be qualified, there is no assurance that these
premiums will continue.
</p>
<p class="MsoBodyTextIndent3" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 27pt; TEXT-ALIGN: justify">
Public Storage and Mr. Hughes are co-general partners in
certain consolidated partnerships and affiliated partnerships
of Public Storage that are not consolidated.<span style=
"mso-spacerun: yes">  </span> The Hughes Family owns 47.9% of
the voting stock and Public Storage holds 46% of the voting
and 100% of the nonvoting stock (representing substantially
all the economic interest) of a private REIT.<span style=
"mso-spacerun: yes">  </span> The private REIT owns limited
partnership interests in five affiliated
partnerships.<span style="mso-spacerun: yes">  </span> The
Hughes Family also owns limited partnership interests in
certain of these partnerships and holds securities in
PSB.<span style="mso-spacerun: yes">  </span> PS Canada holds
approximately a 1.2% interest in Stor-RE, a consolidated
entity that provides liability and casualty insurance for PS
Canada, Public Storage and certain affiliates of Public
Storage, for occurrences prior to April 1, 2004 as described
below.<span style="mso-spacerun: yes">  </span> Public
Storage and the Hughes Family receive distributions from
these entities in accordance with the terms of the
partnership agreements or other organizational documents.
</p>
<p class="bodytext" style="MARGIN-LEFT: 0.25in">
From time to time, the Company and the Hughes Family have
acquired limited partnership units from limited partners of
the Company’s consolidated partnerships.<span style=
"mso-spacerun: yes">  </span> In connection with the
acquisition in 1998 and 1999 of a total of 638 limited
partnership units by Tamara Hughes Gustavson and H-G Family
Corp., a company owned by Hughes Family members, the Company
was granted an option to acquire the limited partnership
units acquired at cost, plus expenses.<span style=
"mso-spacerun: yes">  </span> During the fourth quarter of
2008, the Company exercised its option to acquire the units
for a total purchase price of approximately
$239,000.<span style="mso-spacerun: yes">  </span> The
transaction was approved by the independent members of the
Board of Trustees after considering that the value of the
units had appreciated significantly since 1998 and 1999 and
that the exercise price for the Company was substantially
below the prices paid to acquire similar limited partner
units in third party transactions. <span style=
"mso-spacerun: yes">  </span>The acquisition was effective
January 1, 2009.
</p>
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-290323000
-258732000
875648000
418494000
811959000
407252000
<div>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
11.<span style="mso-tab-count: 1">         </span> <u>Segment
Information</u>
</p>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.75in; mso-outline-level: 1">
<u>Description of Each Reportable Segment</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Our reportable segments reflect significant operating
activities that are evaluated separately by management,
comprised of the following segments which are organized based
upon their operating characteristics.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Our self-storage segment comprises the direct ownership,
development, and operation of traditional self-storage
facilities in the U.S., and the ownership of equity interests
in entities that own self-storage facilities in the U.S., and
our interest in the operations of a facility in London,
England.<span style="mso-spacerun: yes">  </span> Our Shurgard
Europe segment comprises our interest in the self-storage and
associated activities owned by Shurgard Europe.<span style=
"mso-spacerun: yes">  </span> See also Note 3 for a discussion
of the disposition of an interest in, and deconsolidation of,
Shurgard Europe effective March 31, 2008.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Our ancillary segment includes (i) the reinsurance of policies
against losses to goods stored by tenants in our self-storage
facilities, (ii) merchandise sales, (iii) commercial property
operations, and (iv) management of facilities for third parties
and facilities owned by the Unconsolidated Entities.
<span style="mso-spacerun: yes">  </span>During the three
months ended March 31, 2009, we discontinued our truck rental
and containerized storage operations, which previously had been
included in our ancillary segment.<span style=
"mso-spacerun: yes">  </span> See “Discontinued Operations” in
Note 2 for further discussion.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.75in; mso-pagination: none">
<u>Measurement of Segment Income (Loss) and Segment Assets –
Self-Storage and Ancillary</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The self-storage and ancillary segments are evaluated by
management based upon the net segment income of each
segment.<span style="mso-spacerun: yes">  </span> Net segment
income represents net income in conformity with GAAP and our
significant accounting policies as denoted in Note 2, before
interest and other income, interest expense, and corporate
general and administrative expense.<span style=
"mso-spacerun: yes">  </span> Interest and other income,
interest expense, corporate general and administrative expense,
and gains and losses on sales of real estate assets are not
allocated to these segments because management does not utilize
them to evaluate the results of operations of each
segment.<span style="mso-spacerun: yes">  </span> In addition,
there is no presentation of segment assets for these other
segments because total assets are not considered in the
evaluation of these segments.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.75in; mso-pagination: none">
<u>Measurement of Segment Income (Loss) and Segment Assets –
Shurgard Europe</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Shurgard Europe’s operations are primarily independent of our
other segments, with a separate management team that makes the
financing, capital allocation, and other significant
decisions.<span style="mso-spacerun: yes">  </span> As a
result, this segment is evaluated by management as a
stand-alone business unit.<span style=
"mso-spacerun: yes">  </span> The Shurgard Europe segment
presentation includes all of the revenues, expenses, and
operations of this business unit to the extent consolidated in
our financial statements, and for periods following the
deconsolidation of Shurgard Europe, the presentation below
includes our equity share of Shurgard Europe’s operations, the
interest and other income received from Shurgard Europe, as
well as specific general and administrative expense,
disposition gains, and foreign currency exchange gains and
losses that management considers in evaluating our investment
in Shurgard Europe.<span style="mso-spacerun: yes">  </span> At
June 30, 2009, our condensed consolidated balance sheet
includes an investment in Shurgard Europe with a book value of
$268.5 million ($264.1 million at December 31, 2008) and a loan
receivable from Shurgard Europe totaling €391.9 million ($550.5
million) ($552.4 million at December 31, 2008).
</p>
<p class="MsoNormal" style="MARGIN: 0in 0in 12pt 0.75in">
<u>Presentation of Segment Information</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The following table reconciles the performance of each segment,
in terms of segment income, to our consolidated net income
(amounts in thousands):
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
<i style="mso-bidi-font-style: normal">         For the three
months ended June 30, 2009</i>
</p>
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<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
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"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Self-Storage</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Shurgard Europe</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Ancillary</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt">Other Items Not
Allocated to Segments</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Total Consolidated</span></b>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 358.15pt; PADDING-TOP: 0in"
valign="top" width="478" colspan="5">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: center; tab-stops: decimal 58.2pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<b><span style=
"FONT-SIZE: 9pt">Revenues:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 1.8pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">.......................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 371,630</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">               </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 371,630</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 28,106</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 28,106</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest and other
income<span style=
"mso-tab-count: 1 dotted">................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 5,993</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                     </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 1,523</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 7,516</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 371,630</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 5,993</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 28,106</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 1,523</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 407,252</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 7; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style="FONT-SIZE: 9pt">  </span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style=
"FONT-SIZE: 9pt">Expenses:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.3in; TEXT-INDENT: -13.5pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Cost of
operations:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
124,478</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 124,478</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
10,374</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 10,374</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Depreciation and
amortization<span style=
"mso-tab-count: 1 dotted">........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
83,124</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                 </span>
672</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 83,796</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">General and
administrative<span style=
"mso-tab-count: 1 dotted">..............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
8,199</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 8,199</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 14">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest
expense<span style=
"mso-tab-count: 1 dotted">...............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
7,288</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 7,288</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 15">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; TEXT-INDENT: -9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
207,602</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
11,046</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
15,487</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 234,135</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 16; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 17">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations before equity in earnings of
real estate entities and foreign currency exchange
gain<span style=
"mso-tab-count: 1 dotted">........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<span style="mso-tab-count: 2">           </span>
164,028</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<span style=
"mso-tab-count: 2">               </span>
5,993</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<span style="mso-tab-count: 2">            </span>
17,060</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<span style="mso-tab-count: 2">           </span>
(13,964)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
<span style="mso-tab-count: 2">           </span>
173,117</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 3.85pt; mso-yfti-irow: 18; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 19">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Equity in earnings of
real estate entities<span style=
"mso-tab-count: 1 dotted">..............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                  </span>
488</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
1,709</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
5,201</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 7,398</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 20">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Foreign currency
exchange gain<span style=
"mso-tab-count: 1 dotted">...........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
33,205</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<b><span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-weight: bold"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 33,205</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 21">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations<span style=
"mso-tab-count: 1 dotted">...........</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
164,516</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
40,907</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
22,261</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
(13,964)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 213,720</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 22">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Discontinued
operations<span style=
"mso-tab-count: 1 dotted">.....................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
(8,333)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> (8,333)</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 0.2in; mso-yfti-irow: 23; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Net income
(loss)<span style=
"mso-tab-count: 1 dotted">................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 164,516</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">       </span> 40,907</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 22,261</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> (22,297)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 205,387</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
  
</p><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always; mso-special-character: line-break"
clear="all" /></span>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in">
  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
<i style="mso-bidi-font-style: normal">         For the three
months ended June 30, 2008</i>  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
  
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="740" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Self-Storage</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Shurgard Europe</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Ancillary</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt">Other Items Not
Allocated to Segments</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Total Consolidated</span></b>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 358.15pt; PADDING-TOP: 0in"
valign="top" width="478" colspan="5">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: center; tab-stops: decimal 58.2pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<b><span style=
"FONT-SIZE: 9pt">Revenues:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 1.8pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">.......................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 380,770</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">               </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 380,770</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
26,710</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 26,710</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest and other
income<span style=
"mso-tab-count: 1 dotted">................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
6,532</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
4,482</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 11,014</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
380,770</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
6,532</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
26,710</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
4,482</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 418,494</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 7; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style="FONT-SIZE: 9pt">  </span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style=
"FONT-SIZE: 9pt">Expenses:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.3in; TEXT-INDENT: -13.5pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Cost of
operations:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
128,124</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 128,124</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
12,064</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 12,064</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Depreciation and
amortization<span style=
"mso-tab-count: 1 dotted">........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
94,177</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                 </span>
652</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 94,829</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">General and
administrative<span style=
"mso-tab-count: 1 dotted">..............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
25,400</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
7,773</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 33,173</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 14">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest
expense<span style=
"mso-tab-count: 1 dotted">...............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
9,601</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 9,601</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 15">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; TEXT-INDENT: -9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
222,301</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
25,400</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
12,716</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
17,374</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 277,791</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 16; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 17">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations before equity in earnings of
real estate entities, loss on disposition of other
real estate investments and foreign currency exchange
loss<span style=
"mso-tab-count: 1 dotted">...................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
158,469</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
(18,868)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">            </span>
13,994</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
(12,892)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
140,703</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 3.85pt; mso-yfti-irow: 18; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 19">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Equity in earnings of
real estate entities<span style=
"mso-tab-count: 1 dotted">..............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                  </span>
328</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
1,457</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
2,847</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 4,632</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 20">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Loss on disposition of
other real estate investments<span style=
"mso-tab-count: 1 dotted">............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                  </span>
(92)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                  </span> (92)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 21">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Foreign currency
exchange loss<span style=
"mso-tab-count: 1 dotted">...........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
(2)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<b><span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-weight: bold"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                    </span> (2)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 22">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations<span style=
"mso-tab-count: 1 dotted">...........</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
158,797</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
(17,413)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
16,841</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
(12,984)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 145,241</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 23">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Discontinued
operations<span style=
"mso-tab-count: 1 dotted">.....................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                     </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
(1,286)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> (1,286)</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 0.2in; mso-yfti-irow: 24; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Net income
(loss)<span style=
