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Vornado Realty Trust – ‘10-K’ for 12/31/09 – ‘XML.R9’

On:  Tuesday, 2/23/10, at 8:44am ET   ·   For:  12/31/09   ·   Accession #:  899689-10-4   ·   File #:  1-11954

Previous ‘10-K’:  ‘10-K/A’ on 3/2/09 for 12/31/08   ·   Next:  ‘10-K/A’ on 3/3/10 for 12/31/09   ·   Latest:  ‘10-K’ on 2/12/24 for 12/31/23

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/23/10  Vornado Realty Trust              10-K       12/31/09   49:29M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   7.62M 
 3: EX-21       Subsidiaries List                                   HTML    504K 
 4: EX-23       Consent of Experts or Counsel                       HTML     22K 
 2: EX-12       Statement re: Computation of Ratios                 HTML     57K 
 5: EX-31       Certification -- §302 - SOA'02                      HTML     21K 
 6: EX-31       Certification -- §302 - SOA'02                      HTML     21K 
 7: EX-32       Certification -- §906 - SOA'02                      HTML     18K 
 8: EX-32       Certification -- §906 - SOA'02                      HTML     18K 
39: XML         IDEA XML File -- Definitions and References          XML    143K 
45: XML         IDEA XML File -- Filing Summary                      XML     73K 
43: XML.R1      Consolidated Balance Sheets                          XML    385K 
44: XML.R2      Consolidated Balance Sheets [Parentheticals]         XML    168K 
26: XML.R3      Consolidated Statements of Income                    XML    331K 
31: XML.R4      Consolidated Statements of Income [Parentheticals]   XML     48K 
37: XML.R5      Consolidated Statements of Changes in Equity         XML    673K 
36: XML.R6      Consolidated Statements of Cash Flows                XML    688K 
48: XML.R7      Consolidated Statements of Cash Flows                XML     48K 
                [Parentheticals]                                                 
20: XML.R8      Organization and Business                            XML     40K 
35: XML.R9      Basis of Presentation and Significant Accounting     XML    200K 
                Policies                                                         
18: XML.R10     Investments in Partially Owned Entities              XML    481K 
17: XML.R11     Marketable Securities                                XML     64K 
25: XML.R12     Mezzanine Loans Receivable                           XML     95K 
41: XML.R13     Identified Intangible Assets                         XML    110K 
27: XML.R14     Debt                                                 XML    651K 
28: XML.R15     Redeemable Noncontrolling Interests                  XML    114K 
33: XML.R16     Shareholders' Equity                                 XML     61K 
49: XML.R17     Fair Value Measurements                              XML    136K 
23: XML.R18     Discontinued Operations                              XML     72K 
15: XML.R19     Stock-based Compensation                             XML    121K 
30: XML.R20     Fee and Other Income                                 XML     52K 
40: XML.R21     Interest and Other Investment (Loss) Income, net     XML     66K 
21: XML.R22     Income Per Share                                     XML    113K 
38: XML.R23     Comprehensive Income                                 XML     50K 
29: XML.R24     Leases                                               XML     92K 
47: XML.R25     Commitments and Contingencies                        XML     46K 
42: XML.R26     Related Party Transactions                           XML     36K 
32: XML.R27     Retirement Plans                                     XML     33K 
34: XML.R28     Summary of Quarterly Results (Unaudited)             XML     83K 
16: XML.R29     Segment Information                                  XML    970K 
19: XML.R30     Schedule II - Valuation and Qualifying Accounts      XML     75K 
22: XML.R31     Schedule III - Real Estate and Accumulated           XML   3.22M 
                Depreciation                                                     
24: XML.R32     Document and Entity Information                      XML    107K 
46: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    183K 
 9: EX-101.INS  XBRL Instance -- vno-20091231                        XML   6.59M 
11: EX-101.CAL  XBRL Calculations -- vno-20091231_cal                XML    166K 
12: EX-101.DEF  XBRL Definitions -- vno-20091231_def                 XML    633K 
13: EX-101.LAB  XBRL Labels -- vno-20091231_lab                      XML    597K 
14: EX-101.PRE  XBRL Presentations -- vno-20091231_pre               XML    396K 
10: EX-101.SCH  XBRL Schema -- vno-20091231                          XSD    104K 


‘XML.R9’   —   Basis of Presentation and Significant Accounting Policies


This Financial Report is an XBRL XML File.


