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--12-31
Q1
2016
2016-03-31
10-Q
0000712770
17148686
Yes
Accelerated Filer
ONE LIBERTY PROPERTIES INC
130882000
10930000
P12Y2M12D
121000
67000
356000
175000
181000
96000
96000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 12 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Common Stock Cash Dividend</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On March 10, 2016, the Board of Directors declared a quarterly cash dividend of $.41 per share on the Company’s common stock, totaling $6,996,000. The quarterly dividend was paid on April 7, 2016 to stockholders of record on March 24, 2016.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
248000
204000
204000
85000
87000
32000
12186000
11238000
P8Y10M24D
P9Y8M12D
17500
35000
236000
-22000
-25000
24
0.5000
4268000
752000
4268000
4233000
5374000
1016000
542000
74000
76000
300000
190000
5392000
787000
-5392000
-787000
0
7000
200000
200000
100000
100000
34287000
34258000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Investment in Joint Ventures and Variable Interest Entities</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE.</font>
</p>
<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On January 1, 2016, the Company adopted ASU 2015-02, </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which amends the current consolidation guidance. The ASU introduces a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights (see Note 6).</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Consistent with the adoption of ASU 2015-02, the Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in the unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company has shared power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs.</font>
</p>
<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 7 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Investment in Unconsolidated Joint Ventures</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">At March 31, 2016 and December 31, 2015, the Company’s five unconsolidated joint ventures each own and operate one property. Such ventures are not considered VIEs (see Note 2). The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,076,000 and $11,350,000, respectively. The Company recorded equity in earnings of $209,000 and $147,000 for the three months ended March 31, 2016 and 2015, respectively.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
77000
77000
650000
650000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 8 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Lease Termination Fee Income</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In March 2015, the Company received a $650,000 lease termination fee from an industrial tenant in a lease buy-out transaction. In connection with the receipt of this fee, the Company wrote-off $226,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to the sole tenant at this property. The Company re-leased this property simultaneously with the termination of the lease.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
18250000
18250000
29850000
29850000
25350000
38360000
1466000
2518000
959000
-4813000
-96000
196
496
6
7
5
1
1
2
1
1
8
5
5
3
7000
-48000
-105000
35000
14000
12000
40000
1875000
2077000
6300000
0.008
0.013
0.004
0.004
-568000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 13 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Shares Issued through Equity Offering Program</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On March 20, 2014, the Company entered into an amended and restated equity offering sales agreement to sell shares of the Company’s common stock from time to time with an aggregate sales price of up to approximately $38,360,000, through an “at the market” equity offering program. The Company did not sell any shares during the three months ended March 31, 2015. During the three months ended March 31, 2016, the Company sold 62,499 shares for proceeds of $1,387,000, net of commissions of $14,000, and incurred offering costs of $40,000 for professional fees. Subsequent to March 31, 2016 and through April 4, 2016, the Company sold 53,563 shares for proceeds of $1,190,000, net of commissions of $12,000.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 4 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Real Estate Acquisitions</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following chart details the Company’s acquisitions of real estate during the three months ended March 31, 2016 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:38.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Description of Property</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Date Acquired</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Contract</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Purchase</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Price</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Terms of Payment</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Third Party</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Real Estate</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Acquisition</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Costs (a)</font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC (b)</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,100
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">All cash</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC (b)</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,950
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">All cash</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Other costs (c)</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:14.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Totals</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,050
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.68%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>204
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.44%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:14.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:09.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="top" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">(a)</font></p>
</td>
<td valign="top" style="width:96.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Included as an expense in the accompanying consolidated statement of income.</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">(b)</font></p>
</td>
<td valign="top" style="width:96.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">These properties are adjacent to one another.</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">(c)</font></p>
</td>
<td valign="top" style="width:96.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Costs incurred for properties purchased in 2015, potential acquisitions and transactions that were not consummated.</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following chart provides the preliminary allocation of the purchase price for the Company’s acquisitions of real estate during the three months ended March 31, 2016 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:35.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Building</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Intangible Lease</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:35.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Description of Property</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Building</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Improvements</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Asset</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Liability</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,716
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>516
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,100
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>528
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,894
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>181
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96
</td>
<td valign="bottom" style="width:02.00%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,950
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Totals</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,221
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,610
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>959
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,050
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As of March 31, 2016, the weighted average amortization period is 3.4 years for these intangible lease assets and 12.2 years for these intangible lease liabilities. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 15) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for the properties acquired during the three months ended March 31, 2016; therefore the allocations are preliminary and subject to change.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The properties purchased by the Company during the three months ended March 31, 2016 are each 100% occupied. Each property is net leased by three unrelated tenants pursuant to leases which expire between 2017 and 2021.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As a result of the Company’s $6,300,000 purchase on March 31, 2015 of its partner’s 50% interest in an unconsolidated joint venture that owns a property in Lincoln, Nebraska, the Company obtained a controlling financial interest. In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statement of income, representing the difference between the book value of its preexisting equity investment on the March 31, 2015 purchase date and the fair value of the net assets acquired.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
57000
101000
18064000
2763000
105000
51000
26250
634000
65625
26250
652000
65625
241000
49000
49000
13894000
15056000
1894000
941000
110000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following chart details the Company’s acquisitions of real estate during the three months ended March 31, 2016 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:38.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Description of Property</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Date Acquired</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Contract</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Purchase</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Price</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Terms of Payment</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Third Party</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Real Estate</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Acquisition</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Costs (a)</font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC (b)</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,100