"mso-tab-count: 1 dotted">................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 158,797</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> (17,413)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 0.95in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="91">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 16,841</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> (14,270)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 143,955</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
</p><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
<i style="mso-bidi-font-style: normal">         For the six
months ended June 30, 2009</i>
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="740" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Self-Storage</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Shurgard Europe</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Ancillary</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt">Other Items Not
Allocated to Segments</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Total Consolidated</span></b>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 358.15pt; PADDING-TOP: 0in"
valign="top" width="478" colspan="5">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: center; tab-stops: decimal 58.2pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<b><span style=
"FONT-SIZE: 9pt">Revenues:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 1.8pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">.......................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 742,869</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">              </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 742,869</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                      </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 53,941</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 53,941</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest and other
income<span style=
"mso-tab-count: 1 dotted">................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                      </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 11,354</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                    </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 3,795</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 15,149</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 742,869</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
             </span> 11,354</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
           </span> 53,941</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
               </span> 3,795</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 811,959</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 7; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style="FONT-SIZE: 9pt">  </span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style=
"FONT-SIZE: 9pt">Expenses:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.3in; TEXT-INDENT: -13.5pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Cost of
operations:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
257,952</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 257,952</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span> 20,027</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 20,027</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Depreciation and
amortization<span style=
"mso-tab-count: 1 dotted">........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
167,110</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
1,652</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 168,762</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">General and
administrative<span style=
"mso-tab-count: 1 dotted">..............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
17,878</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 17,878</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 14">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest
expense<span style=
"mso-tab-count: 1 dotted">...............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
15,416</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 15,416</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 15">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; TEXT-INDENT: -9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
425,062</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
21,679</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
33,294</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 480,035</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 16; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 17">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations before equity in earnings of
real estate entities, gain on disposition of other
real estate investments, gain on early retirement of
debt and foreign currency exchange loss<span style=
"mso-tab-count: 1 dotted">.................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
317,807</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">             </span>
11,354</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
32,262</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
(29,499)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
<br />
<br />
<span style="mso-tab-count: 2">            </span>
331,924</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 3.85pt; mso-yfti-irow: 18; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 19">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Equity in earnings of
real estate entities<span style=
"mso-tab-count: 1 dotted">..............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                  </span>
934</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
3,608</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span> 25,667</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 30,209</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 20">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Gain on disposition of
other real estate investments<span style=
"mso-tab-count: 1 dotted">............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
2,722</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                </span> 2,722</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 21">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Gain on early retirement
debt<span style=
"mso-tab-count: 1 dotted">..............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
4,114</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                </span> 4,114</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 22">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Foreign currency
exchange loss<span style=
"mso-tab-count: 1 dotted">...........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
(1,528)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<b><span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-weight: bold"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> (1,528)</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 23">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations<span style=
"mso-tab-count: 1 dotted">...........</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
318,741</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
13,434</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span> 57,929</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
(22,663)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 367,441</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 24">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Discontinued
operations<span style=
"mso-tab-count: 1 dotted">.....................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                      </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                    </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
(8,625)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> (8,625)</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 0.2in; mso-yfti-irow: 25; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Net income
(loss)<span style=
"mso-tab-count: 1 dotted">................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 318,741</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">       </span> 13,434</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.9pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 57,929</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> (31,288)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.5pt; PADDING-TOP: 0in; HEIGHT: 0.2in"
valign="top" width="102">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 358,816</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.5in; TEXT-INDENT: -0.5in; mso-outline-level: 1">
<br style=
"PAGE-BREAK-BEFORE: always; mso-special-character: line-break"
clear="all" />
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in">
  
</p>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; mso-outline-level: 1">
<i style="mso-bidi-font-style: normal">         For the six
months ended June 30, 2008</i>
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="749" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Self-Storage</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Shurgard Europe</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
<br />
Ancillary</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt">Other Items Not
Allocated to Segments</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<b><span style="FONT-SIZE: 9pt"><br />
Total Consolidated</span></b>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 364.45pt; PADDING-TOP: 0in"
valign="top" width="486" colspan="5">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: center; tab-stops: decimal 58.2pt"
align="center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal">
<b><span style=
"FONT-SIZE: 9pt">Revenues:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; tab-stops: decimal 58.2pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 1.8pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">......................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 750,321</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">        </span> 54,722</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">                 </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.7pt decimal 58.2pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 805,043</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">.......................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
4,913</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
51,834</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 56,747</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest and other
income<span style=
"mso-tab-count: 1 dotted">................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
6,532</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
7,326</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 13,858</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
750,321</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
66,167</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
51,834</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
7,326</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 875,648</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 7; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style="FONT-SIZE: 9pt">  </span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"tab-stops: right dotted 260.1pt">
<b><span style=
"FONT-SIZE: 9pt">Expenses:</span></b>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.3in; TEXT-INDENT: -13.5pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Cost of
operations:</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                        </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Self-storage
facilities<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
260,125</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
24,654</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 284,779</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: 12.25pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Ancillary
operations<span style=
"mso-tab-count: 1 dotted">..................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
1,409</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
21,959</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 23,368</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Depreciation and
amortization<span style=
"mso-tab-count: 1 dotted">........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
193,604</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
21,871</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
1,594</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 217,069</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">General and
administrative<span style=
"mso-tab-count: 1 dotted">..............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
30,044</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
18,045</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 48,089</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 14">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -0.9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Interest
expense<span style=
"mso-tab-count: 1 dotted">...............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
6,892</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
19,196</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 26,088</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 15">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9.35pt; TEXT-INDENT: -9.35pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
453,729</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
84,870</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
23,553</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
37,241</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 599,393</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 2.15pt; mso-yfti-irow: 16; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 2.15pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 17">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations before equity in earnings of
real estate entities, gain on disposition of real
estate investments and foreign currency exchange
gain<span style=
"mso-tab-count: 1 dotted">...</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
296,592</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
(18,703)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">             </span>
28,281</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">           </span>
(29,915)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
<br />
<span style="mso-tab-count: 2">            </span>
276,255</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 3.85pt; mso-yfti-irow: 18; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in; HEIGHT: 3.85pt; mso-height-rule: exactly"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                         </span></span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 19">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Equity in earnings of
real estate entities<span style=
"mso-tab-count: 1 dotted">..............</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                  </span>
712</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                </span>
1,457</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">               </span>
5,192</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
                </span> 7,361</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 20">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Gain on disposition of
real estate investments<span style=
"mso-tab-count: 1 dotted">.....................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
341,865</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                  </span>
(92)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 341,773</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 21">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Foreign currency
exchange gain<span style=
"mso-tab-count: 1 dotted">...........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">              </span>
40,969</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<b><span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span></b>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-weight: bold"><span style="mso-tab-count: 2">
                       </span> -</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
              </span> 40,969</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 22">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Income (loss) from
continuing operations<span style=
"mso-tab-count: 1 dotted">...........</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
297,304</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">            </span>
365,588</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
33,473</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">           </span>
(30,007)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -0.5pt; TEXT-ALIGN: right; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 2">
            </span> 666,358</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 23">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 197.15pt; PADDING-TOP: 0in"
valign="top" width="263">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 260.1pt">
<span style="FONT-SIZE: 9pt">Discontinued
operations<span style=
"mso-tab-count: 1 dotted">.....................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.85pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; tab-stops: 8.65pt decimal 58.3pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.9pt; PADDING-TOP: 0in"
valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><span style=
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-</span>
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<td style=
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<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">                       </span>
-</span>
</p>
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<td style=
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valign="top" width="97">
<div style=
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<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">             </span>
(2,462)</span>
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valign="top" width="97">
<div style=
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<span style=
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             </span> (2,462)</span>
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<span style="FONT-SIZE: 9pt">Net income
(loss)<span style=
"mso-tab-count: 1 dotted">................................................</span></span>
</p>
</td>
<td style=
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valign="top" width="97">
<div style=
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align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> 297,304</span>
</p>
</div>
</td>
<td style=
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valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
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<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 365,588</span>
</p>
</div>
</td>
<td style=
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valign="top" width="97">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -0.5pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; tab-stops: 8.7pt decimal 58.2pt"
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<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">       </span> 33,473</span>
</p>
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</td>
<td style=
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valign="top" width="97">
<div style=
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<p class="MsoNormal" style=
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<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">     </span> (32,469)</span>
</p>
</div>
</td>
<td style=
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valign="top" width="97">
<div style=
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<p class="MsoNormal" style=
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<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><span style="mso-tab-count: 1">
   </span> $<span style=
"mso-tab-count: 1">      </span> 663,896</span>
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<span style="mso-list: Ignore">2.<span style=
"FONT: 7pt Times New Roman">      </span></span> <u>Summary of
Significant Accounting Policies</u>
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<h4>
Basis of Presentation
</h4>
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The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with U.S. generally
accepted accounting principles (“GAAP”) for interim financial
information and the instructions to Form 10-Q and Article 10 of
Regulation S-X.<span style="mso-spacerun: yes">  </span>
Accordingly, they do not include all of the information and
notes required by GAAP for complete financial
statements.<span style="mso-spacerun: yes">  </span> In the
opinion of management, all adjustments (consisting of normal
and recurring adjustments) considered necessary for a fair
presentation have been reflected in these unaudited condensed
consolidated financial statements.<span style=
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and six months ended June 30, 2009 are not necessarily
indicative of the results that may be expected for the year
ending December 31, 2009 due to seasonality and other factors.