                                                                                                                                                                                
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<div> <div><!-- 2.0.3657.28464 --><div><!-- body --><div style="font-family: 'Times New Roman', serif;"> <p style="margin: 0in 0in 6pt;" class="BLDHEADII"><strong><font class="_mt" size="2">2.<font style="mso-tab-count: 1;" class="_mt">    Basis of Presentation and Significant Accounting Policies</font></font></strong></p> <p style="text-align: justify; text-indent: 0.5in; margin: 0in 0in 0pt;" class="MsoNormal"><i><strong><font class="_mt" size="2">Basis of Presentation</font></strong></i></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 20pt; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">The accompanying consolidated financial statements include the accounts of Vornado Realty Trust and its majority-owned subsidiary, Vornado Realty L.P. All significant inter-company amounts have been eliminated. We account for unconsolidated partially owned entities on the equity method of accounting.<font style="mso-spacerun: yes;" class="_mt">  Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require <font class="_mt">us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.<font style="mso-spacerun: yes;" class="_mt">  Certain prior year balances have been reclassified in order to conform to current year presentation.</font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 20pt; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">On July 1, 2009, the Financial Accounting Standards Board (“FASB”) established the Accounting Standards Codification (“ASC”) as the primary source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities.<font style="mso-spacerun: yes;" class="_mt">  Although the establishment of the ASC did not change current GAAP, it did change the way we refer to GAAP throughout this document to reflect the updated referencing convention.</font></font></p> <p style="text-align: justify; text-indent: 15pt; margin: 0in 0in 0pt;" class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><font class="_mt" size="2">  </font></b></p> <p style="text-align: justify; text-indent: 0.5in; margin: 0in 0in 0pt;" class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><i><font class="_mt" size="2">Impact of Retrospective Application of New Accounting Pronouncements</font></i></b></p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext"><font class="_mt" size="2">During 2009, we paid quarterly dividends to our common shareholders in a combination of cash and stock and retrospectively adjusted weighted average common shares outstanding in the computations of income per share to include the additional common shares resulting from these dividends in the earliest periods presented in each of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009 and our Current Report on Form 8-K, issued on October 13, 2009, in which we elected to recast our consolidated financial statements in our Annual Report on Form 10-K/A (Amendment No. 1) for the year ended December 31, 2008.<font style="mso-spacerun: yes;" class="_mt">  On December 2, 2009<font class="_mt"><font class="_mt">,</font> the FASB ratified the consensus reached in EITF 09-E, <i style="mso-bidi-font-style: normal;">Accounting for Distribution to Shareholders with Components of Stock and Cash (“EITF 09-E”)</i> as codified through Accounting Standards Update (“ASU”) 2010-1 to ASC 505, <i style="mso-bidi-font-style: normal;">Equity.<font style="mso-spacerun: yes;" class="_mt">  </font></i> EITF 09-E requires an entity to include the additional common shares resulting from the stock portion of these distributions prospectively in the periods following their issuance in all computations of income per share rather than retrospectively as we had previously done.<font style="mso-spacerun: yes;" class="_mt">  As a result, we have adjusted our computations of income per share presented herein to exclude the additional shares resulting from these dividends in periods prior to their issuance.<font style="mso-spacerun: yes;" class="_mt">  Below is a reconciliation of previously reported income per share to the amounts presented herein.<font style="mso-spacerun: yes;" class="_mt">  </font></font></font></font></font></font></p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext"></p> <table style="margin: 0in 0in 0pt; width: 463pt; border-collapse: collapse; mso-hyphenate: auto; tab-stops: .5in;" border="0" cellspacing="0" cellpadding="0" width="616"> <tr style="height: 13.5pt; mso-height-source: userset;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 48pt; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8;" height="18" width="64"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl70" width="320"><font style="mso-bidi-font-size: 8pt;" class="_mt"><font class="_mt" size="2">  </font></font></td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 175pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="232" colspan="7"> <p align="left"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">For the Year Ended December 31, 2008</font></strong></font></p> </td> </tr> <tr style="height: 21.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 21.