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Trend Analysis--Quarterly (click here for Annual Analysis)

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Funds From Operations
  2009 Q3 2008 Q3 Y-Y
Ch (%) 		2009 Q2 Q-Q
Ch (%)†
Funds from Operations ($000) 28,792 47,934 (39.93) 53,650 (185.33)
FFO per Share ($) 0.18 0.32 (43.75) 0.34 (188.24)
AFFO per Share NA NA NA NA NA
Income Statement ($000)
  2009 Q3 2008 Q3 Y-Y
Ch (%) 		2009 Q2 Q-Q
Ch (%)†
Rental Revenue 150,311 146,291 2.75 151,843 (4.04)
Partnership Income (742) (1,897) (60.89) (728) 7.69
Total Revenue 151,196 156,863 (3.61) 157,809 (16.76)
Rental Operating Expense 57,421 56,603 1.45 56,403 7.22
Expenses 191,538 173,823 10.19 172,522 44.09
Net Income (39,755) (8,373) 374.80 (12,660) 856.08
Rental NOI 92,890 89,688 3.57 95,440 (10.69)
Diluted EPS before Extraordinary Items ($) (0.27) (0.10) 170.00 (0.11) 581.82
Diluted EPS after Extraordinary Items ($) (0.27) (0.06) 350.00 (0.10) 680.00
Dividends Declared per Common Share ($) 0.1800 0.3048 (40.94) 0.1800 0.00
Avg Diluted Shares Out (actual) 150,000,000 137,335,082 9.22 149,444,000 1.49
Balance Sheet ($000)
  2009 Q3 2008 Q3 Y-Y
Ch (%) 		2009 Q2 Q-Q
Ch (%)†
Properties at Cost: Operational 5,835,852 5,555,281 5.05 5,720,069 8.10
Accumulated Depreciation 1,284,227 999,679 28.46 1,214,447 22.98
Net Properties: Operational 4,551,625 4,555,602 (0.09) 4,505,622 4.08
Land Held for Development 53,458 31,618 69.07 55,144 (12.23)
Total Real Estate Investments 4,845,480 4,970,468 (2.51) 4,824,732 1.72
Total Assets 5,010,257 5,100,212 (1.76) 4,970,898 3.17
Total Debt 3,275,046 3,350,529 (2.25) 3,213,949 7.60
Total Liabilities 3,473,626 3,550,508 (2.17) 3,399,848 8.68
Common Equity 1,276,669 1,292,038 (1.19) 1,344,974 (20.31)
Common Shares Outstanding (actual) 152,846,734 138,684,237 10.21 150,557,442 6.08
Convertible Operating Partnership Units (actual) 4,546,715 7,797,754 (41.69) 4,569,233 (1.97)
Same Store Operations
  2009 Q3 2008 Q3 Y-Y
Ch (bp) 		2009 Q2 Q-Q
Ch (bp)
Same-store NOI: Change from Prior (%) (3.70) 1.90 (560) (1.00) (270)
EBITDA
  2009 Q3 2008 Q3 Y-Y
Ch (bp) 		2009 Q2 Q-Q
Ch (bp)
Recurring EBITDA/ Interest Expense (x) 2.43 2.21 23 (100bp) 2.46 (2) (100bp)
Recurring EBITDA/ Interest & Preferred Dividends (x) 2.25 2.06 20 (100bp) 2.28 (3) (100bp)
Income Statement Ratios
  2009 Q3 2008 Q3 Y-Y
Ch (bp) 		2009 Q2 Q-Q
Ch (bp)
Dividend Payout to FFO (%) 100.00 95.25 5 52.94 356
G&A/ Revenue (%) 5.90 6.27 (6) 5.79 7
Profitability Ratios
  2009 Q3 2008 Q3 Y-Y
Ch (bp) 		2009 Q2 Q-Q
Ch (bp)
Return on Average Assets (%) (3.19) (0.66) (253) (1.00) (219)
Return on Average Equity (%) (10.81) (2.25) (856) (3.33) (748)
  † Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.



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