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<div style="text-align: left; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">8. Investment in Unconsolidated Partnerships</font></div>
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<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The accompanying consolidated financial statements include investments in two limited liability companies with Prudential Real Estate Investors ("PREI"), which were formed in the second quarter of 2007, and in 10165 McKellar Court, L.P. ("McKellar Court"), a limited partnership with Quidel Corporation, the tenant which occupies the McKellar Court property. One of the PREI limited liability companies, PREI II LLC, is a VIE; however, the Company is not the primary beneficiary. PREI will bear the majority of any losses. The other PREI limited liability company, PREI I LLC, does not qualify as a VIE. In addition, consolidation is not required as the Company does not control the limited liability companies. The McKellar Court partnership is a VIE; however, the Company is not the primary beneficiary. The limited partner at McKellar Court is the only tenant in the property and will bear the majority of any losses. As it does not control the limited liability companies or the partnership, the Company accounts for them under the equity method of accounting. Significant accounting policies used by the unconsolidated partnerships that own these properties are similar to those used by the Company. General information on the PREI limited liability companies and the McKellar Court partnership (each referred to in this footnote individually as a "partnership" and collectively as the "partnerships") as of </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> was as follows:</font></div>
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<div style="text-align: left; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold; text-decoration: underline;" class="_mt">Name</font></div></td>
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<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Partner</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
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<div style="text-align: center; font-size: 8pt;"><font style="text-align: center; font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Company's</font></div>
<div style="text-align: center; font-size: 8pt;"><font style="text-align: center; font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Ownership</font></div>
<div style="text-align: center; font-size: 8pt;"><font style="text-align: center; font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Interest</font></div></td>
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<div style="text-align: center; font-size: 8pt;"><font style="text-align: center; font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Company's</font></div>
<div style="text-align: center; font-size: 8pt;"><font style="text-align: center; font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Economic</font></div>
<div style="text-align: center; font-size: 8pt;"><font style="text-align: center; font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Interest</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Date Acquired</font></div></td></tr>
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<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">PREI I LLC(1)</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">PREI</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: center; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">20%</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">20%</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">April 4, 2007</font></div></td></tr>
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<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">PREI II LLC(2)</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">PREI</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: center; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">20%</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">20%</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">April 4, 2007</font></div></td></tr>
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<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">McKellar Court(3)</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Quidel Corporation</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: center; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">22%</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">22%(4)</font></div></td>
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<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
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<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">September 30, 2004</font></div></td></tr></table></div></div>
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<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">____________</font></div>
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<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(1)</font></div></td>
<td style="vertical-align: top;">
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">PREI I LLC owns a portfolio of properties in Cambridge, Massachusetts comprised of a stabilized laboratory/office building totaling 184,445 square feet located at 320 Bent Street, a partially leased laboratory/office building totaling 420,000 square feet located at 301 Binney Street, a 37-unit apartment building, an operating garage facility on Rogers Street with 503 spaces, an operating below grade garage facility at Kendall Square with approximately 1,400 spaces, and a building at 650 East Kendall Street that can support up to 280,000 rentable square feet of laboratory and office space. The 650 East Kendall Street site also includes a below grade parking facility. </font></div></td></tr></table>
<div style="text-align: justify; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Each of the PREI operating agreements includes a put/call option whereby either member can cause the limited liability company to sell certain properties in which it holds leasehold interests to the Company at any time after the fifth anniversary and before the seventh anniversary of the acquisition date. However, the put/call option may be terminated prior to exercise under certain circumstances. The put/call option purchase price is based on a predetermined return on capital invested by PREI. If the put/call option is exercised, the Company believes that it would have adequate resources to fund the purchase price.</font></div>
