0000915912 2008-06-30 0000915912 2008-01-01 2008-06-30 0000915912 2009-04-01 2009-06-30 0000915912 2008-04-01 2008-06-30 0000915912 2009-01-01 2009-06-30 0000915912 2009-06-30 0000915912 2008-12-31 0000915912 2008-01-01 0000915912 2009-07-31 iso4217:USD iso4217:USD xbrli:shares xbrli:shares No

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Yes <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">2.  Interest Capitalized</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The Company capitalizes interest during the development and redevelopment of real estate assets in accordance with SFAS No. 34, “Capitalization of Interest Cost.”  Capitalized interest associated with communities under development or redevelopment totaled $13,677 and $19,159 for the three months ended June 30, 2009and 2008, respectively and $26,045 and $38,822 for the six months ended June 30, 2009 and 2008, respectively.</div>

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Yes 0000915912 <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">6.  Investments in Real Estate Entities</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The Company accounts for its investments in unconsolidated real estate entities in accordance with the literature discussed in Note 1, “Organization and Significant Accounting Policies,” under Principles of Consolidation.  During the six months ended June 30,2009, in conjunction with the second closing of Fund II, the Company’s equity ownership interest decreased to 31% from 45%. There were no other changes in the Company’s ownership interest in, or presentation of, its investments in unconsolidated real estate entities.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">As of June 30, 2009, the Company had investments in the following unconsolidated real estate entities:</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 36pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">a 20% limited liability company membership interest (with a right to 50% of distributions after achievement of a threshold return, which was achieved in the first quarter of 2009) in the limited liability company that owns the Avalon Chrystie Place community;</div></td></tr></table></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 36pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">a 25% limited liability company membership interest (with a right to 45% of distributions after achievement of a threshold return) in the limited liability company that owns the Avalon at Mission Bay North II community;</div></td></tr></table></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 36pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">a 30% limited liability company membership interest (with a right to 45% or the residual distribution after the joint venture partners receive both a return of their initial investment and an achievement of a threshold return on that investment) in the limited liability company that owns theAvalon Del Rey community;</div></td></tr></table></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 36pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">a 50% limited liability company membership interest (with a right to 95% of distributions until the Company receives a return of our invested capital and a threshold return thereon) in the limited liability company that is developing for-sale town homes adjacent to the Company’s Avalon Danvers community;</div></td></tr></table></div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 36pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">a 15.2% combined general partner and indirect limited partner equity interest in the Fund (with the opportunity to receive as much as 20% of the Fund’s distributions in excess of return of capital, as an additional distribution, based on the achievement of certain threshold returns), which owns the following 19 communities: Avalon at Redondo Beach, Avalon Lakeside, Avalon Columbia, Avalon Sunset, Avalon at Poplar Creek, Avalon at Civic Center, Avalon Paseo Place, Avalon Yerba Buena, Avalon at Aberdeen Station, The Springs, Avalon Lombard, Avalon Cedar Place, Avalon Crystal Hill, Middlesex Crossing, Avalon Centerpoint, Skyway Terrace, Avalon Rutherford Station, South Hills Apartments and Weymouth Place; and</div></td></tr></table></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 36pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">a 31% combined general partner and indirect limited partner equity interest in Fund II (with the opportunity to receive as much as 20% of Fund II’s distributions in excess of return of capital, as an additional distribution, based on the achievement of certain threshold returns). During the three months ended June 30, 2009, Fund II acquired VeronaApartments located in Bellevue, WA for $33,100. Verona Apartments is a mid-rise style community containing 220 apartment homes.</div></td></tr></table></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">  </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">In addition, as part of the formation of the Fund and Fund II, the Company provided separate and distinct guarantees to one of the limited partners in each of the ventures.  These guarantees are specific to the respective fund and any impacts or obligation of the Company to perform under one of the guarantees has no impact onthe Company’s obligations with respect to the other guarantee. The guarantees provide that, if, upon final liquidation of the Fund or Fund II, the total amount of all distributions to the guaranteed partner during the life of the respective fund (whether from operating cash flow or property sales) does not equal the total capital contributions made by that partner, then the Company will pay the guaranteed partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the guaranteed partner (maximum of approximately $7,192 for the Fund and approximately $413 for Fund II as of June 30, 2009).  As of June 30, 2009, the expected realizable value of the real estate assets owned by the Fund and Fund II is considered adequate to cover such potential payments under a liquidation scenario.  The estimated fair value of and the Company’s obligation under these guarantees, both at inception and as of June 30, 2009, was not significant and therefore theCompany has not recorded any obligation for either of these guarantees as of June 30, 2009.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The following is a combined summary of the financial position of the entities accounted for using the equity method, as of the dates presented:</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div align="center"><table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="76%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: center"> 6-30-09</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: center"> 12-31-08</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(unaudited)</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(unaudited)</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Assets:</div></td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="76%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Real estate, net</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,016,573</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">995,680</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Other assets</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">11,369</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">12,384</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">   Total assets</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">1,027,942</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">1,008,064</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="76%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Liabilities and partners' capital:</div></td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Mortgage notes payable and credit facility</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">731,446</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">705,332</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="76%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Other liabilities</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">18,775</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">17,578</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Partners' capital</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">277,721</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">285,154</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">   Total liabilities and partners' capital</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">1,027,942</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">1,008,064</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr></table></div></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The following is a combined summary of the operating results of the entities accounted for using the equity method, for the periods presented:</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div align="center"><table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="bottom" width="52%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="6" valign="bottom" width="22%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">For the three months ended</div></td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="6" valign="bottom" width="22%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">For the six months ended</div></td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(unaudited)</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">(unaudited)</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">6-30-09</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">6-30-08</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">6-30-09</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">6-30-08</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div></td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">  Rental and other income</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">26,613</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">26,845</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">51,769</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">53,464</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">  Operating and other expenses</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(13,727</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(10,679</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(25,583</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(21,787</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">  Gain on sale of communities</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">25,417</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">25,417</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">  Interest expense, net</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(9,279</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(9,526</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(18,181</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(19,641</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">  Depreciation expense</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(8,222</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(7,848</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(16,028</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(15,879</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td></tr><tr bgcolor="white"> <td valign="bottom" width="52%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">    Net loss</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">(4,615</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">24,209</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">(8,023</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">21,574</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr></table></div> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">In conjunction with the acquisition and development of the investments in unconsolidated entities, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments.  These costs represent $11,267 at June 30, 2009 and $4,817 at December 31, 2008 of the respective investment balances.</div>