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">All cash</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC (b)</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 30, 2016</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,950
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">All cash</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Other costs (c)</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.44%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:14.48%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.56%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Totals</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:13.44%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,050
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:14.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.16%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.68%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>204
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:38.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:13.44%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:09.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:14.48%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:09.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.56%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="top" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">(a)</font></p>
</td>
<td valign="top" style="width:96.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Included as an expense in the accompanying consolidated statement of income.</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">(b)</font></p>
</td>
<td valign="top" style="width:96.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">These properties are adjacent to one another.</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:03.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">(c)</font></p>
</td>
<td valign="top" style="width:96.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Costs incurred for properties purchased in 2015, potential acquisitions and transactions that were not consummated.</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
334428000
325186000
P2Y6M
1387000
1190000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Tenant Reimbursements</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Tenant reimbursements represent tenants’ contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
28978000
1996000
28988000
1894000
712000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 6 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Variable Interest Entities — Ground Leases</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In June 2014, the Company purchased land for $6,510,000 in Sandy Springs, Georgia, improved with a 196 unit apartment complex, and in March 2015, the Company purchased land for $9,300,000 in Lakemoor, Illinois, improved with a 496 unit apartment complex. With each purchase, the Company simultaneously entered into a triple net ground lease with the owner/operator of the applicable complex.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company determined that it has a variable interest through its ground leases and the owner/operators are VIEs because their equity investment at risk is insufficient to finance its activities without additional subordinated financial support; this assessment did not change as a result of the adoption of ASU 2015-02 (see Note 2). Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party ($16,230,000 for Sandy Springs and $43,824,000 for Lakemoor) which, together with the Company’s purchase of the land, provided substantially all of the aggregate funds to acquire the complex. The Company provided its land as collateral for the respective owner/operator’s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. Other than as described above, no other financial support has been provided by the Company.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company further determined that for each acquisition it is not the primary beneficiary because the Company does not have the power to direct the activities that most significantly impact the owner/operator’s economic performance, such as management, operational budgets and other rights, including leasing of the units, and therefore, does not consolidate the VIEs for financial statement purposes. Accordingly, the Company accounts for these investments as land and the revenues from the ground leases as Rental income, net. Such rental income amounted to $428,000 and $252,000 for the three months ended March 31, 2016 and 2015, respectively.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following is a summary of the Company’s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of March 31, 2016 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:43.2pt;">
<tr>
<td valign="bottom" style="width:45.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Property</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Type of Exposure</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Carrying Amount and</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Maximum Exposure to Loss</font></p>
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">River Crossing Apartments,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Sandy Springs, Georgia</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Land</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:23.28%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,528
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unbilled rent receivable</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Meadows Apartments,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Lakemoor, Illinois</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Land</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,592
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unbilled rent receivable</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:22.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:23.26%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,135
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:23.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Pursuant to the terms of the ground lease for the property in Sandy Springs, Georgia, the owner/operator is obligated to make certain unit renovations as and when units become vacant. Cash reserves totaling $1,894,000 were received by the Company in conjunction with the purchase of the property in June 2014 to cover such renovation work and other reserve requirements. Through the year ended December 31, 2015, an additional $121,000 of reserves was received by the Company and an additional $67,000 was received during the three months ended March 31, 2016. These cash reserves are held by the Company and disbursed once the renovations have been completed. Through the year ended December 31, 2015, the Company disbursed approximately $941,000 and for the three months ended March 31, 2016 the Company disbursed approximately $110,000 for renovation costs to the owner/operator. The cash reserve balance at March 31, 2016 and December 31, 2015 was $1,031,000 and $1,074,000, respectively, and is classified as Restricted cash on the consolidated balance sheets.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Variable Interest Entity — Consolidated Joint Ventures</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">A joint venture in which the Company has a 95% equity interest and a senior preferred equity interest, acquired a property located in Joppa, Maryland. The Company had historically determined that this joint venture was a VIE. As a result of the adoption of ASU 2015-02, the Company re-assessed its evaluation and determined this venture is still a VIE as the Company’s voting rights are not proportional to its economic interests and substantially all of the joint venture’s activities are conducted on behalf of the Company.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">With respect to the six other consolidated joint ventures in which the Company has between an 85% to 95% interest, the Company had historically determined that such ventures were not VIEs. As a result of the adoption of ASU 2015-02, the Company re-assessed its evaluation of these investments and determined such ventures are VIEs because the non-controlling interests do not have substantive kick-out or participating rights.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In each of these seven joint ventures, the Company has determined it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact each joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits. Accordingly, the Company has continued to consolidate the operations of these joint ventures for financial statement purposes. The joint ventures’ creditors do not have recourse to the assets of the Company other than those held by these joint ventures.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">December 31,</font></p>
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Land</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,400
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,400
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Buildings and improvements, net of depreciation of $2,343 and $2,076, respectively</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,258
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,287
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,588
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,960
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unbilled rent receivable</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>330
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized intangible lease assets, net</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,894
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,996
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Escrow, deposits and other assets and receivables</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,016
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable, net of deferred financing costs of $464 and $438, respectively</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,693
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,926
