Liberty Property Trust (LPT) 8-K/A Financial Statements and Exhibits

Exhibit 99

PRO FORMA CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

On October 4, 2007, Liberty Property Trust, a Maryland real estate investment trust (“Liberty”), together with its operating partnership, Liberty Property Limited Partnership (“Liberty LP”) and other related entities, completed mergers with Republic Property Trust, a Maryland real estate investment trust (“Republic”) and Republic’s operating partnership, Republic Property Limited Partnership, (“Republic LP”), contemplated by the Agreement and Plan of Merger, dated as of July 23, 2007 (the “Merger Agreement”), by and among Liberty, Liberty LP, Liberty Acquisition LLC, a wholly owned subsidiary of Liberty (“Liberty Acquisition”), Republic and Republic LP.

In order to partially finance the Mergers, Liberty, on October 4, 2007, entered into a joint venture (the “Joint Venture”) with New York State Common Retirement Fund (“NY Common”), through the formation of a joint venture limited partnership (“Liberty Washington”) that on October 4, 2007 acquired the real estate property assets of Republic. Liberty owns 25% of Liberty Washington and NY Common owns 75%. NY Common contributed approximately $415 million to Liberty Washington and Liberty Washington holds all of the real property assets of Republic.

The pro forma condensed consolidated financial statements do not purport to represent what our financial position or results of operations would have been assuming the completion of this acquisition had occurred on January 1, 2007 and for the period indicated, nor do they purport to project our financial position or results of operations at any future date or for any future period. These pro forma condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2006 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007.

Liberty Property Trust
Pro Forma Condensed Consolidated Balance Sheet
As of September 30, 2007
(Unaudited and in thousands)

	Liberty Property Trust			Republic Property Trust			Pro Forma								Liberty Washington LP					Liberty Property Trust
	Historical (A)			Historical (B)			Adjustments					Subtotal			Sale					Pro Forma
Assets
Real Estate:
Land and land improvements	$	751,765		$	137,600		$	1,014		(C	)	$	890,379		$	(138,614	)	(J	)	$	751,765
Building and improvements		4,114,484			479,549			203,656		(C	)		4,797,689			(683,205	)	(J	)		4,114,484
Less: Accumulated depreciation		(834,385	)		(48,739	)		48,739		(D	)		(834,385	)		-					(834,385	)
Operating real estate		4,031,864			568,410			253,409					4,853,683			(821,819	)				4,031,864
Development in progress		572,606			47,124			24,144		(C	)		643,874			(71,268	)	(J	)		572,606
Land held for development		246,870			-			8,105		(C	)		254,975			(8,105	)	(J	)		246,870
Net real estate		4,851,340			615,534			285,658					5,752,532			(901,192	)				4,851,340
Cash and cash equivalents		36,031			3,794			-					39,825			(277	)	(K	)		39,548
Investment in and advances to unconsolidated joint ventures		77,666			-			-					77,666			197,855		(L	)		275,521
Other assets		420,072			37,607			22,106		(E	)		479,785			(49,056	)	(K	)		430,729
Total assets	$	5,385,109		$	656,935		$	307,764				$	6,349,808		$	(752,670	)			$	5,597,138
Liabilities
Mortgage loans	$	231,986		$	379,488		$	(100,026	)	(F	)	$	511,448		$	(279,462	)	(M	)	$	231,986
Unsecured notes		2,155,000			-			-					2,155,000			-					2,155,000
Credit facility		372,960			55,000			551,894		(G	)		979,854			(415,064	)	(N	)		564,790
Other liabilities		408,092			33,999			44,706		(H	)		486,797			(38,144	)	(O	)		448,653
Total liabilities		3,168,038			468,487			496,574					4,133,099			(732,670	)				3,400,429
Minority interest		373,145			22,136			(22,136	)	(I	)		373,145			-					373,145
Shareholders equity
Additional paid in capital		1,966,419			219,926			(220,288	)	(I	)		1,966,057								1,966,057
Other shareholders equity		(122,493	)		(53,614	)		53,614		(I	)		(122,493	)		(20,000	)	(P	)		(142,493	)
Total shareholders equity		1,843,926			166,312			(166,674	)				1,843,564			(20,000	)				1,823,564
Liabilities and shareholders’ equity	$	5,385,109		$	656,935		$	307,764				$	6,349,808		$	(752,670	)			$	5,597,138

The accompanying notes are an integral part of these pro forma financial statements.