<span style="mso-spacerun: yes">  </span>The accompanying
unaudited condensed consolidated financial statements should be
read together with the consolidated financial statements and
related notes included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2008.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
Certain amounts previously reported in our December 31, 2008,
March 31, 2008, and June 30, 2008 financial statements have
been reclassified to conform to the June 30, 2009 presentation,
including discontinued operations, the grouping of the separate
captions “cumulative earnings” and “cumulative distributions”
into “retained earnings (deficit)” on our condensed
consolidated balance sheet, as well as reclassifications
required by newly implemented accounting standards described
below.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
The Company has evaluated subsequent events through August 7,
2009, which represents the filing date of this Form 10-Q with
the Securities and Exchange Commission (“SEC”).<span style=
"mso-spacerun: yes">  </span> As of August 7, 2009, there were
no subsequent events which required recognition or disclosure.
</p><u><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span></u>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 22.5pt; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
<u>Adjustments due to accounting pronouncements becoming
effective January 1, 2009</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 22.5pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Statement of Financial Accounting Standards No. 160,
“Noncontrolling Interests in Consolidated Financial Statements
– an amendment of ARB No. 51” (“SFAS No. 160”) and other
accounting standards implemented by the Financial Accounting
Standards Board and the SEC (collectively, the “Revised
Minority Interest Standards”) became effective January 1,
2009.<span style="mso-spacerun: yes">  </span> As a result, we
have reclassified certain equity interests previously referred
to as minority interests on our balance sheet at December 31,
2008 to “permanent noncontrolling interests in subsidiaries” or
“redeemable noncontrolling interests in
subsidiaries.”<span style="mso-spacerun: yes">  </span> These
reclassifications increased equity by $351,640,000, increased
redeemable noncontrolling interests in subsidiaries by
$12,777,000, and decreased minority interest by $364,417,000,
as compared to the amounts previously presented as of December
31, 2008. <span style="mso-spacerun: yes">  </span>On our
condensed consolidated statement of income, income allocations
to the aforementioned equity interests were reclassified from
“minority interest in income”, a reduction to income, to
“income allocated to noncontrolling interests in subsidiaries,”
an allocation of net income in calculating net income allocable
to our common shareholders.<span style=
"mso-spacerun: yes">  </span> These adjustments increased net
income $10,142,000 and $17,741,000 for the three and six months
ended June 30, 2008, respectively, but had no impact upon net
income allocable to our common shareholders or on earnings per
common share, as compared to amounts previously
presented.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
In addition, FASB Staff Position No. EITF 03-6-1, “Determining
Whether Instruments Granted in Share-Based Payment Transactions
Are Participating Securities,” which became effective January
1, 2009, requires the “two class” method of allocating income
with respect to restricted share units to determine basic and
diluted earnings per common share.<span style=
"mso-spacerun: yes">  </span> Previously, restricted share
units were included in weighted average diluted shares, based
upon application of the treasury stock method.<span style=
"mso-spacerun: yes">  </span> This change resulted in a
decrease in income allocable to our common shareholders of
approximately $146,000 and $1,971,000 and a decrease in diluted
weighted average common shares outstanding of 335,000 and
291,000 for the three and six months ended June 30, 2008,
respectively. <span style="mso-spacerun: yes">  </span>As a
result of these changes, basic and diluted earnings per common
share each decreased approximately $0.01, as compared to
amounts previously presented for the three and six months ended
June 30, 2008, respectively.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify">
<u>Consolidation Policy</u>
</p>
<p style=
"MARGIN: 6pt 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="FONT-SIZE: 10pt">Entities in which we have an
interest are first evaluated to determine whether, in
accordance with the provisions of the Financial Accounting
Standards Board’s Interpretation No. 46R, “Consolidation of
Variable Interest Entities,” they represent Variable Interest
Entities (“VIE’s”).<span style="mso-spacerun: yes">  </span>
VIE’s in which we are the primary beneficiary are
consolidated.<span style="mso-spacerun: yes">  </span> Entities
that are not VIE’s that we control are
consolidated.<span style="mso-spacerun: yes">  </span></span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
When we are the general partner, we are considered to control
the partnership unless the limited partners possess substantial
“kick-out” or “participative” rights as defined in Emerging
Issues Task Force Statement 04-5 – “Determining whether a
general partner or the general partners as a group, controls a
limited partnership or similar entity when the limited partners
have certain rights” (“EITF 04-5”).<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The accounts of the entities we control, along with the
accounts of the VIE’s for which we are the primary beneficiary,
are included in our condensed consolidated financial
statements, and all intercompany balances and transactions are
eliminated.<span style="mso-spacerun: yes">  </span> We account
for our investment in entities that we do not consolidate using
the equity method of accounting or, if we do not have the
ability to exercise significant influence over an investee, the
cost method of accounting. <span style=
"mso-spacerun: yes">  </span>Changes in consolidation status
are reflected effective the date the change of control or
determination of primary beneficiary status occurred, and
previously reported periods are not restated.<span style=
"mso-spacerun: yes">  </span> The entities that we consolidate
during the periods, to which the reference applies, are
referred to hereinafter as the “Consolidated
Entities.”<span style="mso-spacerun: yes">  </span> The
entities that we have an interest in but do not consolidate
during the periods, to which the reference applies, are
referred to hereinafter as the “Unconsolidated
Entities.”<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Collectively, at June 30, 2009, the Company and the
Consolidated Entities own a total of 2,000 real estate
facilities, consisting of 1,991 self-storage facilities in the
U.S., one self-storage facility in London, England and eight
commercial facilities in the U.S.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, the Unconsolidated Entities are comprised of
PSB, Shurgard Europe, as well as various limited and joint
venture partnerships (referred to as the “Other
Investments”).<span style="mso-spacerun: yes">  </span> At
June 30, 2009, PSB owns approximately 19.6 million rentable
square feet of commercial space, Shurgard Europe has interests
in 184 self-storage facilities in Europe with 9.8 million net
rentable square feet, and the Other Investments own in
aggregate 19 self-storage facilities in the U.S.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Use of Estimates</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The preparation of the condensed consolidated financial
statements in conformity with GAAP requires management to make
estimates and assumptions that affect the amounts reported in
the consolidated financial statements and accompanying
notes.<span style="mso-spacerun: yes">  </span> Actual results
could differ from those estimates.
</p>
<h4>
Income Taxes
</h4>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
For all taxable years subsequent to 1980, the Company has
qualified and intends to continue to qualify as a real estate
investment trust (“REIT”), as defined in Section 856 of the
Internal Revenue Code.<span style="mso-spacerun: yes">  </span>
As a REIT, we do not incur federal or significant state tax on
that portion of our taxable income which is distributed to our
shareholders, provided that we meet certain
tests.<span style="mso-spacerun: yes">  </span> We believe we
have met these tests during 2008 and we expect to meet these
tests during 2009 and, accordingly, no provision for federal
income taxes has been made in the accompanying condensed
consolidated financial statements on income produced and
distributed on real estate rental operations.<span style=
"mso-spacerun: yes">  </span> Our taxable REIT subsidiaries
are subject to regular corporate tax on their taxable income,
and such corporate taxes are presented in ancillary cost of
operations in our accompanying condensed consolidated
statements of income.<span style=
"mso-spacerun: yes">  </span> We also are subject to certain
state taxes, which are presented in general and
administrative expense in our accompanying condensed
consolidated statements of income. <span style=
"mso-spacerun: yes">  </span>We have concluded that there are
no significant uncertain tax positions requiring recognition
in our financial statements with respect to all tax periods
which remain subject to examination by major tax
jurisdictions as of June 30, 2009, as well as the six month
interim period ended June 30, 2009.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify">
<u>Real Estate Facilities</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Real estate facilities are recorded at cost.<span style=
"mso-spacerun: yes">  </span> Costs associated with the
acquisition, development, construction, renovation and
improvement of properties are capitalized.<span style=
"mso-spacerun: yes">  </span> Interest, property taxes and
other costs associated with development incurred during the
construction period are capitalized as building
cost.<span style="mso-spacerun: yes">  </span> Costs associated
with the sale of real estate facilities or interests in real
estate investments are expensed as incurred.<span style=
"mso-spacerun: yes">  </span> The purchase cost of existing
self-storage facilities that we acquire are allocated based
upon relative fair value of the land, building and tenant
intangible components of the real estate
facility.<span style="mso-spacerun: yes">  </span>
Expenditures for repairs and maintenance are expensed when
incurred.<span style="mso-spacerun: yes">  </span>
Depreciation expense is computed using the straight-line
method over the estimated useful lives of the buildings and
improvements, which generally range from 5 to 25 years.