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Accrued expenses and other liabilities</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,308
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>793
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized intangible lease liabilities, net</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,341
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,392
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Accumulated other comprehensive loss</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(280
</td>
<td valign="bottom" style="width:02.64%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126
</td>
<td valign="bottom" style="width:01.58%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Non-controlling interests in consolidated joint ventures</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,834
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,931
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">MCB Real Estate, LLC and its affiliates (“MCB”) are the Company’s joint venture partner in five consolidated joint ventures. At March 31, 2016, the Company has aggregate equity investments of approximately $18,064,000 in such ventures.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">A joint venture with MCB, in which the Company has a net equity investment of $2,763,000, owns a property formerly operated as a Pathmark supermarket in Philadelphia, Pennsylvania. In July 2015, this tenant filed for Chapter 11 bankruptcy protection, rejected the lease, and in late September 2015, vacated the property. This tenant accounted for approximately 1.3% of the Company’s rental income for the three months ended March 31, 2015. At March 31, 2016, the mortgage debt on such property is $4,485,000. The Company has determined that no impairment charge is required currently with respect to this property.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Distributions by Consolidated Joint Ventures</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
15876000
16495000
79000
706000
54000
226000
226000
33000
13852000
793000
17599000
1308000
-4390000
-126000
-8378000
-280000
P3Y4M24D
232378000
234866000
577000
577000
666000
666000
577000
310000
548000
29000
665700
344000
649500
16200
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 9 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Allowance for Doubtful Accounts</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rent payments. If the financial condition of a specific tenant were to deteriorate resulting in an impairment of its ability to make payments, additional allowances may be required. At March 31, 2016 and December 31, 2015, there was no balance in allowance for doubtful accounts.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company records bad debt expense as a reduction of rental income and/or tenant reimbursements. On March 2, 2016, Sports Authority Inc., a tenant at the Company’s Greenwood Village, Colorado property filed for Chapter 11 bankruptcy protection. This tenant accounted for approximately 0.8% of the Company’s rental income for the three months ended March 31, 2015. At March 31, 2016, the Company recorded an aggregate bad debt expense of $153,000, relating to rental income and tenant reimbursements due from this tenant.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
0
0
-127000
-160000
455000
244000
455000
244000
646499000
646499000
650378000
647338000
8745000
8203000
5300
27000
28600
32000
32000
34000
34000
960000
960000
14610000
6716000
7894000
959000
516000
443000
18400000
1221000
18400000
693000
528000
17050000
8100000
8950000
2633000
1960000
1588000
20344000
23153000
12736000
10537000
2809000
-2199000
2260000
90000
0.39
0.41
0.41
1
1
25000000
25000000
16292000
16458000
16292000
16458000
16292000
16458000
7102000
-701000
8428000
-718000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Principles of Consolidation/Basis of Preparation</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2015.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are hereinafter referred to as the “Company”. Material intercompany items and transactions have been eliminated in consolidation.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 10 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Debt Obligations</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Mortgages Payable</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On January 1, 2016, the Company adopted ASU 2015-03, </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Interest — Imputation of Interest — Simplifying the Presentation of Debt Issuance Costs</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability with retrospective application to all prior periods presented. The adoption of this ASU had no impact on the Company’s previously reported income from operations, net income or accumulated undistributed net income for the periods presented.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated balance sheet amounts at December 31, 2015 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">As Reported</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">As Adjusted</font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized deferred financing costs, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,914
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Escrow, deposits and other assets and receivables</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,233
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,268
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total assets</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,378
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,499
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>334,428
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,055
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Line of credit</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,250
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,744
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total liabilities</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387,952
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>384,073
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total liabilities and equity</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,378
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,499
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table details the Mortgages payable, net, balances per the consolidated balance sheets at March 31, 2016 and December 31, 2015 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable, gross</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>325,186
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>334,428
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized deferred financing costs</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,425
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,373
</td>
<td valign="bottom" style="width:01.60%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>321,761
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,055
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">At March 31, 2016 and December 31, 2015, $236,000 and $35,000, respectively, is included in other assets on the consolidated balance sheets representing unamortized deferred financing costs incurred for which there is no associated mortgage debt.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Line of Credit</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company has a $75,000,000 credit facility with Manufacturers & Traders Trust Company, VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York which matures December 31, 2018. The facility provides that the Company pay an interest rate equal to the one month LIBOR rate plus an applicable margin which ranges from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at March 31, 2016 and 2015. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was 2.18% and 1.92% for the three months ended March 31, 2016 and 2015, respectively.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table details the Line of credit, net, balances per the consolidated balance sheets at March 31, 2016 and December 31, 2015 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Line of credit, gross</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,850
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,250
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized deferred financing costs</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(464
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(506
</td>
<td valign="bottom" style="width:01.60%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Line of credit, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,386
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,744
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">At May 2, 2016, there was an outstanding balance of $25,350,000 (before netting unamortized deferred financing costs) under the facility. The Company was in compliance with all covenants at March 31, 2016.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
0.0175
0.0175
0.03
0.0175
346614000
336424000
0.0192
0.0218
438000
3373000
506000
-3914000
506000
464000
3425000
464000
464000
13577000
330000
13472000
358000
2076000
2343000
3734000
4185000
3734000
4185000
0.0426
P8Y1M6D
0
0
4299000
4299000
4299000
8203000
8203000
8203000
0.0581
0.0349
0.0575
-889000
-602000
-1623000
-71000
-4502000
-130000
0.0338
8745000
24
1334000
2175000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 14 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Stock Based Compensation</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">A maximum of 600,000 shares of the Company’s common stock is authorized for issuance pursuant to the Company’s 2012 Incentive Plan, of which 497,500 shares of restricted stock are outstanding and have not yet vested as of March 31, 2016. For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares. An aggregate of 307,500 shares of restricted stock and restricted stock units outstanding under the Company’s 2009 equity incentive plan have not yet vested and no additional awards may be granted under this plan.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Pursuant to the Pay-for-Performance program, there are 200,000 performance share awards in the form of restricted stock units (the “Units”) outstanding under the Company’s 2009 Incentive Plan. The holders of Units are not entitled to dividends or to vote the underlying shares until the Units vest and shares are issued. Accordingly, for accounting purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet. No Units were forfeited or vested in the three months ended March 31, 2016.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following is a summary of the activity of the equity incentive plans excluding, except as otherwise noted, the 200,000 Units:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Restricted share grants</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,225
