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<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">3.<font class="_mt"> <u>Disposition of an Interest in Shurgard Europe</u></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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”).<font class="_mt"> We own the remaining 49% interest and are the managing member of Shurgard Holdings.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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 “gains on disposition of real estate investments, net” in our condensed consolidated statement of income for the nine months ended September 30, 2008.</p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.</font></p> <!--EndFragment--></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
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Superior Court</i> which is currently pending before the California Supreme Court.</font></font></font></font></font></font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Other Items</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Insurance and Loss Exposure</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.<font class="_mt"> <font class="_mt"> </font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; 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. <font class="_mt"> At September 30, 2009, there were approximately 596,000 certificate holders participating in this program in the U.S. representing aggregate coverage of approximately $1.3 billion.<font class="_mt"> We rely on a third-party insurance company to provide the insurance and are subject to licensing requirements and regulations in several states.<font class="_mt"> No assurance can be given that this activity can continue to be conducted in any given jurisdiction.</font></font></font></p> <u><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"><br clear="all" /></font></u> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif';"><u><font class="_mt">Operating Lease Obligations</font></u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">We lease land, equipment and office space under various operating leases. <font class="_mt"> At September 30, 2009, the approximate future minimum rental payments required under our operating leases for each calendar year is as follows: $2 million for the remainder of 2009, $6 million in 2010, $5 million per year in 2011 – 2013, and an aggregate of $76 million in payments thereafter.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">Expenses under operating leases were approximately $1.3 million and $4.0 million for the three and nine months ended September 30, 2009, respectively, as compared to $1.4 million and $4.0 million for the same periods in 2008.<font class="_mt"> </font></p> <!--EndFragment--></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
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font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30,</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">December 31, 2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: -0.9pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-style: italic; font-family: times new roman;">Unsecured Notes Payable:</font></div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: -0.9pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5.875% effective and stated note rate, interest only and payable semi-annually, matures in March 2013</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">186,460</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">200,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5.73% effective rate, 7.75% stated note rate, interest only and payable semi-annually, matures in February 2011 (carrying amount includes $2,348 of unamortized premium at September 30, 2009 and $7,433 at December 31, 2008)</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">105,665</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">207,433</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: -0.9pt;" align="justify"> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: -0.9pt;" align="justify"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-style: italic; font-family: times new roman;">Secured Notes Payable:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: -0.9pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5.47% average effective rate fixed rate mortgage notes payable, secured by 89 real estate facilities with a net book value of $561,904 at September 30, 2009 and stated note rates between 4.95% and 8.00%, maturing at varying dates between October 2009 and August 2015 (carrying amount includes $4,393 of unamortized premium at September 30, 2009 and $5,634 at December 31, 2008)</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">229,537</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">236,378</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 36pt; text-indent: 0pt; margin-right: -0.9pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total notes payable</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">521,662</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">643,811</font></td> </tr> <!--EndFragment--></table> </div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Substantially all of our debt was acquired in connection with a property or other acquisition, and in such cases an initial premium or discount is established for any difference between the stated note balance and estimated fair value. <font class="_mt"> This initial premium or discount is amortized over the remaining term of the notes using the effective interest method.<font class="_mt"> Estimated fair values are based upon discounting the future cash flows under each respective note at an interest rate that approximates those of loans with similar credit characteristics and term to maturity.<font class="_mt"> These inputs for fair value represent significant unobservable inputs, which are “Level 3” inputs as the term is defined in the Codification.</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 12pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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.<font class="_mt"> 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 September 30, 2009).<font class="_mt"> 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 September 30, 2009). <font class="_mt"> We had no outstanding borrowings on our Credit Agreement at September 30, 2009 or at November 6, 2009. <font class="_mt"> At September 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 $18,270,000 ($17,736,000 at December 31, 2008).<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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. <font class="_mt"> In connection with this transaction, we recognized a gain of $4,114,000 for the nine months ended September 30, 2009, representing the difference between the book value of $113,736,000 and the retirement amount paid plus tender offer costs.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Our notes payable and our Credit Agreement each have various customary restrictive covenants, all of which have been met at September 30, 2009.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif';">At September 30, 2009, approximate principal maturities of our notes payable are as follows (amounts in thousands):</p> <div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="64%"></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Unsecured</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Notes Payable</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Mortgage Notes Payable</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009 </font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,289</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,289</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2010 </font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,052</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,037</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,089</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2011 </font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">103,613</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">27,819</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">131,432</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2012 </font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">55,575</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">55,575</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2013 </font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">186,460</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">64,961</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">251,421</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Thereafter </font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">67,856</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">67,856</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="64%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">292,125</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">229,537</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">521,662</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="64%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Weighted average effective rate</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5.8</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5.5</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5.7</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> </tr> </table> </div> <br /> <!--EndFragment--> <p class="MsoNormal" style="font-size: 10pt; margin: 12pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We incurred interest expense (including interest capitalized as real estate totaling $547,000 and $1,630,000, respectively for the nine months ended September 30, 2009 and 2008) with respect to our notes payable, capital leases, debt to joint venture partner and line of credit aggregating $23,252,000 and $36,817,000 for the nine months ended September 30, 2009 and 2008, respectively.<font class="_mt"> These amounts were comprised of $26,065,000 and $40,462,000 in cash paid for the nine months ended September 30, 2009 and 2008, respectively, less $2,813,000 and $3,645,000 in amortization of premium, respectively.</font></p> <!--EndFragment--></div> <!--EndFragment--></div> <!--EndFragment--></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
308153000
91084000
254670000
85908000
20340000
17735000
406358000
121579000
379213000
121261000
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt; font-family: 'Times New Roman','serif';">10.<font class="_mt"> <u>Share-Based Compensation</u></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif';"><u>Stock Options</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We have various stock option plans (collectively referred to as the “PS Plans”).<font class="_mt"> 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.<font class="_mt"> 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.<font class="_mt"> 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.</font></font></font></p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">For the three and nine months ended September 30, 2009, we recorded $900,000 and $2,400,000, respectively, in stock option compensation expense related to options granted after January 1, 2002, as compared to $904,000 and $2,271,000 for the same periods in 2008.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">A total of 1,485,000 stock options were granted during the nine months ended September 30, 2009, 42,662 shares were exercised, and 118,000 shares were forfeited.<font class="_mt"> A total of 3,721,670 stock options were outstanding at September 30, 2009 (2,397,332 at December 31, 2008).<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> </font></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Restricted Share Units</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Outstanding restricted share units vest over a five or eight-year period from the date of grant ratably.<font class="_mt"> The employee receives additional compensation equal to the per-share dividends received by common shareholders with respect to restricted share units outstanding.<font class="_mt"> Such compensation is accounted for as dividends paid. Any dividends paid on units which are subsequently forfeited are expensed. <font class="_mt"> Upon vesting, the employee receives common shares equal to the number of vested restricted share units in exchange for the units.<font class="_mt"> </font></font></font></font></p> <p class="MsoBodyTextIndent3" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 27pt; font-family: 'Times New Roman','serif'; 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. <font class="_mt"> The related employer portion of payroll taxes is expensed as incurred.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the nine months ended September 30, 2009, 105,050 restricted share units were granted, 62,753 restricted share units were forfeited and 111,803 restricted share units vested.<font class="_mt"> This vesting resulted in the issuance of 70,026 common shares.<font class="_mt"> In addition, cash compensation totaling $3,082,000 was paid to employees in lieu of 41,777 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.<font class="_mt"> </font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 30, 2009, approximately 560,706 restricted share units were outstanding (630,212 at December 31, 2008).<font class="_mt"> A total of $2,460,000 and $7,053,000 in restricted share expense was recorded for the three and nine months ended September 30, 2009, respectively, as compared to $2,601,000 and $7,492,000 for the same periods in 2008.<font class="_mt"> 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.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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> <!--EndFragment--><!--EndFragment--><!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
-277784000
0
0
0
-277784000
-277784000
0
0
-174324000
0
0
0
-174324000
-174324000
0
0
552361000
571783000
0
109622000
3.47
0.43
2.78
1.03
-0.03
-0.01
-0.05
0.01
2024000
504000
