Centro Saturn Mergersub 8-K Financial statements and exhibits

Exhibit 99.2

Supplemental Operating and Financial Data

March 31, 2004

(Unaudited)

Heritage Property Investment Trust, Inc.

NOTICE

Some of the statements contained in the supplemental operating and financial data constitute forward-looking statements.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.  The forward-looking statements reflect the Company’s current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause the Company’s actual results to differ significantly from those expressed in any forward-looking statement.  You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results.  The factors that could cause actual results to differ materially from current expectations include financial performance and operations of the Company’s shopping centers, including the Company’s tenants, real estate conditions, current and future bankruptcies of the Company’s tenants, execution of shopping center redevelopment programs, the Company’s ability to finance its operations, successful completion of renovations, completion of pending acquisitions, the availability of additional acquisitions, execution of joint venture opportunities, changes in economic,  business, competitive market and regulatory conditions, acts of terrorism or war and other risks detailed from time to time in filings with the Securities and Exchange Commission.  The forward-looking statements contained herein represent the Company’s judgment as of the date of this report, and the Company cautions readers not to place undue reliance on such statements.

INDEX

Corporate Profile

General Description

We are a fully integrated, self-administered and self-managed real estate investment trust, or REIT, that acquires, owns, manages, leases and redevelops primarily grocer-anchored neighborhood and community shopping centers in the Eastern and Midwestern United States.  As of March 31, 2004, we had a portfolio of 162 shopping centers totaling approximately 27.5 million square feet of Company-owned gross leasable area, located in 29 states.   Our shopping center portfolio was approximately 91% leased as of March 31, 2004.  We also owned 4 office buildings.

Corporate Office

131 Dartmouth Street

Boston, MA  02116

(617) 247-2200

Regional Offices

Lighthouse Point, Florida

Northbrook, Illinois

Peoria, Illinois

Hanover Park, Illinois

Speedway, Indiana

Lenexa, Kansas

Louisville, Kentucky

Redford, Michigan

Roseville, Minnesota

Florissant, Missouri

Omaha, Nebraska

Great Neck, New York

Charlotte, North Carolina

Franklin, Tennessee

Dallas, Texas

Mequon, Wisconsin

Stock Listing

New York Stock Exchange:  HTG

Credit Ratings

Standard & Poor’s:  BBB-

Moody’s:  Baa3

Fitch: BBB-

3

Inquiries:

Heritage Property Investment Trust, Inc. welcomes any questions or comments from stockholders, analysts, investment managers, media or any prospective investor.  Please address all inquires to the following:

At the Company:

Patrick O’Sullivan

Vice President, Finance & Accounting

131 Dartmouth Street

Boston, MA  02116

Phone: (617) 247-2200

Email: posullivan@heritagerealty.com

FRB / Weber Shandwick:

Claire Koeneman

(Analyst information)

Phone: (312) 640-6745

Joe Calabrese

(General information)

Phone: (212) 445-8434

Heritage Website:www.heritagerealty.com

Research Coverage:

Merrill Lynch	Steve Sakwa	(212) 449-0335
	Craig Schmidt	(212) 449-1944
Goldman Sachs	Carey Callaghan	(212) 902-1000
	Michael Bilerman	(212) 902-1970
Morgan Stanley	Matthew Ostrower	(212) 761-6284
	Suzanne Sorkin	(212) 761-6385
UBS Warburg	Keith Mills	(212) 713-3098
	Ian Weissman	(212) 713-8602
Wachovia Securities	Jeffrey Donnelly	(617) 603-4262
	Eric Rothman	(617) 603-4263
Legg Mason	David Fick	(410) 454-5018
Deutsche Bank	Louis Taylor	(212) 250-4912
	Chris Capolongo	(212) 250-7726
Green Street Advisors	John Herald	(949) 640-8780
	Barbara Hoogland	(949) 640-8780

4

Financial Highlights

(unaudited and in thousands of dollars, except per-share data)

	Three Months Ended March 31,
	2004			2003
Diluted Funds from Operations (FFO)	$	32,144		$	29,407
FFO per share - Diluted	$	0.69		$	0.70
Funds Available for Distribution (FAD)	$	28,100		$	26,290
FAD per share - Diluted	$	0.60		$	0.63
EBITDA	$	51,371		$	48,221
EBITDA per share - Diluted	$	1.10		$	1.15
Net Income Attributable to Common Shareholders	$	10,888		$	11,220
Basic	$	0.23		$	0.27
Diluted	$	0.23		$	0.27
Dividends Paid per Share and Unit	$	0.525		$	0.525
Payout ratio of diluted FFO per share	77		%	75		%
Payout ratio of diluted FAD per share	88		%	84		%
Other Operating Items:
Total real estate revenue	$	81,311		$	75,141
Straight line rent and SFAS 141 income adjustment	$	837		$	953
Lease termination fee income	$	296		$	449
Amortization of stock compensation	$	1,347		$	1,638
Capitalized interest expense	$	—		$	—
Scheduled principal amortization on mortgages	$	2,711		$	2,035

5

Consolidated Balance Sheets

(in thousands of dollars, except per-share data)

	March 31, 2004			December 31, 2003
	(unaudited)
ASSETS
Real estate investments	$	2,404,262		$	2,399,973
Less: accumulated depreciation	(262,647		)	(242,741		)
Real estate investments, net	2,141,615			2,157,232
Cash and cash equivalents	10,260			5,464
Accounts receivable, net of allowance for doubtful accounts of $9,394 in 2004 and $8,770 in 2003	29,193			25,514
Prepaids and other assets	14,707			13,608
Deferred financing and leasing costs	26,280			25,757
Total assets	$	2,222,055		$	2,227,575
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Mortgage loans payable	$	625,398		$	632,965
Unsecured notes payable	201,490			201,490
Line of credit facility	305,000			243,000
Accrued expenses and other liabilities	77,959			82,115
Accrued distributions	24,709			24,438
Total liabilities	1,234,556			1,184,008
Minority interests:
Series B Preferred Units	—			50,000
Series C Preferred Units	25,000			25,000
Exchangeable limited partnership units	7,556			7,670
Other minority interest	2,425			2,425
Total minority interests	34,981			85,095
Shareholders’ equity:
Common stock, $.001 par value; 200,000,000 shares authorized; 46,724,344 and 46,208,574 shares issued and outstanding at March 31, 2004 and December 31, 2003, respectively	47			46
Additional paid-in capital	1,148,088			1,136,516
Cumulative distributions in excess of net income	(189,907		)	(176,267		)
Other comprehensive income	1,185			—
Unearned compensation	(6,895		)	(1,823		)
Total shareholders’ equity	952,518			958,472
Total liabilities and shareholders’ equity	$	2,222,055		$	2,227,575

6

Consolidated Statements of Income

(in thousands of dollars, except per-share data)

	Three Months Ended March 31,
	2004			2003
	(unaudited)
Real estate revenue:
Rentals	$	60,337		$	55,367
Percentage rent	1,689			1,963
Recoveries	18,757			17,273
Other property	528			538
Total revenue	81,311			75,141
Real estate operating expenses:
Property operating expenses	13,012			12,003
Real estate taxes	11,975			10,434
Net operating income	56,324			52,704
Other operating expense (income):
Depreciation and amortization	21,470			19,121
Interest	17,615			16,877
General and administrative	5,282			5,003
Interest and other income	(204		)	(29		)
Total other operating expense (income)	44,163			40,972
Income before allocation to minority interests	12,161			11,732
Income allocated to exchangeable limited partnership units	(65		)	(20		)
Income allocated to Series B & C Preferred Units	(1,208		)	(1,664		)
Income before discontinued operations	10,888			10,048
Discontinued operations:
Operating income from discontinued operations	—			363
Gains on sales of discontinued operations	—			809
Income from discontinued operations	—			1,172
Net income attributable to common shareholders	$	10,888		$	11,220
Basic per share data:
Income before discontinued operations	$	0.23		$	0.24
Income from discontinued operations	—			0.03
Income attributable to common shareholders	$	0.23		$	0.27
Diluted per share data:
Income before discontinued operations	$	0.23		$	0.24
Income from discontinued operations	—			0.03
Income attributable to common shareholders	$	0.23		$	0.27

7

Funds From Operations

(unaudited and in thousands of dollars)

	Three Months Ended March 31,
	2004		2003
Funds from Operations:
Net income	$	10,888	$	11,220
Add (deduct):
Depreciation and amortization (real estate-related)	21,191		18,976
Net gains on sales of real estate investments	—		(809		)
Funds from Operations  (FFO)	$	32,079	$	29,387
Funds from Operations - Diluted:
FFO	$	32,079	$	29,387
Add:
Income allocated to exchangeable limited partnership units	65		20
FFO - Diluted	$	32,144	$	29,407

Funds Available for Distribution

(unaudited and in thousands of dollars)

	Three Months Ended March 31,
	2004			2003
Funds from Operations - Diluted	$	32,144		$	29,407
Add  (deduct):
Straight line rent and SFAS 141 income adjustment	(837		)	(953		)
Maintenance capital expenditures	(1,291		)	(757		)
Tenant improvement and leasing commissions	(3,345		)	(3,390		)
Capitalized interest	—			—
Amortization of financing costs	462			462
Amortization of debt premiums	(380		)	(117		)
Amortization of stock based compensation	1,347			1,638
Funds Available for Distribution	$	28,100		$	26,290