</p><u><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span></u>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Other Assets</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Other assets primarily consist of prepaid expenses, investments
in held-to-maturity debt securities, accounts receivable,
interest receivable, and restricted cash.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.5in">
<u>Accrued and Other Liabilities</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Accrued and other liabilities consist primarily of real
property tax accruals, tenant prepayments of rents, accrued
interest payable, losses and loss adjustment liabilities for
our own exposures and estimated losses related to our tenant
insurance activities, and trade payables.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify">
<u>Financial Instruments</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We have estimated the fair value of our financial instruments
using available market information and appropriate valuation
methodologies.<span style="mso-spacerun: yes">  </span>
Considerable judgment is required in interpreting market data
to develop estimates of market value.<span style=
"mso-spacerun: yes">  </span> Accordingly, estimated fair
values are not necessarily indicative of the amounts that could
be realized in current market exchanges.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
For purposes of financial statement presentation, we consider
all highly liquid financial instruments such as short-term
treasury securities, money market funds with daily liquidity
and a rating in excess of AAA by Standard and Poor’s, or
investment grade short-term commercial paper with remaining
<span style="mso-spacerun: yes">  </span>maturities of three
months or less at the date of acquisition to be cash
equivalents.<span style="mso-spacerun: yes">  </span> Any such
cash and cash equivalents which are restricted from general
corporate use (restricted cash) due to insurance or other
regulations, or based upon contractual requirements, are
included in other assets.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Due to the short period to maturity and the underlying
characteristics of our cash and cash equivalents, other assets,
and accrued and other liabilities, we believe the carrying
values as presented on the consolidated balance sheets are
reasonable estimates of fair value.<span style=
"mso-spacerun: yes">  </span>
</p>
<p style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="FONT-SIZE: 10pt">Financial assets that are exposed
to credit risk consist primarily of cash and cash equivalents
as well as accounts receivable and restricted cash which are
included in other assets on our accompanying condensed
consolidated balance sheets.<span style=
"mso-spacerun: yes">  </span> Cash and cash equivalents and
restricted cash, consisting of short-term investments,
including commercial paper, are only invested in investment
instruments with an investment grade rating.<span style=
"mso-spacerun: yes">  </span> We have a loan receivable from
Shurgard Europe.<span style="mso-spacerun: yes">  </span> See
“Loan Receivable from Shurgard Europe” below for information
regarding our fair value measurement of this
instrument.<span style="mso-spacerun: yes">  </span></span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
At June 30, 2009, due primarily to our investment in and loan
receivable from Shurgard Europe, our operations and our
financial position are affected by fluctuations in the exchange
rates between the Euro, and to a lesser extent, other European
currencies, against the U.S. Dollar.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We estimate the fair value of our notes payable to be
$529,532,000 at June 30, 2009, based upon discounting the
future current cash flows under each respective note at an
interest rate that approximates those of loans with similar
credit characteristics, term to maturity and other market data.
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.75in; TEXT-INDENT: -0.5in">
<u>Goodwill</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Goodwill represents the excess of acquisition cost over the
fair value of net tangible and identifiable intangible assets
acquired in business combinations.<span style=
"mso-spacerun: yes">  </span> Each business combination from
which our goodwill arose was for the acquisition of single
businesses and accordingly, the allocation of our goodwill to
our business segments is based directly on such acquisitions.
Our goodwill has an indeterminate life. <span style=
"mso-spacerun: yes">  </span>Our goodwill balance of
$174,634,000 is reported net of accumulated amortization of
$85,085,000 as of June 30, 2009 and December 31, 2008 in our
accompanying condensed consolidated balance sheets.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We evaluate impairment of goodwill annually by comparing the
aggregate book value (including goodwill) of each reporting
unit to their respective estimated fair value.<span style=
"mso-spacerun: yes">  </span> No impairment of our goodwill was
identified in our annual evaluation at December 31,
2008.<span style="mso-spacerun: yes">  </span> No impairment
indicators were noted as of June 30, 2009 which would have
required an interim evaluation of goodwill for impairment.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify">
<u>Intangible Assets</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We acquire finite-lived intangible assets representing
primarily the estimated value of tenants in place (a “Tenant
Intangible”) at the date of the acquisition of each respective
acquired facility. <span style=
"mso-spacerun: yes">  </span>Tenant Intangibles are amortized
relative to the benefit of the tenants in place to each
period.<span style="mso-spacerun: yes">  </span> At June 30,
2009, our Tenant Intangibles have a net book value of
$21,687,000 ($33,181,000 at December 31, 2008), which is net of
accumulated amortization and impairment charges of $347,499,000
($336,005,000 at December 31, 2008).<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Amortization expense of $1,032,000 and $11,722,000 was
recorded for our Tenant Intangibles for the three months
ended June 30, 2009 and 2008, respectively and $3,289,000 and
$40,133,000 was recorded for the six months ended June 30,
2009 and 2008, respectively.<span style=
"mso-spacerun: yes">  </span> Also during the three and six
months ended June 30, 2009, we recorded an impairment charge
of $8,205,000 in connection with an eminent domain proceeding
at one of our facilities.<span style=
"mso-spacerun: yes">  </span> This impairment charge is
reflected under “discontinued operations” on our condensed
consolidated statement of income.<span style=
"mso-spacerun: yes">  </span> The estimated future
amortization expense for our finite-lived intangible assets
is as follows:
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<div align="center">
<table class="MsoNormalTable" style=
"BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">2009 (remainder
of)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -4.95pt; TEXT-ALIGN: justify; tab-stops: 7.65pt decimal 66.15pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">       </span> 2,062,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">2010</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -4.95pt; TEXT-ALIGN: justify; tab-stops: decimal 66.15pt">
<span style="FONT-SIZE: 9pt">            
2,113,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">2011</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -4.95pt; TEXT-ALIGN: justify; tab-stops: decimal 66.15pt">
<span style="FONT-SIZE: 9pt">            
1,590,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">2012</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -4.95pt; TEXT-ALIGN: justify; tab-stops: decimal 66.15pt">
<span style=
"FONT-SIZE: 9pt">             1,521,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">2013</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<p class="MsoNormal" style=
"MARGIN-RIGHT: -4.95pt; TEXT-ALIGN: justify; tab-stops: decimal 66.15pt">
<span style="FONT-SIZE: 9pt">            
1,414,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">2014 and beyond</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -4.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; tab-stops: decimal 66.15pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt">
<span style=
"FONT-SIZE: 9pt">           12,987,000</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 239.4pt; PADDING-TOP: 0in"
valign="top" width="319">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-ALIGN: justify; tab-stops: right dotted 225.0pt">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 94.5pt; PADDING-TOP: 0in"
valign="top" width="126">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: -4.95pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; tab-stops: 7.9pt decimal 66.15pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 1.5pt">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 2">        </span>
21,687,000</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We also have an intangible asset representing the value of the
“Shurgard” trade name, which is used by Shurgard Europe
pursuant to a licensing agreement described more fully in Note
3, with a book value of $18,824,000 at June 30, 2009 and
December 31, 2008.<span style="mso-spacerun: yes">  </span> The
Shurgard trade name has an indefinite life and, accordingly, we
do not amortize this asset but instead analyze it on an annual
basis for impairment.<span style="mso-spacerun: yes">  </span>
No impairments were noted from our evaluations in any periods
presented in these accompanying condensed consolidated
financial statements.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Evaluation of Asset Impairment</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We evaluate our real estate and Tenant Intangibles for
impairment on a quarterly basis.<span style=
"mso-spacerun: yes">  </span> We first evaluate these assets
for indicators of impairment, and if any indicators of
impairment are noted, we determine whether the carrying value
of such assets is in excess of the future estimated
undiscounted cash flows attributable to these
assets.<span style="mso-spacerun: yes">  </span> If there is
excess carrying value over such future undiscounted cash flows,
an impairment charge is booked for the excess of carrying value
over the assets’ estimated fair value.<span style=
"mso-spacerun: yes">  </span> Any long-lived assets which we
expect to sell or otherwise dispose of prior to their estimated
useful life are stated at the lower of their estimated net
realizable value (less cost to sell) or their carrying
value.<span style="mso-spacerun: yes">  </span> No impairment
was identified from our evaluations in any periods presented in
the accompanying condensed consolidated financial statements,
other than the impairment totaling $8,205,000 described above
with respect to intangible assets recorded in the three months
ended June 30, 2009.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Revenue and Expense Recognition</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
Rental income, which is generally earned pursuant to
month-to-month leases for storage space, as well as late
charges and administrative fees, are recognized as
earned.<span style="mso-spacerun: yes">  </span> Promotional
discounts are recognized as a reduction to rental income over
the promotional period, which is generally during the first
month of occupancy. <span style=
"mso-spacerun: yes">  </span>Ancillary revenues and interest
and other income is recognized when earned.<span style=
"mso-spacerun: yes">  </span> Equity in earnings of real estate
entities is recognized based on our ownership interest in the
earnings of each of the Unconsolidated Entities.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We accrue for property tax expense based upon actual amounts
billed for the related time periods and, in some circumstances
due to taxing authority assessment timing and disputes of
assessed amounts, estimates and historical
trends.<span style="mso-spacerun: yes">  </span> If these
estimates are incorrect, the timing and amount of expense
recognition could be affected.<span style=
"mso-spacerun: yes">  </span> Cost of operations, general and
administrative expense, interest expense, as well as
television, yellow page, and other advertising expenditures
are expensed as incurred.<span style=
"mso-spacerun: yes">  </span> Casualty losses or gains are
recognized in the period the casualty occurs, based upon the
differential between the book value of assets destroyed and
estimated insurance proceeds, if any, that we expect to
receive in accordance with our insurance
contracts.<span style="mso-spacerun: yes">  </span>
</p>
<h4>
Foreign Currency Exchange Translation
</h4>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The local currency is the functional currency for the foreign
operations for which we have an interest. <span style=
"mso-spacerun: yes">  </span>Assets and liabilities included on
our condensed consolidated balance sheets, including our equity
investment in Shurgard Europe, are translated at end-of-period
exchange rates, while revenues, expenses, and equity in
earnings of the related real estate entities, are translated at
the average exchange rates in effect during the
period.<span style="mso-spacerun: yes">  </span> The Euro,
which represents the functional currency used by a majority of
the foreign operations for which we have an interest, was
translated at an end-of-period exchange rate of approximately
1.405 U.S. Dollars per Euro at June 30, 2009 (1.409 at
December 31, 2008), and average exchange rates of 1.361 and
1.563 for the three months ended June 30, 2009 and 2008,
respectively and 1.334 and 1.530 for the six months ended June
30, 2009 and 2008, respectively.<span style=
"mso-spacerun: yes">  </span> Equity is translated at
historical rates and the resulting cumulative translation
adjustments, to the extent not included in net income, are
included as a component of accumulated other comprehensive
income (loss) until the translation adjustments are
realized.<span style="mso-spacerun: yes">  </span> See “Other
Comprehensive Income” below for further information regarding
our foreign currency translation gains and
losses.<span style="mso-spacerun: yes">  </span>
</p>
<p style="MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify">
<u><span style="FONT-SIZE: 10pt">Fair Value
Accounting</span></u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
In 2006, the FASB issued SFAS No. 157, “Fair Value Measurement”
(“SFAS No. 157”).<span style="mso-spacerun: yes">  </span> SFAS
No. 157 expands required fair value disclosures, whenever other
accounting standards require or permit fair value measurements,
including the information used to measure fair value, and the
effect of fair value measurements on earnings.<span style=
"mso-spacerun: yes">  </span> <span style="COLOR: black">SFAS
No. 157 clarifies that fair value is an exit price,
representing the amount that would be received to sell an asset
or paid to transfer a liability in an orderly transaction
between market participants, and establishes a three-tier fair
value hierarchy, which prioritizes the inputs used in measuring
fair value.<span style="mso-spacerun: yes">  </span></span> The
Company adopted the provisions of SFAS No. 157 on January 1,
2008 with respect to financial assets and liabilities and on
January 1, 2009 with respect to non-financial assets and
liabilities, which had no effect on our financial position,
operating results or cash flows.<span style=
"mso-spacerun: yes">  </span> See “Loan Receivable from
Shurgard Europe” and “Financial Instruments”, as well as
“Redeemable Noncontrolling Interests in Subsidiaries” and
“Other Permanent Noncontrolling Interests in Subsidiaries” in
Note 7 for information regarding our fair value measurements.