236411000

50689000

1114000

3470000

148660000

-5843000 -16145000

-951000

105000

-1275000

210000

124000000

--12-31 Avalonbay Communities, Inc.

0 74139000 0 74139000

5390000

9383000

12637000

17503000

2990709000

2916115000

4576887000

4248004000

3598000

2650000

0.22

0.60

0.82

1.14

20302000

1795590000

2002965000

5874700000

5569034000

none

-39000

-114000

-124000000

-514500000

-139928000

-138620000

189728000

139125000

79240000

84060000

-1708000

-1659000

27859000 29935000

<div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">8.  Segment Reporting</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The Company’s reportable operating segments include Established Communities, Other Stabilized Communities, and Development/Redevelopment Communities.  Annually as of January 1st, the Company determines which of its communities fall into each ofthese categories and maintains that classification, unless disposition plans regarding a community change, throughout the year for the purpose of reporting segment operations.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 45pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year.  For the year 2009, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2008, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year.  A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversaryof completion of development or redevelopment.</div></td></tr></table></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 45pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above.  Other Stabilized Communities does not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. </div></td></tr></table></div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td align="right" style="WIDTH: 45pt"><div>·  </div></td><td><div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Development/Redevelopment Communities consists of communities that are under construction and have not received a final certificate of occupancy, communities where the company owns a majority interest and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2009.</div></td></tr></table></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information,” requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing such segments’ performance.  The Company’s chief operating decision maker is comprised of severalmembers of its executive management team who use net operating income (“NOI”) as the primary financial measure for Established Communities and Other Stabilized Communities.  NOI is defined by the Company as total revenue less direct property operating expenses.  Although the Company considers NOI a useful measure of a community’s or communities’ operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities,as determined in accordance with GAAP.  NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">A reconciliation of NOI to net income for the three and six months ended June 30, 2009 and 2008 is as follows:</div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">For the three months ended</div></td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">For the six months ended</div></td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: center"> 6-30-09</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: center"> 6-30-08</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: center"> 6-30-09</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: center"> 6-30-08</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="52%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="52%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Net income</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">16,723</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">127,439</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">63,824</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">175,993</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Indirect operating expenses, net of corporate income</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">7,362</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">8,893</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">15,936</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">17,350</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Investments and investment management expense</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">907</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,195</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,822</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">2,414</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Expensed development and other pursuit costs</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">2,281</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">1,829</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">3,375</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">2,329</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Interest expense, net</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">37,385</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">29,598</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">66,631</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">57,258</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">General and administrative expense</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">5,390</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">9,383</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">12,637</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">17,503</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Equity in income of unconsolidated entities</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(492</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(3,800</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(3,949</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(3,833</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Depreciation expense</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">53,737</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">47,648</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">106,377</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">93,589</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Impairment loss - land holdings</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">20,302</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">20,302</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="52%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Gain on sale of real estate assets</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(74,139</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(74,139</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Income from discontinued operations</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(5,101</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">--</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(9,921</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td></tr><tr bgcolor="#cceeff"> <td valign="bottom" width="52%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="52%" style="PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">        Net operating income</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">143,595</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">142,945</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">286,955</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">278,543</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr></table></div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The primary performance measure for communities under development or redevelopment depends on the stage of completion.  While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The following table provides details of the Company’s segment information as of the dates specified.  The segments are classified based on the individual community’s status as of the beginning of the given calendar year.  Therefore, each year the composition of communities within each business segment isadjusted.  Accordingly, the amounts between years are not directly comparable.  The accounting policies applicable to the operating segments described above are the same as those described in Note 1, “Organization and Significant Accounting Policies.”  Segment information for the three and six months ended June 30, 2009 and 2008 have been adjusted for the communities that were sold from January 1, 2008 through June 30, 2009, or otherwise qualify as discontinued operations as of June 30, 2009, as described in Note 7, “Real Estate Disposition Activities.”</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="bottom" width="20%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="10" valign="bottom" width="28%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">For the three months ended</div></td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="10" valign="bottom" width="28%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">For the six months ended</div></td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr> <td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Total</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">% NOI change</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Gross</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Total</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">% NOI change</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Gross</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="20%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">revenue</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">NOI</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">from prior year</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">real estate (1)</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">revenue</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">NOI</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">from prior year</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">real estate (1)</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr> <td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td align="left" colspan="4" valign="bottom" width="29%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">For the period ended June 30, 2009</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td></tr><tr> <td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Established</div></td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">New