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| CONFIDENTIAL EBITDA AND ADJUSTED EBITDA 23 Nine Months Ended September 30, Year Ended December 31, 2014 2013 2013 2012 Reconciliation of EBITDA and Adjusted EBITDA to Net Income Net income $4,161,321 $4,358,767 $5,764,430 $1,559,521 Interest expense 3,500,806 2,778,002 3,840,359 1,476,207 Amortization expense 1,937,361 1,689,430 2,313,092 1,381,265 EBITDA $9,599,488 $8,826,199 $11,917,881 $4,416,993 Impairments 8,450 126,500 573,575 183,271 Acquisition-related 29,775 318,600 318,600 727,158 Unrealized (gain) loss on derivative financial instruments (11,502) (995,246) (1,279,176) 1,016,716 Straight line rent adjustments (52,720) (108,517) (134,008) (126,706) Amortization of above- and below-market rents, net (406,005) (337,851) (466,601) (213,537) Deemed capital contribution due to cap on general and administrative expense reimbursement – – – – Adjusted EBITDA $9,167,486 $7,829,685 $10,930,271 $6,003,895 Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities Net cash provided by operating activities $5,479,720 $6,268,163 $8,271,287 $4,275,673 Unrealized (gain) loss on derivative financial instruments 11,502 995,246 1,279,176 (1,016,716) Amortization expense (1,937,361) (1,689,430) (2,313,092) (1,381,265) Amortization of above- and below-market rents, net 406,005 337,851 466,601 213,537 Amortization of deferred loan costs (663,255) (491,754) (751,352) (254,454) Receivables interest accretion 49,356 69,032 68,977 49,978 Impairments (8,450) (126,500) (573,575) (183,271) Allowance for doubtful accounts and loan losses (4,465) – (25,334) (1,036) Working capital changes 828,269 (1,003,841) (658,258) (142,925) Net income $4,161,321 $4,358,767 $5,764,430 $1,559,521 Interest expense 3,500,806 2,778,002 3,840,359 1,476,207 Amortization expense 1,937,361 1,689,430 2,313,092 1,381,265 EBITDA $9,599,488 $8,826,199 $11,917,881 $4,416,993 Impairments 8,450 126,500 573,575 183,271 Acquisition-related 29,775 318,600 318,600 727,158 Unrealized gain (loss) on derivative financial instruments (11,502) (995,246) (1,279,176) 1,016,716 Straight line rent adjustments (52,720) (108,517) (134,008) (126,706) Amortization of above- and below-market rents, net (406,005) (337,851) (466,601) (213,537) Deemed capital contribution due to cap on general and administrative expense reimbursement — — — — Adjusted EBITDA $9,167,486 $7,829,685 $10,930,271 $6,003,895 |