Liberty Property Trust
Pro Forma Condensed Consolidated Income Statement
For the Nine Month Period Ended September 30, 2007
(Unaudited and in thousands except per share amounts)

	Liberty Property Trust			Republic Property Trust			Pro Forma								Liberty Washington LP					Liberty Property Trust
	Historical(A)			Historical(B)			Adjustments					Subtotal			Sale					Pro Forma
Operating Revenue
Rental	$	357,605		$	51,368		$	404		(Q	) (R)	$	409,377		$	(51,772	)	(W	)	$	357,605
Operating expense reimbursement		155,386			—			4,496		(R	)		159,882			(4,496	)	(W	)		155,386
Total operating revenue		512,991			51,368			4,900					569,259			(56,268	)				512,991
Operating Expenses
Rental property		108,294			10,130			—					118,424			(10,130	)	(W	)		108,294
Real estate taxes		54,459			5,740			—					60,199			(5,740	)	(W	)		54,459
General and administrative		38,872			11,833			—					50,705			—					50,705
Depreciation and amortization		114,566			18,373			5,864		(S	)		138,803			(24,237	)	(W	)		114,566
Total operating expenses		316,191			46,076			5,864					368,131			(40,107	)				328,024
Operating Income		196,800			5,292			(964	)				201,128			(16,161	)				184,967
Other Income/Expense
Interest and other		8,125			448			(322	)	(T	)		8,251			1,575		(T	)		9,826
Interest		(89,882	)		(17,872	)		(21,397	)	(U	)		(129,151	)		30,493		(X	)		(98,658	)
Total other income/expense		(81,757	)		(17,424	)		(21,719	)				(120,900	)		32,068					(88,832	)
Income (loss) before property dispositions, income taxes, minority interest and equity in earnings of unconsolidated joint ventures		115,043			(12,132	)		(22,683	)				80,228			15,907					96,135
Gain (loss) on property dispositions, income taxes , minority interest, and equity in (loss) earnings of unconsolidated joint ventures		(14,069	)		1,435			90		(V	)		(12,544	)		(2,125	)	(Y	)		(14,669	)
Income (loss) from continuing operations		100,974			(10,697	)		(22,593	)				67,684			13,782					81,466
Discontinued operations		28,325			—			—					28,325			—					28,325
Net Income (Loss)	$	129,299		$	(10,697	)	$	(22,593	)			$	96,009		$	13,782				$	109,791
Basic income per common share
Continuing operations	$	1.11																		$	0.89
Discontinued operations		0.31																			0.31
Total basic income per common share	$	1.42																		$	1.20
Diluted income per common share
Continuing operations	$	1.10																		$	0.88
Discontinued operations		0.31																			0.31
Total diluted income per common share	$	1.41																		$	1.19
Weighted Average number of common shares outstanding
Basic		91,179																			91,179
Diluted		91,905																			91,905

The accompanying notes are an integral part of these pro forma financial statements.

Liberty Property Trust
Pro Forma Condensed Consolidated Income Statement
For the Year Ended December 31, 2006
(Unaudited and in thousands except per share amounts)

	Liberty Property Trust			Republic Property Trust			Pro Forma								Liberty Washington LP					Liberty Property Trust
	Historical(A)			Historical(B)			Adjustments					Subtotal			Sale					Pro Forma
Operating Revenue
Rental	$	464,714		$	58,548		$	402		(Q	) (R)	$	523,664		$	(58,950	)	(W	)	$	464,714
Operating expense reimbursement		202,005			-			5,653		(R	)		207,658			(5,653	)	(W	)		202,005
Total operating revenue		666,719			58,548			6,055					731,322			(64,603	)				666,719
Operating Expenses
Rental property		139,055			11,349			-					150,404			(11,349	)	(W	)		139,055
Real estate taxes		71,652			5,592			-					77,244			(5,592	)	(W	)		71,652
General and administrative		45,991			9,794			-					55,785			-					55,785
Depreciation and amortization		144,692			21,322			9,771		(S	)		175,785			(31,093	)	(W	)		144,692
Total operating expenses		401,390			48,057			9,771					459,218			(48,034	)				411,184
Operating Income		265,329			10,491			(3,716	)				272,104			(16,569	)				255,535
Other Income/Expense
Interest and other		9,591			1,260			(1,507	)	(T	)		9,344			2,100		(T	)		11,444
Interest		(119,584	)		(17,267	)		(28,626	)	(U	)		(165,477	)		34,191		(X	)		(131,286	)
Total other income/expense		(109,993	)		(16,007	)		(30,133	)				(156,133	)		36,291					(119,842	)
Income before property dispositions, income taxes, minority interest and equity in earnings of unconsolidated joint ventures		155,336			(5,516	)		(33,849	)				115,971			19,722					135,693
Gain (loss) on property dispositions, income taxes , minority interest, and equity in (loss) earnings of unconsolidated joint ventures		(1,639	)		664			1,060		(V	)		85			(1,740	)	(Y	)		(1,655	)
Income (loss) from continuing operations		153,697			(4,852	)		(32,789	)				116,056			17,982					134,038
Discontinued operations		112,877			-			-					112,877			-					112,877
Net Income (Loss)	$	266,574		$	(4,852	)	$	(32,789	)			$	228,933		$	17,982				$	246,915
Basic income per common share
Continuing operations	$	1.72																		$	1.51
Discontinued operations		1.26																			1.26
Total basic income per common share	$	2.98																		$	2.77
Diluted income per common share
Continuing operations	$	1.70																		$	1.48
Discontinued operations		1.25																			1.25
Total diluted income per common share	$	2.95																		$	2.73
Weighted Average number of common shares outstanding
Basic		89,313																			89,313
Diluted		90,492																			90,492