<div style="text-align: justify; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The PREI joint ventures' $203.3 million secured acquisition and interim loan facility with KeyBank bears interest at a rate equal to, at the option of the PREI joint ventures, either (1) reserve adjusted LIBOR plus 350 basis points or (2) the higher of (a) the prime rate then in effect, (b) the federal funds rate then in effect plus 50 basis points or (c) one-month LIBOR plus 450 basis points, and requires interest only monthly payments until the maturity date, February 10, 2012. At maturity, the PREI joint ventures may refinance the secured acquisition and interim loan facility, depending on market conditions and the availability of credit, or they may repay the principal balance. Pursuant to the loan facility, the Company executed guaranty agreements in which it guaranteed the full completion of the construction and any tenant improvements at the 301 Binney Street property if PREI I LLC was unable or unwilling to complete the project. On March 11, 2009, the PREI joint ventures jointly entered into an interest rate cap agreement, which was intended to have the effect of hedging variability in future interest payments on the $203.3 million secured acquisition and interim loan facility above a strike rate of 2.5% (excluding the applicable credit spread) through February 10, 2011. At </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">, there were </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">$203.3 million</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> in outstanding borrowings on the secured acquisition and interim loan facility, with a contractual interest rate of </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">3.8%</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> (including the applicable credit spread).</font></div>
<div style="text-align: left; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">On February 13, 2008, a wholly owned subsidiary of the Company's joint venture with PREI I LLC entered into a secured construction loan facility with certain lenders to provide borrowings of up to approximately $245.0 million in connection with the construction of 650 East Kendall Street, a life sciences building located in Cambridge, Massachusetts. On August 3, 2010, the maturity date of the secured construction loan facility was extended from August 13, 2010 to February 13, 2011. On January 11, 2011, the maturity date was further extended from February 13, 2011 to August 13, 2011. In accordance with the loan agreement, Prudential Insurance Corporation of America has guaranteed repayment of the construction loan. At maturity, the wholly owned subsidiary may refinance the loan, depending on market conditions and the availability of credit, or it may repay the principal balance of the construction loan. At </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">, there were </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">$203.5 million</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> in outstanding borrowings on the secured construction loan facility, with a contractual interest rate of </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">1.8%</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> (including the applicable credit spread).</font></div>
<div style="text-align: left; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
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<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(2)</font></div></td>
<td style="vertical-align: top;">
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">As part of a larger transaction which included the acquisition by PREI I LLC of the Cambridge portfolio described above, PREI II LLC acquired a portfolio of properties in April 2007. It disposed of its acquired properties in 2007 at no material gain or loss. The total sale price included approximately $4.0 million contingently payable in June 2012 pursuant to a put/call option, exercisable on the earlier of the extinguishment or expiration of development restrictions placed on a portion of the development rights included in the disposition. The Company's remaining investment in PREI II LLC (maximum exposure to losses) was approximately </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">$814,000</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> at </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">.</font></div></td></tr></table>
<div style="text-align: justify; line-height: 120%; padding-left: 24px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
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<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(3)</font></div></td>
<td style="vertical-align: top;">
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The McKellar Court partnership holds a property comprised of a two-story laboratory/office building totaling 72,863 rentable square feet located in San Diego, California. The Company's investment in the McKellar Court partnership (maximum exposure to losses) was approximately </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">$12.5 million</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> at </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">. In December 2009, the Operating Partnership provided funding in the form of a promissory note to the McKellar Court partnership in the amount of $10.3 million, which matures at the earlier of (a) January 1, 2020, or (b) the day that the limited partner exercises an option to purchase the Operating Partnership's ownership interest. Loan proceeds were utilized to repay a mortgage with a third party. Interest-only payments on the promissory note are due monthly at a fixed rate of 8.15% (the rate may adjust higher after January 1, 2015), with the principal balance outstanding due at maturity.</font></div></td></tr></table>
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<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(4)</font></div></td>
<td style="vertical-align: top;">
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The Company's economic interest in the McKellar Court partnership entitles it to 75% of the extraordinary cash flows after repayment of the partners' capital contributions and 22% of the operating cash flows.</font></div></td></tr></table>
<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The Company acts as the operating member or partner, as applicable, and day-to-day manager for the partnerships. The Company is entitled to receive fees for providing construction and development services (as applicable) and management services to the PREI joint ventures. The Company earned approximately </font><font style="font-family: Times New Roman; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">$272,000</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> and </font><font style="font-family: Times New Roman; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">$527,000</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> in fees for the three months ended </font><font style="font-family: Times New Roman; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> and </font><font style="font-family: Times New Roman; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">2010</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">, respectively, for services provided to the PREI joint ventures, which are reflected in tenant recoveries and other income in the consolidated statements of income.</font></div>