Weighted Average Shares Outstanding

(unaudited and in thousands of shares)

	Three Months Ended March 31,
	2004	2003
Weighted average shares outstanding for basic net income attributable to common shareholders (EPS) and FFO per share	46,377	41,593
Dilutive common stock equivalents for EPS:
Weighted average exchangeable limited partnership units	340	340
Effect of stock options and dilutive stock-based compensation	124	—
Weighted average shares outstanding for diluted EPS	46,841	41,933
Dilutive common stock equivalents for FFO per share:
Weighted average exchangeable limited partnership units	340	340
Effect of stock options and dilutive stock-based compensation	124	—
Weighted average shares outstanding for diluted FFO per share	46,841	41,933

8

EBITDA

(unaudited and in thousands of dollars)

	Three Months Ended March 31,
	2004		2003
EBITDA:
Net income	$	10,888	$	11,220
Add (deduct):
Net gains on sales of real estate investments	—		(809		)
Income allocated to exchangeable limited partnership units	65		20
Income allocated to Series B & C Preferred Units	1,208		1,664
Depreciation and amortization	21,470		19,121
Interest	17,615		16,877
Taxes	125		128
EBITDA	$	51,371	$	48,221

9

Selected Ratios

(unaudited)

	Three Months Ended March 31,
	2004		2003
COVERAGE RATIOS
Fixed Charge Coverage Ratio	2.39		2.34
EBITDA / (Interest+Principal+Preferred Distributions)
Interest Coverage Ratio	2.92		2.86
EBITDA / Interest
OPERATING RATIOS
General and administrative expense as a % of total revenue	6.5	%	6.7	%
Net operating income (NOI) margin	69	%	70	%
Property operating expense recovery ratio	75	%	77	%
Unencumbered NOI as a % of total NOI	54	%	55	%

Unsecured Notes Payable Covenant Ratios

(unaudited and in thousands of dollars)

	As of and for the Three Months Ended March 31,
	2004			2003
LIMITATIONS ON INDEBTEDNESS
Real estate investments, at cost	$	2,404,262		$	2,201,855
Cash and cash equivalents	10,260			18,451
Prepaids and other assets	14,707			11,162
Total asset cost (GAAP basis)	$	2,429,229		$	2,231,468
Mortgage loans payable	$	625,398		$	582,456
Unsecured notes payable	201,490			201,490
Line of credit facility	305,000			251,000
Total outstanding debt	$	1,131,888		$	1,034,946
Total outstanding debt / Total asset cost (GAAP basis)	46.6		%	46.4		%
Test level	60.0		%	60.0		%
INTEREST COVERAGE
Income available for debt service (EBITDA)	$	51,371		$	48,221
Service charge (Interest expense)	$	17,615		$	16,877
Annualized income available for debt service / Annualized service charge	2.92			2.86
Test level	1.50			1.50
ENCUMBERED ASSETS
Total asset cost (GAAP basis)	$	2,429,229		$	2,231,468
Secured debt	$	625,398		$	582,456
Secured debt / Total asset cost (GAAP basis)	25.7		%	26.1		%
Test level	40.0		%	40.0		%
UNENCUMBERED ASSETS
Unencumbered asset cost (GAAP basis)	$	1,350,194		$	1,254,894
Unsecured notes payable	$	201,490		$	201,490
Line of credit facility	305,000			251,000
Total unsecured debt	$	506,490		$	452,490
Unencumbered asset cost (GAAP basis) / Total unsecured debt	266.6		%	277.3		%
Test level	150.0		%	150.0		%

10

Capital Structure

Debt

(in thousands of dollars)

	Aggregate Principal March 31, 2004
Mortgage loans payable	$	625,398
Unsecured notes payable	201,490
Line of credit facility	305,000
Total debt	$	1,131,888

Equity

(in thousands)

	Shares & Units Outstanding at 3/31/04	$ Value Equivalent (1)
Common Stock	46,724	$	1,453,116
Operating Partnership Units	340	10,574
Preferred Operating Partnership Units	1,000	25,000
		$	1,488,690
Total market capitalization		$	2,620,578
Total Debt to Total Market Capitalization		43.19		%

(1) Value based on stock price of $31.10 per share as of the market close on March 31, 2004.

11

Debt Analysis

(in thousands of dollars)

Debt Maturities and Principal Payments

Year	2004 (1)		2005		2006		2007		2008		Thereafter		Total (2)
Amount	$	123,577	$	349,275	$	24,872	$	34,567	$	119,477	$	470,076	$	1,121,844

(1) Represents the period from April 1, 2004 through December 31, 2004.

(2) The aggregate repayment amount of $1,121,844 does not reflect the unamortized mortgage loan premiums totaling $10,044 related to the assumption of nine mortgage loans with above-market contractual interest rates.

Unsecured Line of Credit - Due April 29, 2005

Total Facility		Outstanding at 3/31/04		Letters of Credit		Remaining Capacity
$	350,000	$	305,000	$	—	$	45,000

Unsecured and Secured Debt Analysis

	Amount		% of Debt		Weighted Average Rate		Weighted Average Maturity
Unsecured Debt	$	506,490	44.75	%	4.12	%	1.5	years
Secured Debt	625,398		55.25	%	7.50	%	6.2	years
Total Debt	$	1,131,888	100.00	%	5.99	%	4.1	years

Floating and Fixed Rate Debt Analysis

	Amount		% of Debt		Weighted Average Rate		Weighted Average Maturity
Floating Rate Debt	$	319,948	28.27	%	2.19	%	1.4	years
Fixed Rate Debt	811,940		71.73	%	7.49	%	5.2	years
Total Debt	$	1,131,888	100.00	%	5.99	%	4.1	years

12

Debt Maturities and Principal Payments

(in thousands of dollars)

Property	2004 (1)		2005	2006	2007	2008	Thereafter	Total
Mortgage loans payable:
Miracle Hills Park	$	3,573	—	—	—	—	—	3,573
The Commons of Chancellor Park	12,277		—	—	—	—	—	12,277
Franklin Square	331		13,583	—	—	—	—	13,914
Williamson Square	255		10,833	—	—	—	—	11,088
Riverchase Village Shopping Center	235		9,764	—	—	—	—	9,999
Meridian Village Plaza (2)	205		292	4,841	—	—	—	5,338
Spring Mall	83		120	8,021	—	—	—	8,224
Southport Centre	—		76	160	9,764	—	—	10,000
Innes Street Market	246		352	380	12,098	—	—	13,076
Southgate Shopping Center	76		110	119	2,166	—	—	2,471
Salem Consumer Square	318		455	504	558	8,778	—	10,613
St. Francis Plaza	134		191	207	225	243	—	1,000
Buckingham Place (2)	42		63	69	74	79	5,054	5,381
County Line Plaza (2)	138		205	222	240	256	16,002	17,063
Trinity Commons (2)	114		171	185	200	214	13,776	14,660
8 shopping centers, cross collaterialized	1,195		1,705	1,843	1,993	2,154	72,132	81,022
Montgomery Commons (2)	52		79	86	94	100	7,437	7,848
Warminster Towne Center (2)	175		260	283	307	329	18,657	20,011
Clocktower Place (2)	80		121	132	144	154	12,009	12,640
545 Boylston Street and William J. McCarthy Building	457		655	711	772	838	31,808	35,241
29 shopping centers, cross collateralized	1,698		2,520	2,728	2,955	3,147	224,115	237,163
Spradlin Farm (2)	128		189	203	219	232	16,440	17,411
Berkshire Crossing	445		611	630	651	671	11,940	14,948
Grand Traverse Crossing	257		366	394	424	457	11,643	13,541
Salmon Run Plaza (2)	222		319	349	381	417	3,192	4,880
Elk Park Center	209		297	321	346	374	6,906	8,453
Grand Traverse Crossing - Wal-Mart	116		165	179	193	208	4,415	5,276
Montgomery Towne Center	242		382	393	307	335	5,626	7,285
Bedford Grove - Wal-Mart	107		152	164	178	191	3,382	4,174
Berkshire Crossing - Home Depot/Wal-Mart	167		239	258	278	300	5,542	6,784
Total mortgage loans payable	$	23,577	44,275	23,382	34,567	19,477	470,076	615,354
Unsecured notes payable	100,000		—	1,490	—	100,000	—	201,490
Line of credit facility	—		305,000	—	—	—	—	305,000
Total indebtedness (2)	$	123,577	349,275	24,872	34,567	119,477	470,076	1,121,844

(1) Represents the period from April 1, 2004 through December 31, 2004.

(2) The aggregate repayment amount of $1,121,844 does not reflect the unamortized mortgage loan premiums totaling $10,044 related to the assumption of nine mortgage loans with above-market contractual interest rates.