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Per share grant price</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21.74
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.60
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Deferred compensation to be recognized over vesting period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,027,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,197,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Number of non-vested shares:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Non-vested beginning of period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,755
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Grants</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,225
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Vested during period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(72,730
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70,685
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Forfeitures</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(250
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Non-vested end of period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>605,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>540,285
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following information includes the 200,000 Units:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Average per share value of non-vested shares (based on grant price)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.00
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.12
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Value of shares vested during the period (based on grant price)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,177,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>586,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Average value of shares forfeited during the period (based on grant price)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21.05
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The total charge to operations for all incentive plans is as follows:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Outstanding restricted stock grants</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>649,500
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>548,000
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Outstanding restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,200
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total charge to operations</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>665,700
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>577,000
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As of March 31, 2016, there were approximately $8,080,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $151,000 related to the Units (net of forfeiture and performance assumptions which are re-evaluated quarterly). These compensation costs will be charged to general and administrative expense over the remaining respective vesting periods. The weighted average vesting period is approximately 2.5 years.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
3000000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 5 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Sale of Properties</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On February 1, 2016, the Company sold a portfolio of eight retail properties located in Louisiana and Mississippi for a total sales price of $13,750,000. The sale resulted in a gain of $787,000, recorded as Gain on sale of real estate, net, for the three months ending March 31, 2016. In connection with the sale, the Company paid off the $7,801,000 mortgage balance on these properties and incurred a $380,000 expense for the early termination of the mortgage (included in Prepayment costs on debt) and a $26,000 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). As a result of the sale, the Company also wrote-off, as a reduction to Gain on sale of real estate, net, $706,000 of unbilled straight-line rent receivable, $79,000 of intangible lease assets and $54,000 of tenant origination costs. At December 31, 2015, the Company classified the net book value of the land and buildings, intangible lease assets and tenant origination costs totaling $12,259,000 as Properties held-for-sale.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On January 13, 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for $16,025,000, net of closing costs. The sale resulted in a gain of $5,392,000, recorded as Gain on sale of real estate, net, for the three months ended March 31, 2015. In connection with the sale, the Company paid off the $7,376,000 mortgage balance on this property and incurred a $472,000 swap termination fee (included in Prepayment costs on debt) and a $249,000 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). The non-controlling interest’s share of income from the transaction was $1,320,000 and is included in net income attributable to non-controlling interests.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
6380000
6380000
6996000
6996000
6996000
6901000
6996000
0.48
0.19
0.48
0.18
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 3 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Earnings Per Common Share</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during the applicable period. Net income is also allocated to the unvested restricted stock outstanding during each period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security. Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders, other than the holders of unvested restricted stock. The restricted stock units awarded under the Pay-for-Performance program are excluded from the basic earnings per share calculation, as these units are not participating securities (see Note 14).</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company. For the three months ended March 31, 2016 and 2015, the diluted weighted average number of shares of common stock includes 107,000 and 100,000 shares, respectively (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance program. These amounts include 100,000 shares that would be issued pursuant to a metric based on the market price and dividends paid at the end of each quarterly period, assuming the end of that quarterly period was the end of the vesting period. Of the remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance program, 7,000 shares are included in the diluted weighted average in the three months ended March 31, 2016 and, as they did not meet the return on capital performance metric during such period, none of such 100,000 shares were included in the three months ended March 31, 2015.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:35.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Numerator for basic and diluted earnings per share:</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Net income</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3,285
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>9,207
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Add net loss (income) attributable to non-controlling interests</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,351
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Less earnings allocated to unvested restricted stock (a)</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(248
</td>
<td valign="bottom" style="width:02.58%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(261
</td>
<td valign="bottom" style="width:01.54%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Net income available for common stockholders, basic and diluted</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3,039
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>7,595
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Denominator for basic earnings per share: </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Weighted average common shares</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,388
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,776
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Effect of diluted securities:</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Restricted stock units awarded under Pay-for-Performance program</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Denominator for diluted earnings per share: </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Weighted average shares</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,495
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,876
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Earnings per common share, basic</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.19</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.48</font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Earnings per common share, diluted</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.18</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.48</font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3,287
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>7,856
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (a)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.</font></p></td></tr></table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
3197000
3027000
8080000
151000
212000
205000
0.5
7376000
7801000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The fair value of the Company’s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:34.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Carrying and</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Fair Value Measurements</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">on a Recurring Basis</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">As of</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Level 2</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Financial assets:</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Available-for-sale securities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Equity securities</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 31, 2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">December 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Financial liabilities:</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Derivative financial instruments: </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Interest rate swaps</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 31, 2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,203