The accompanying notes are an integral part of these pro forma financial statements.

Liberty Property Trust
Notes to Pro Forma Condensed Consolidated Financial Statements
September 30, 2007
(Unaudited and in thousands)

A	Reflects the unaudited condensed consolidated balance sheet and income statement of Liberty Property Trust (LRY) as of and for the nine month period ended September 30, 2007 as reported in the Company’s Quarterly Report on Form 10-Q and LRY’s condensed consolidated income statement for the year ended December 31, 2006 as reported in the Company’s Annual Report on Form 10-K.
B	Reflects the unaudited condensed consolidated balance sheet and income statement of Republic Property Trust (RPB) as of and for the nine month period ended September 30, 2007 and RPB’s condensed consolidated income statement for the year ended December 31, 2006 as reported in RPB’s Annual Report on Form 10-K.
C	Represents the adjustments required to RPB’s historical cost basis in order to reflect LRY’s purchase price allocation.
D	Adjustment to eliminate RPB’s historical accumulated depreciation.
E	Adjustment comprises the following:
	Elimination of RPB deferred rent receivable	$	(5,062	)
	Elimination of RPB deferred leasing costs		(19,042	)
	Elimination of RPB capitalized debt issue costs		(2,334	)
	Capitalized mortgage assumption costs		2,992
	Record value of “in-place” leasing		46,064
	Other		(512	)
		$	22,106
F	Adjustment comprises the following:
	Repayment of RPB mortgage debt	$	(93,993	)
	Elimination of historical Republic fair value adjustment on mortgage notes payable		2,373
	Estimated LRY mortgage payable fair value adjustment		(8,406	)
		$	(100,026	)
G	Adjustment comprises the following:
	Borrowings under the credit facility to fund merger consideration and related costs of the transaction	$	606,894
	Repay RPB’s credit facility		(55,000	)
		$	551,894
H	Adjustment comprises the following:
	Elimination of RPB’s acquired in-place leasing liability	$	(19,186	)
	Record LRY’s acquired in-place leasing liability		37,079
	Accrue costs of transaction		31,706
	Other		(4,893	)
		$	44,706
I	Eliminate RPB historical equity and direct expenses associated with the transaction.
J	Record sale of RPB real estate assets to JV.
K	LRY retained certain other assets and liabilities acquired from RPB.
	Additionally, reflects loan costs associated with the remaining RPB mortgage debt ($2,992)
L	Reflects LRY 25% ownership interest in the JV and a loan of $59,500 to the JV.
M	Reflects the JV assumption of RPB mortgage debt securing real estate assets sold to JV.
N	Represents proceeds from the sale of the RPB portfolio to the JV.
O	Adjustment comprises the following:
	LRY’s acquired in-place leasing liability transferred to the JV	$	(37,079	)
	JV liability to finish rehabilitation property		(1,065	)
		$	(38,144	)
P	Impairment recorded in conjunction with the sale.
Q	Reflects adjustment to record rental income for in-place leases on a straight-line basis beginning January 1 and amortization of the above and below market lease values.
R	Reflects reclass of RPB operating expense reimbursement from rental income to conform to LRY presentation.
S	Adjust depreciation and amortization based on LRY’s purchase price allocation.
T	Remove historical property management fees recognized on contracts that have been terminated. Reflect management fees that would have been earned from the JV.
U	Reflects interest expense on borrowings under the credit facility associated with the purchase as well as market rate adjustments.
V	Adjustment comprises the following:
			9/30/2007			12/31/2006
	Remove historical RPB minority interest	$	(1,435	)	$	(664	)
	Record LRY minority interest		1,525			1,724
		$	90		$	1,060
W	Reflects the sale of assets to the JV.
X	Reflects interest expense on mortgage debt assumed by the JV.
Y	Reflects 25% ownership interest in the operations of the JV and adjusts LRY minority interest.