13

Summary of Mortgage Loans Payable

(in thousands of dollars)

Property	Lender	Maturity	Effective Interest Rate		Contractual Interest Rate		Contractual Principal Balance		At March 31, 2004 Unamortized Mortgage Premium		Carrying Value
Miracle Hills Park	Lutheran Brotherhood	Aug-04	8.28	%	8.28	%	$	3,573	$	—	$	3,573
The Commons of Chancellor Park	Principal Mutual Life Insurance	Nov-04	8.48	%	8.48	%	12,277		—		12,277
Franklin Square	Principal Mutual Life Insurance	Jun-05	9.00	%	9.00	%	13,914		—		13,914
Williamson Square	GMAC Commercial Mortgage	Aug-05	8.00	%	8.00	%	11,088		—		11,088
Riverchase Village Shopping Center	Allstate Life Insurance	Sep-05	7.62	%	7.62	%	9,999		—		9,999
Meridian Village Plaza	Sun Life Assurance Company of Canada	May-06	5.05	%	7.88	%	5,338		316		5,654
Spring Mall	Wells Fargo	Oct-06	9.39	%	9.39	%	8,224		—		8,224
Southport Centre	Lutheran Brotherhood	Jul-07	6.94	%	6.94	%	10,000		—		10,000
Innes Street Market	Metropolitan Life Insurance Company	Oct-07	7.63	%	7.63	%	13,076		—		13,076
Southgate Shopping Center	American Express Financial	Oct-07	8.38	%	8.38	%	2,471		—		2,471
Salem Consumer Square	Great West Life Insurance	Sep-08	10.13	%	10.13	%	10,613		—		10,613
St. Francis Plaza	American United Life Insurance	Dec-08	8.13	%	8.13	%	1,000		—		1,000
Buckingham Place	GMAC Commercial Mortgage	Aug-09	5.89	%	7.88	%	5,381		494		5,875
County Line Plaza	GMAC Commercial Mortgage	Aug-09	5.64	%	7.91	%	17,063		1,801		18,864
Trinity Commons	GMAC Commercial Mortgage	Aug-09	5.64	%	7.93	%	14,660		1,561		16,221
8 shopping centers, cross collateralized	Metropolitan Life Insurance Company	Dec-09	7.82	%	7.82	%	81,022		—		81,022
Montgomery Commons	LaSalle Bank	Jan-10	6.38	%	8.48	%	7,848		800		8,648
Warminster Towne Center	LaSalle Bank	Feb-10	6.01	%	8.24	%	20,011		2,205		22,216
Clocktower Place	Northland Marquette Capital Group	Apr-10	5.75	%	8.56	%	12,640		1,796		14,436
545 Boylston Street and William J. McCarthy Building	American General	Oct-10	8.26	%	8.26	%	35,241		—		35,241
29 shopping centers, cross collateralized	Prudential Mortgage Capital Corporation	Oct-10	7.88	%	7.88	%	237,163		—		237,163
Spradlin Farm	PNC Bank	Jan-12	6.53	%	7.25	%	17,411		778		18,189
Berkshire Crossing	M & T Bank	Nov-12	3.10	%	3.10	%	14,948		—		14,948
Grand Traverse Crossing	First Union Bank	Jan-13	7.42	%	7.42	%	13,541		—		13,541
Salmon Run Plaza	Nationwide Life Insurance	Sep-13	8.10	%	8.95	%	4,880		293		5,173
Elk Park Center	American Express Financial	Aug-16	7.64	%	7.64	%	8,453		—		8,453
Grand Traverse Crossing - Wal-Mart	Principal Mutual Life Insurance	Oct-16	7.75	%	7.75	%	5,276		—		5,276
Montgomery Towne Center	Security Life of Denver Insurance Company	Mar-19	8.50	%	8.50	%	7,285		—		7,285
Bedford Grove - Wal-Mart	National Life Insurance Company	Nov-19	7.63	%	7.63	%	4,174		—		4,174
Berkshire Crossing - Home Depot/Wal-Mart	Bankers Life & Casualty Insurance Company	Mar-20	7.63	%	7.63	%	6,784		—		6,784
Total/Weighted average			7.50	%	7.87	%	$	615,354	$	10,044	$	625,398

14

Other Securities

Security Issued:	Unsecured Notes Payable Issued by Bradley OP (1)
Carrying value at 3/31/04	-	$100,000,000
Maturity	-	November 15, 2004
Interest rate	-	7.00%
Security Issued:	Unsecured Notes Payable Issued by Bradley OP (1)
Carrying value at 3/31/04	-		$100,000,000
Maturity	-		January 15, 2008
Interest rate	-		7.20%
Security Issued:	Unsecured Notes Payable Issued by Bradley OP (1)
Carrying value at 3/31/04	-		$1,490,000
Maturity	-		March 15, 2006
Interest rate	-		8.875%
Security Issued:	Series C Cumulative Redeemable Units of Bradley OP (1)
	Perpetual Preferred
Carrying value at 3/31/04	-		$25,000,000
Units Outstanding	-		1,000,000
Conversion	-		Convertible into Heritage Preferred Stock 1:1 in 2009
Dividend	-		8.875%
Callable by Bradley OP	-		Five years from date of issuance (September 7, 1999)
Security Issued:	Bradley OP (1) Exchangeable Limited Partnership Units
Carrying value at 3/31/04	-		$7,556,000
Units Outstanding	-		340,270 OP Units
Conversion	-		Convertible into Heritage Common Stock 1:1
Dividend	-		Equal to current common dividend

(1) Bradley Operating Limited Partnership is a subsidiary of the Company that owns 105 properties at March 31, 2004.

15

Heritage Property Investment Trust, Inc.

Portfolio Overview Summary - March 31, 2004

Number of shopping centers	162
Number of office buildings	4
Total real estate owned	166
Company-owned shopping center GLA	27,487,957
Company-owned office building net rentable square feet	281,201
Total	27,769,158
% Leased - Total Portfolio	91.2	%
Average square foot size of shopping centers - Company-owned GLA	170,000
Average square foot size of shopping centers - Total GLA	202,000
Average number of shopping center anchor tenants	2.7
Grocer-anchored shopping centers as a % of total shopping centers	75	%
% of total NOI produced by grocer-anchored shopping centers	73	%

16

Portfolio Overview - Square Footage

Geographic Distribution - Total Portfolio

Geographic Area	Number of Properties	Total Owned GLA	% of Total		Annualized Based Rent		% of Total
East:
North Carolina	10	2,725,205	9.81	%	$	25,367,816	10.51	%
New York	16	1,223,330	4.41	%	18,116,625		7.50	%
Massachusetts	6	1,102,245	3.97	%	14,646,716		6.07	%
Florida	5	1,036,299	3.73	%	7,572,108		3.14	%
Tennessee	3	887,818	3.20	%	5,920,121		2.45	%
New Hampshire	4	811,423	2.92	%	5,898,077		2.44	%
Pennsylvania	3	686,117	2.47	%	5,425,928		2.25	%
New Jersey	2	505,382	1.82	%	5,053,740		2.09	%
Alabama	3	450,172	1.62	%	4,838,838		2.00	%
Maine	1	254,378	0.92	%	1,380,984		0.57	%
Vermont	1	224,514	0.81	%	1,822,487		0.75	%
Mississippi	1	221,567	0.80	%	2,982,144		1.24	%
Virginia	1	181,055	0.65	%	2,294,867		0.95	%
Georgia	1	141,072	0.51	%	688,253		0.29	%
Connecticut	1	125,710	0.45	%	1,192,560		0.49	%
Subtotal	58	10,576,287	38.09	%	$	103,201,264	42.75	%
Midwest:
Illinois	17	3,264,804	11.76	%	$	29,270,815	12.12	%
Minnesota	17	2,642,964	9.52	%	23,664,527		9.80	%
Indiana	13	2,621,138	9.44	%	17,558,786		7.27	%
Missouri	9	1,609,963	5.80	%	13,135,214		5.44	%
Wisconsin	11	1,318,401	4.75	%	9,417,968		3.90	%
Texas	7	968,230	3.49	%	12,180,092		5.05	%
Kansas	6	932,186	3.36	%	5,530,221		2.29	%
Michigan	4	919,820	3.31	%	7,315,007		3.03	%
Iowa	7	726,552	2.62	%	3,419,267		1.42	%
Ohio	3	669,682	2.41	%	5,217,200		2.16	%
Kentucky	5	653,887	2.35	%	5,058,798		2.10	%
Nebraska	7	633,918	2.28	%	4,750,767		1.97	%
South Dakota	1	195,526	0.70	%	1,303,533		0.54	%
New Mexico	1	35,800	0.13	%	401,670		0.17	%
Subtotal	108	17,192,871	61.91	%	$	138,223,865	57.25	%
Total	166	27,769,158	100.00	%	$	241,425,129	100.00	%