England</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">32,680</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">20,575</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(8.3</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">916,941</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">65,257</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">40,993</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(5.6</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">916,941</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Metro NY/NJ</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">42,072</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">29,199</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(3.5</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,164,447</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">84,269</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">57,270</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(3.8</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,164,447</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Mid-Atlantic/Midwest</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">32,814</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">20,533</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(3.8</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">823,222</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">65,621</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">41,219</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(2.2</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">823,222</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Pacific Northwest</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">7,172</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">4,959</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(6.8</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">238,554</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">14,554</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">10,173</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(3.3</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">238,554</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Northern California</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">26,065</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">18,939</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(5.1</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">893,734</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">53,057</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">39,237</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(1.7</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">893,734</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Southern California</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">15,776</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">10,906</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(8.6</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">426,653</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">31,891</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">22,252</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">(7.1</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">426,653</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="20%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">-</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 6%; PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Total Established</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">156,579</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">105,111</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(5.5</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">4,463,551</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">314,649</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">211,144</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(3.8</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">%)</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">4,463,551</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div></td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">-</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Other Stabilized</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">33,628</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">21,543</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,480,954</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">66,564</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">42,715</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,480,954</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">-</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Development / Redevelopment</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">29,860</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">16,941</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2,039,259</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">57,065</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">33,096</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2,039,259</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">-</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Land Held for Future Development</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">225,634</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">225,634</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">-</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Non-allocated (2)</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2,077</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">71,044</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">3,545</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">71,044</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 15%; PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Total</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">222,144</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">143,595</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">0.5</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">8,280,442</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">441,823</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">286,955</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">3.0</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">8,280,442</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr></table></div></div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">For the period ended June 30, 2008</td><td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div></td> <td align="left" colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td><td colspan="2" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"> </td></tr><tr> <td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Established</div></td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="8%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">New England</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">31,939</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">21,233</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">5.5</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">821,922</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">63,374</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">41,130</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">3.4</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">821,922</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Metro NY/NJ</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">36,197</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">25,265</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2.8</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">929,972</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">71,901</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">49,531</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2.2</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">929,972</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Mid-Atlantic/Midwest</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">31,231</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">20,250</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">6.8</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">761,892</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">61,870</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">39,874</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">5.3</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">761,892</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Pacific Northwest</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">5,359</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">3,904</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">8.9</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">174,544</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">10,683</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">7,727</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">10.0</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">174,544</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 3%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Northern California</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">31,718</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">23,592</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">9.6</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,037,118</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">63,181</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">47,189</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">10.3</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,037,118</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%" style="PADDING-BOTTOM: 0.75pt"> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">  Southern California</div></td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">15,351</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">11,063</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">0.8 </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> %</td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">375,561</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">30,741</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">22,169</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">1.3</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> %</td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">375,561</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 6%; PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Total