Liberty Property Limited Partnership
Pro Forma Condensed Consolidated Balance Sheet
As of September 30, 2007
(Unaudited and in thousands)

	Liberty Property Limited			Republic Property Trust			Pro Forma							Liberty Washington LP				Liberty Property Limited
	Partnership Historical (A)			Historical (B)			Adjustments				Subtotal			Sale				Partnership Pro Forma
Assets
Real Estate:
Land and land improvements	$	751,765		$	137,600		$	1,014		(C)	$	890,379		$	(138,614	)	(J)	$	751,765
Building and improvements		4,114,484			479,549			203,656		(C)		4,797,689			(683,205	)	(J)		4,114,484
Less: Accumulated depreciation		(834,385	)		(48,739	)		48,739		(D)		(834,385	)		-				(834,385	)
Operating real estate		4,031,864			568,410			253,409				4,853,683			(821,819	)			4,031,864
Development in progress		572,606			47,124			24,144		(C)		643,874			(71,268	)	(J)		572,606
Land held for development		246,870			-			8,105		(C)		254,975			(8,105	)	(J)		246,870
Net real estate		4,851,340			615,534			285,658				5,752,532			(901,192	)			4,851,340
Cash and cash equivalents		36,031			3,794			-				39,825			(277	)	(K)		39,548
Investment in and advances to unconsolidated joint ventures		77,666			-			-				77,666			197,855		(L)		275,521
Other assets		420,072			37,607			22,106		(E)		479,785			(49,056	)	(K)		430,729
Total assets	$	5,385,109		$	656,935		$	307,764			$	6,349,808		$	(752,670	)		$	5,597,138
Liabilities
Mortgage loans	$	231,986		$	379,488			(100,026	)	(F)	$	511,448			(279,462	)	(M)	$	231,986
Unsecured notes		2,155,000						-				2,155,000			-				2,155,000
Credit facility		372,960			55,000			551,894		(G)		979,854			(415,064	)	(N)		564,790
Other liabilities		408,092			33,999			44,706		(H)		486,797			(38,144	)	(O)		448,653
Total liabilities		3,168,038			468,487			496,574				4,133,099			(732,670	)			3,400,429
Minority interest		464			22,136			(22,136	)	(I)		464			-				464
Owners equity
Owners equity		2,216,607			166,312			(166,674	)	(I)		2,216,245			(20,000	)	(P)		2,196,245
Total owners equity		2,216,607			166,312			(166,674	)			2,216,245			(20,000	)			2,196,245
Liabilities and shareholders’ equity	$	5,385,109		$	656,935		$	307,764			$	6,349,808		$	(752,670	)		$	5,597,138

The accompanying notes are an integral part of these pro forma financial statements.

Liberty Property Limited Partnership
Pro Forma Condensed Consolidated Income Statement
For the Nine Month Period Ended September 30, 2007
(Unaudited and in thousands except per share amounts)