</p><u><span style=
"FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span></u>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify">
<u>Loan Receivable from Shurgard Europe</u>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
As of June 30, 2009, we had a loan receivable from Shurgard
Europe totaling $550,499,000 ($552,361,000 at December 31,
2008).
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; mso-layout-grid-align: none">
The loan bears interest at a fixed rate of 7.5% per annum, and
had an initial term of one year expiring March 31, 2009 which
was extended by Shurgard Europe pursuant to the terms of the
original note to March 31, 2010. <span style=
"mso-spacerun: yes">  </span>If Shurgard Europe acquires its
partner’s interests in First Shurgard and Second Shurgard
(collectively, the “Existing European Joint Ventures”), we have
agreed to provide additional loans to Shurgard Europe, under
the same terms as the existing loans, for up to €185 million
($259.9 million as of June 30, 2009). <span style=
"mso-spacerun: yes">  </span>This commitment was also extended
to March 31, 2010 and was originally for €305 million, but was
reduced as the result of refinancing one of the joint venture
loans.<span style="mso-spacerun: yes">  </span> Shurgard Europe
has no obligation to acquire these interests, and the
acquisition of these interests is contingent on a number of
items, including whether we assent to the
acquisition.<span style="mso-spacerun: yes">  </span> Loan fees
collected from Shurgard Europe are amortized on a straight-line
basis as interest income over the applicable term to which the
fee applies.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The loan receivable from Shurgard Europe is denominated in
Euros and is converted to U.S. Dollars for financial statement
purposes.<span style="mso-spacerun: yes">  </span> During each
applicable period, because we expected repayment within two
years of each respective balance sheet date, we have been
recognizing foreign exchange rate gains or losses in income as
a result of changes in exchange rates between the Euro and the
U.S. Dollar during the three and six months ended June 30, 2009
and 2008.<span style="mso-spacerun: yes">  </span> For the
three and six months ended June 30, 2009, we recorded interest
income of approximately $5,797,000 and $10,974,000,
respectively, related to the loan. For the three and six months
ended June 30, 2008, we recorded interest income of
approximately $6,319,000 related to the loan.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The $5,797,000 in interest income for the three months ended
June 30, 2009 reflects the gross amount charged to Shurgard
Europe totaling $11,366,000 less our 49% pro-rata portion
totaling $5,569,000 which is reflected as part of our equity in
earnings of real estate entities rather than interest and other
income.<span style="mso-spacerun: yes">  </span> The
$10,974,000 in interest income for the six months ended June
30, 2009 reflects the gross amount charged to Shurgard Europe
totaling $21,517,000 less our 49% pro-rata portion totaling
$10,543,000 which is reflected as part of our equity in
earnings of real estate entities rather than interest and other
income.<span style="mso-spacerun: yes">  </span> The $6,319,000
in interest income for the three and six months ended June 30,
2008 reflects the gross amount charged to Shurgard Europe
totaling $12,390,000 less our 49% pro-rata portion totaling
$6,071,000 which is reflected as equity in earnings of real
estate entities rather than interest and other
income.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style=
"TEXT-DECORATION: none; text-underline: none">Although there
can be no assurance, we believe that Shurgard Europe has
sufficient liquidity and collateral, and we have sufficient
creditor rights, such that credit risk is
minimal.<span style="mso-spacerun: yes">  </span> In
addition, we believe the interest rate on the loan
approximates the market rate for loans with similar credit
characteristics and tenor; however, due to dysfunctions in
current credit markets, it is difficult to estimate a market
rate.<span style="mso-spacerun: yes">  </span> Nonetheless,
based upon the estimated market rate combined with the short
term to maturity, we believe the carrying value of the loan
approximates fair value. The characteristics of the loan and
comparative metrics utilized in our evaluation represent
significant unobservable inputs, which are “Level 3” inputs
as the term is utilized in SFAS No. 157.</span>
</p>
<h4>
Other Comprehensive Income
</h4>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
We reflect other comprehensive income (loss) for our pro-rata
share of currency translation adjustments related to the
foreign operations for which we have an interest that is not
already recognized in our net income.<span style=
"mso-spacerun: yes">  </span> Such other comprehensive income
(loss) is reflected as a direct adjustment to “Accumulated
Other Comprehensive Income” in the equity section of our
consolidated balance sheet, and is added to our net income in
determining total comprehensive income for the
period.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style="TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The following table reflects the components of our other
comprehensive (loss) income, and our total comprehensive
income, for each respective period:<span style=
"mso-spacerun: yes">  </span>  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
</p>
<table class="MsoNormalTable" style=
"MARGIN-LEFT: 5.4pt; BORDER-COLLAPSE: collapse; mso-table-layout-alt: fixed; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="620" border="0">
<tbody>
<tr style=
"mso-yfti-irow: 0; mso-yfti-firstrow: yes; page-break-inside: avoid">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 144.1pt; PADDING-TOP: 0in"
valign="top" width="192" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style="FONT-SIZE: 9pt">For the Three Months
Ended June 30,</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 131.9pt; PADDING-TOP: 0in"
valign="top" width="176" colspan="4">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .5pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .5pt"
align="center">
<span style="FONT-SIZE: 9pt">For the Six Months
Ended June 30,</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style="TEXT-ALIGN: center" align=
"center">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 5.6pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 5.6pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2008</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 5.6pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 5.6pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style="FONT-SIZE: 9pt">2008</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 2; page-break-inside: avoid; mso-row-margin-right: 1.3pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style="TEXT-ALIGN: center" align=
"center">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 274.7pt; PADDING-TOP: 0in"
valign="top" width="366" colspan="5">
<p class="MsoNormal" style=
"MARGIN-RIGHT: 0.05in; TEXT-ALIGN: center" align=
"center">
<span style="FONT-SIZE: 9pt">(Amounts in
thousands)</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: right dotted 2.45in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Net
income<span style=
"mso-tab-count: 1 dotted">..........................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 205,387</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 143,955</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 1">   </span> 358,816</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 663,896</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: right dotted 2.45in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Other
comprehensive income (loss):</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
  
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"MARGIN-LEFT: 22.95pt; TEXT-INDENT: -13.5pt; LINE-HEIGHT: 12pt; tab-stops: right dotted 2.45in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Aggregate
foreign currency translation adjustments for the
period<span style=
"mso-tab-count: 1 dotted">.........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
57,249</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
(947)</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
12,313</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
65,275</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"MARGIN-LEFT: 22.95pt; TEXT-INDENT: -13.5pt; LINE-HEIGHT: 12pt; tab-stops: right dotted 2.45in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Less:
foreign currency translation adjustments recognized
during the period and reflected in
“</span><span style="FONT-SIZE: 9pt">Gain (loss) on
disposition of real estate
investments</span><span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">”<span style="mso-tab-count: 1 dotted">....................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
-</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
<br />
(37,854)</span>
</p>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 7; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"MARGIN-LEFT: 22.95pt; TEXT-INDENT: -13.5pt; LINE-HEIGHT: 12pt; tab-stops: right dotted 2.45in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Less:
foreign currency translation adjustments reflected in
net income as “Foreign currency (gain)
loss”<span style="mso-tab-count: 1 dotted">.................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
(33,205)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
2</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
1,528</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
<br />
(40,969)</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"MARGIN-LEFT: 22.95pt; TEXT-INDENT: -22.95pt; LINE-HEIGHT: 12pt; tab-stops: right dotted 2.45in">
<span style="FONT-SIZE: 9pt">Other comprehensive income
(loss) income for the period<span style=
"mso-tab-count: 1 dotted">..................................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
24,044</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
(945)</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
13,841</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><br />
(13,548)</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
<tr style=
"mso-yfti-irow: 9; mso-yfti-lastrow: yes; mso-row-margin-right: 3.0pt">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 188.9pt; PADDING-TOP: 0in"
valign="top" width="252">
<p class="MsoNormal" style=
"MARGIN-LEFT: 7.95pt; TEXT-INDENT: -7.95pt; LINE-HEIGHT: 12pt; tab-stops: right dotted 2.45in">
<span style="FONT-SIZE: 9pt">Total comprehensive
income<span style=
"mso-tab-count: 1 dotted">...............................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1in; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 229,431</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 72.1pt; PADDING-TOP: 0in"
valign="top" width="96">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 143,010</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 61.9pt; PADDING-TOP: 0in"
valign="top" width="83">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span>$<span style=
"mso-tab-count: 1">   </span> 372,657</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 67pt; PADDING-TOP: 0in"
valign="top" width="89">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 0in; BORDER-LEFT: medium none; MARGIN-RIGHT: 0.05in; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 5.3pt decimal 50.95pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 650,348</span>
</p>
</div>
</td>
<td style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; mso-cell-special: placeholder"
width="4" colspan="2">
<p class="MsoNormal">
  
</p>
</td>
</tr>
</tbody>
</table>
<p></p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<h4>
Discontinued Operations
</h4>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: 45.0pt right 6.5in">
We segregate all of our discontinued operations that can be
distinguished from the rest of the Company and will be
eliminated from the ongoing operations of the
Company.<span style="mso-spacerun: yes">  </span> During the
six months ended June 30, 2009, we decided to terminate our
truck rental and containerized storage business
units.<span style="mso-spacerun: yes">  </span> Truck
operations ceased as of March 31, 2009, and the containerized
operations are being actively marketed for sale and are
expected to be disposed of by December 31, 2009. As a result,
we reclassified all of the historical revenues and expenses of
these operations from ancillary revenues and ancillary
expenses, into “discontinued operations.”<span style=
"mso-spacerun: yes">  </span> Included in discontinued
operations is $3.5 million in expenses incurred in the six
months ended June 30, 2009 related primarily to disposing of
trucks used in our truck rental operations.<span style=
"mso-spacerun: yes">  </span> Also included in discontinued
operations for the three and six months ended June 30, 2009 is
an $8.2 million impairment charge on intangible assets in
connection with an eminent domain proceeding at one of our
self-storage facilities.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Net Income per Common Share</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
In computing net income allocated to our common shareholders,
we first allocate net income to our noncontrolling interests in
subsidiaries (Note 7) and preferred shareholders to arrive at
net income allocable to our common shareholders.<span style=
"mso-spacerun: yes">  </span> Net income allocated to preferred
shareholders or noncontrolling interests in subsidiaries
includes any excess of the cash required to redeem any
preferred securities in the period over the net proceeds from
the original issuance of the securities (or, if securities are
redeemed for less than the original issuance proceeds, income
allocated to the holders of the redeemed securities is
reduced).<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="TEXT-DECORATION: none; text-underline: none">The
remaining net income is allocated among our regular common
shares, restricted share units, and our Equity Shares, Series A
based upon the dividends declared (or accumulated) for each
security in the period, combined with each security’s
participation rights in undistributed earnings.<span style=
"mso-spacerun: yes">  </span></span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="TEXT-DECORATION: none; text-underline: none">Net
income allocated to our regular common shares from continuing
operations is computed by eliminating the net income or loss
from discontinued operations allocable to our regular common
shares, from net income allocated to our regular common
shares.</span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="TEXT-DECORATION: none; text-underline: none">Basic
net income per share, basic net income (loss) from discontinued
operations per share, and basic net income from continuing
operations per share are computed using the weighted average
common shares outstanding.<span style=
"mso-spacerun: yes">  </span> Diluted net income per share,
diluted net income (loss) from discontinued operations per
share, and diluted net income from continuing operations per
share are computed using the weighted average common shares
outstanding, adjusted for the impact, if dilutive, of stock