Established</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">151,795</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">105,307</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">5.6</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">4,101,009</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">301,750</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">207,620</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">5.0</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">4,101,009</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div></td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Other Stabilized</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">27,888</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">18,357</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,010,672</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">55,030</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">36,044</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,010,672</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Development / Redevelopment</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">29,929</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">19,281</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2,123,734</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">55,366</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">34,879</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">2,123,734</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Land Held for Future Development</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">310,296</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">310,296</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="20%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Non-allocated (2)</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">1,579</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">47,638</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">3,217</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right">47,638</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="20%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td valign="bottom" width="20%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="20%" style="PADDING-LEFT: 15%; PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Total</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">211,191</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">142,945</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">13.7</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">7,593,349</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">415,363</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">278,543</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"> </td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">12.7</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">7,593,349</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr></table></div></div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr bgcolor="white"><td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="2%" style="TEXT-ALIGN: right">(1</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="left" valign="bottom" width="96%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Does not include gross real estate assets held for sale of $0 and $263,768 as of June 30, 2009 and 2008, respectively.</div></td></tr><tr bgcolor="white"><td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="2%" style="TEXT-ALIGN: right">(2</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td align="left" valign="bottom" width="96%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Revenue represents third-party management, accounting and developer fees and miscellaneous income which are not allocated to a reportable segment.</div></td></tr></table></div></div></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">5.  Derivative Instruments and Hedging Activities</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The Company enters into interest rate swap and interest rate cap agreements (collectively, the “Hedging Derivatives”) to reduce the impact of interest rate fluctuations on its variable rate, tax-exempt bonds and its variable rate conventional secured debt (collectively, the “Hedged Debt”).  The Companyhas not entered into any interest rate hedge agreements for its conventional unsecured debt and does not enter into derivative transactions for trading or other speculative purposes.  The following table summarizes the consolidated Hedging Derivatives at June 30, 2009, excluding derivatives executed to hedge debt on communities classified as held for sale:</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div><div align="center"><table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="bottom" width="64%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Non-designated Hedges</div></td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Cash Flow Hedges</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr> <td valign="bottom" width="64%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Interest</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Interest</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Interest</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="64%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Rate Caps</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Rate Caps</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Rate Swaps</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr> <td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div></td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Notional balance</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">149,847</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">15,994</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">44,199</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Weighted average interest rate (1)</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">1.7</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">1.9</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">6.5</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Weighted average capped interest rate</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">7.0</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">6.0</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">n/a</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Earliest maturity date</div></td><td align="right" valign="bottom" width="1%"> </td> <td align="right" colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">Dec-09</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td align="right" colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">Jun-12</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td align="right" colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">Jun-10</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Latest maturity date</div></td><td align="right" valign="bottom" width="1%"> </td> <td align="right" colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">Mar-14</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td align="right" colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">Jun-12</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td align="right" colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">Jun-10</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="64%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Estimated fair value, asset/(liability)</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">404</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">35</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(1,890</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td></tr><tr bgcolor="white"><td valign="bottom" width="64%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" colspan="12" valign="bottom" width="99%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">(1) For interest rate caps, this represents the weighted average interest rate on the debt.</div></td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr></table></div></div> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Excluding derivatives executed to hedge debt on communities classified as held for sale, the Company had three derivatives designated as cash flow hedges and six derivatives not designated as hedges at June 30, 2009. For the derivative positions that the Company has determined qualify as effective cash flow hedges under SFAS No. 133, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income.  Amounts recorded in other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow.  To adjust the Hedging Derivatives to their fair value and recognize the impact of hedge accounting, the Company recorded an increase in other comprehensive income of $797 during the six months endedJune 30, 2009 and an increase of $538 during the six months ended June 30, 2008.  Amounts in other comprehensive income will be reclassified into earnings in conjunction with the periodic adjustment of the floating rates on the Hedged Debt, in interest expense, net.  The amount reclassified into earnings for the six months ended June 30, 2009, as well as the estimated amount included in accumulated other comprehensive loss as of June 30, 2009, expected to be reclassified into earnings within the next twelve months to offset the variability of cash flows of the hedged items during this period are not material.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The Company assesses both at inception and on an on-going basis, the effectiveness of qualifying cash flow hedges.  Hedge ineffectiveness, reported as a component of general and administrative expenses, did not have a material impact on earnings of the Company for any period presented, and the Company does not anticipate that it will have a material effect in the future.  The fair values of the Hedging Derivatives are included in accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Derivative financial instruments expose the Company to credit risk in the event of nonperformance by the counterparties under the terms of the Hedging Derivatives.  The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions which have an A+ or better credit rating bythe Standard & Poor’s Ratings Group.  As part of its on-going control procedures, the Company monitors the credit ratings of counterparties and the exposure of the Company to any single entity, thus minimizing credit risk concentration.  The Company believes the likelihood of realizing losses from counterparty non-performance is remote. Refer to Note 11, “Fair Value,” for further discussion of fair value measurements including the Company’s incorporation of creditvaluation adjustments under SFAS No. 157.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div></div>