	Liberty Property Limited			Republic Property Trust			Pro Forma							Liberty Washington LP				Liberty Property Limited
	Partnership Historical(A)			Historical(B)			Adjustments				Subtotal			Sale				Partnership Pro Forma
Operating Revenue
Rental	$	357,605		$	51,368		$	404		(Q)(R)	$	409,377		$	(51,772	)	(W)	$	357,605
Operating expense reimbursement		155,386			-			4,496		(R)		159,882			(4,496	)	(W)		155,386
Total operating revenue		512,991			51,368			4,900				569,259			(56,268	)			512,991
Operating Expenses
Rental property		108,294			10,130			-				118,424			(10,130	)	(W)		108,294
Real estate taxes		54,459			5,740			-				60,199			(5,740	)	(W)		54,459
General and administrative		38,872			11,833			-				50,705			-				50,705
Depreciation and amortization		114,566			18,373			5,864		(S)		138,803			(24,237	)	(W)		114,566
Total operating expenses		316,191			46,076			5,864				368,131			(40,107	)			328,024
Operating Income		196,800			5,292			(964	)			201,128			(16,161	)			184,967
Other Income/Expense
Interest and other		8,125			448			(322	)	(T)		8,251			1,575		(T)		9,826
Interest		(89,882	)		(17,872	)		(21,397	)	(U)		(129,151	)		30,493		(X)		(98,658	)
Total other income/expense		(81,757	)		(17,424	)		(21,719	)			(120,900	)		32,068				(88,832	)
Income (loss) before property dispositions, income taxes, minority interest and equity in earnings of unconsolidated joint ventures		115,043			(12,132	)		(22,683	)			80,228			15,907				96,135
Gain (loss) on property dispositions, income taxes , minority interest, and equity in (loss) earnings of unconsolidated joint ventures		3,130			1,435			(1,435	)	(V)		3,130			(1,030	)	(Y)		2,100
Income (loss) from continuing operations		118,173			(10,697	)		(24,118	)			83,358			14,877				98,235
Discontinued operations net of minority interest		29,623			-			-				29,623			-				29,623
Net Income (Loss)		147,796			(10,697	)		(24,118	)			112,981			14,877				127,858
Preferred unit distributions		(11,874	)		-			-				(11,874	)		-				(11,874	)
Excess of preferred unit redemption over carrying amount		(696	)		-			-				(696	)		-				(696	)
Income available to common unitholders	$	135,226		$	(10,697	)	$	(24,118	)		$	100,411		$	14,877			$	115,288
Basic income per common unit
Continuing operations	$	1.11																$	0.89
Discontinued operations		0.31																	0.31
Total basic income per common unit	$	1.42																$	1.20
Diluted income per common unit
Continuing operations	$	1.10																$	0.88
Discontinued operations		0.31																	0.31
Total diluted income per common unit	$	1.41																$	1.19
Weighted Average number of common units outstanding
Basic		95,369																	95,369
Diluted		96,095																	96,095

The accompanying notes are an integral part of these pro forma financial statements.

Liberty Property Limited Partnership
Pro Forma Condensed Consolidated Income Statement
For the Year Ended December 31, 2006
(Unaudited and in thousands except per share amounts)

	Liberty Property Limited			Republic Property Trust			Pro Forma							Liberty Washington LP				Liberty Property Limited
	Partnership Historical(A)			Historical(B)			Adjustments				Subtotal			Sale				Partnership Pro Forma
Operating Revenue
Rental	$	464,714		$	58,548		$	402		(Q)(R)	$	523,664		$	(58,950	)	(W)	$	464,714
Operating expense reimbursement		202,005			-			5,653		(R)		207,658			(5,653	)	(W)		202,005
Total operating revenue		666,719			58,548			6,055				731,322			(64,603	)			666,719
Operating Expenses
Rental property		139,055			11,349			-				150,404			(11,349	)	(W)		139,055
Real estate taxes		71,652			5,592			-				77,244			(5,592	)	(W)		71,652
General and administrative		45,991			9,794			-				55,785			-				55,785
Depreciation and amortization		144,692			21,322			9,771		(S)		175,785			(31,093	)	(W)		144,692
Total operating expenses		401,390			48,057			9,771				459,218			(48,034	)			411,184
Operating Income		265,329			10,491			(3,716	)			272,104			(16,569	)			255,535
Other Income/Expense
Interest and other		9,591			1,260			(1,507	)	(T)		9,344			2,100				11,444
Interest		(119,584	)		(17,267	)		(28,626	)	(U)		(165,477	)		34,191		(X)		(131,286	)
Total other income/expense		(109,993	)		(16,007	)		(30,133	)			(156,133	)		36,291				(119,842	)
Income before property dispositions, income taxes, minority interest and equity in earnings of unconsolidated joint ventures		155,336			(5,516	)		(33,849	)			115,971			19,722				135,693
Gain (loss) on property dispositions, income taxes , minority interest, and equity in (loss) earnings of unconsolidated joint ventures		18,779			664			(664	)	(V)		18,779			(1,001	)	(Y)		17,778
Income (loss) from continuing operations		174,115			(4,852	)		(34,513	)			134,750			18,721				153,471
Discontinued operations net of minority interest		117,935			-			-				117,935							117,935
Net Income (Loss)		292,050			(4,852	)		(34,513	)			252,685			18,721				271,406
Preferred unit distributions		(13,691	)		-			-				(13,691	)		-				(13,691	)
Income available to common unitholders	$	278,359		$	(4,852	)	$	(34,513	)		$	238,994		$	18,721			$	257,715
Basic income per common unit
Continuing operations	$	1.72																$	1.51
Discontinued operations		1.26																	1.26
Total basic income per common unit	$	2.98																$	2.77
Diluted income per common unit
Continuing operations	$	1.70																$	1.48
Discontinued operations		1.25																	1.25
Total diluted income per common unit	$	2.95																$	2.73
Weighted Average number of common units outstanding
Basic		93,208																	93,208
Diluted		94,387																	94,387