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">5.<font class="_mt"> <u>Investments in Real Estate Entities</u></font></p> <!--EndFragment--></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The following table sets forth our investments in the real estate entities at September 30, 2009 and December 31, 2008, and our equity in earnings of real estate entities for the three and nine months ended September 30, 2009 and 2008 (amounts in thousands):</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; text-indent: 0pt;"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Investments in Real Estate Entities at</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30,</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">December 31,</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">PSB</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">327,155</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">265,650</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Shurgard Europe</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">272,668</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">264,145</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other Investments</font></div> </div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,977</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">14,803</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total</font></div> </div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">613,800</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">544,598</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity in Earnings of Real Estate Entities for the</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Three Months Ended</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity in Earnings of Real Estate Entities for the</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Nine Months Ended</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">PSB</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,684</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,320</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,351</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,512</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Shurgard Europe</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,631</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,260</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,239</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,717</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other Investments</font></div> </div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">509</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">738</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,443</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,450</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total</font></div> </div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,824</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,318</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">39,033</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,679</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the nine months ended September 30, 2009 and 2008, respectively, we received cash distributions from the Real Estate Entities totaling $36,140,000 and $31,741,000, respectively.<font class="_mt"> Included in earnings recognized for the nine months ended September 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.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the nine months ended September 30, 2009, in addition to the impact of earnings recognized and cash distributions received, our investments in real estate entities increased by $18,191,000 due to foreign currency translation adjustments and $17,825,000 due to our acquisition of an additional 383,333 shares of PSB common stock.<font class="_mt"> During the three months ended September 30, 2009, we recorded a gain of $30,293,000 in connection with PSB’s sale of common stock in a public offering, and this gain was included in “gains on disposition of real estate investments, net” on our condensed consolidated statements of income.<font class="_mt"> Our investment in real estate entities increased by $30,293,000 as a result of this gain.<font class="_mt"> See “Investment in PSB” below for further information on this gain.<font class="_mt"> </font></font></font></font></p> <p class="MsoCaption" style="font-weight: bold; font-size: 10pt; margin: 0in 0in 12pt; text-indent: 0.25in; font-style: italic; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;"><font class="_mt" style="font-style: normal;">Investment in PSB</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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”).<font class="_mt"> At September 30, 2009, PSB owned and operated approximately 19.6 million net rentable square feet of commercial space and manages certain of our commercial space.</font></p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the quarter ended September 30, 2009, PSB sold 3,450,000 shares of its common stock in a public offering for net proceeds of $153.6 million during the three months ended September 30, 2009.<font class="_mt"> In accordance with EITF 08-6 “Equity Method Investment Considerations”, we recognized a gain totaling $30,293,000 on the share issuance by PSB, as if we had sold a proportionate share of our investment in PSB.<font class="_mt"> </font></font></p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Concurrent with the public offering, we purchased an additional 383,333 shares of PSB common stock from PSB at the same price per share as the public offering for a total cost of $17.8 million.<font class="_mt"> </font></p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We have a 41.4% common equity interest in PSB as of September 30, 2009 (46% as of December 31, 2008), comprised of our ownership of 5,801,606 shares of PSB’s common stock and 7,305,355 limited partnership units in the operating partnership (5,418,273 shares of PSB’s common stock and 7,305,355 limited partnership units at December 31, 2008). <font class="_mt"> The limited partnership units are convertible at our option, subject to certain conditions, on a one-for-one basis into PSB common stock.<font class="_mt"> Based upon the closing price at September 30, 2009 ($51.32 per share of PSB common stock), the shares and units had a market value of approximately $672.6 million as compared to a book value of $327.2 million.</font></font></p> <!--EndFragment--></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">The following table sets forth selected financial information of PSB; the amounts represent 100% of PSB’s balances and not our pro-rata share.</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><font class="_mt" style="display: inline;">For the nine months ended September 30</font>,</font></div> </div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total revenue</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">205,791</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">212,571</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Costs of operations and general and administrative expense</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(70,781</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(73,101</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(63,631</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(75,270</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other items</font></div> </div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(817</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,957</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income </font></div> </div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">70,562</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">62,243</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At September 30,</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At December 31, 2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total assets (primarily real estate)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,571,321</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,469,323</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Debt and other liabilities</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">103,923</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">105,736</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,467,398</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,363,587</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><b><u><font class="_mt">Investment in Shurgard Europe</font></u></b></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt">At September 30<font class="_mt">, 2009 we had a 49% equity investment in Shurgard Europe.<font class="_mt"> As a result of our disposition of an interest in Shurgard Europe, we deconsolidated Shurgard Europe effective March 31, 2008 (see Note 3).<font class="_mt"> </font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt">For the three and nine months ended September 30<font class="_mt">, 2009, we recorded an aggregate of $3,631,000 and $7,239,000, respectively, in equity in earnings of Shurgard Europe.<font class="_mt"> For the three and nine months ended September 30<font class="_mt">, 2008, we recorded an aggregate of $2,260,000 and $3,717,000, respectively, in equity in earnings of Shurgard Europe.<font class="_mt"> During the nine months ended September 30, 2009 and 2008, our investment in Shurgard Europe increased by approximately $18,191,000 and decreased by $31,410,000, respectively, due to the impact of changes in foreign currency exchange rates, primarily between the Euro and the U.S. Dollar.</font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The following table sets forth selected financial information of Shurgard Europe.<font class="_mt"> 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.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Amounts for all periods are presented, notwithstanding that Shurgard Europe was deconsolidated effective March 31, 2008.<font class="_mt"> Accordingly, only the amounts (net of intercompany eliminations) prior to April 1, 2008 are included in our consolidated financial statements.</font></p> <!--EndFragment--> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">For the Three Months Ended</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">For the Nine Months Ended</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="14"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage and ancillary revenues</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">59,457</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">62,605</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">164,114</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">185,626</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest and other income (expense)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">178</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">217</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">371</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">573</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage and ancillary cost of operations</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(25,546</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(25,721</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(74,929</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(79,284</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Trademark license fee payable to Public Storage</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(423</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(450</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,169</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,510</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(18,922</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(23,200</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(53,734</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(70,675</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">General and administrative</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,475</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,690</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(6,557</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(9,724</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense on third party debt</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(3,905</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(6,719</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(12,328</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(20,846</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense on loan payable to Public Storage</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(11,839</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(12,063</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(33,356</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(34,861</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income (expenses) from foreign currency exchange</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">466</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,006</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">851</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,351</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Discontinued operations</font></div> </div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(6</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(26</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net loss (a) </font></div> </div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,009</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(10,033</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(16,729</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(32,078</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div> <table cellspacing="0" cellpadding="0"> <tr valign="top"> <td style="width: 72px; text-align: center;"> <div style="text-align: center;"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">(a) </font></div> </td> <td width="1036"> <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;">Approximately $2,841,000 in net income and $2,133,000 in net loss was allocated to permanent noncontrolling equity interests in subsidiaries for the three months ended September 30, 2009 and 2008, respectively, of which $2,994,000 and $3,287,000, respectively, represented depreciation and amortization expense. During the nine months ended September 30, 2009 and 2008, approximately $3,019,000 in net income and $5,911,000 in net loss, respectively, was allocated to permanent noncontrolling equity interests in subsidiaries, of which $8,591,000 and $9,919,000, respectively, represented depreciation and amortization expense.</font></div> </td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; text-indent: 0pt;"><br /></div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At September 30, 2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At December 31, 2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total assets (primarily self-storage facilities)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,667,710</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,615,370</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total debt to third parties</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">343,018</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">362,352</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total debt to Public Storage</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">571,783</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">552,361</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other liabilities</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">82,409</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">82,247</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">670,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">618,410</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <p class="MsoNormal" style="display: block; font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;" align="justify">Our equity in earnings of Shurgard Europe for the three and nine months ended September 30, 2009 totaling $3,631,000 and $7,239,000, respectively, and $2,260,000 and $3,717,000 for the three and nine months ended September 30, 2008, respectively, are comprised of (i) losses of $2,377,000 and $9,677,000 for the respective 2009 periods and $3,871,000 and $8,690,000 for the respective 2008 periods, representing our 49% pro-rata share of Shurgard Europe’s net loss for the respective periods and (ii) income of $6,008,000 and $16,916,000 for the respective 2009 periods and $6,131,000 and $12,407,000 for the respective 2008 periods, 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).<font class="_mt"> <font class="_mt"> </font></font></p> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><!