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="29"> <p align="center">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; border-top: #ece9d8; border-right: #ece9d8;" class="xl70"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; background-color: white; width: 56pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl74" width="74" colspan="2"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">As Reported</font></strong></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl67" width="12"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; background-color: white; width: 55pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl74" width="73" colspan="2"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">EITF 09-E</font></strong></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl67" width="9"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl74" width="64"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">As Adjusted</font></strong></font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl71"><font class="_mt" size="2">Income per common share – basic:</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="12"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl72"><font class="_mt" size="2">Income from continuing operations</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">$</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">0.92</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="64"> <p align="right"><font class="_mt" size="2">0.02</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">0.94</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl71"><font class="_mt" size="2">Net income</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2">1.89</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2">0.07</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2">1.96</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl72"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="9"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="64"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl71"><font class="_mt" size="2">Income per common share – diluted:</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="12"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl72"><font class="_mt" size="2">Income from continuing operations</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">0.90</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="64"> <p align="right"><font class="_mt" size="2">0.01</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">0.91</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl73"><font class="_mt" size="2">Net income</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2">1.84</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2">0.07</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2">1.91</font></p> </td> </tr> </table> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext"></p> <table style="margin: 0in 0in 0pt; width: 463pt; border-collapse: collapse; mso-hyphenate: auto; tab-stops: .5in;" border="0" cellspacing="0" cellpadding="0" width="616"> <tr style="height: 13.5pt; mso-height-source: userset;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="18" width="64"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl65" width="320"><font style="mso-bidi-font-size: 8pt;" class="_mt"><font class="_mt" size="2">  </font></font></td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 175pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="232" colspan="7"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">For the Year Ended December 31, 2007</font></strong></font></p> </td> </tr> <tr style="height: 21.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 21.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="29"> <p align="center">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl65" width="320"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; background-color: white; width: 56pt; border-top: windowtext 0.5pt solid; border-right: #ece9d8;" class="xl75" width="74" colspan="2"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">As Reported</font></strong></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl70" width="12"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; background-color: white; width: 55pt; border-top: windowtext 0.5pt solid; border-right: #ece9d8;" class="xl75" width="73" colspan="2"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">EITF 09-E</font></strong></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl70" width="9"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; background-color: white; width: 48pt; border-top: windowtext; border-right: #ece9d8;" class="xl75" width="64"> <p align="center"><font style="mso-bidi-font-size: 8pt;" class="_mt"><strong><font class="_mt" size="2">As Adjusted</font></strong></font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl66" width="320"><font class="_mt" size="2">Income per common share – basic:</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl69" width="320"><font class="_mt" size="2">Income from continuing operations</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="10"><font class="_mt" size="2">$</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="64"> <p align="right"><font class="_mt" size="2">2.70</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="64"> <p align="right"><font class="_mt" size="2">0.08</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="64"> <p align="right"><font class="_mt" size="2">2.78</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl66" width="320"><font class="_mt" size="2">Net income</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">3.07</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">0.11</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">3.18</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl69" width="320"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="12"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="9"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="64"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="64"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl66" width="320"><font class="_mt" size="2">Income per common share – diluted:</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl69" width="320"><font