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,203
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">December 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,299
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,299
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 15 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Fair Value Measurements</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits and other assets and receivables (excluding available-for-sale securities), dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">At March 31, 2016, the $336,424,000 estimated fair value of the Company’s mortgages payable is more than their $325,186,000 carrying value (before netting unamortized deferred financing costs) by approximately $11,238,000 assuming a blended market interest rate of 4.01% based on the 9.7 year weighted average remaining term of the mortgages. At December 31, 2015, the $346,614,000 estimated fair value of the Company’s mortgages payable is more than their $334,428,000 carrying value (before netting unamortized deferred financing costs) by approximately $12,186,000 assuming a blended market interest rate of 4.07% based on the 8.9 year weighted average remaining term of the mortgages.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">At March 31, 2016 and December 31, 2015, the carrying amount of the Company’s line of credit (before netting unamortized deferred financing costs) of $29,850,000 and $18,250,000, respectively, approximates its fair value.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The fair value of the Company’s mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Fair Value on a Recurring Basis</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The fair value of the Company’s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:34.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Carrying and</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Fair Value Measurements</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">on a Recurring Basis</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">As of</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Fair Value</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Level 1</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Level 2</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Financial assets:</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Available-for-sale securities:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Equity securities</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 31, 2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">December 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Financial liabilities:</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Derivative financial instruments: </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Interest rate swaps</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">March 31, 2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,203
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,203
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:34.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:18.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">December 31, 2015</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,299
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,299
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company does not own any financial instruments that are classified as Level 3.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Available-for-sale securities</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">At March 31, 2016 and December 31, 2015, the Company’s available-for-sale securities included an investment in equity securities of $34,000 and $32,000, respectively (included in other assets on the consolidated balance sheets). The aggregate cost of these securities was $5,300, and at March 31, 2016 and December 31, 2015, the unrealized gain was $28,600 and $27,000, respectively. Such unrealized gains are included in accumulated other comprehensive loss on the consolidated balance sheets. Fair values are approximated based on current market quotes from financial sources that track such securities.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Derivative financial instruments</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company’s objective in using interest rate swaps is to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not use derivatives for trading or speculative purposes.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty. As of March 31, 2016, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As of March 31, 2016, the Company had entered into 24 interest rate derivatives, all of which were interest rate swaps, related to 24 outstanding mortgage loans with an aggregate $130,882,000 notional amount and mature between 2018 and 2028 (weighted average remaining maturity of 8.1 years). Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.38% to 5.75% and a weighted average interest rate of 4.26% at March 31, 2016). The fair value of the Company’s derivatives designated as hedging instruments in asset and liability positions reflected as other assets or other liabilities on the consolidated balance sheets were $0 and $8,203,000, respectively, at March 31, 2016, and $0 and $4,299,000, respectively, at December 31, 2015.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Three of the Company’s unconsolidated joint ventures, in which wholly-owned subsidiaries of the Company are 50% partners, had two interest rate derivatives outstanding at March 31, 2016 with an aggregate $10,930,000 notional amount. These interest rate swaps, which were designated as cash flow hedges, have interest rates of 3.49% and 5.81% and mature in 2022 and 2018, respectively.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">One Liberty Properties, Inc. and Consolidated Subsidiaries</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss recognized on derivatives in Other comprehensive loss</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,502
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,623
</td>
<td valign="bottom" style="width:01.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(602
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(889
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Unconsolidated Joint Ventures (Company’s share)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss recognized on derivatives in Other comprehensive loss</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22
</td>
<td valign="bottom" style="width:01.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three months ended March 31, 2016 and 2015. During the twelve months ending March 31, 2017, the Company estimates an additional $2,260,000 will be reclassified from other Accumulated comprehensive loss as an increase to Interest expense and $90,000 will be reclassified from Accumulated other comprehensive loss as a decrease to Equity in earnings of unconsolidated joint ventures.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The derivative agreements in effect at March 31, 2016 provide that if the wholly-owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to one of the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, then the Company could be held liable for such swap breakage losses, if any. During the three months ended March 31, 2016, the Company terminated two interest rate swaps in connection with the early payoff of the related mortgages, and during the three months ended March 31, 2015, the Company terminated one interest rate swaps in connection with the sale of its Cherry Hill, New Jersey property. The Company accelerated the reclassification of amounts in other comprehensive loss to earnings as a result of these hedged forecasted transactions being terminated. During the three months ended March 31, 2016 and 2015, the accelerated amounts were a loss of $24,000 and $472,000, respectively, which is included in Prepayment costs on debt on the consolidated statements of income.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As of March 31, 2016, the fair value of the derivatives in the liability position, including accrued interest and excluding any adjustments for nonperformance risk, was approximately $8,745,000. In the unlikely event that the Company breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $8,745,000. This termination liability value, net of $542,000 adjustments for accrued interest and nonperformance risk, or $8,203,000, is included in Accrued expenses and other liabilities on the consolidated balance sheet at March 31, 2016.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
0.0407
0.0401
472000
472000
24000
5392000
787000
1000000
0
0
-568000
-423000
2392000
2609000
0
1320000
147000
209000
84000
444000
-983000
-601000
100000
107000
3739000
4075000
3783000
4129000
460379000
477080000
186994000
188215000
384073000
384073000
387952000
390052000
646499000
646499000
650378000
647338000
17744000
17744000
18250000
17744000
29386000
29386000
75000000
0.0025
1931000
1931000
1834000
1834000
1582000
1582000
80000
80000
0.95
0.95
0.85
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 1 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Organization and Background</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland. OLP is a self-administered and self-managed real estate investment trust (“REIT”). OLP acquires, owns and manages a geographically diversified portfolio consisting primarily of retail, industrial, flex and health and fitness properties, many of which are subject to long-term net leases. As of March 31, 2016, OLP owns 114 properties, including seven properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 114 properties are located in 30 states.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
21606000
-3138000
-25132000
-4650000
6335000
5589000
7856000
3287000
1351000
-2000
7595000
3039000
7595000