0.22

0.59

0.82

1.13

0.22

1.63

0.82

2.23

2354298000

1547492000

94410000

91606000

1458917000

1352744000

2009-06-30

-276057000

-202751000

47413000 89402000

205913000

166792000

381948000

327263000

222144000

211191000

441823000

415363000

3087770000

2940499000

799000

771000

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">9.  Stock-Based Compensation Plans</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">On May 21, 2009, the stockholders of the Company, upon the recommendation of the Board of Directors, approved the AvalonBay Communities, Inc. 2009 Stock Option and Incentive Plan (the “2009 Plan”). The 2009 Plan includes an authorization to issue up to 4,199,822 shares of the Company’s common stock, par value $0.01 per share, (2,930,000 newly authorized shares plus 1,269,822 shares that were available for grant as of May 21, 2009 under the Company’s 1994 Stock Option and Incentive Plan (the “1994 Plan”)), pursuant to awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to employees, officers, non-employee directors and agents of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted and deferred stock, stock optionsthat qualify as incentive stock options (“ISOs”) under Section 422 of the Internal Revenue Code, non-qualified options, and stock appreciation rights. The 2009 Plan will expire on May 21, 2019.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Effective as of the close of business on May 21, 2009, and as part of the proposal to approve the 2009 Plan described above, the Board of Directors terminated the 1994 Plan with respect to new awards. The 1994 Plan provided for the same types of equity awards as the 2009 Plan, and would have expired by its terms on May 8, 2011. Outstanding awards previously granted under the 1994 Plan will not be affected by termination of the 1994 Plan, the terms of which shall continue to govern such previously granted awards.  In addition to the 4,199,822 shares available for awards under the 2009 Plan as described above, any awards that were outstanding under the 1994 Plan on May 21, 2009 that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 39.6pt" align="left"> Information with respect to stock options granted under the 1994 Plan is as follows:</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"><div align="center"><table cellpadding="0" cellspacing="0" width="70%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Weighted</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">average</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">1994 Plan</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">exercise price</div></td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr><td valign="bottom" width="76%" style="PADDING-BOTTOM: 0.75pt">  </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">shares</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.75pt solid"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">per share</div></td> <td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr> <td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="10%"> </td> <td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Options Outstanding, December 31, 2008</div></td><td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">2,623,135</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">83.49</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Exercised</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">(42,950</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">34.05</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 10%"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Granted</div></td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">344,801</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right">48.60</td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 10%; PADDING-BOTTOM: 0.75pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Forfeited</div></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">(13,365</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left">)</td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: right">103.86</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.75pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2.25pt"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">Options Outstanding, June 30, 2009</div></td><td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">2,911,621</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">79.99</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="#cceeff"><td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt"><div>                             Options Exercisable:</div></td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="TEXT-ALIGN: right"> </td><td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td></tr><tr bgcolor="white"><td valign="bottom" width="76%" style="PADDING-LEFT: 17%; PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">June 30, 2009</div></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left"> </td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">2,187,979</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td><td valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"> </td><td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: left">$</td><td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right">80.97</td><td nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt; TEXT-ALIGN: left"> </td></tr></table></div> </div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The weighted average fair value of the options granted during the six months ended June 30, 2009 is estimated at $6.53 per share on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of 8.5% over the expected life of the option, volatility of 36.57%, risk-free interestrate of 2.17% and an expected life of approximately seven years.