In the normal course of our ongoing business operations, we encounter economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. We are subject to interest rate risk on our interest-bearing liabilities. Credit risk is the risk of default on our operations and tenants' inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, as well as changes in the value of our other securities and the shares we hold in the REITs due to changes in interest rates or other market factors. In addition, we own investments in the European Union and are subject to the risks associated with changing foreign currency exchange rates.

Concentration of credit risk arise when a group of tenants is engaged in similar business activities or is subject to similar economic risk or conditions that could cause them to default on their lease obligations to us. We regularly monitor our portfolio to assess potential concentrations of credit risk. While we believe our portfolio is reasonably well diversified, it does contain concentrations in excess of 10%, based on the percentage of our annualized contractual minimum base rent for the second quarter of 2011, in certain areas, as shown in the table below. The percentages in the table below represent our directly-owned real estate properties and do not include our pro rata share of equity investments.

Region:					At June 30, 2011
Texas					17%
California					16%
Tennessee					12%
Georgia					9%
Other U.S.					36%
Total U.S.					90%
Total Europe					10%
Total					100%

Asset Type:
Office					42%
Industrial					29%
Warehouse/Distribution					15%
Other					14%
Total					100%

Tenant Industry:
Business and commercial services					17%
Retail stores					12%
Other					71%
Total					100%

There were no significant concentrations, individually or in the aggregate, related to our unconsolidated ventures.