3039000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 16 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">New Accounting Pronouncements</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact, if any, it may have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In March 2016, the FASB issued ASU No. 2016-08, </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenue Gross versus Net)</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted but not before annual periods beginning after December 15, 2016. The Company is currently evaluating the new guidance to determine the impact, if any, it may have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Also in March 2016, the FASB issued ASU No. 2016-05, </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Derivatives and Hedging (Topic 815), Effect of </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Derivative Contract Novations on Existing Hedge Accounting Relationships</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which states the novation of a derivative contract (i.e., a change in the counterparty) in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. The hedge accounting relationship could continue uninterrupted if all of the other hedge accounting criteria are met, including the expectation that the hedge will be highly effective when the creditworthiness of the new counterparty to the derivative contract is considered. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact, if any, it may have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In February 2016, the FASB issued ASU No. 2016-02,</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;"> Leases</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The effective date of the standard will be fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In September 2015, the FASB issued ASU No. 2015-16,</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;"> Business Combinations: Simplifying the Accounting for Measurement Period Adjustments</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The effective date of the standard is for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company adopted this guidance on January 1, 2016 and its adoption did not have any impact on its consolidated financial statements.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
663000
663000
2
114
7
5
30
14521000
2392000
14310000
2341000
7859000
9326000
7467000
7018000
252000
428000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 2 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Summary Accounting Policies</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Principles of Consolidation/Basis of Preparation</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2015.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. OLP and its consolidated subsidiaries are hereinafter referred to as the “Company”. Material intercompany items and transactions have been eliminated in consolidation.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Investment in Joint Ventures and Variable Interest Entities</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE.</font>
</p>
<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">On January 1, 2016, the Company adopted ASU 2015-02, </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="display:inline;font-family:Times New Roman,Times,serif;">, which amends the current consolidation guidance. The ASU introduces a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights (see Note 6).</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Consistent with the adoption of ASU 2015-02, the Company assesses the accounting treatment for each of its investments, including a review of each venture or limited liability company or partnership agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights, such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor. Leases may contain certain protective rights, such as the right of sale and the receipt of certain escrow deposits. In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. All investments in the unconsolidated joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIEs. In addition, the Company has shared power with its co-managing members over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions. None of the joint venture debt is recourse to the Company, subject to standard carve-outs.</font>
</p>
<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company has elected to follow the cumulative earnings approach when assessing, for the consolidated statement of cash flows, whether the distribution from the investee is a return of the investor’s investment as compared to a return on its investment. The source of the cash generated by the investee to fund the distribution is not a factor in the analysis (that is, it does not matter whether the cash was generated through investee refinancing, sale of assets or operating results). Consequently, the investor only considers the relationship between the cash received from the investee to its equity in the undistributed earnings of the investee, on a cumulative basis, in assessing whether the distribution from the investee is a return on or return of its investment. Cash received from the unconsolidated entity is presumed to be a return on the investment to the extent that, on a cumulative basis, distributions received by the investor are less than its share of the equity in the undistributed earnings of the entity.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Properties Held-for-Sale</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate investments which are held-for-sale are not depreciated.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Tenant Reimbursements</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Tenant reimbursements represent tenants’ contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Reclassifications</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation, primarily to present debt issuance costs as a direct deduction from the carrying amount of the associated debt on the Company’s December 31, 2015 consolidated balance sheet. See Note 10.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
-25000
-15000
3000
2000
-734000
-3900000
-779000
-804000
25000
-4003000
-3988000
-15000
3000
13000
261000
248000
550000
347000
380000
568000
6320000
6901000
397000
503000
31413000
17050000
3664000
6300000
6510000
9300000
17050000
8100000
8950000
355000
1523000
1582000
80000
1
1
12500000
12500000
0
0
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Reclassifications</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation, primarily to present debt issuance costs as a direct deduction from the carrying amount of the associated debt on the Company’s December 31, 2015 consolidated balance sheet. See Note 10.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
575000
173000
1347000
585000
641000
28268000
23350000
29900000
20500000
663000
16025000
16025000
13750000
13750000
9207000
1351000
7856000
3285000
-2000
3287000
0.015
0.020
153000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Properties Held-for-Sale</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Real estate investments are classified as properties held-for-sale when management determines that the investment meets the applicable criteria. Real estate investments which are held-for-sale are not depreciated.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
12259000
1983000
1975000
85116000
88435000
647373000
665295000
562257000
576860000
11350000
11076000
15326000
16344000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 11 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Related Party Transactions</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Effective January 1, 2016, pursuant to the compensation and services agreement, as amended, with Majestic Property Management Corp., a company wholly-owned by the Company’s vice-chairman, property management fees are paid based on 1.5% and 2.0% of the rental payments (including tenant reimbursements) actually received by the Company from net lease tenants and operating lease tenants, respectively. The Company will not pay Majestic property management fees with respect to properties managed by third parties. For the three months ended March 31, 2016, the Company paid $652,000 (including overhead expenses of $49,000 and property management fees of $241,000). For the three months ended March 31, 2015, such quarterly fees were $634,000 (including overhead expenses of $49,000 and property management fees of $223,000).</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">For 2016, the Company agreed to pay quarterly fees of $65,625 to the Company’s chairman and $26,250 to the Company’s vice-chairman, the same fees paid to such officers in 2015.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Executive officers and others providing services under the compensation and services agreement were awarded shares of restricted stock and restricted stock units under the Company’s stock incentive plans (described in Note 14). The costs of the plans charged to the Company’s operations applicable to the executive officers and others providing services under the compensation and services agreement amounted to $344,000 and $310,000 for the three months ended March 31, 2016 and 2015, respectively.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">In February 2015, a subsidiary of Gould Investors L.P. (“Gould”), a related party, sold the building where the Company’s corporate offices are located to an unrelated party. During the three months ended March 31, 2015, the Company paid the Gould subsidiary rent of $7,000 and all subsequent lease payments have been made to the purchaser.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The fees paid under the compensation and services agreement (except for the property management fees which are included in Real estate expenses), the chairman and vice-chairman fees, the costs of the stock incentive plans, and the rent expense are included in General and administrative expense on the consolidated statements of income.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company obtains its property insurance in conjunction with Gould and reimburses Gould annually for the Company’s insurance cost relating to its properties. Included in Real estate expenses on the consolidated statements of income is insurance expense of $101,000 and $57,000 for the three months ended March 31, 2016 and 2015, respectively.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">During the three months ended March 31, 2016 and 2015, the Company paid an aggregate of $51,000 and $105,000, respectively, to its joint venture partners or their affiliates for property management and acquisition fees, which are included in Real estate expenses and Real estate acquisition costs on the consolidated statements of income. Additionally, in the three months ended March 31, 2016, an unconsolidated joint venture of the Company paid management fees of $35,000 to the other partner of the venture, of which $17,500 reduced Equity in earnings of unconsolidated joint ventures on the consolidated statement of income.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