The accompanying notes are an integral part of these pro forma financial statements.

Liberty Property Limited Partnership
Notes to Pro Forma Condensed Consolidated Financial Statements
September 30, 2007
(Unaudited and in thousands)

A	Reflects the unaudited condensed consolidated balance sheet and income statement of Liberty Property Limited Partnership (LRY) as of and for the nine month period ended September 30, 2007 as reported in the Company’s Quarterly Report on Form 10-Q and LRY’s condensed consolidated income statement for the year ended December 31, 2006 as reported in the Company’s Annual Report on Form 10-K.
B	Reflects the unaudited condensed consolidated balance sheet and income statement of Republic Property Trust (RPB) as of and for the nine month period ended September 30, 2007 and RPB’s condensed consolidated income statement for the year ended December 31, 2006 as reported in RPB’s Annual Report on Form 10-K.
C	Represents the adjustments required to RPB’s historical cost basis in order to reflect LRY’s purchase price allocation.
D	Adjustment to eliminate RPB’s historical accumulated depreciation.
E	Adjustment comprises the following:
	Elimination of RPB deferred rent receivable		$	(5,062	)
	Elimination of RPB deferred leasing costs			(19,042	)
	Elimination of RPB capitalized debt issue costs			(2,334	)
	Capitalized mortgage assumption costs			2,992
	Record value of “in-place” leasing			46,064
	Other			(512	)
			$	22,106
F	Adjustment comprises the following:
	Repayment of RPB mortgage debt		$	(93,993	)
	Elimination of historical Republic fair value adjustment on mortgage notes payable			2,373
	Estimated LRY mortgage payable fair value adjustment			(8,406	)
			$	(100,026	)
G	Adjustment comprises the following:
	Borrowings under the credit facility to fund merger consideration and related costs of the transaction		$	606,894
	Repay RPB’s credit facility			(55,000	)
			$	551,894
H	Adjustment comprises the following:
	Elimination of RPB’s acquired in-place leasing liability		$	(19,186	)
	Record LRY’s acquired in-place leasing liability			37,079
	Accrue costs of transaction			31,706
	Other			(4,049	)
			$	45,550
I	Eliminate RPB historical equity and direct expenses associated with the transaction.
J	Record sale of RPB real estate assets to JV.
K	LRY retained certain other assets and liabilities acquired from RPB.
	Additionally, reflects loan costs associated with the remaining RPB mortgage debt ($2,992)
L	Reflects LRY 25% ownership interest in the JV and a loan of $59,500 to the JV.
M	Reflects the JV assumption of RPB mortgage debt securing real estate assets sold to JV.
N	Represents proceeds from the sale of the RPB portfolio to the JV.
O	Adjustment comprises the following:
		LRY’s acquired in-place leasing liability transferred to the JV	$	(37,079	)
		JV liability to finish rehabilitation property		(1,065	)
			$	(38,144	)
P	Impairment recorded in conjunction with the sale.
Q	Reflects adjustment to record rental income for in-place leases on a straight-line basis beginning January 1 and amortization of the above and below market lease values.
R	Reflects reclass of RPB operating expense reimbursement from rental income to conform to LRY presentation.
S	Adjust depreciation and amortization based on LRY’s purchase price allocation.
T	Remove historical property management fees recognized on contracts that have been terminated. Reflect management fees that would have been earned from the JV.
U	Reflects interest expense on borrowings under the credit facility associated with the purchase as well as market rate adjustments.
V	Remove historical RPB minority interest:
W	Reflects the sale of assets to the JV.
X	Reflects interest expense on mortgage debt assumed by the JV.
Y	Reflects 25% ownership interest in the operations of the JV.