17

Top Tenants by Annualized Base Rent

	Tenant	# of Stores	Total GLA	GLA as a% of Total		Tenant Annualized Base Rent (1)		% of Total Annualized Base Rent (2)		Type of Business
1	TJX Companies (3)	46	1,437,140	5.18	%	$	12,558,607	5.20	%	Off Price/Soft Goods
2	Kroger (4)	13	720,708	2.60	%	5,050,338		2.09	%	Grocer
3	Supervalu (5)	10	657,733	2.37	%	4,418,895		1.83	%	Grocer
4	Wal-Mart	9	842,962	3.04	%	3,533,264		1.46	%	Discount
5	Roundy’s (6)	9	546,032	1.97	%	3,530,402		1.46	%	Grocer
6	Barnes & Noble	8	203,436	0.73	%	3,299,831		1.37	%	Books
7	Charming Shoppes (7)	38	316,183	1.14	%	3,267,092		1.35	%	Discount / Apparel
8	Home Depot	4	459,073	1.65	%	3,040,475		1.26	%	Home Improvement
9	OfficeMax	12	317,020	1.14	%	3,014,852		1.25	%	Office Products
10	Staples	11	278,043	1.00	%	2,913,256		1.21	%	Office Products
11	Hy-Vee	9	535,066	1.93	%	2,591,325		1.07	%	Grocer
12	Hallmark	40	205,722	0.74	%	2,459,040		1.02	%	Cards/Gifts
13	Blockbuster	24	149,198	0.54	%	2,415,316		1.00	%	Video Sales / Rentals
14	Walgreens	15	192,330	0.69	%	2,318,230		0.96	%	Drug Store
15	Circuit City	6	181,149	0.65	%	2,223,009		0.92	%	Electronics
16	PetsMart	8	195,836	0.71	%	2,222,879		0.92	%	Pet Supplies
17	Linens N Things	6	179,705	0.65	%	2,201,047		0.91	%	Soft Goods
18	Associated Wholesale Grocers (8)	6	401,848	1.45	%	2,155,380		0.89	%	Grocer
19	Safeway (9)	4	261,433	0.94	%	2,054,368		0.85	%	Grocer
20	Dollar Tree	30	242,607	0.87	%	2,013,337		0.83	%	Discount

(1)We calculate annualized base rent for all leases in place in which tenants are in occupancy at March 31, 2004 as follows: total base rent to be received during the entire term of each lease, divided by the terms in months for such leases, multiplied by 12. For any leases relating to properties we acquire, we calculate total base rent to be received beginning from the date we acquired the property.

(2)Represents total Tenant Annualized Base Rent divided by Total Annualized Base Rent of $241,425,129.

(3)TJX Companies include: TJ Maxx (21), Marshalls (16),  A.J. Wright (5), Homegoods (2) and Bob’s Stores (2).

(4)The Kroger Co. includes: Kroger (11), Pay Less Supermarket (1) and Dillons (1).

(5)Supervalu Inc. includes: Cub Foods (5), Shop n’ Save (1), Shop Rite (1) and Ray’s Supermarket (1). Supervalu Inc. also includes (2) Cub Foods locations leased by a limited liability corporation of which Supervalu Inc. is a member.

(6)Roundy’s, Inc. includes: Pick N Save (5) and Rainbow Foods (4).

(7)Charming Shoppes includes: Fashion Bug (29), Lane Bryant (6) and Catherine’s (3).

(8)Associated Wholesale Grocers includes: Price Chopper (5) and Food 4 Less (1).

(9)Safeway includes: Dominick’s (1), Randall’s Food Market (2) and Tom Thumb (1).

18

Anchor Lease Expiration Roll Out - March 31, 2004 (1)

Lease Expiration Year	Number of Expiring Leases	Expiring Square Feet	% of Total Sq. Ft. Expiring		Expiring Base Rent(2)		% of Total Base Rent		Expiring Base Rent / Sq. Ft.(3)
2004 (remaining)	13	413,833	2.6	%	$	2,431,585	2.1	%	$	5.88
2005	21	579,471	3.7	%	3,703,854		3.1	%	6.39
2006	36	1,417,087	9.0	%	7,597,633		6.4	%	5.36
2007	35	1,287,355	8.2	%	8,212,824		7.0	%	6.38
2008	36	1,364,235	8.6	%	8,926,537		7.6	%	6.54
2009	46	1,658,278	10.5	%	14,095,127		12.0	%	8.50
2010	30	1,096,941	6.9	%	8,719,706		7.4	%	7.95
2011	27	1,130,951	7.2	%	9,554,984		8.1	%	8.45
2012	22	746,159	4.7	%	7,447,734		6.3	%	9.98
2013	26	1,170,791	7.4	%	8,800,275		7.5	%	7.52
2014 and Thereafter	95	4,924,602	31.2	%	38,388,299		32.6	%	7.80
Totals	387	15,789,703	100.0	%	$	117,878,558	100.0	%	$	7.47

(1)We define anchor tenants as single tenants which lease 15,000 square feet or more at a property.

(2)Represents the last 12 months of rent payable immediately prior to the expiration of the lease.

(3)Represents Expiring Base Rent divided by Expiring Square Feet.

19

Non-Anchor Lease Expiration Roll Out - March 31, 2004

Lease Expiration Year	Number of Expiring Leases	Expiring Square Feet	% of Total Sq. Ft. Expiring		Expiring Base Rent(1)		% of Total Base Rent		Expiring Base Rent / Sq. Ft.(2)
2004 (remaining)	385	849,597	8.90	%	$	11,097,617	8.33	%	$	13.06
2005	550	1,727,656	18.10	%	23,557,247		17.69	%	13.64
2006	532	1,591,471	16.67	%	21,714,568		16.31	%	13.64
2007	422	1,397,464	14.64	%	19,459,534		14.61	%	13.92
2008	370	1,326,248	13.90	%	19,145,099		14.38	%	14.44
2009	225	881,095	9.23	%	11,978,687		9.00	%	13.60
2010	92	380,283	3.98	%	6,268,187		4.71	%	16.48
2011	70	316,154	3.31	%	4,650,919		3.49	%	14.71
2012	63	258,010	2.70	%	4,546,837		3.41	%	17.62
2013	56	246,107	2.58	%	3,861,372		2.90	%	15.69
2014 and Thereafter	87	570,217	5.97	%	6,872,851		5.16	%	12.05
Totals	2,852	9,544,302	100.00	%	$	133,152,918	100.00	%	$	13.95

(1)Represents the last 12 months of rent payable immediately prior to the expiration of the lease.

(2)Represents Expiring Base Rent divided by Expiring Square Feet.

20

Total Lease Expiration Roll Out - March 31, 2004

Lease Expiration Year	Number of Expiring Leases	Expiring Square Feet	% of Total Sq. Ft. Expiring		Expiring Base Rent(1)		% of Total Base Rent		Expiring Base Rent / Sq. Ft.(2)
2004 (remaining)	398	1,263,430	5.0	%	$	13,529,202	5.4	%	$	10.71
2005	571	2,307,127	9.1	%	27,261,101		10.9	%	11.82
2006	568	3,008,558	11.9	%	29,312,201		11.7	%	9.74
2007	457	2,684,819	10.6	%	27,672,358		11.0	%	10.31
2008	406	2,690,483	10.6	%	28,071,636		11.2	%	10.43
2009	271	2,539,373	10.0	%	26,073,814		10.4	%	10.27
2010	122	1,477,224	5.8	%	14,987,893		6.0	%	10.15
2011	97	1,447,105	5.7	%	14,205,903		5.7	%	9.82
2012	85	1,004,169	4.0	%	11,994,571		4.8	%	11.94
2013	82	1,416,898	5.6	%	12,661,647		5.0	%	8.94
2014 and Thereafter	182	5,494,819	21.7	%	45,261,150		18.0	%	8.24
Totals	3,239	25,334,005	100.0	%	$	251,031,476	100.0	%	$	9.91

(1)Represents the last 12 months of rent payable immediately prior to the expiration of the lease.

(2)Represents Expiring Base Rent divided by Expiring Square Feet.

21

Historical Leasing Production (3) - Cash Basis

	Three Months Ended March 31, 2004			Year Ended December 31,
				2003			2002			2001
New Leases
Number of new leases signed	62			238			268			231
GLA leased (sq. ft. at end of period)	247,529			1,011,736			1,061,614			849,453
New base rent/sq. ft. (1)	$	11.17		$	10.13		$	10.48		$	10.44
Expiring base rent/sq. ft. (2)	$	9.52		$	9.62		$	9.55		$	9.04
Percentage growth in base rent	17.3		%	5.3		%	9.7		%	15.5		%
Renewals
Number of renewals signed	109			392			398			337
GLA leased (sq. ft. at end of period)	528,172			1,863,236			1,577,270			1,144,299
New base rent/sq. ft.	$	10.78		$	10.62		$	11.04		$	10.92
Expiring base rent/sq. ft.	$	10.34		$	10.09		$	10.51		$	9.89
Percentage growth in base rent	4.2		%	5.2		%	5.0		%	10.4		%
Total New Leases and Renewals
Number of new leases and renewals signed	171			630			666			568
GLA leased (sq. ft. at end of period)	775,701			2,874,972			2,638,884			1,993,752
New base rent/sq. ft.	$	10.90		$	10.44		$	10.81		$	10.72
Expiring base rent/sq. ft.	$	10.08		$	9.92		$	10.12		$	9.53
Percentage growth in base rent	8.2		%	5.2		%	6.8		%	12.5		%

(1)New Base Rent represents the base rent payable for the first 12 months of the lease.

(2)Expiring Base Rent represents the last 12 months of the rent payable immediately prior to the expiration of the lease.

(3)Leasing production amounts presented represent comparable square footage and exclude leasing of vacant space at newly acquired centers, leasing of anchor space vacant greater than 24 months and new developed square footage.