--EndFragment--></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> <p class="MsoNormal" style="font-size: 10pt; margin: 12pt 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><b><u><font class="_mt">Other Investments</font></u></b></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 30, 2009, the “other investments” include an aggregate common equity ownership of approximately 24% in entities that collectively own 19 self-storage facilities.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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 September 30, 2009:</p> <!--EndFragment--> </div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="3"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="7"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><font class="_mt" style="display: inline;"><u>For the nine months ended</u></font></font></div> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><u><font class="_mt" style="display: inline;">September 30</font>,</u></font></div> </div> </td> <td valign="bottom" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="3"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total revenue</font></div> </div> </td> <td valign="bottom" align="left" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">12,512</font></td> <td style="text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">12,910</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Cost of operations and other expenses</font></div> </div> </td> <td valign="bottom" align="left" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(4,776</font></td> <td style="text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(4,840</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,515</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,578</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income</font></div> </div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,221</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,492</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="18%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div style="display: block; text-indent: 0pt;"><br /></div> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At September 30, 2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At December 31, 2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total assets (primarily self- storage facilities)</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">37,624</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">40,168</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total accrued and other liabilities</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,075</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">888</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="76%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 18pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total Partners’ equity</font></div> </div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">36,549</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">39,280</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <br /> <!--EndFragment--><!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
-12203000
-53172000
19901000
21429000
-12203000
19901000
0
0
4114000
0
56968000
8879000
26532000
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<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">7.<font class="_mt"> <u>Noncontrolling Interests in Subsidiaries</u></font></p> <!--EndFragment--> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.”<font class="_mt"> Interests that have the ability to require us, except in an entity liquidation, to redeem the underlying securities for cash, assets, or other securities that would not also be classified as equity are presented on our balance sheet outside of equity.<font class="_mt"> 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, these interests are increased to adjust to their estimated liquidation value (which approximates fair value), with the offset against retained earnings.<font class="_mt"> All other noncontrolling interests in subsidiaries are presented as a component of equity, “permanent noncontrolling interests in subsidiaries.”</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt; text-indent: 0.75in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Redeemable Noncontrolling Interests in Subsidiaries</u></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 30, 2009, the Other Redeemable Noncontrolling Interests in Subsidiaries represent equity interests in three entities that own in aggregate 14 self-storage facilities.<font class="_mt"> 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).<font class="_mt"> 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).</font></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the three and nine months ended September 30, 2009, we allocated a total of $247,000 and $753,000, respectively, in income to these interests.<font class="_mt"> During the same periods in 2008, we allocated a total of $310,000 and $823,000, respectively, of income to these interests.<font class="_mt"> During the nine months ended September 30, 2009, these interests were increased by $256,000 to adjust to their estimated liquidation value (which approximates fair value).<font class="_mt"> During the nine months ended September 30, 2009 and 2008, we paid distributions to these interests totaling $976,000 and $926,000, respectively.</font></font></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> 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.”<font class="_mt"> 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.<font class="_mt"> See Note 5 under “Investment in Shurgard Europe” for further historical information regarding Shurgard Europe.<font class="_mt"> </font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt; text-indent: 0.25in; font-family: 'Times New Roman','serif';"><u>Permanent Noncontrolling Interests in Subsidiaries</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 6pt 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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”). <font class="_mt"> 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.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 6pt 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Preferred Partnership Interests</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 12pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> This transaction resulted in an increase in paid-in capital of approximately $72.0 million for the nine months ended September 30, 2009, based upon the excess of the carrying amount over the amount paid.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 12pt 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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. <font class="_mt"> This resulted in no increase in income allocated to the common shareholders as they were acquired at par. <font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 12pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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).<font class="_mt"> Subject to certain conditions, the Series J preferred units are convertible into our 7.25% Series J Cumulative Preferred Shares.<font class="_mt"> </font></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the three and nine months ended September 30, 2009, we allocated a total of $1,813,000 and $7,643,000, respectively, in income to these interests based upon distributions paid.<font class="_mt"> During the same periods in 2008, we allocated a total of $5,403,000 and $16,209,000, respectively, in income to these interests based upon distributions paid.<font class="_mt"> </font></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">In addition, during the nine months ended September 30, 2009, we allocated $72,000,000 in income from these interests in determining net income allocable to Public Storage shareholders based upon the aforementioned redemption of the 6.40% Series NN preferred partnership units for a cash payment that was $72,000,000 less than the related book value. <font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 6pt 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Other Permanent Noncontrolling Interests in Subsidiaries</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 6pt 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><u><font class="_mt" style="text-decoration: none;"> </font></u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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. <font class="_mt"> </font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the three and nine months ended September 30, 2009, we allocated a total of $4,582,000 and $12,888,000, respectively, in income to these interests.<font class="_mt"> During the same periods in 2008, we allocated a total of $4,898,000 and $11,320,000, respectively, of income to these interests.<font class="_mt"> During the nine months ended September 30, 2009 and 2008, we paid distributions to these interests totaling $11,661,000 and $11,801,000, respectively.<font class="_mt"> </font></font></font></p> <!--EndFragment--> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
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<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">1.<font class="_mt"> <u>Description of Business</u></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 6pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Public Storage (referred to herein as “the Company”, “the Trust”, “we”, “us”, or “our”), a Maryland real estate investment trust, was organized in 1980.<font class="_mt"> 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.<font class="_mt"> Our self-storage facilities are located primarily in the United States (“U.S.”).<font class="_mt"> We also have interests in self-storage facilities located in seven Western European countries.<font class="_mt"> </font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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 187 self-storage facilities located in Europe which operate under the “Shurgard Storage Centers” name.<font class="_mt"> Included in the 2,010 self-storage facilities is one facility for which we discontinued operations during the nine months ended September 30, 2009 in connection with an eminent domain proceeding.<font class="_mt"> 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.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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 and audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.</p> <!--EndFragment--></div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
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<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">4.<font class="_mt"> <u>Real Estate Facilities</u></font></p> <p><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> Activity in real estate facilities is as follows:</font></p> <p><font class="_mt" style="font-size: 10pt; font-family: 'Times New Roman','serif';"> </font></p> <div align="center"> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Nine Months Ended</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">September 30, 2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: center;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; text-align: center;"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Operating facilities, at cost:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Beginning balance </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10,207,022</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Capital improvements </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">52,449</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Newly developed facilities opened for operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,634</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of real estate facilities </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(8,093</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Impact of foreign exchange rate changes </font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,018</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ending balance </font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10,267,030</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Accumulated depreciation:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Beginning balance </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,405,473</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation expense </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(248,450</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Disposition of real estate facilities </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,708</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Impact of foreign exchange rate changes </font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(578</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ending balance </font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,650,793</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Construction in process:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Beginning balance </font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,340</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="88%"> <div style="display: block; margin-left: 27pt; text-indent: -9pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Current development</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,029</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Newly developed facilities opened for operation</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(13,634</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ending balance </font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">17,735</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="88%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total real estate facilities at September 30, 2009</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,633,972</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> <!--EndFragment--></div> <p> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the nine months ended September 30, 2009, we sold an existing real estate facility as well as disposed of a portion of certain real estate facilities primarily in connection with condemnation proceedings, for aggregate cash proceeds totaling $10,464,000 and an other asset valued at $2,941,000.<font class="_mt"> We recorded an aggregate gain of approximately $9,020,000, of which $6,018,000 is included in discontinued operations and $3,002,000 is included in “gains on disposition of real estate investments, net.”</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Construction in process at September 30, 2009 includes the development costs relating primarily to various expansions to existing self-storage facilities.</p> <!--EndFragment--><!--EndFragment--> <p> </p> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
2405473000
2650793000
10207022000
10267030000
7821889000
7633972000
1197781000
392738000
1121076000
378207000