14900000
8900000
12168000
30515000
1074000
1074000
1031000
1031000
16215000
12506000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table details the Mortgages payable, net, balances per the consolidated balance sheets at March 31, 2016 and December 31, 2015 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable, gross</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>325,186
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>334,428
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized deferred financing costs</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,425
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,373
</td>
<td valign="bottom" style="width:01.60%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>321,761
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,055
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 6pt;text-indent:36pt;font-family:Calibri;line-height:110%;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">One Liberty Properties, Inc. and Consolidated Subsidiaries</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss recognized on derivatives in Other comprehensive loss</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,502
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,623
</td>
<td valign="bottom" style="width:01.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(602
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(889
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Unconsolidated Joint Ventures (Company’s share)</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss recognized on derivatives in Other comprehensive loss</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(130
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22
</td>
<td valign="bottom" style="width:01.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="3" valign="bottom" style="width:35.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Numerator for basic and diluted earnings per share:</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Net income</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3,285
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>9,207
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Add net loss (income) attributable to non-controlling interests</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,351
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Less earnings allocated to unvested restricted stock (a)</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(248
</td>
<td valign="bottom" style="width:02.58%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(261
</td>
<td valign="bottom" style="width:01.54%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Net income available for common stockholders, basic and diluted</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3,039
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>7,595
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Denominator for basic earnings per share: </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Weighted average common shares</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,388
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,776
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Effect of diluted securities:</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Restricted stock units awarded under Pay-for-Performance program</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Denominator for diluted earnings per share: </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Weighted average shares</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,495
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,876
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Earnings per common share, basic</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.19</font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.48</font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Earnings per common share, diluted</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.18</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$.48</font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests</font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:17.24%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>3,287
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:15.70%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left">$</div>7,856
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:60.36%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:17.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:15.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
<p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;">
<font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (a)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.</font></p></td></tr></table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following table details the Line of credit, net, balances per the consolidated balance sheets at March 31, 2016 and December 31, 2015 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">December 31,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Line of credit, gross</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,850
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,250
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized deferred financing costs</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(464
</td>
<td valign="bottom" style="width:02.68%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(506
</td>
<td valign="bottom" style="width:01.60%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Line of credit, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,386
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,744
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated balance sheet amounts at December 31, 2015 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">As Reported</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">As Adjusted</font></p>
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized deferred financing costs, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,914
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.66%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Escrow, deposits and other assets and receivables</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,233
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,268
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total assets</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,378
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,499
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>334,428
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>331,055
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Line of credit</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,250
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,744
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total liabilities</font></p>
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>387,952
</td>
<td valign="bottom" style="width:02.68%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>384,073
</td>
<td valign="bottom" style="width:01.60%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total liabilities and equity</font></p>
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,378
</td>
<td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>646,499
</td>
<td valign="bottom" style="width:01.60%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following chart provides the preliminary allocation of the purchase price for the Company’s acquisitions of real estate during the three months ended March 31, 2016 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:35.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Building</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Intangible Lease</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:35.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Description of Property</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Building</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Improvements</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Asset</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Liability</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,716
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>175
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>516
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,100
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Multi-tenant industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Greenville, SC</font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>528
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,894
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>181
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96
</td>
<td valign="bottom" style="width:02.00%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,950
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:11.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Totals</font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,221
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,610
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>959
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(96
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:06.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,050
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:35.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Three Months Ended</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Restricted share grants</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,225
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Per share grant price</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21.74
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.60
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Deferred compensation to be recognized over vesting period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,027,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,197,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Number of non-vested shares:</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Non-vested beginning of period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,755