22

Historical Capital Expenditures,
Tenant Improvement Costs and Leasing Commissions

	Three Months Ended March 31, 2004		Year Ended December 31,
			2003		2002		2001
Average number of square feet	27,794,000		26,792,000		25,117,000		23,308,000
Maintenance capital expenditures	$	1,291,000	$	8,408,000	$	8,145,000	$	5,466,000
Per square foot	$	0.05	$	0.31	$	0.32	$	0.23
Tenant improvements	$	2,377,000	$	11,938,000	$	11,876,000	$	12,615,000
Leasing commissions	968,000		4,931,000		4,461,000		2,030,000
Total	$	3,345,000	$	16,869,000	$	16,337,000	$	14,645,000
Per square foot	$	0.12	$	0.63	$	0.65	$	0.63

23

Same Property Analysis

(in thousands of dollars)

	Three Months Ended March 31,
	2004			2003
Total income	$	73,478		$	72,967
Operating expenses	(22,509		)	(21,948		)
Net operating income	50,969			51,019			-0.1	%
Less: Lease termination income	(296		)	(74		)
Net operating income, as adjusted	$	50,673		$	50,945		-0.5	%

24

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Shopping Centers:
Alabama
Montgomery Commons	1999	94	%	95,300	299,050	257,550	Super Wal-Mart (Non-Owned)	$	944,535	$	9.91
							Marshalls
							Michaels
Montgomery Towne Center	1996	98	%	176,361	266,895	225,415	Winn Dixie Supermarket (Non-Owned)	$	2,166,627	$	12.29
							Bed, Bath & Beyond
							Circuit City
							Carmike Cinemas (Non-Owned)
							Just for Feet
							Barnes & Noble
							Office Max
Riverchase Village SC	1994	93	%	178,511	190,611	128,225	Bruno’s Supermarket	$	1,727,676	$	9.68
							Best Buy
							Barnes & Noble
Connecticut
Torrington Plaza	1963/1994	91	%	125,710	132,910	42,037	TJ Maxx	$	1,192,560	$	9.49
							Staples
Florida
Barton Commons	1989	41	%	215,049	218,049	52,039	Bealls Dept. Store	$	439,884	$	2.05
							Bealls Outlet
Naples Shopping Center	1962/1997	100	%	198,904	202,404	162,486	Publix Supermarket	$	2,021,976	$	10.17
							Marshalls
							Linens N Things
							Office Depot
							Books A Million
Park Shore Shopping Center	1973/1993	100	%	231,830	240,330	188,180	Fresh Market	$	1,843,992	$	7.95
							K-Mart
							Rhodes Furniture
							Homegoods
							Sound Advice
Shoppers Haven Shopping Center	1959/1998	76	%	207,049	207,049	88,404	Winn Dixie Supermarket	$	1,614,276	$	7.80
							Walgreens
							Bealls Outlet
Venetian Isle Shopping Center (8)	1959/1992	99	%	183,467	186,967	111,831	Publix Supermarket	$	1,651,980	$	9.00
							TJ Maxx
							Linens N Things
							PetsMart
Georgia
Shenandoah Plaza	1987	99	%	141,072	144,072	113,922	Ingles Market	$	688,253	$	4.88
							Wal-Mart/Big Lots/ACS

25

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Illinois
Bartonville Square	1972	100	%	61,678	61,678	41,824	Kroger Supermarket	$	290,438	$	4.71
Butterfield Square	1997	99	%	106,767	121,370	51,677	Sunset Foods	$	1,434,760	$	13.44
The Commons of Chicago Ridge	1992/1999	100	%	324,080	324,080	263,589	Home Depot Office Depot	$	3,839,376	$	11.85
							Marshalls
							Pep Boys (Ground Lease)
							Old Navy
							X Sport Fitness
							Michaels
The Commons of Crystal Lake	1995/1998	97	%	273,060	365,335	210,569	Jewel Foods/Osco Drugs	$	3,139,824	$	11.50
							Marshalls
							Toys R Us
							Hobby Lobby (Non-Owned)
Crossroads Centre	1975/1988	96	%	242,470	247,970	129,468	KM Fairview Heights LLC/Hobby Lobby (Ground Lease)	$	1,598,112	$	6.59
							TJ Maxx
Fairhills Shopping Center	1971/1989	79	%	107,614	117,714	49,330	Jewel Foods/Osco Drugs	$	556,072	$	5.17
Heritage Square	1992	99	%	210,852	210,852	164,706	Circuit City	$	2,558,832	$	12.14
							Carson Furniture Gallery
							DSW Shoe Warehouse
							Rhodes Furniture
High Point Centre	1988	97	%	240,002	240,002	141,068	Cub Foods	$	2,335,057	$	9.73
							Office Depot
							Babies R Us
							Big Lots
Parkway Pointe	1996	100	%	38,737	222,037	179,300	Wal-Mart (Non-Owned)	$	520,296	$	13.43
							Target (Non-Owned)
							Party Tree (Non-Owned)
Rivercrest	1992/1999	100	%	488,680	847,635	711,859	Dominick’s Supermarket	$	4,307,940	$	8.82
							Best Buy
							PetsMart
							TJ Maxx
							Kimco Realty Corp./K-Mart
							Sears
							OfficeMax
							Hollywood Park
							Target (Non-Owned)
							Kohl’s (Non-Owned)
							Menards (Non-Owned)
							Sony Theaters (Non-Owned)

26

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Rollins Crossing	1995/1998	100	%	150,576	344,696	283,704	Super K-Mart (Non-Owned)	$	1,034,244	$	6.87
							Sears Paint & Hardware
							Regal Cinema (Ground Lease)
Sangamon Center North	1970/1996	98	%	139,907	151,107	79,257	Schnuck’s Supermarket	$	1,125,564	$	8.05
							U.S. Post Office
Sheridan Village	1954/1995	93	%	303,896	303,896	177,409	Bergner’s Dept Store	$	2,251,392	$	7.41
							Cohen’s Furniture Co.
Sterling Bazaar	1992	95	%	84,535	84,535	52,337	Kroger Supermarket	$	757,116	$	8.96
Twin Oaks Centre	1991	96	%	98,197	98,197	59,682	Hy-Vee Supermarket	$	696,272	$	7.09
Wardcliffe Shopping Center	1976/1977	89	%	67,681	67,681	48,341	CVS	$	340,944	$	5.04
							Big Lots
Westview Center	1992	75	%	326,072	416,872	184,265	Cub Foods	$	2,484,576	$	7.62
							Marshalls
							Value City Dept. Store (Non-Owned)
							Fashion Bug
Indiana
Apple Glen Crossing	2001/2002	97	%	150,446	440,987	384,426	Super Wal-Mart (Non-Owned)	$	1,755,360	$	11.67
							Kohl’s (Non-Owned)
							Dick’s Sporting Goods
							Best Buy (Ground Lease)
							PetsMart
County Line Mall	1976/1991	90	%	268,589	271,389	213,950	Kroger Supermarket	$	1,556,416	$	5.79
							OfficeMax
							Old Time Pottery
							Sofa Express
Double Tree Plaza	1996	100	%	98,342	110,342	49,773	Amelia’s Supermarket	$	752,491	$	7.65
Germantown Shopping Center	1985	72	%	230,640	237,840	114,905	Beuhlers Supermarket	$	1,068,692	$	4.63
							Elder Beerman Dept Store
							Peebles Dept Store
King’s Plaza	1965	87	%	102,788	104,888	60,200	Cub Foods	$	423,648	$	4.12
Lincoln Plaza	1968	86	%	95,814	95,814	39,104	Kroger Supermarket	$	631,663	$	6.59
Martin’s Bittersweet Plaza	1992	100	%	78,245	81,255	61,079	Martin’s Supermarket	$	574,392	$	7.34
							Osco Drug
Meridian Village	1990	99	%	130,774	130,774	65,030	O’Malia’s Supermarket	$	1,287,372	$	9.84
							Godby Home Furnishings
Rivergate Shopping Center	1982	94	%	133,086	137,486	108,086	Super Foods	$	506,924	$	3.81
							Wal-Mart