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt; font-family: 'Times New Roman','serif'; text-align: justify;">9.<font class="_mt"> <u>Related Party Transactions</u></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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. <font class="_mt"> We currently do not own any interests in these facilities nor do we own any facilities in Canada.<font class="_mt"> The Hughes Family owns approximately 18% of our common shares outstanding at September 30, 2009.<font class="_mt"> 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.<font class="_mt"> 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.</font></font></font></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We reinsure risks relating to loss of goods stored by tenants in the self-storage facilities in Canada.<font class="_mt"> During the nine months ended September 30, 2009 and 2008, we received $479,000 and $649,000 (based upon historical exchange rates between the U.S. Dollar and Canadian Dollar in effect as the revenues were earned), respectively, in reinsurance premiums attributable to the Canadian facilities.<font class="_mt"> Since our right to provide tenant reinsurance to the Canadian facilities may be qualified, there is no assurance that these premiums will continue.</font></font></p> <p class="MsoBodyTextIndent3" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 27pt; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.<font class="_mt"> The private REIT owns limited partnership interests in five affiliated partnerships.<font class="_mt"> The Hughes Family also owns limited partnership interests in certain of these partnerships and holds securities in PSB.<font class="_mt"> 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.<font class="_mt"> Public Storage and the Hughes Family receive distributions from these entities in accordance with the terms of the partnership agreements or other organizational documents.</font></font></font></font></font></p> <p class="bodytext" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">From time to time, the Company and the Hughes Family have acquired limited partnership units from limited partners of the Company’s consolidated partnerships.<font class="_mt"> 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.<font class="_mt"> During the fourth quarter of 2008, the Company exercised its option to acquire the units for a total purchase price of approximately $239,000.<font class="_mt"> 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. <font class="_mt"> The acquisition was effective January 1, 2009.</font></font></font></font></p> <!--EndFragment--></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
-290323000
-177603000
1306817000
431169000
1224823000
412864000
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt; font-family: 'Times New Roman','serif';">13.<font class="_mt"> <u>Subsequent Events</u></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">Effective October 31, 2009, we extended the maturity date to March 31, 2013 for our existing €391.9 million ($571.8 million at September 30, 2009) loan to Shurgard Europe. <font class="_mt"> Under the terms of the extension, the existing 7.5% rate of interest increased to 9.0% per annum (effective November 1, 2009). <font class="_mt"> All other material terms and covenants remain the same. <font class="_mt"> </font></font></font></p> <!--EndFragment--></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt; font-family: 'Times New Roman','serif'; text-align: justify;">11.<font class="_mt"> <u>Segment Information</u></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Our reportable segments reflect significant operating activities that are evaluated separately by management, and are organized based upon their operating characteristics.<font class="_mt"> Each of our segments is evaluated by management based upon net segment income.<font class="_mt"> Net segment income represents net income in conformity with GAAP and our significant accounting policies as denoted in Note 2.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We had previously grouped our Commercial Segment with other ancillary activities such as reinsurance of policies against losses to goods stored by tenants in our self-storage facilities, merchandise sales, truck rentals, and containerized storage.<font class="_mt"> Due to the termination of our containerized storage and truck rental operations, these other ancillary activities as a group have become less significant and as a result are no longer allocated to a particular reportable segment.<font class="_mt"> We have adjusted the classification of the “Presentation of Segment Information” below with respect to prior periods to be consistent with our current segment definition.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Following is the description of and basis for presentation for each of our segments.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif';"><u>Domestic Self Storage Segment</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The Domestic Self-Storage Segment comprises our domestic self-storage rental operations, and is our predominant segment.<font class="_mt"> It includes the operations of the 1,991 self storage facilities owned by the Company and the Consolidated Entities, as well as our equity share of the 19 self-storage facilities that we account for on the equity method.<font class="_mt"> None of our interest and other income, interest expense or the related debt, general and administrative expense, or gains and losses on the sale of self-storage facilities is allocated to our Domestic Self-Storage segment because management does not consider these items in evaluating the results of operations of the Domestic Self-Storage segment.<font class="_mt"> At September 30, 2009, the assets of the Domestic Self-Storage segment are comprised principally of our self-storage facilities with a book value of $7.6 billion ($7.8 billion at December 31, 2008), Tenant Intangibles with a book value of approximately $20.5 million ($33.2 million at December 31, 2008), and the Other Investments with a net book value of $14.0 million ($14.8 million at December 31, 2008).<font class="_mt"> Substantially all of our other assets totaling $104.9 million, and our accrued and other liabilities totaling $236.5 million, ($109.9 million and $212.4 million, respectively, at December 31, 2008) are directly associated with the Domestic Self-Storage segment.<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif';"><u>Europe Self-Storage Segment</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The Europe Self-Storage segment comprises our interest in Shurgard Europe, which has a separate management team that makes the financing, capital allocation, and other significant decisions for this operation.<font class="_mt"> The Europe Self-Storage segment presentation includes all of the revenues, expenses, and operations of Shurgard Europe to the extent consolidated in our financial statements, and for periods following the deconsolidation of Shurgard Europe, 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.<font class="_mt"> At September 30, 2009, our condensed consolidated balance sheet includes an investment in Shurgard Europe with a book value of $272.7 million ($264.1 million at December 31, 2008) and a loan receivable from Shurgard Europe totaling €391.9 million ($571.8 million) ($552.4 million at December 31, 2008).</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Commercial Segment</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The Commercial segment comprises our investment in PSB, a self-managed Real Estate Investment Trust with a separate management team that makes the financing, capital allocation and other significant decisions.<font class="_mt"> The Commercial segment also includes our direct interest in certain commercial facilities, substantially all of which are managed by PSB.<font class="_mt"> The Commercial segment presentation includes our equity income from PSB, as well as the revenues and expenses of our commercial facilities. <font class="_mt"> At September 30, 2009, the assets of the Commercial segment are comprised principally of our investment in PSB which has a book value of $327.2 million ($265.7 million at December 31, 2008).</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif';"><u>Presentation of Segment Information</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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> <div> <div> <div> <table cellspacing="0" cellpadding="0" align="center" border="0"> <tr valign="top"> <td width="1104"> <div align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-style: italic; font-family: Times New Roman;">For the three months ended September 30, 2009</font></div> </td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Domestic</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self-Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Europe</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; text-indent: 0pt;"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Commercial</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Other Items Not Allocated to Segments</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Total Consolidated</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="18"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: -0.5pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Revenues:</font></div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">378,207</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">378,207</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,753</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">24,047</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">27,800</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest and other income</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,254</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">603</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,857</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">378,207</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,254</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,753</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">24,650</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">412,864</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Expenses:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Cost of operations:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">121,261</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">121,261</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,440</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,053</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,493</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">85,256</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">652</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">85,908</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">General and administrative</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,654</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,654</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,289</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,289</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">206,517</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,092</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">21,996</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">230,605</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income from continuing operations before equity in earnings of real estate entities, gains on disposition of other real estate investments, net and foreign currency exchange gain</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">171,690</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,254</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,661</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,654</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">182,259</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity in earnings of real estate entities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">509</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,631</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,684</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,824</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Gains on disposition of other real estate investments, net</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,293</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">280</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,573</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Foreign currency exchange gain</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">21,429</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">21,429</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income from continuing operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">172,199</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">31,314</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">36,638</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,934</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">243,085</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Discontinued operations</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">866</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">866</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">172,199</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">31,314</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">36,638</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,800</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">243,951</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <!--EndFragment--></div> </div> <div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div> <div> <div> <table cellspacing="0" cellpadding="0" align="center" border="0"> <tr valign="top"> <td width="1104"> <div align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-style: italic; font-family: Times New Roman;">For the three months ended September 30, 2008</font></div> </td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Domestic</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self-Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Europe</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; text-indent: 0pt;"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Commercial</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Other Items Not Allocated to Segments</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Total Consolidated</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="18"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: -0.5pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Revenues:</font></div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">392,738</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">392,738</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,745</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">23,201</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">26,946</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest and other income</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,380</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,105</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,485</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">392,738</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,380</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,745</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">28,306</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">431,169</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Expenses:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Cost of operations:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">121,579</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">121,579</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,555</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,201</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,756</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">90,432</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">652</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">91,084</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">General and