options outstanding (Note 10).<span style=
"mso-spacerun: yes">  </span> Diluted net loss per share from
discontinued operations does not include the impact of stock
options outstanding, because including stock options would be
anti-dilutive when applied to the loss on discontinued
operations for each period presented.<span style=
"mso-spacerun: yes">  </span></span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
The following table reflects the components of the calculations
of our basic and diluted net income per share, basic and
diluted net income (loss) from discontinued operations per
share, and basic and diluted net income from continuing
operations per share which are not already otherwise set forth
on the face of our condensed consolidated statements of
income: 
</p>
<div align="center">
<table class="MsoNormalTable" style=
"WIDTH: 448.55pt; BORDER-COLLAPSE: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt"
cellspacing="0" cellpadding="0" width="598" border="0">
<tbody>
<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1.95in; PADDING-TOP: 0in"
valign="top" width="187" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Three
Months Ended
<br />
June 30,</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 1.95in; PADDING-TOP: 0in"
valign="top" width="187" colspan="2">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Six
Months Ended
<br />
June 30,</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 1">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2008</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2009</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">2008</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 2">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 3.9in; PADDING-TOP: 0in"
valign="top" width="374" colspan="4">
<p class="MsoNormal" style="TEXT-ALIGN: center"
align="center">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">(Amounts
in thousands)</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 4pt; mso-yfti-irow: 3; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="224">
<p class="MsoNormal">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"tab-stops: decimal 62.1pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"tab-stops: decimal 62.1pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"tab-stops: decimal 62.1pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"tab-stops: decimal 62.1pt">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoFootnoteText" style=
"MARGIN-LEFT: 7.75pt; TEXT-INDENT: -4.5pt; tab-stops: right dotted 3.65in; mso-pagination: widow-orphan">
<u><span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
Net income allocable to common shareholders from
continuing operations and discontinued
operations:</span></u>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoFootnoteText" style=
"tab-stops: right dotted 3.65in; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoFootnoteText" style=
"MARGIN-LEFT: 7.75pt; tab-stops: right dotted 3.65in; mso-pagination: widow-orphan">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
Net income allocable to common
shareholders<span style=
"mso-tab-count: 1 dotted">.............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"TEXT-ALIGN: right; tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan"
align="right">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
<br />
<span style="mso-tab-count: 1">      </span>
$<span style="mso-tab-count: 1">   </span>
135,487</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"TEXT-ALIGN: right; tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan"
align="right">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
<br />
<span style=
"mso-tab-count: 1">      </span>$<span style=
"mso-tab-count: 1">     </span> 67,978</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"TEXT-ALIGN: right; tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan"
align="right">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
<br />
<span style="mso-tab-count: 1">     </span>
$<span style="mso-tab-count: 1">   </span>
294,982</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoFootnoteText" style=
"TEXT-ALIGN: right; tab-stops: 15.3pt decimal 59.4pt; mso-pagination: widow-orphan"
align="right">
<span style=
"FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman,serif; mso-bidi-font-size: 10.0pt">
<br />
<span style=
"mso-tab-count: 1">      </span>$<span style=
"mso-tab-count: 1">   </span> 512,806</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 4pt; mso-yfti-irow: 7; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 7.75pt; tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 4pt; mso-height-rule: exactly"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 4.0pt">  </span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 16.75pt; TEXT-INDENT: -9pt; tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Eliminate:
Loss on Discontinued operations allocable to common
shareholders <span style=
"mso-tab-count: 1 dotted">........................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
8,333</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
1,286</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
8,625</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
2,462</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 16.75pt; TEXT-INDENT: -9pt; tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Net
income from continuing operations allocable to common
shareholders<span style=
"mso-tab-count: 1 dotted">........</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 1pt; MARGIN-LEFT: 5.9pt; BORDER-LEFT: medium none; MARGIN-RIGHT: 1.3pt; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; mso-element: para-border-div; mso-shading: windowtext; mso-pattern: solid white">
<p class="Normal9pt" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: white; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 14.9pt decimal 57.8pt left dotted 167.9pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 1.5pt; mso-shading: windowtext; mso-pattern: solid white"
align="right">
<br />
<span style=
"mso-tab-count: 1">   </span>$<span style=
"mso-tab-count: 1">   </span> 143,820
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 15.1pt decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 1.5pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<span style=
"mso-tab-count: 1">      </span>$<span style=
"mso-tab-count: 1">     </span> 69,264</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 15.1pt decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 1.5pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<span style="mso-tab-count: 1">     </span>
$<span style="mso-tab-count: 1">   </span>
303,607</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1.5pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 15.1pt decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 1.5pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<span style=
"mso-tab-count: 1">      </span>$<span style=
"mso-tab-count: 1">   </span> 515,268</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal" style=
"tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 11">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; tab-stops: right dotted 3.65in">
<u><span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Weighted
average common shares and equivalents
outstanding:</span></u>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94"></td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
  
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 12">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Basic
weighted average common shares
outstanding<span style=
"mso-tab-count: 1 dotted">..............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
168,348</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
168,028</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
168,330</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<p class="MsoNormal" style=
"TEXT-ALIGN: right; tab-stops: decimal 59.4pt" align=
"right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
168,307</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 13">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: -9pt; tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Net
effect of dilutive stock options - based on treasury
stock method using average market price
<span style="mso-tab-count: 1 dotted">...........................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
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<p class="MsoNormal" style=
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align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
180</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
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<p class="MsoNormal" style=
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align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
451</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
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<p class="MsoNormal" style=
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align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
171</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in"
valign="top" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
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align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt"><br />
<br />
424</span>
</p>
</div>
</td>
</tr>
<tr style=
"HEIGHT: 9.9pt; mso-yfti-irow: 14; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 167.75pt; PADDING-TOP: 0in; HEIGHT: 9.9pt"
valign="top" width="224">
<p class="MsoNormal" style=
"MARGIN-LEFT: 9pt; tab-stops: right dotted 3.65in">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">Diluted
weighted average common shares
outstanding<span style=
"mso-tab-count: 1 dotted">..............................................</span></span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 9.9pt"
valign="bottom" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">168,528</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 9.9pt"
valign="bottom" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">168,479</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 9.9pt"
valign="bottom" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">168,501</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 70.2pt; PADDING-TOP: 0in; HEIGHT: 9.9pt"
valign="bottom" width="94">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 59.4pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-border-bottom-alt: double windowtext 2.25pt"
align="right">
<span style=
"FONT-SIZE: 9pt; mso-bidi-font-size: 10.0pt">168,731</span>
</p>
</div>
</td>
</tr>
</tbody>
</table>
</div>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Recent Accounting Pronouncements and Guidance</u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-ALIGN: justify; mso-outline-level: 1">
<u>Codification and Hierarchy of GAAP</u>
</p>
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="COLOR: black">In June 2009, the Financial
Accounting Standards Board (the “FASB”) issued SFAS 168,
“<i>The FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles - a
replacement of FASB Statement No 162</i>.” <span style=
"mso-spacerun: yes">  </span>SFAS 168 established the effective
date for use of the FASB codification for interim and annual
periods ending after September 15, 2009. <span style=
"mso-spacerun: yes">  </span>Companies should account for the
adoption of the guidance on a prospective basis. <span style=
"mso-spacerun: yes">  </span>We do not anticipate the adoption
of SFAS 168 will have a material impact on our financial
statements. <span style="mso-spacerun: yes">  </span>We will
update our disclosures for the appropriate FASB codification
references after adoption, in the third quarter of 2009.</span>
</p>
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="COLOR: black">  </span>
</p><u><span style=
"FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Times New Roman,serif; mso-fareast-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><br style="PAGE-BREAK-BEFORE: always"
clear="all" /></span></u>
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 0.25in; TEXT-ALIGN: justify">
<u><span style="COLOR: black">Accounting for Transfers of
Financial Assets</span></u>
</p>
<p class="MsoNormal" style="TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"BACKGROUND: white; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<span style="COLOR: black">In June 2009, the FASB also issued
SFAS 167 “<i>Amendments to FASB Interpretation No. 46</i>”, and
SFAS 166 “<i>Accounting for Transfers of Financial Assets - an
Amendment of FASB Statement No. 140.” <span style=
"mso-spacerun: yes">  </span></i>SFAS 167 amends the existing
guidance around FIN 46(R), to address the elimination of the
concept of a qualifying special purpose entity. <span style=
"mso-spacerun: yes">  </span>Also, it replaces the
quantitative-based risks and rewards calculation for
determining which enterprise has a controlling financial
interest in a variable interest entity with an approach focused
on identifying which enterprise has the power to direct the
activities of a variable interest entity and the obligation to
absorb losses of the entity or the right to receive benefits
from the entity. <span style=
"mso-spacerun: yes">  </span>Additionally, SFAS 167 provides
for additional disclosures about an enterprise’s involvement
with a variable interest entity. <span style=
"mso-spacerun: yes">  </span>SFAS 166 amends SFAS 140 to
eliminate the concept of a qualifying special purpose entity,
amends the derecognition criteria for a transfer to be
accounted for as a sale under SFAS 140, and will require
additional disclosure over transfers accounted for as a sale.
<span style="mso-spacerun: yes">  </span>The effective date for
both pronouncements is for the first fiscal year beginning
after November 15, 2009, and will require retrospective
application. <span style="mso-spacerun: yes">  </span>We are
still assessing the potential impact of adopting these two
statements.</span>
</p>
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8708995000
8812993000
9067104000
-31931000
5590093000
358109000
8708995000
-290323000
16829000
3424327000
8946827000
-18090000
5673201000
133834000
8812993000
-258732000
16837000
3399777000
<div>
<p class="MsoBodyTextIndent" style=
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8.<span style="mso-tab-count: 1">    </span> <u>Public Storage
Shareholders’ Equity</u>
</p>
<p class="MsoNormal" style=
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<u>Cumulative Preferred Shares</u>
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At June 30, 2009 and December 31, 2008, we had the following
series of Cumulative Preferred Shares of beneficial interest
outstanding: 
</p>
<p class="MsoBodyTextIndent3" style=
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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valign="top" width="171" colspan="2">
<div style=
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<span style="FONT-SIZE: 9pt">At June 30,
2009</span>
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<span style="FONT-SIZE: 9pt">At December 31,
2008</span>
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<span style="FONT-SIZE: 9pt"><br />
<br />
Series</span>
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valign="top" width="101">
<div style=