27

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Sagamore Park Centre	1982	93	%	118,436	118,436	66,063	Payless Supermarket	$	922,792	$	7.79
Speedway SuperCenter	1960/1998	90	%	569,879	569,879	252,624	Kroger Supermarket	$	4,700,748	$	8.25
							AJ Wright
							Kohl’s
							Sears
							Factory Card Outlet
							Old Navy
							Petco
The Village	1950	78	%	312,187	314,987	98,025	US Factory Outlet	$	1,827,936	$	5.86
							AJ Wright
							Ind. Dept of Employment
Washington Lawndale Commons	1957/1993	75	%	331,912	331,912	168,409	Stein Mart Dunham’s Sporting Goods	$	1,550,352	$	4.67
							Gensic’s Furniture House
							Jo-Ann Fabrics
							Books A Million
							Big Lots
Iowa
Burlington Plaza West	1989	34	%	88,118	92,118	N/A	N/A	$	210,572	$	2.39
Davenport Retail Center	1996	100	%	62,588	229,588	214,433	Staples	$	645,534	$	10.31
							PetsMart
							Super Target (Non-Owned)
Kimberly West	1987/1997	86	%	113,713	116,513	76,896	Hy-Vee Supermarket	$	608,968	$	5.36
Parkwood Plaza	1992	38	%	126,369	126,369	N/A	N/A	$	340,476	$	2.69
Southgate Shopping Center	1972/1996	86	%	155,399	155,399	102,065	Hy-Vee Supermarket	$	474,059	$	3.05
							Big Lots
Spring Village	1980/1991	97	%	90,263	92,763	45,763	Eagle Foods	$	459,246	$	5.09
Warren Plaza	1980/1993	96	%	90,102	187,135	148,525	Hy-Vee Supermarket	$	680,412	$	7.55
							Target (Non-Owned)
Kansas
Mid State Plaza	1971	78	%	286,601	293,101	157,017	Food 4 Less	$	729,170	$	2.54
							Sutherlands Lumber
							Hobby Lobby
Santa Fe Square	1987	100	%	133,698	133,698	55,820	Hy-Vee Supermarket/Office Depot	$	1,283,070	$	9.60
Shawnee Parkway Plaza	1979/1995	96	%	92,213	92,213	59,128	Price Chopper Supermarket	$	658,914	$	7.15
Village Plaza	1975	100	%	55,698	55,698	31,431	Falley’s Food 4 Less	$	274,694	$	4.93
Westchester Square	1968/1998	93	%	164,944	168,644	63,000	Hy-Vee Supermarket	$	1,311,641	$	7.95
West Loop Shopping Center	1986/1998	88	%	199,032	199,032	78,558	Dillons Supermarket	$	1,272,732	$	6.39
							Waters True Value

28

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Kentucky
Camelot Shopping Center	1969/1997	64	%	150,571	150,571	61,500	Winn Dixie Supermarket	$	670,584	$	4.45
							Gatti’s Pizza
Dixie Plaza	1987	100	%	48,021	82,804	59,383	Winn Dixie Supermarket	$	384,247	$	8.00
							Frank’s Nursery (Non-Owned)
Midtown Mall	1970/1994	94	%	153,828	153,828	106,271	Kroger Supermarket	$	929,748	$	6.04
							Big Lots/Odd Lots
							Gatti’s Pizza
Plainview Village Center	1977	95	%	164,454	186,254	39,399	Kroger Supermarket	$	1,459,703	$	8.88
Stony Brook	1988	100	%	137,013	238,213	169,775	Kroger Supermarket	$	1,614,516	$	11.78
							H.H. Gregg (Non-Owned)
Maine
Pine Tree Shopping Center	1958/1973	69	%	254,378	254,378	122,178	Shaw’s Supermarket (Ground Lease)	$	1,380,984	$	5.43
							Mardens
							Jo-Ann Fabrics
							AJ Wright
Massachusetts
Berkshire Crossing	1996	100	%	441,412	441,412	389,561	Price Chopper Supermarket	$	3,341,956	$	7.57
							Wal-Mart (Ground Lease)
							Home Depot (Ground Lease)
							Staples
							Michaels
							Barnes & Noble
Lynn Market Place	1966/1993	100	%	78,092	78,092	52,620	Shaw’s Supermarket	$	623,856	$	7.99
Watertower Plaza	1988/1998	89	%	296,320	296,320	194,078	Shaw’s Supermarket	$	3,642,648	$	12.29
							TJ Maxx
							OfficeMax
							Barnes & Noble
							Linens ‘N Things
							Petco
							Michaels
Westgate Plaza	1969/1996	100	%	103,903	103,903	77,768	Stop & Shop/Staples/Ocean State Job Lot	$	1,021,336	$	9.83
							TJ Maxx
Michigan
Cherry Hill Marketplace	1992/1999	87	%	122,132	125,032	53,739	Farmer Jacks	$	1,224,262	$	10.02
Grand Traverse Crossing	1996	100	%	387,273	387,273	339,156	Wal-Mart (Ground Lease)	$	2,635,324	$	6.80
							Home Depot (Ground Lease)
							Borders (Ground Lease)
							Toys R Us
							Staples
							PetsMart

29

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
The Courtyard	1989	96	%	125,967	265,622	219,421	V.G. Food Center	$	995,460	$	7.90
							OfficeMax
							Dunhams Sporting Goods
							Home Depot (Non-Owned)
Redford Plaza	1956/1987	100	%	284,448	284,448	194,014	Kroger Supermarket	$	2,459,961	$	8.65
							Burlington Coat Factory
							Bally Total Fitness
							AJ Wright
							Aco Hardware
							The Resource Network
Minnesota
Austin Town Center	1999	47	%	110,680	200,680	170,789	Staples	$	480,610	$	4.34
							Target (Non-Owned)
Brookdale Square	1971/1994	82	%	185,883	185,883	140,102	Circuit City	$	1,018,399	$	5.48
							Office Depot
							Brookdale Theater
							Pep Boys
							Hennepin County
Burning Tree Plaza	1987/1998	99	%	173,929	173,929	117,716	Best Buy	$	1,552,320	$	8.93
							TJ Maxx
							Hancock Fabrics
							Dunham’s Sporting Goods
Central Valu Center	1961/1984	96	%	123,350	123,350	90,946	Rainbow Foods	$	840,888	$	6.82
							Slumberland Clearance
Division Place	1991	91	%	129,353	134,353	24,016	TJ Maxx	$	1,249,741	$	9.66
Elk Park Center	1995/1999	100	%	204,992	302,635	192,843	Cub Foods	$	1,994,067	$	9.73
							Target (Non-Owned)
							OfficeMax
Har Mar Mall	1965/1992	90	%	434,228	434,228	226,838	Cub Foods	$	4,414,932	$	10.17
							Barnes & Noble
							Marshalls
							TJ Maxx
							AMC Theatres
							Michaels
Hub West (9)	1952/1992	100	%	214,855	217,655	129,400	Rainbow Foods	$	2,372,510	$	11.04
Richfield Hub							Bally Total Fitness
							Marshalls
							Michaels
Marketplace at 42	1999	98	%	120,487	150,687	72,371	Rainbow Foods	$	1,526,868	$	12.67
							Walgreens (Non-Owned)

30

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Roseville Center	1950/2000	88	%	76,885	155,685	65,000	Rainbow Foods (Non-Owned)	$	820,848	$	10.68
Southport Centre	1992	100	%	124,937	426,985	346,566	Cub Foods (Non-Owned)	$	1,615,449	$	12.93
							Best Buy
							Frank’s Nursery
							Super Target (Non-Owned)
							OfficeMax (Non-Owned)
Sun Ray Shopping Center	1958/1992	82	%	284,962	284,962	141,575	Cub Foods (Ground Lease)	$	1,936,206	$	6.79
							TJ Maxx
							Bally Total Fitness
							Michaels
Ten Acres Center	1972/1986	100	%	162,364	162,364	133,894	Cub Foods	$	1,093,744	$	6.74
							Burlington Coat Factory
Terrace Mall	1979/1993	90	%	135,031	250,031	212,430	Rainbow Foods	$	989,930	$	7.33
							North Memorial Hospital (Non-Owned)
							North Memorial Medical
Westwind Plaza	1985	100	%	87,933	147,933	80,245	Cub Foods (Non-Owned)	$	1,123,224	$	12.77
							Northern Tool and Equipment
White Bear Hills	1990/1996	100	%	73,095	81,895	45,679	Festival Foods	$	634,791	$	8.68
Mississippi
County Line Plaza	1997	98	%	221,567	268,367	171,062	Haverty’s Furniture	$	2,982,144	$	13.46
							OfficeMax
							Barnes & Noble
							Old Navy
							Just For Feet
							Circuit City (Non-Owned)
Missouri
Clocktower Place	1987	98	%	214,198	222,348	129,807	Dierberg’s Market	$	2,304,900	$	10.76
							TJ Maxx
							Office Depot
Ellisville Square	1990	100	%	146,052	149,552	107,772	K-Mart	$	1,363,740	$	9.34
							Lukas Liquors
Grandview Plaza	1961/1991	91	%	296,008	296,008	200,075	Schnuck’s Supermarket	$	1,898,150	$	6.41
							Old Time Pottery
							OfficeMax
							Walgreens
Hub Shopping Center	1972/1995	97	%	163,072	163,072	103,322	Price Chopper Supermarket	$	882,504	$	5.41
Liberty Corners	1987/1996	100	%	125,432	214,932	136,500	Price Chopper Supermarket	$	926,796	$	7.39
							Sutherlands (Non-Owned)
Maplewood Square	1998	100	%	71,590	75,590	57,575	Shop n’ Save Supermarket	$	534,552	$	7.47