<div style="text-align: left; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The condensed combined balance sheets for all of the Company's unconsolidated partnerships were as follows (in thousands):</font></div>
<div style="text-align: left; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: center; line-height: 120%; font-size: 10pt;">
<div style="line-height: normal; text-indent: 0px; padding-left: 0px; padding-top: 10px;">
<table style="text-align: left; width: 100%; border-collapse: collapse; font-family: Times New Roman; margin-left: auto; font-size: 10pt; margin-right: auto;" cellspacing="0" cellpadding="0">
<tr><td colspan="8"> </td></tr>
<tr><td width="71%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">March 31, <br />2011</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">December 31, <br />2010</font></div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">Assets:</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Investments in real estate, net</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">616,164</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">620,430</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Cash and cash equivalents (including restricted cash)</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">8,238</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">7,914</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Intangible assets, net</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">11,857</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">12,303</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Other assets</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">26,098</font></div></td>
<td style="border-bottom: #000000 1px solid; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">26,412</font></div></td>
<td style="border-bottom: #000000 1px solid; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Total assets</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">662,357</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">667,059</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">Liabilities and members' equity:</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Mortgage notes payable and secured construction loan</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">417,077</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">415,933</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Other liabilities</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">17,063</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">18,101</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Members' equity</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">228,217</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">233,025</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Total liabilities and equity</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">662,357</font></div></td>
<td style="border-bottom: #000000 3px double; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">667,059</font></div></td>
<td style="border-bottom: #000000 3px double; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Company's net investment in unconsolidated partnerships</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">56,287</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">57,265</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr></table></div></div>
<div style="text-align: left; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">The condensed combined statements of operations for the unconsolidated partnerships were as follows (in thousands):</font></div>
<div style="text-align: left; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: center; line-height: 120%; font-size: 10pt;">
<div style="line-height: normal; text-indent: 0px; padding-left: 0px; padding-top: 10px;">
<table style="text-align: left; width: 100%; border-collapse: collapse; font-family: Times New Roman; margin-left: auto; font-size: 10pt; margin-right: auto;" cellspacing="0" cellpadding="0">
<tr><td colspan="8"> </td></tr>
<tr><td width="71%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="7">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Three Months Ended</font></div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="7">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">March 31,</font></div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">2011</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">2010</font></div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Total revenues</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">9,354</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; border-top: #000000 1px solid;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">7,728</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom; border-top: #000000 1px solid;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Rental operations expenses and real estate taxes</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">5,769</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">4,415</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Depreciation and amortization</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">4,597</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">3,305</font></div></td>
<td style="vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Professional fees</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">228</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">404</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Interest expense, net of interest income</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">3,435</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">2,482</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Total expenses</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">14,029</font></div></td>
<td style="border-bottom: #000000 1px solid; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">10,606</font></div></td>
<td style="border-bottom: #000000 1px solid; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Net loss</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(4,675</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">)</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(2,878</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">)</font></div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Company's equity in net loss of unconsolidated partnerships</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(648</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">)</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(277</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">)</font></div></td></tr></table><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font></div></div> </div>8. Investment in Unconsolidated Partnerships
The accompanying consolidated financial statements include investments in two limited liabilityfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringEquity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
falsefalse
12Investment in Unconsolidated PartnershipsUnKnownUnKnownUnKnownUnKnownfalsetrue