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<span style="FONT-SIZE: 9pt">Earliest Redemption
Date</span>
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valign="top" width="73">
<div style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
Dividend Rate</span>
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valign="top" width="85">
<div style=
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
Shares Outstanding</span>
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valign="top" width="86">
<div style=
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<span style="FONT-SIZE: 9pt"><br />
Liquidation Preference</span>
</p>
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<p class="MsoNormal" style=
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<span style="FONT-SIZE: 9pt"><br />
Shares Outstanding</span>
</p>
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<span style="FONT-SIZE: 9pt"><br />
Liquidation Preference</span>
</p>
</div>
</td>
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<span style="FONT-SIZE: 9pt">  </span>
</p>
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<span style="FONT-SIZE: 9pt">  </span>
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<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 254.65pt; PADDING-TOP: 0in"
valign="top" width="340" colspan="4">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: center; mso-pagination: widow-orphan lines-together"
align="center">
<span style="FONT-SIZE: 9pt">(Dollar amounts in
thousands)</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 3">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series V</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">9/30/07</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7.500%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6,200</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 4.9pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 155,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6,900</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">    </span> 172,500</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 4">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series W</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">10/6/08</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.500%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5,300</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 132,500</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5,300</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 132,500</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 5">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series X</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">11/13/08</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.450%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,800</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 120,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,800</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 120,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 6">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series Y</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">1/2/09</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.850%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">750,900</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">          </span> 18,772</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">750,900</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">          </span> 18,772</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 7">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series Z</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">3/5/09</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.250%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,500</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 112,500</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,500</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 112,500</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 8">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series A</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">3/31/09</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.125%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,600</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 115,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,600</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 115,000</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 9">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series B</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6/30/09</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7.125%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,350</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 108,750</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,350</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 108,750</span>
</p>
</td>
</tr>
<tr style="mso-yfti-irow: 10">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series C</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">9/13/09</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.600%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,425</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 110,625</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,600</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 115,000</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 11; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series D</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">2/28/10</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.180%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5,400</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 135,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5,400</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 135,000</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 12; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series E</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4/27/10</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.750%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5,650</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 141,250</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5,650</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 141,250</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 13; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series F</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">8/23/10</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.450%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">9,893</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 247,325</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">10,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 250,000</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 14; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series G</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">12/12/10</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7.000%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 100,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 100,000</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 15; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series H</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">1/19/11</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.950%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,200</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 105,000</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">4,200</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 105,000</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 16; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series I</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">5/3/11</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7.250%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">20,700</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 517,500</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">20,700</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 517,500</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 17; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series K</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">8/8/11</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7.250%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">16,990</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 424,756</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">16,990</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 424,756</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 18; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series L</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">10/20/11</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.750%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">8,267</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 206,665</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">8,267</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 206,665</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 19; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series M</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">1/9/12</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">6.625%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">19,065</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 476,634</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">19,065</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 476,634</span>
</p>
</td>
</tr>
<tr style=
"HEIGHT: 13.1pt; mso-yfti-irow: 20; mso-height-rule: exactly">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 83.6pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="111">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; TEXT-ALIGN: justify; mso-pagination: widow-orphan lines-together">
<span style="FONT-SIZE: 9pt">Series N</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 76.1pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="101">
<p class="MsoNormal" style=
"MARGIN: 0in 17.85pt 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7/2/12</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">7.000%</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-padding-alt: 0in 0in 0in 0in; mso-pagination: widow-orphan lines-together; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style="FONT-SIZE: 9pt">6,900</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="86">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; tab-stops: 5.05pt decimal 49.65pt; mso-padding-alt: 0in 0in 0in 0in; mso-pagination: widow-orphan lines-together; mso-border-bottom-alt: solid windowtext .75pt">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 172,500</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 60pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="80">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-padding-alt: 0in 0in 0in 0in; mso-pagination: widow-orphan lines-together; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style="FONT-SIZE: 9pt">6,900</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 66.3pt; PADDING-TOP: 0in; HEIGHT: 13.1pt; mso-height-rule: exactly"
valign="top" width="88">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid; mso-element: para-border-div; mso-border-bottom-alt: solid windowtext .75pt">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: 5.05pt decimal 49.7pt; mso-padding-alt: 0in 0in 0in 0in; mso-pagination: widow-orphan lines-together; mso-border-bottom-alt: solid windowtext .75pt"
align="right">
<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 2">        </span> 172,500</span>
</p>
</div>
</td>
</tr>
<tr style="mso-yfti-irow: 21; mso-yfti-lastrow: yes">
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 159.7pt; PADDING-TOP: 0in"
valign="top" width="213" colspan="2">
<p class="MsoNormal" style=
"MARGIN: 0in 0.05in 0pt 6.45pt; LINE-HEIGHT: 12pt; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">Total Cumulative
Preferred Shares</span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 54.75pt; PADDING-TOP: 0in"
valign="top" width="73">
<p class="MsoNormal" style=
"LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0.05in; TEXT-ALIGN: right; mso-pagination: widow-orphan lines-together"
align="right">
<span style="FONT-SIZE: 9pt">  </span>
</p>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 63.8pt; PADDING-TOP: 0in"
valign="top" width="85">
<div style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double; mso-element: para-border-div">
<p class="MsoNormal" style=
"BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; LINE-HEIGHT: 12pt; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; TEXT-ALIGN: right; tab-stops: decimal 49.7pt; mso-padding-alt: 0in 0in 1.0pt 0in; mso-pagination: widow-orphan lines-together; mso-border-bottom-alt: double windowtext 2.25pt"
align="right">
<span style="FONT-SIZE: 9pt">886,140</span>
</p>
</div>
</td>
<td style=
"PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; WIDTH: 64.55pt; PADDING-TOP: 0in"
valign="top" width="86">
<div style=
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<span style="FONT-SIZE: 9pt"><span style=
"mso-tab-count: 1">  </span> $<span style=
"mso-tab-count: 1">  </span>3,399,777</span>  
</p>
</div>
</td>
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valign="top" width="80">
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align="right">
<span style="FONT-SIZE: 9pt">887,122</span>
</p>
</div>
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valign="top" width="88">
<div style=
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<p class="MsoNormal" style=
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align="right">
<span style="FONT-SIZE: 9pt">$<span style=
"mso-tab-count: 1">  </span> 3,424,327 7</span>
</p>
</div>
</td>
</tr>
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</div>
<p class="MsoBodyTextIndent3" style=
"MARGIN: 0in 0in 6pt 0.25in; TEXT-INDENT: 27.35pt; mso-outline-level: 1">
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
The holders of our Cumulative Preferred Shares have general
preference rights with respect to liquidation and quarterly
distributions.<span style="mso-spacerun: yes">  </span> Holders
of the preferred shares, except under certain conditions and as
noted below, will not be entitled to vote on most
matters.<span style="mso-spacerun: yes">  </span> In the event
of a cumulative arrearage equal to six quarterly dividends,
holders of all outstanding series of preferred shares (voting
as a single class without regard to series) will have the right
to elect two additional members to serve on our Board of
Trustees until events of default have been cured.<span style=
"mso-spacerun: yes">  </span> At June 30, 2009, there were no
dividends in arrears.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
Except under certain conditions relating to the Company’s
qualification as a REIT, the Cumulative Preferred Shares are
not redeemable prior the dates indicated on the table
above.<span style="mso-spacerun: yes">  </span> On or after the
respective dates, each of the series of Cumulative Preferred
Shares will be redeemable, at the option of the Company, in
whole or in part, at $25.00 per share (or depositary share as
the case may be), plus accrued and unpaid dividends.