31

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Marketplace at Independence	1988	96	%	241,898	253,398	133,942	Price Chopper Supermarket	$	2,185,746	$	9.04
							Old Navy
Prospect Plaza	1979/1999	100	%	189,996	189,996	136,566	Hen House Grocery	$	1,567,758	$	8.25
							Hobby Lobby
							Factory Oak Outlet
Watts Mill Plaza	1973/1997	100	%	161,717	169,717	91,989	Price Chopper Supermarket	$	1,471,068	$	9.10
							Westlake Hardware
Nebraska
Bishop Heights	1971/1997	100	%	34,388	128,448	106,992	Russ’s IGA Supermarket	$	182,695	$	5.31
							Shopko (Non-Owned)
Cornhusker Plaza	1988	96	%	84,083	163,063	121,723	Hy-Vee Supermarket	$	458,967	$	5.46
							Wal-Mart (Non-Owned)
Eastville Plaza	1986	100	%	68,546	139,636	99,046	Hy-Vee Supermarket	$	568,908	$	8.30
							Menard’s (Non-Owned)
Edgewood Shopping Center	1980/1994	95	%	179,964	406,514	210,020	SuperSaver Supermarket	$	1,517,211	$	8.43
							Osco Drug
							Target (Non-Owned)
The Meadows	1998	100	%	67,840	70,840	50,000	Russ’ IGA Supermarket	$	521,376	$	7.69
Miracle Hills Park	1988	58	%	69,638	139,638	66,000	Cub Foods (Non-Owned)	$	466,032	$	6.69
Stockyards Plaza	1988	100	%	129,459	148,659	85,649	Hy-Vee Supermarket	$	1,035,578	$	8.00
							Movies 8
New Hampshire
Bedford Grove	1989	96	%	216,941	216,941	175,745	Shop N’ Save	$	1,645,536	$	7.59
							Wal-Mart (Ground Lease)
Bedford Mall	1963/1999	92	%	264,564	264,564	192,207	Marshalls	$	2,473,167	$	9.35
							Bob’s Stores
							Staples
							Linens N Things
							Decathalon Sports (Ground Lease)
							Hoyts Cinemas
Capitol Shopping Center	1961/1999	96	%	182,971	189,971	129,551	Demoulas Market Basket	$	829,295	$	4.53
							Burlington Coat Factory
							Marshalls
Tri City Plaza	1968/1992	100	%	146,947	146,947	84,920	Demoulas Market Basket	$	950,079	$	6.47
							TJ Maxx
New Jersey
Cross Keys Common	1995	78	%	345,928	345,928	139,095	Wal-Mart	$	2,720,076	$	7.86
							Staples

32

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Morris Hills Shopping Center	1957/1994	100	%	159,454	159,454	109,161	Mega Marshalls	$	2,333,664	$	14.64
							Clearview Cinema (Ground Lease)
							Michaels
New Mexico
St. Francis Plaza	1992/1993	100	%	35,800	35,800	20,850	Wild Oats Market	$	401,670	$	11.22
New York
College Plaza	1975/1994	96	%	175,086	175,086	126,812	Bob’s Stores	$	1,419,698	$	8.11
							Marshalls
							Eckerd Drugs
							Staples
Dalewood I Shopping Center	1966/1995	100	%	58,969	58,969	36,989	Pathmark	$	903,228	$	15.32
Dalewood II Shopping Center	1970/1995	100	%	81,326	81,326	59,326	Turco’s Supermarket	$	1,933,953	$	23.78
							Bed, Bath & Beyond
Dalewood III Shopping Center	1972/1995	100	%	48,390	48,390	28,361	TJ Maxx	$	1,201,936	$	24.84
Falcaro’s Plaza	1968/1993	100	%	61,295	63,295	29,887	OfficeMax	$	980,604	$	16.00
Kings Park Shopping Center	1963/1985	100	%	71,940	73,940	48,870	Key Foods	$	986,304	$	13.71
							TJ Maxx
Nesconset Shopping Center	1961/1999	100	%	122,996	124,996	33,460	Office Depot/HomeGoods	$	1,719,558	$	13.98
Parkway Plaza	1973/1992	100	%	89,704	89,704	31,600	TJ Maxx	$	1,772,861	$	19.76
Roanoke Plaza	1972/1994	100	%	87,161	89,661	43,590	Best Yet Market	$	1,004,358	$	11.52
							TJ Maxx
Rockville Centre Shopping Center	1975	100	%	44,131	44,131	27,781	HomeGoods	$	582,657	$	13.20
Salmon Run Plaza	1993	100	%	68,761	181,195	164,614	Hannaford’s Supermarket	$	1,094,243	$	15.91
							K-Mart (Non-Owned)
Suffolk Plaza	1967/1998	100	%	84,480	89,680	56,759	Waldbaum’s Supermarket	$	725,640	$	8.59
Three Village Plaza	1964/1991	93	%	77,458	77,458	40,455	Swezey and Newins	$	767,936	$	9.91
Turnpike Plaza	1971/1994	100	%	52,950	52,950	30,700	Waldbaum’s Supermarket	$	938,874	$	17.73
North Carolina
The Commons at Chancellor Park	1994	99	%	341,860	351,460	309,041	Home Depot (Ground Lease)	$	2,337,935	$	6.84
							Hobby Lobby
							Circuit City
							Marshalls
							Value City
							Gold’s Gym

33

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Crown Point Shopping Center	1990	100	%	147,200	164,200	135,200	Lowe’s Home Centers	$	1,016,806	$	6.91
							Babies R US
Franklin Square	1990	96	%	318,435	517,735	379,568	Super Wal-Mart (Non-Owned)	$	3,013,836	$	9.46
							Best Buy
							Ross Dress for Less
							Bed, Bath & Beyond
							Dollar Tree
							Pep Boys (Ground Lease)
							OfficeMax
							Michaels
Innes Street Market	1998	99	%	349,356	349,356	296,740	Food Lion Supermarket	$	3,297,288	$	9.44
							Lowe’s Home Centers
							Tinseltown Cinema
							Marshalls
							Staples
							Circuit City
							Old Navy
McMullen Creek Shopping Center (10)	1988	91	%	283,647	293,247	98,222	Winn Dixie Supermarket	$	2,593,901	$	9.14
							Burlington Coat Factory
New Centre Market	1998	100	%	143,763	266,263	202,040	Target (Non-Owned)	$	1,727,808	$	12.02
							Marshalls
							PetsMart
							OfficeMax
Tarrymore Square	1989	81	%	260,405	260,405	85,447	Marshalls	$	2,142,588	$	8.23
							Dick’s Sporting Goods
University Commons	1989	86	%	231,943	231,943	131,873	Lowes Foods	$	2,303,592	$	9.93
							TJ Maxx
							AC Moore
University Commons Greenville	1996	100	%	232,821	338,021	270,249	Kroger Supermarket	$	2,628,324	$	11.29
							TJ Maxx
							Circuit City
							Barnes & Noble
							Target (Non-Owned)
							Linens N Things
Wendover Place	1997	97	%	415,775	547,075	441,954	Harris-Teeter/Michaels	$	4,305,738	$	10.36
							Kohl’s
							Dick’s Sporting Goods
							Babies R Us
							PetsMart
							Old Navy
							Linens N Things
							Target (Non-Owned)
Ohio
30th Street Plaza	1951/1999	96	%	157,055	157,055	111,251	Giant Eagle Supermarket	$	1,457,219	$	9.28
							Marc’s Pharmacy
Clock Tower Plaza	1989	99	%	237,975	244,475	172,300	Ray’s Supermarket	$	1,448,604	$	6.09
							Wal-Mart

34

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Salem Consumer Square	1988	92	%	274,652	274,652	131,650	Cub Foods	$	2,311,377	$	8.42
							Office Depot
							Michigan Sporting Goods
							AJ Wright
Pennsylvania
Boyertown Plaza	1961	33	%	83,229	88,629	N/A	N/A	$	402,456	$	4.84
Lehigh Shopping Center	1955/1999	75	%	365,543	369,543	211,215	Giant Foods (Ground Lease)	$	1,925,540	$	5.27
							Mega Marshalls
							Staples
							D&D Budget & Clearance
							Frank’s Nursery
Warminster Towne Center	1997	100	%	237,345	318,028	260,066	Shop Rite Supermarket	$	3,097,932	$	13.05
							Kohl’s (Non-Owned)
							Ross Dress for Less
							PetsMart
							OfficeMax
							Pep Boys
							Rag Shop
							Old Navy
South Dakota
Baken Park	1962/1997	90	%	195,526	195,526	95,039	Nash Finch Supermarket	$	1,303,533	$	6.67
							Ben Franklin
							Boyd’s Drug
Tennessee
Oakwood Commons (11)	1989/1997	65	%	291,527	294,277	105,800	Publix Supermarket	$	1,628,240	$	5.59
							Peebles Dept. Store
Watson Glen Shopping Center	1989	100	%	264,360	264,360	206,427	Bi-Lo Foods	$	1,931,389	$	7.31
							K-Mart
							Goody’s Family Clothing
							World Gym
Williamson Square (12)	1988/1993	86	%	331,931	342,181	167,287	Kroger Supermarket	$	2,360,492	$	7.11
							Hobby Lobby
							USA Baby
							Hancock Fabrics
Texas
Buckingham Place	1980/1997	91	%	150,228	156,228	96,274	Minyard Food Stores	$	972,256	$	6.47
							Big Lots
The Crossing	2000/2001	94	%	187,132	253,511	150,963	Kroger Signature (Non-Owned)	$	1,975,640	$	10.56
							Kohl’s (Ground Lease)
Las Colinas Village	2001/2002	86	%	104,803	131,803	24,025	Staples	$	1,753,951	$	16.74
Randall’s Bay Area	1989/2001	100	%	78,650	78,650	55,200	Randall’s Food Market	$	677,275	$	8.61