administrative</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,879</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,879</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9,099</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9,099</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">212,011</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,207</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,179</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">234,397</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income from continuing operations before equity in earnings of real estate entities, gains on disposition of other real estate investments, net, casualty loss and foreign currency exchange loss</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">180,727</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,380</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,538</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,127</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">196,772</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity in earnings of real estate entities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">738</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,260</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,320</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,318</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Gains on disposition of other real estate investments, net</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,024</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,024</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Casualty loss</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(525</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(525</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Foreign currency exchange loss</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(53,172</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(53,172</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income (loss) from continuing operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">181,465</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(44,532</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,858</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,626</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">150,417</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Discontinued operations</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,475</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(2,475</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">181,465</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(44,532</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,858</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,151</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">147,942</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <!--EndFragment--></div> </div> <div> </div> <div> <div> <table cellspacing="0" cellpadding="0" align="center" border="0"> <tr valign="top"> <td style="width: 5px;"></td> <td width="1104"> <div align="left"> </div> <div align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-style: italic; font-family: Times New Roman;">For the nine months ended September 30, 2009</font></div> </td> </tr> </table> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Domestic</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self-Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Europe</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; text-indent: 0pt;"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Commercial</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Other Items Not Allocated to Segments</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Total Consolidated</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="18"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: -0.5pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Revenues:</font></div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,121,076</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,121,076</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,124</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">70,617</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">81,741</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest and other income</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">17,608</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,398</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">22,006</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,121,076</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">17,608</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,124</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">75,015</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,224,823</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Expenses:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Cost of operations:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">379,213</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">379,213</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,309</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">23,211</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">27,520</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">252,366</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,304</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">254,670</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">General and administrative</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">26,532</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">26,532</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">22,705</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">22,705</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">631,579</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,613</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">72,448</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">710,640</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income from continuing operations before equity in earnings of real estate entities, gains on disposition of other real estate investments, net, gain on early retirement of debt and foreign currency exchange gain</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">489,497</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">17,608</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,511</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,567</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">514,183</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity in earnings of real estate entities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,443</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,239</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,351</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">39,033</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Gains on disposition of other real estate investments, net</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,293</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,002</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">33,295</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Gain on early retirement debt</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,114</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,114</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Foreign currency exchange gain</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">19,901</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">19,901</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income from continuing operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">490,940</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">44,748</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">65,155</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9,683</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">610,526</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Discontinued operations</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(7,759</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(7,759</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">490,940</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">44,748</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">65,155</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,924</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">602,767</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <br /> <!--EndFragment--> <div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-style: italic; font-family: Times New Roman;">For the nine months ended September 30, 2008</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"> </div> <div> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Domestic</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self-Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Europe</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Self Storage</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; text-indent: 0pt;"> </div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Commercial</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Other Items Not Allocated to Segments</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; text-indent: 0pt;"></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Total Consolidated</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="18"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: -0.5pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Revenues:</font></div> </td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,143,059</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">54,722</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,197,781</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,913</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,546</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">67,234</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">83,693</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 18pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest and other income</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">12,912</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">12,431</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">25,343</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,143,059</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">72,547</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11,546</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">79,665</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,306,817</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">Expenses:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Cost of operations:</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Self-storage facilities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">381,704</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">24,654</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">406,358</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Ancillary operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,409</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,789</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,926</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">27,124</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Depreciation and amortization</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">284,036</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">21,871</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,246</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">308,153</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">General and administrative</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">30,044</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">26,924</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">56,968</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Interest expense</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,597</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">28,590</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">35,187</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">665,740</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">84,575</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,035</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">76,440</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">833,790</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income (loss) from continuing operations before equity in earnings of real estate entities, gains on disposition of other real estate investments, net, casualty loss and foreign currency exchange loss</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">477,319</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(12,028</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,511</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,225</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">473,027</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="40%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Equity in earnings of real estate entities</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1,450</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,717</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,512</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,679</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Gains on disposition of other real estate investments, net</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">341,865</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">932</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">342,797</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Casualty loss</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(525</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(525</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Foreign currency exchange loss</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(12,203</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-weight: bold; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(12,203</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Income from continuing operations</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">478,769</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">321,351</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,023</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,632</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">816,775</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Discontinued operations</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(4,937</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(4,937</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="40%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income (loss)</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">478,769</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">321,351</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">13,023</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(1,305</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">811,838</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <!--EndFragment--></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif';"> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif'; text-align: justify;">2.<font class="_mt"> <u>Summary of Significant Accounting Policies</u></font></p> <!--EndFragment--> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Basis of Presentation</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as defined in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification”), including the related guidance with respect to interim financial information, and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X.