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Grants</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>139,225
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Vested during period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(72,730
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(70,685
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Forfeitures</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(250
</td>
<td valign="bottom" style="width:02.50%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Non-vested end of period</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>605,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>540,285
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following information includes the 200,000 Units:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Average per share value of non-vested shares (based on grant price)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.00
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.12
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Value of shares vested during the period (based on grant price)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,177,000
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>586,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Average value of shares forfeited during the period (based on grant price)</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21.05
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">—</font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The total charge to operations for all incentive plans is as follows:</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Outstanding restricted stock grants</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>649,500
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>548,000
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Outstanding restricted stock units</font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,200
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,000
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total charge to operations</font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>665,700
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.12%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>577,000
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:69.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.50%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following is a summary of the consolidated VIEs’ carrying amounts and classification in the Company’s consolidated balance sheets, none of which are restricted (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 94.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">March 31,</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">December 31,</font></p>
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-size:8pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2016</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">2015</font></p>
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Land</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,400
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.18%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:11.46%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,400
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Buildings and improvements, net of depreciation of $2,343 and $2,076, respectively</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,258
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,287
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Cash</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,588
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,960
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unbilled rent receivable</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>330
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized intangible lease assets, net</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,894
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,996
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Escrow, deposits and other assets and receivables</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,016
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Mortgages payable, net of deferred financing costs of $464 and $438, respectively</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>26,693
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,926
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Accrued expenses and other liabilities</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,308
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>793
</td>
<td valign="bottom" style="width:01.58%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unamortized intangible lease liabilities, net</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,341
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,392
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Accumulated other comprehensive loss</font></p>
</td>
<td valign="bottom" style="width:02.64%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(280
</td>
<td valign="bottom" style="width:02.64%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126
</td>
<td valign="bottom" style="width:01.58%;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:67.88%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Non-controlling interests in consolidated joint ventures</font></p>
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,834
</td>
<td valign="bottom" style="width:02.64%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:12.64%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,931
</td>
<td valign="bottom" style="width:01.58%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt 0pt 6pt;text-indent:36pt;font-family:Calibri;line-height:110%;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The following is a summary of the Company’s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of March 31, 2016 (amounts in thousands):</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 85.00%;margin-left:43.2pt;">
<tr>
<td valign="bottom" style="width:45.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Property</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Type of Exposure</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Carrying Amount and</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:8pt;">Maximum Exposure to Loss</font></p>
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">River Crossing Apartments,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Sandy Springs, Georgia</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Land</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:23.28%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,528
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unbilled rent receivable</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Meadows Apartments,</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;">Lakemoor, Illinois</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Land</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,592
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Unbilled rent receivable</font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:22.26%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td colspan="2" valign="bottom" style="width:24.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.76%;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Total</font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
<td valign="bottom" style="width:01.32%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">$</font></p>
</td>
<td valign="bottom" style="width:23.26%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,135
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:45.54%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:22.26%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:02.92%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:23.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
<td valign="bottom" style="width:01.76%;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;"> </font></p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
331055000
25926000
331055000
331055000
334428000
321761000
26693000
16230000
43824000
321761000
4485000
577000
666000
250
0
21.05
129975
0
139225
24.60
21.74
480995
540285
538755
307500
605000
200000
17.12
18.00
70685
0
72730
0
586000
1177000
600000
497500
260495000
255452000
255904000
219867000
-3195000
15728000
1628000
21876000
258195000
220935000
-3999000
15822000
2085000
23352000
262426000
232378000
-4390000
16292000
1931000
16215000
257286000
234866000
-8378000
16458000
1834000
12506000
0
62499
53563
585000
562000
23000
641000
610000
31000
1347000
1285000
62000
-71000
71000
-73000
73000
401000
601000
<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Note 17 — </font><font style="display:inline;font-family:Times New Roman,Times,serif;text-decoration:underline;">Subsequent Events</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">Subsequent events have been evaluated and except as disclosed below, there were no other events relative to the Company’s consolidated financial statements that require additional disclosure.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p>
<p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;font-family:Times New Roman,Times,serif;">The Company entered into a contract to sell a property in Killeen, Texas for approximately $3,000,000, net of closing costs, and the buyer’s right to terminate the contract without penalty expired on April 20, 2016. At March 31, 2016 and December 31, 2015, the net book value of the property’s land, building and building improvements was $1,975,000 and $1,983,000, respectively, which is included in Real estate investments, net, on the consolidated balance sheets. This tenant accounted for less than 0.4% of the Company’s rental income for each of the three months ended March 31, 2016 and 2015. The sale is expected to close in the three months ending June 30, 2016 and the Company anticipates recognizing a gain of approximately $1,000,000, net of the $33,000 write-off of unbilled rent receivable.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
<font style="display:inline;"> </font>
</p></div><div style="margin-left:0%;margin-right:0%;">
<p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div>
782000
1288000
16135000
3000
6528000
12000
9592000
15876000
16495000
15776000
16388000
249000
26000
Represents an allocation of distributed earnings to unvested restricted stock which, as participating securities, are entitled to receive dividends.