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">At June 30, 2009, the Company had 253,215 outstanding unvested shares granted under restricted stock awards.  The Company issued 169,851 shares of restricted stock valued at $8,360 as part of its stock-based compensation plan during the six months ended June 30, 2009.  Compensation cost is recognized over the requisiteservice period, which varies, but does not exceed five years.  The fair value of restricted stock is the closing stock price on the date of the grant.  Provisions of SFAS No. 123(R) require the Company to recognize compensation cost taking into consideration retirement eligibility.  The cost related to stock-based compensation for restricted stock included in the determination of net income is based on actual forfeitures for the given year.  Restricted stock awards typically vest over a five-year period with the exception of accelerated vesting provisions.  Restricted stock vesting during the six months ended June 30, 2009 totaled 122,082 shares and had fair values ranging from $48.60 to $147.75 per share.  The total fair value of shares vested was $10,103 and $10,422 for the six months ended June 30, 2009 and 2008, respectively.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Total employee stock-based compensation cost recognized in income was $6,212 and $8,705 for the six months ended June 30, 2009 and 2008, respectively, and total capitalized stock-based compensation cost was $3,095 and $2,970 for the six months ended June 30, 2009 and 2008, respectively.  At June 30, 2009, there was a total of$3,543 and $9,852 in unrecognized compensation cost for unvested stock options and unvested restricted stock, respectively, which does not include estimated forfeitures.  The unrecognized compensation cost for unvested stock options and restricted stock is expected to vest over a weighted average period of 1.71 years and 2.54 years, respectively.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Deferred Stock Performance Plan</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">In 2008 the Company’s Board of Directors and its Compensation Committee approved a multiyear performance plan ("the 2008 Performance Plan") and granted  awards in connection with this plan with an estimated compensation cost of $8,958 to senior management and other selected officers ("2008 Performance Plan Awards").  The 2008 Performance Plan Awards are initially in the form of deferred stock awards, with no dividend rights, granted under the Company’s 1994 Plan.  These deferred stock awards will be forfeited in their entirety unless the Company’s total return to shareholders, consisting of stock price appreciation plus cumulative dividends without reinvestment or compounding over the measurement period, exceeds the thresholds specified in the 2008 Performance Plan.  The measurement period of the2008 Performance Plan began on June 1, 2008 and will end on May 31, 2011, or earlier, upon a change in control of the Company.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">Earned deferred stock awards will convert into vested unrestricted common stock (50%), and unvested restricted common stock with a one-year vesting period (50%), subject to earlier forfeiture or acceleration under certain circumstances.  Dividends will be paid on both the unrestricted common stock and the restricted common stock.  As of June 30, 2009, the Company has reserved 633,179 shares within the 1994 Plan relating to deferred stock awards under the 2008 Performance Plan.</div><div style="DISPLAY: block; TEXT-INDENT: 0pt"> </div><div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">The Company is recognizing compensation expense for the 2008 Performance Plan over the three year measurement period for the 50% of each award which vests at the end of the measurement period.  For the remaining 50% of each award, the Company is recognizing compensation expense over the four year period which includes the measurement period as well as the one-year vesting period subsequent to the end of the measurement period.  The recognition of compensation cost will take into account actual forfeitures as well as retirement eligibility.  During the three months ended June 30, 2009, the Company recognized the compensation expense associated with the 2008 Performance Plan of $439 and capitalized stock-based compensation costs of $249.</div>

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