<font class="_mt"> Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.<font class="_mt"> 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.<font class="_mt"> Operating results for the three and nine months ended September 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. <font class="_mt"> 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.</font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Certain amounts previously reported in our December 31, 2008 and September 30, 2008 financial statements have been reclassified to conform to the September 30, 2009 presentation, including discontinued operations, the grouping of the separate captions “cumulative earnings” and “cumulative distributions” into “retained deficit” on our condensed consolidated balance sheet, as well as reclassifications required by newly implemented accounting standards described below.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The Company has evaluated subsequent events through November 6, 2009, which represents the filing date of this Form 10-Q with the Securities and Exchange Commission (“SEC”).<font class="_mt"> As of November 6, 2009, there were no undisclosed subsequent events which required recognition or disclosure.</font></p> <!--EndFragment--> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 22.5pt; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Adjustments due to accounting pronouncements becoming effective January 1, 2009</u></p> <!--EndFragment--> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 22.5pt; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">On January 1, 2009, accounting standards promulgated by the FASB became effective which affected the classification of ownership interests other than those in the Company, such as limited partnership interests in entities that are consolidated in the financial statements of the Company. <font class="_mt"> In accordance with these standards, we have reclassified the 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.”<font class="_mt"> These reclassifications increased equity by $351,640,000, increased retained deficit by $6,469,000, 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. <font class="_mt"> 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.<font class="_mt"> These adjustments increased net income $10,611,000 and $28,352,000 for the three and nine months ended September 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.<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">In addition, FASB accounting standards became effective January 1, 2009 which required the “two class” method of allocating income with respect to our restricted share units to determine basic and diluted earnings per common share.<font class="_mt"> Previously, all restricted share units were included in weighted average diluted shares, using the treasury stock method.<font class="_mt"> This change resulted in a decrease in income allocable to our common shareholders of approximately $183,000 and $2,154,000 and a decrease in diluted weighted average common shares outstanding of 359,000 and 315,000 for the three and nine months ended September 30, 2008, respectively. <font class="_mt"> As a result of these changes, basic and diluted earnings per common share each decreased approximately $0.02 and $0.01, respectively, as compared to amounts previously presented for the nine months ended September 30, 2008.<font class="_mt"> These changes had no impact on the basic and diluted earnings per common share amounts previously presented for the three months ended September 30, 2008.<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Consolidation Policy</u></p> <p style="font-size: 12pt; margin: 6pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt" style="font-size: 10pt;">Pursuant to Codification Section 810-10-15-14, any entity where a) the equity is insufficient to finance its activities without additional <a title="Glossary" href="Document.aspx?PersistentBookId=0&GotoString=term-810-10-20-SubordinatedFinancialSupport-111965&ProductId=119#term-810-10-20-SubordinatedFinancialSupport-111965"><font class="_mt" style="font-size: 10pt; color: windowtext; text-decoration: none; text-underline: none;">subordinated financial support</font></a> <font class="_mt" style="font-size: 10pt;">provided by any parties, or b) the equity holders as a group lack specific characteristics, as defined in the Codification, of a controlling financial interest, is considered a Variable Interest Entities (“VIE”).<font class="_mt"> VIEs in which we are the primary beneficiary are consolidated.<font class="_mt"> Entities that are not VIEs that we control are consolidated.<font class="_mt"> </font></font></font></font></font></p> <p style="font-size: 12pt; margin: 6pt 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt" style="font-size: 10pt;">When we are the general partner, we are presumed to control the partnership unless the limited partners possess either a) the substantive ability to dissolve the partnership or otherwise remove us as general partner without cause (commonly referred to as “kick-out rights”), or b) the right to participate in substantive operating and financial decisions of the limited partnership that are expected to be made in the course of the partnership’s business.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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. <font class="_mt"> 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.<font class="_mt"> The entities that we consolidate during the periods, to which the reference applies, are referred to hereinafter as the “Consolidated Entities.”<font class="_mt"> 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.”<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Collectively, at September 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.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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”).<font class="_mt"> At September 30, 2009, PSB owns approximately 19.6 million rentable square feet of commercial space, Shurgard Europe has interests in 186 self-storage facilities in Europe with 9.9 million net rentable square feet, and the Other Investments own in aggregate 19 self-storage facilities with 1.1 million net rentable square feet in the U.S.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Use of Estimates</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> Actual results could differ from those estimates.</font></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Income Taxes</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.<font class="_mt"> 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.<font class="_mt"> We have business operations in taxable REIT subsidiaries that 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.<font class="_mt"> We also are subject to certain state taxes, which are presented in general and administrative expense in our accompanying condensed consolidated statements of income. <font class="_mt"> 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 September 30, 2009, as well as the nine month interim period ended September 30, 2009.</font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Real Estate Facilities</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Real estate facilities are recorded at cost.<font class="_mt"> Costs associated with the acquisition, development, construction, renovation and improvement of properties are capitalized.<font class="_mt"> Interest, property taxes and other costs associated with development incurred during the construction period are capitalized as building cost.<font class="_mt"> Costs associated with the sale of real estate facilities or interests in real estate investments are expensed as incurred.<font class="_mt"> 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.<font class="_mt"> Expenditures for repairs and maintenance are expensed when incurred.<font class="_mt"> 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.</font></font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Other Assets</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Other assets primarily consist of prepaid expenses, investments in held-to-maturity debt securities, accounts receivable, interest receivable, and restricted cash.<font class="_mt"> </font></p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.75in; text-indent: -0.5in; font-family: 'Times New Roman','serif';"><u>Accrued and Other Liabilities</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Accrued and other liabilities consist primarily of trade payables, property tax accruals, tenant prepayments of rents, accrued interest payable, accrued payroll, losses and loss adjustment liabilities for our own exposures and estimated losses related to our tenant insurance activities.<font class="_mt"> Contingent losses are accrued when they are determined to be probable, and to the extent that they are estimable.<font class="_mt"> When it is at least reasonably possible that a significant unaccrued contingent loss has occurred, we disclose the nature of that potential loss under “Legal Matters” in Note 12 “Commitments and Contingencies”.<font class="_mt"> </font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Financial Instruments</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We have estimated the fair value of our financial instruments using available market information and appropriate valuation methodologies.<font class="_mt"> Considerable judgment is required in interpreting market data to develop estimates of market value. <font class="_mt"> Accordingly, estimated fair values are not necessarily indicative of the amounts that could be realized in current market exchanges.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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 of at least AAA by Standard and Poor’s, or investment grade (rated A1 by Standard and Poor’s) short-term commercial paper with remaining maturities of three months or less at the date of acquisition to be cash equivalents.<font class="_mt"> 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.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Due to the short 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.<font class="_mt"> </font></p> <p style="font-size: 12pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt" 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.<font class="_mt"> 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.<font class="_mt"> We have a loan receivable from Shurgard Europe.<font class="_mt"> See “Loan Receivable from Shurgard Europe” below for information regarding our fair value measurement of this instrument.<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We estimate the fair value of our notes payable to be $527,646,000 at September 30, 2009, based primarily upon discounting the future current cash flows under each respective note at an interest rate that approximates those of loans with similar credit quality and term to maturity.</p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.75in; text-indent: -0.5in; font-family: 'Times New Roman','serif';"><u>Goodwill</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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. <font class="_mt"> Our goodwill balance of $174,634,000 is reported net of accumulated amortization of $85,085,000 as of September 30, 2009 and December 31, 2008 in our accompanying condensed consolidated balance sheets.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> No impairment of our goodwill was identified in our annual evaluation at December 31, 2008.<font class="_mt"> No impairment indicators were noted as of September 30, 2009 which would have required an interim evaluation of goodwill for impairment.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Intangible Assets</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We acquire finite-lived intangible assets representing primarily the estimated value of the tenants in place (a “Tenant Intangible”) at the date of the acquisition of each respective acquired facility. <font class="_mt"> Tenant Intangibles are amortized relative to the benefit of the tenants in place to each period. With respect to each balance sheet date presented, accumulated amortization and original cost is eliminated in the disclosures below with respect to facilities where the related Tenant Intangibles are fully amortized.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 30, 2009, our Tenant Intangibles have a net book value of $20,542,000 ($33,181,000 at December 31, 2008).<font class="_mt"> Accumulated amortization with respect to properties where the related Tenant Intangibles had not yet become fully amortized totaled $13,592,000 at September 30, 2009 ($142,976,000 at December 31, 2008 with respect to properties where the related Tenant Intangibles had not yet become fully amortized).<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Amortization expense of $1,145,000 and $7,239,000 was recorded for our Tenant Intangibles for the three months ended September 30, 2009 and 2008, respectively and $4,434,000 and $47,372,000 was recorded for the nine months ended September 30, 2009 and 2008, respectively.<font class="_mt"> Also during the nine months ended September 30, 2009, we recorded an impairment charge of $8,205,000 in connection with an eminent domain proceeding at one of our facilities.<font class="_mt"> This impairment charge is reflected under “discontinued operations” on our condensed consolidated statement of income.<font class="_mt"> The estimated future amortization expense for our finite-lived intangible assets will approximate $1 million for the remainder of 2009, $2 million annually in 2010 through 2012, and $1 million in 2013, with an aggregate of $13 million remaining to be amortized in 2014 and beyond.</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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, with a book value of $18,824,000 at September 30, 2009 and December 31, 2008.<font class="_mt"> 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.<font class="_mt"> No impairments have been noted from any of our annual evaluations.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Evaluation of Asset Impairment</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">We evaluate our real estate and Tenant Intangibles for impairment on a quarterly basis.<font class="_mt"> 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.<font class="_mt"> 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.<font class="_mt"> 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 (estimated fair value less cost to sell) or their carrying value.<font class="_mt"> 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 nine months ended September 30, 2009.<font class="_mt"> </font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Revenue and Expense Recognition</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> Promotional discounts are recognized as a reduction to rental income over the promotional period, which is generally during the first month of occupancy. <font class="_mt"> Ancillary revenues and interest and other income is recognized when earned.<font class="_mt"> Equity in earnings of real estate entities is recognized based on our ownership interest in the earnings of each of the Unconsolidated Entities.<font class="_mt"> </font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> If these estimates are incorrect, the timing and amount of expense recognition could be affected.