<span style="mso-spacerun: yes">  </span>Holders of the
Cumulative Preferred Shares do not have the right to require
the Company to redeem such shares.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .5in right 6.5in">
Upon issuance of our Cumulative Preferred Shares of beneficial
interest, we classify the liquidation value as preferred equity
on our consolidated balance sheet with any issuance costs
recorded as a reduction to paid-in capital.<span style=
"mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in .5in right 6.5in">
During March 2009, we repurchased certain of our Cumulative
Preferred Shares in privately negotiated transactions as
follows: Series V – 700,000 depositary shares, each
representing 1/1,000 of a share of our Cumulative Preferred
Shares at a total cost of $13,230,000, Series C – 175,000
depositary shares, each representing 1/1,000 of a share of our
Cumulative Preferred Shares at a total cost of $2,695,000 and
Series F – 107,000 depositary shares, each representing 1/1,000
of a share of our Cumulative Preferred Shares at a total cost
of $1,610,000. <span style="mso-spacerun: yes">  </span>The
carrying value of the shares repurchased totaled $23.8 million
($24.6 million liquidation preference less $0.8 million of
original issuance costs), and exceeded the aggregate repurchase
cost of $17.5 million by approximately
$6.2 million.<span style="mso-spacerun: yes">  </span> For
purposes of determining net income per share, income
allocated to our preferred shareholders was reduced by the
$6.2 million for the six months ended June 30, 2009.
</p>
<h4>
Common Shares
</h4>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in">
<u><span style="mso-bidi-font-size: 12.0pt">Common
Shares</span></u>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
During the six months ended June 30, 2009, we issued 75,971
common shares in connection with employee stock-based
compensation.<span style="mso-spacerun: yes">  </span>
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: list .25in">
Our Board of Trustees previously authorized the repurchase from
time to time of up to 25,000,000 of our common shares on the
open market or in privately negotiated
transactions.<span style="mso-spacerun: yes">  </span> On
May 8, 2008, such authorization was increased to 35,000,000
common shares.<span style="mso-spacerun: yes">  </span>
During the six months ended June 30, 2009, we did not
repurchase any of our common shares.<span style=
"mso-spacerun: yes">  </span> Through June 30, 2009, we have
repurchased a total of 23,721,916 of our common shares
pursuant to this authorization.
</p>
<h4 style="MARGIN-LEFT: 0.75in">
Equity Shares, Series A
</h4>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
At June 30, 2009 and December 31, 2008, we had 8,377,193 of
depositary shares outstanding, each representing 1/1,000 of an
Equity Share, Series A.<span style=
"mso-spacerun: yes">  </span> The Equity Shares, Series A rank
on parity with our common shares and junior to the Cumulative
Preferred Shares with respect to general preference rights and
have a liquidation amount which cannot exceed $24.50 per
share.<span style="mso-spacerun: yes">  </span> Distributions
with respect to each depositary share shall be the lesser
of:<span style="mso-spacerun: yes">  </span> (i) five times the
per share dividend on our common shares or (ii) $2.45 per
annum.<span style="mso-spacerun: yes">  </span> We have no
obligation to pay distributions on the depositary shares if no
distributions are paid to common shareholders.<span style=
"mso-spacerun: yes">  </span> During the six months ended June
30, 2009 and 2008, we paid quarterly distributions to the
holders of the Equity Shares, Series A of $0.6125 per share for
each of the quarters ended March 31 and June 30.
</p>
<p class="MsoNormal" style=
"MARGIN: 0in 0in 12pt 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: .25in">
Except in order to preserve the Company’s Federal income tax
status as a REIT, we may not redeem the depositary shares
representing the Equity Shares, Series A before March 31,
2010.<span style="mso-spacerun: yes">  </span> On or after
March 31, 2010, we may, at our option, redeem the depositary
shares at $24.50 per depositary share.<span style=
"mso-spacerun: yes">  </span> If the Company fails to preserve
its Federal income tax status as a REIT, each of the depositary
shares will be convertible at the option of the shareholder
into .956 common shares.<span style=
"mso-spacerun: yes">  </span> The depositary shares are
otherwise not convertible into common shares.<span style=
"mso-spacerun: yes">  </span> Holders of depositary shares vote
as a single class with holders of our common shares on
shareholder matters, but the depositary shares have the
equivalent of one-tenth of a vote per depositary share.
</p>
<h4 style="MARGIN-LEFT: 0.75in">
Equity Shares, Series AAA
</h4>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
In November 1999, we sold $100,000,000 (4,289,544 shares) of
Equity Shares, Series AAA (“Equity Shares AAA”) to a newly
formed joint venture.<span style=
"mso-spacerun: yes">  </span> The Equity Shares AAA ranks on
a parity with common shares and junior to the Senior
Preferred Shares with respect to general preference rights,
and has a liquidation amount equal to 120% of the amount
distributed to each common share.<span style=
"mso-spacerun: yes">  </span> Annual distributions per share
are equal to the lesser of (i) five times the amount paid per
common share or (ii) $2.1564. We have no obligation to pay
distributions if no distributions are paid to common
shareholders.<span style="mso-spacerun: yes">  </span> During
the six months ended June 30, 2009 and 2008, we paid
quarterly distributions to the holder of the Equity Shares,
Series AAA of $0.5391 per share for each of the quarters
ended March 31 and June 30.<span style=
"mso-spacerun: yes">  </span> For all periods presented, the
Equity Shares, Series AAA and related dividends are
eliminated in consolidation.
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
<u>Dividends</u>
</p>
<p class="MsoNormal" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
  
</p>
<p class="MsoBodyTextIndent" style=
"MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify; tab-stops: 13.5pt .5in right 6.5in">
<span style="mso-bidi-font-size: 12.0pt">The unaudited
characterization of dividends for Federal income tax purposes
is made based upon earnings and profits of the Company, as
defined by the Internal Revenue Code.<span style=
"mso-spacerun: yes">  </span> Common share dividends totaled
$92.9 million ($0.55 per share) and $92.8 million ($0.55 per
share), for the three months ended June 30, 2009 and 2008,
respectively, and $185.8 million ($1.10 per share) and
$185.6 million ($1.10 per share), for the six months ended June
30, 2009 and 2008, respectively.<span style=
"mso-spacerun: yes">  </span> Equity Shares, Series A dividends
totaled $5.1 million ($0.6125 per share) and $5.3 million
($0.6125 per share), for the three months ended June 30, 2009
and 2008, respectively, and totaled $10.3 million ($1.225 per
share) and $10.7 million ($1.225 per share), for the six months
ended June 30, 2009 and 2008, respectively.<span style=
"mso-spacerun: yes">  </span> Preferred share dividends pay
fixed rates from 6.125% to 7.500% with a total liquidation
amount of $3,399,777,000 at June 30, 2009 ($3,424,327,000 at
December 31, 2008) and dividends aggregating $58.1 million and
$60.3 million for the three months ended June 30, 2009 and
2008, respectively, and $116.2 million and $120.7 million for
the six months ended June 30, 2009 and 2008,
respectively.<span style="mso-spacerun: yes">  </span></span>
</p>
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75971
769000
761000
769000
8000
982000
-17535000
7015000
-17535000
-24550000
12777000
12872000
168731000
168479000
168501000
168528000
168307000
168028000
168330000
168348000