35

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Randall’s Fairmont	1985/2003	92	%	104,708	110,908	55,008	Randall’s Food Market	$	959,878	$	9.17
Royal Oaks Village	2001/2002	97	%	145,286	145,286	83,652	HEB Grocery	$	2,824,246	$	19.44
Trinity Commons (13)	1998	96	%	197,423	197,423	84,228	Tom Thumb	$	3,016,846	$	15.28
							DSW Shoe Warehouse
Vermont
Rutland Plaza	1966/1996	100	%	224,514	224,514	182,264	Price Chopper Supermarket	$	1,822,487	$	8.12
							Wal-Mart
							TJ Maxx
							Plaza Movie Plex
Virginia
Spradlin Farm	2000/2001	100	%	181,055	442,055	366,962	Home Depot (Non-Owned)	$	2,294,867	$	12.67
							Target (Non-Owned)
							TJ Maxx
							Barnes & Noble
							Michaels
							Goody’s Family Clothing
Wisconsin
Fairacres Shopping Center	1992	100	%	79,736	82,486	58,678	Pick ‘N Save Supermarket	$	691,954	$	8.68
Fitchburg Ridge	1980	80	%	50,555	61,805	16,631	Wisconsin Dialysis	$	346,625	$	6.86
Fox River Plaza	1987	100	%	169,883	173,383	137,113	Pick ‘N Save Supermarket	$	825,195	$	4.86
							K-Mart
Garden Plaza	1990	90	%	80,099	80,099	49,564	Pick ‘N Save Supermarket	$	492,342	$	6.15
Madison Plaza	1988/1994	37	%	127,584	127,584	N/A	N/A	$	458,183	$	3.59
Mequon Pavilions	1967/1991	93	%	211,425	211,425	65,995	Sendik’s Food Market	$	2,441,674	$	11.55
							Bed, Bath & Beyond
Moorland Square	1990	100	%	98,288	195,388	149,674	Pick ‘N Save Supermarket	$	840,169	$	8.55
							K-Mart (Non-Owned)
Oak Creek Centre	1988	99	%	91,510	99,510	50,000	Sentry Foods	$	489,255	$	5.35
Park Plaza	1959/1993	54	%	113,828	113,828	29,213	Big Lots	$	451,728	$	3.97
Spring Mall	1967/1994	90	%	210,421	210,421	140,041	Pick ‘N Save Supermarket	$	1,478,157	$	7.02
							TJ Maxx
							Walgreens
Taylor Heights	1989	100	%	85,072	223,862	158,630	Piggly Wiggly Foods	$	902,686	$	10.61
							Wal-Mart (Non-Owned)
TOTAL SHOPPING CENTERS		91	%	27,487,957	32,682,423	20,566,314		$	233,323,434	$	8.49

36

Property Name and Location	Year Built / Renovated (1)	% Leased as of 3/31/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)
Office Buildings:
William J. McCarthy Building	1963/1995	89	%	93,210	93,210		NETT	$	3,031,428	$	32.52
545 Boylston Street	1972/1996	99	%	89,308	89,308		Allied Advertising	$	2,985,492	$	33.43
							Trinity Church
Executive Office Building	1970	95	%	40,180	40,180		Lipner Gordon & Co.	$	979,390	$	24.38
							Norca Corporation
							Sol G Atlas Realty
							Heritage
Fortune Office Building	1969	81	%	58,503	58,503		N/A	$	1,105,385	$	18.89
TOTAL OFFICE BUILDINGS		91	%	281,201	281,201			$	8,101,695	$	28.81
TOTAL PORTFOLIO		91	%	27,769,158	32,963,624			$	241,425,129	$	8.69

37

Property Listing Notes

(1)	Represents the year the property originally opened for business and, if applicable, the year in which a substantial renovation was completed. These dates do not include years in which tenant improvements were made to the properties.
(2)	Represents gross leasable area owned by us, including 1,399,782 square feet of gross leaseable area subject to ground leases and excludes 5,194,466 square feet of non-owned gross leasable area.
(3)	Some of our shopping centers contain space not owned by us and space leased to tenants under ground leases. In addition to Company Owned GLA, Total GLA includes approximately 5.2 million square feet of this non-owned gross leasable area, which generally is owned directly by the anchor occupying this space, and 1.4 million square feet of ground leased gross leaseable area.
(4)	Represents square feet of gross leasable area at a property that an anchor tenant either leases or owns.
(5)	We define anchor tenants as single tenants which lease 15,000 square feet or more at a property. We define major tenants at our office buildings as tenants which lease 10% or more of the rentable square footage at a property.
(6)	We calculate Annualized Base Rent for all leases in place in which tenants are in occupancy at March 31, 2004 as follows: total base rent to be received during the entire term of each lease, divided by the terms in months for such leases, multiplied by 12. For any leases relating to properties we acquired from NETT’s real estate company upon our formation or relating to properties acquired from Bradley, we calculate total base rent to be received beginning from the date we acquired the property.
(7)	Represents Annualized Base Rent divided by Company Owned GLA at March 31, 2004.
(8)	Property contains 11,697 square feet of office space.
(9)	Property is comprised of two shopping centers.
(10)	Property contains 32,406 square feet of office space.
(11)	We hold a leasehold interest in this property pursuant to a ground lease that expires in 2088.
(12)	Williamson Square is owned in a joint venture of which we own 60%.
(13)	We hold a leasehold interest in this property pursuant to a ground lease that expires in 2037.

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Definitions

This section contains a brief explanation of certain non-GAAP financial measures we provide in other sections of this document, and a statement of the reasons management believes these measures provide useful information to investors about the company’s financial condition or results of operations. Additional detail can be found in the company’s annual report on Form 10-K for the year ended December 31, 2002, and other documents filed with the Securities and Exchange Commission from time to time.

Funds from Operations

Pursuant to the revised definition of Fund from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT), we calculate Funds from Operations (FFO) by adjusting net income (loss) (computed in accordance with GAAP, including non-recurring items) for gains (losses) from sales of properties, real estate-related depreciation and amortization, and after adjustment for unconsolidated partnerships and joint ventures. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions. We believe that FFO is helpful to investors as a measure of our performance as an equity REIT because, along with cash flows from operating activities, financing activities and investing activities, it provides investors with an understanding of our ability to incur and service debt and make capital expenditures. Our computation of FFO may, however, differ from the methodology for calculating FFO utilized by other REITs and, therefore, may not be comparable to such other REITs.

Funds Available for Distribution

In addition to FFO, we present Funds Available for Distribution (FAD) calculated from FFO by (1) adding non-real estate-related depreciation and amortization, (2) eliminating the effect of straight line rent, SFAS 141 income adjustment and non-cash interest expense items, (3) adding non-cash stock compensation and (4) subtracting maintenance capital expenditures, tenant improvements and leasing commissions. We believe FAD provides a meaningful indicator of our ability to fund cash needs and to make cash distributions to equity owners. In addition, we feel to further understand our liquidity, FAD should be compared with our cash flow from operating activities determined in accordance with GAAP, as presented in our consolidated financial statements. Our computation of FAD may not be comparable to FAD reported by other REITs or real estate companies and FAD does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, or as an alternative to net cash flow from operating activities (determined in accordance with GAAP), as a measure of our liquidity.

EBITDA

EBITDA represents net income (loss) (determined in accordance with GAAP) adjusted for non-cash income or expenses such as depreciation, amortization and other non-cash items, and for gains (losses) from sales of properties, income taxes, interest expense and minority interest. EBITDA is intended to show unleveraged, pre-tax operating results. We believe EBITDA provides a meaningful measure of our performance because we believe it provides investors with a more complete understanding of our financial condition and operating results. We use EBITDA to calculate various financial ratios and we believe some financial analysts and equity investors also utilize the calculation for similar purposes. In addition to EBITDA, the impact of investing and financing transactions, as well as income taxes, should also be considered in evaluating overall results. EBITDA is not intended to represent any measure of performance in accordance with GAAP and our calculation and use of this measure may differ from other REITs or real estate companies. This non-GAAP measure should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance or as an alternative to net cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity.

Total Debt to Total Market Capitalization Ratio

Total debt to total market capitalization ratio, defined as total consolidated debt as a percentage of the market value of our outstanding equity securities plus our total consolidated debt, is a measure of leverage commonly used by analysts in the REIT sector. Total market capitlization is the sum of our total indebtedness outstanding on a consolidated basis and the market value of our outstanding equity securities calculated using the closing stock price per share of common stock of the company multiplied by the actual aggregate number of outstanding common shares and common partnership units of one of our operating partnerships. We are presenting this ratio because our degree of leverage could affect our ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes. Investors should understand that our debt to market capitalization ratio is, in part, a function of the market price of the common stock of the company and, as such, will fluctuate with changes in such price and does not necessarily reflect our capacity to incur additional debt to finance our activities or our ability to manage our existing debt obligations. However, for a company like ours, whose assets are primarily income-producing real estate, the total debt to total market capitalization ratio may provide investors with an alternate indication of leverage, so long as it  t is evaluated with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of our outstanding indebtedness.

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