<font class="_mt"> Cost of operations, general and administrative expense, interest expense, as well as television, yellow page, and other advertising expenditures are expensed as incurred.<font class="_mt"> 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.<font class="_mt"> Such casualty losses and gains are included in “casualty loss” on our condensed consolidated statements of income.</font></font></font></font></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Foreign Currency Exchange Translation</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The local currency is the functional currency for the foreign operations for which we have an interest.<font class="_mt"> 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 in the related real estate entities, are translated at the average exchange rates in effect during the period.<font class="_mt"> 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 1.459 U.S. Dollars per Euro at September 30, 2009 (1.409 at December 31, 2008), and average exchange rates of 1.428 and 1.504 for the three months ended September 30, 2009 and 2008, respectively and 1.365 and 1.521 for the nine months ended September 30, 2009 and 2008, respectively.<font class="_mt"> 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.<font class="_mt"> See “Other Comprehensive Income” below for further information regarding our foreign currency translation gains and losses.<font class="_mt"> </font></font></font></font></font></p> <p style="font-size: 12pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u><font class="_mt" style="font-size: 10pt;">Fair Value Accounting</font></u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">In 2006, the FASB clarified in accounting pronouncements <font class="_mt" style="color: black;">that “fair value” as the term is used in GAAP 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 established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.<font class="_mt"> The Company adopted the provisions of these revised accounting pronouncements 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.<font class="_mt"> See “Loan Receivable from Shurgard Europe” and “Financial Instruments” below, 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.</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Loan Receivable from Shurgard Europe</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">As of September 30, 2009, we had a loan receivable from Shurgard Europe totaling $571,783,000 ($552,361,000 at December 31, 2008).</p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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. <font class="_mt"> 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 ($269.9 million as of September 30, 2009). <font class="_mt"> 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.<font class="_mt"> 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.<font class="_mt"> 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.</font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The loan receivable from Shurgard Europe is denominated in Euros and is converted to U.S. Dollars for financial statement purposes.<font class="_mt"> During each applicable period, because we expected repayment within two years of each respective balance sheet date, we have recognized 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 nine months ended September 30, 2009 and 2008.<font class="_mt"> For the three and nine months ended September 30, 2009, we recorded interest income of approximately $6,038,000 and $17,012,000, respectively, related to the loan. <font class="_mt"> For the three and nine months ended September 30, 2008, we recorded interest income of approximately and $6,152,000 and $12,471,000, respectively, related to the loan.</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: none; text-underline: none;">Interest income for each period reflects the gross amount charged to Shurgard Europe less our 49% pro-rata portion which is reflected as part of our equity in earnings of real estate entities rather than interest and other income.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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. <font class="_mt"> In addition, we believe the interest rate on the loan approximates the market rate for loans with similar credit characteristics and tenor, and that 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 FASB Codification Section 820-10-35-52.</font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">See Note 13, "Subsequent Events" regarding our loan receivable from Shurgard Europe.</p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Other Comprehensive Income</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The following table reflects the components of our other comprehensive (loss) income, and our total comprehensive income, for each respective period:<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <div> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">For the Three Months Ended September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">For the Nine Months Ended September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="14"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 3.6pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">243,951</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">147,942</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">602,767</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">811,838</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other comprehensive income (loss):</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Aggregate foreign currency translation adjustments for the period</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">27,244</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(85,760</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">39,557</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(20,485</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Less: foreign currency translation adjustments recognized during the period and reflected in “Gain (loss) on disposition of real estate investments”</font></div> </td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(37,854</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 27pt; text-indent: -18pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Less: foreign currency translation adjustments reflected in net income as “Foreign currency (gain) loss”</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(21,429</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">53,172</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(19,901</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">12,203</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 27pt; text-indent: -27pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Other comprehensive income (loss) income for the period</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,815</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(32,588</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">19,656</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(46,136</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total comprehensive income</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">249,766</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">115,354</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">622,423</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">765,702</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><br /> <!--EndFragment--></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Discontinued Operations</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> During the nine months ended September 30, 2009, we decided to terminate our truck rental and containerized storage business units.<font class="_mt"> Truck operations ceased as of March 31, 2009, and the containerized operations have been actively marketed for sale and are expected to be fully 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.”<font class="_mt"> Included in discontinued operations in the nine months ended September 30, 2009 are $3.5 million in truck disposal expenses, an $8.2 million impairment charge on intangible assets incurred in connection with an eminent domain proceeding and gains on disposition of real estate facilities of approximately $6.0 million.</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt; text-indent: 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Net Income per Common Share</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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 and Equity Shares, Series A.<font class="_mt"> 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).<font class="_mt"> </font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.</p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> 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).<font class="_mt"> 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.<font class="_mt"> </font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">For the Three Months Ended September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">For the Nine Months Ended September 30,</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="14"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="border-bottom: black 2px solid;" valign="bottom" align="left"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><font class="_mt" style="display: inline;">Net income allocable to common shareholders from continuing operations and discontinued operations:</font></font></div> </td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income allocable to common shareholders</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">173,493</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">71,459</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">468,475</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">584,265</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Eliminate: Discontinued operations allocable to common shareholders</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(866</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2,475</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7,759</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,937</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net income from continuing operations allocable to common shareholders</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">172,627</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">73,934</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">476,234</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">589,202</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="52%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="border-bottom: black 2px solid;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 9pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"><font class="_mt" style="display: inline;">Weighted average common shares and equivalents outstanding:</font></font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Basic weighted average common shares outstanding</font></div> </td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,373</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,133</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,344</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" align="left" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,248</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 18pt; text-indent: -9pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Net effect of dilutive stock options - based on treasury stock method using average market price</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">670</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">427</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">337</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"> <font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">425</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="left" width="52%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 0pt;" align="left"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Diluted weighted average common shares outstanding</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">169,043</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,560</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,681</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">168,673</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><br /> <!--EndFragment--></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Accounting Pronouncements Not Yet In Effect Which May Have an Impact on the Company</u></p> <p class="MsoNormal" style="font-size: 10pt; background: white; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt" style="color: black;">In June 2009, the FASB issued accounting pronouncements which become effective in our fiscal year ending December 31, 2010, and require restatement of previously reported financial statements on the new accounting basis. <font class="_mt"> We have not yet determined whether these pronouncements will have an effect on our financial statements. <font class="_mt"> One pronouncement affects accounting for Variable Interest Entities, by (i) eliminating the concept of a qualifying special purpose entity, (ii) replacing the quantitative-based risks and rewards calculation for determining which enterprise has a controlling financial interest in a variable interest entity and the obligation to absorb losses of the entity or the right to receive benefits from the entity, and (iii) providing for additional disclosures about an entity’s involvement with a variable interest entity.<font class="_mt"> Another pronouncement affects the accounting for transfers of financial assets, by (i) eliminating the concept of a qualifying special purpose entity, (ii) amending the derecognition criteria for a transfer to be accounted for as a sale, and (iii) requiring additional disclosure over transfers accounted for as a sale.</font></font></font></font></p> <!--EndFragment--><!--EndFragment--><!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
8708995000
8904106000
9067104000
-31931000
5590093000
358109000
8708995000
-290323000
16829000
3424327000
9038442000
-12275000
5677367000
134336000
8904106000
-177603000
16840000
3399777000
<div> <div><!-- 2.0.3575.42017 --><div><!-- body --><div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <div> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: -0.25in; font-family: 'Times New Roman','serif';">8.<font class="_mt"> <u>Public Storage Shareholders’ Equity</u></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 6pt 0.75in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Cumulative Preferred Shares</u></p> <p class="MsoBodyTextIndent3" style="font-size: 10pt; margin: 0in 0in 6pt 0.25in; text-indent: 27.35pt; font-family: 'Times New Roman','serif';">At September 30, 2009 and December 31, 2008, we had the following series of Cumulative Preferred Shares of beneficial interest outstanding:</p> <p class="MsoBodyTextIndent3" style="font-size: 10pt; margin: 0in 0in 6pt 0.25in; text-indent: 27.35pt; font-family: 'Times New Roman','serif';"> </p> <div> <div> <table cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom"></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At September 30, 2009</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="6"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">At December 31, 2008</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="border-bottom: black 2px solid;" valign="bottom"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series</font></div> </div> </td> <td style="border-bottom: black 2px solid;" valign="bottom"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 3.6pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Earliest Redemption</font></div> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Date</font></div> </div> </td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Dividend Rate</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Shares Outstanding</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Liquidation Preference</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Shares Outstanding</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid;" valign="bottom" colspan="2"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Liquidation Preference</font></div> </div> </td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="2"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" colspan="14"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="center"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">(Dollar amounts in thousands)</font></div> </td> <td style="text-align: left;" valign="bottom"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series V</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9/30/07</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7.500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,200</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">155,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,900</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">172,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series W</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10/6/08</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,300</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">132,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,300</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">132,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series X</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">11/13/08</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.450</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,800</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">120,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,800</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">120,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series Y</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1/2/09</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.850</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">750,900</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">18,772</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">750,900</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">18,772</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series Z</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3/5/09</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.250</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">112,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">112,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series A</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3/31/09</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.125</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,600</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">115,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,600</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">115,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series B</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6/30/09</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7.125</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,350</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">108,750</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,350</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">108,750</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series C</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9/13/09</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.600</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,425</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">110,625</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,600</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">115,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series D</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">2/28/10</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.180</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,400</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">135,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,400</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">135,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series E</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4/27/10</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.750</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,650</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">141,250</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5,650</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">141,250</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series F</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8/23/10</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.450</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">9,893</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">247,325</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">250,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series G</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">12/12/10</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7.000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">100,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">100,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series H</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1/19/11</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.950</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,200</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">105,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">4,200</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">105,000</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series I</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">5/3/11</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7.250</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,700</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">517,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">20,700</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">517,500</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series K</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8/8/11</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7.250</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">16,990</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">424,756</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">16,990</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">424,756</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series L</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">10/20/11</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.750</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,267</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">206,665</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">8,267</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">206,665</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series M</font></div> </td> <td valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">1/9/12</font></div> </td> <td valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6.625</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">19,065</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">476,634</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">19,065</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">476,634</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="21%"> <div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Series N</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" align="right" width="19%"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 17.85pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7/2/12</font></div> </td> <td style="padding-bottom: 2px;" valign="bottom" align="right" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">7.000</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">%</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,900</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">172,500</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">6,900</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">172,500</font></td> <td style="padding-bottom: 2px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" align="right" colspan="2"> <div style="display: block; margin-left: 9pt; text-indent: 0pt; margin-right: 3.6pt;" align="right"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">Total Cumulative Preferred Shares</font></div> </td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">886,140</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,399,777</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">887,122</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> <td style="border-bottom: black 4px double; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">$</font></td> <td style="border-bottom: black 4px double; text-align: right;" valign="bottom" width="9%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;">3,424,327</font></td> <td style="padding-bottom: 4px; text-align: left;" valign="bottom" width="1%"><font class="_mt" style="display: inline; font-size: 10pt; font-family: times new roman;"> </font></td> </tr> </table> </div> <div> </div> <div> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">The holders of our Cumulative Preferred Shares have general preference rights with respect to liquidation and quarterly distributions.<font class="_mt"> Holders of the preferred shares, except under certain conditions and as noted below, will not be entitled to vote on most matters.<font class="_mt"> 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.<font class="_mt"> At September 30, 2009, there were no dividends in arrears.</font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> 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.<font class="_mt"> Holders of the Cumulative Preferred Shares do not have the right to require the Company to redeem such shares.</font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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. <font class="_mt"> 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.<font class="_mt"> For purposes of determining net income per share, income allocated to our preferred shareholders was reduced by the $6.2 million for the nine months ended September 30, 2009.</font></font></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.25in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Common Shares</h4> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif';"><u><font class="_mt">Common Shares</font></u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">During the nine months ended September 30, 2009, we issued 112,688 common shares in connection with employee stock-based compensation.<font class="_mt"> </font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">Our Board of Trustees previously authorized the repurchase from time to time of up to 35,000,000 of our common shares on the open market or in privately negotiated transactions.<font class="_mt"> During the nine months ended September 30, 2009, we did not repurchase any of our common shares.<font class="_mt"> Through September 30, 2009, we have repurchased a total of 23,721,916 of our common shares pursuant to this authorization.</font></font></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Equity Shares, Series A</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">At September 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.<font class="_mt"> 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.<font class="_mt"> Distributions with respect to each depositary share shall be the lesser of:<font class="_mt"> (i) five times the per share dividend on our common shares or (ii) $2.45 per annum.<font class="_mt"> We have no obligation to pay distributions on the depositary shares if no distributions are paid to common shareholders.<font class="_mt"> During the nine months ended September 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, June 30 and September 30.</font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;">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.<font class="_mt"> On or after March 31, 2010, we may, at our option, redeem the depositary shares at $24.50 per depositary share.<font class="_mt"> 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.<font class="_mt"> The depositary shares are otherwise not convertible into common shares.<font class="_mt"> 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.</font></font></font></font></p> <h4 style="font-weight: normal; font-size: 10pt; margin: 0in 0in 12pt 0.75in; font-family: 'Times New Roman','serif'; text-align: justify; text-decoration: underline; text-underline: single;">Equity Shares, Series AAA</h4> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; 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.<font class="_mt"> 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.<font class="_mt"> 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.<font class="_mt"> During the nine months ended September 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, June 30 and September 30.<font class="_mt"> For all periods presented, the Equity Shares, Series AAA and related dividends are eliminated in consolidation.</font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><u>Dividends</u></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 0pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"> </p> <p class="MsoBodyTextIndent" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><font class="_mt">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.<font class="_mt"> Common share dividends totaled $93.0 million ($0.55 per share) and $92.9 million ($0.55 per share), for the three months ended September <font class="_mt">30, 2009 and 2008, respectively, and $278.8 million ($1.65 per share) and $278.5 million ($1.65 per share), for the nine months ended September <font class="_mt">30, 2009 and 2008, respectively.<font class="_mt"> Equity Shares, Series A dividends totaled $5.1 million ($0.6125 per share) and $5.4 million ($0.6125 per share), for the three months ended September <font class="_mt">30, 2009 and 2008, respectively, and totaled $15.4 million ($1.838 per share) and $16.1 million ($1.838 per share), for the nine months ended September <font class="_mt">30, 2009 and 2008, respectively.<font class="_mt"> Preferred share dividends pay fixed rates from 6.125% to 7.500% with a total liquidation amount of $3,399,777,000 at September<font class="_mt"> 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 September <font class="_mt">30, 2009 and 2008, respectively, and $174.3 million and $181.0 million for the nine months ended September <font class="_mt">30, 2009 and 2008, respectively.<font class="_mt"> </font></font></font></font></font></font></font></font></font></font></font></font></p> <p class="MsoNormal" style="font-size: 10pt; margin: 0in 0in 12pt 0.25in; text-indent: 0.5in; font-family: 'Times New Roman','serif'; text-align: justify;"><!--EndFragment--> </p> <!--EndFragment--></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div> <!-- body --></div> </div><!-- body --></div></div> </div>
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