class="_mt" size="2">Income from continuing operations</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="64"> <p align="right"><font class="_mt" size="2">2.59</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="64"> <p align="right"><font class="_mt" size="2">0.07</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="64"> <p align="right"><font class="_mt" size="2">2.66</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; width: 240pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl73" width="320"><font class="_mt" size="2">Net income</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">2.95</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">0.10</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="64"> <p align="right"><font class="_mt" size="2">3.05</font></p> </td> </tr> </table> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt; mso-hyphenate: auto; tab-stops: .5in;" class="Bodytext">  </p> <div align="center"> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <font class="_mt" size="2">  </font></div> <p style="margin: 0in 0in 6pt;" class="BLDHEADII"><font class="_mt" size="2">      On January 1, 2009, we adopted the provisions of ASC 470-20, <i style="mso-bidi-font-style: normal;">Debt with Conversion and Other Options</i>, which was required to be applied retrospectively.<font style="mso-spacerun: yes;" class="_mt">  <font style="mso-ansi-language: EN-GB;" lang="EN" class="_mt">The adoption affected the accounting for our convertible and exchangeable senior debentures by requiring <font style="mso-ansi-language: EN-GB;" class="_mt"><font lang="EN" class="_mt">the initial proceeds from their sale to be allocated between a debt component and an equity component in a manner that results in interest expense on the debt component at our nonconvertible debt borrowing rate on the date of issue.<font style="mso-spacerun: yes;" class="_mt">  The initial debt components of our $1.4 billion Convertible Senior Debentures, $1 billion Convertible Senior Debentures and $500 million Exchangeable Senior Debentures were $1,241,286,000, $926,361,000 and $457,699,000, respectively, based on the fair value of similar nonconvertible instruments issued at that time.<font style="mso-spacerun: yes;" class="_mt">  The aggregate initial debt discount of $216,655,000 after original issuance costs allocated to the equity component was recorded in “additional capital” in our consolidated statement of changes in equity.<font style="mso-spacerun: yes;" class="_mt">  The discount is amortized using the effective interest method over the period the debt is expected to remain outstanding (i.e., the earliest date the holders may require us to repurchase the debentures), which resulted in $39,546,000 and $30,418,000 of additional interest expense in the years ended December 31, 2008 and 2007, respectively.<font style="mso-spacerun: yes;" class="_mt">  </font></font></font></font></font></font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 20pt; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">In December 2007, the FASB issued an update to ASC 810, <i style="mso-bidi-font-style: normal;">Consolidation,</i> which requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be identified in the consolidated financial statements.<font style="mso-spacerun: yes;" class="_mt">  It also calls for consistency in the manner of reporting changes in the parent’s ownership interest and requires fair value measurement of any noncontrolling equity investment retained in a deconsolidation.<font style="mso-spacerun: yes;" class="_mt">  The amended guidance became effective on January 1, 2009 and resulted in (i) the reclassification of minority interests in consolidated subsidiaries to noncontrolling interests in consolidated subsidiaries, a component of permanent equity on our consolidated balance sheets, (ii) the reclassification of minority interest expense to net income attributable to noncontrolling interests, on our consolidated statements of income, and (iii) additional disclosures, including a consolidated statement of changes in equity in quarterly reporting periods.</font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 20pt; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">In December 2007, the FASB issued an update to ASC 805, <i style="mso-bidi-font-style: normal;">Business Combinations,</i> which <font style="mso-ansi-language: EN-GB;" lang="EN" class="_mt">applies to all transactions and other events in which one entity obtains control over one or more other businesses. <font style="mso-spacerun: yes;" class="_mt"> It also broadens the fair value measurement and recognition of assets acquired, liabilities assumed, and interests transferred as a result of business combinations; and acquisition related costs will generally be expensed rather than included as part of the basis of the acquisition.<font style="mso-spacerun: yes;" class="_mt">  The amended guidance also expands required disclosures to improve the ability to evaluate the nature and financial effects of business combinations. The amended guidance became effective for all transactions entered into on or after January 1, 2009. <font style="mso-spacerun: yes;" class="_mt"> The adoption of this guidance on January 1, 2009 did not have any effect on our consolidated financial statements because there have been no acquisitions during 2009.</font></font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 20pt; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">In March 2008, the FASB issued an update to ASC 815, <i style="mso-bidi-font-style: normal;">Derivatives and Hedging,</i> which requires enhanced disclosures related to derivative instruments and hedging activities, including disclosures regarding how an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for and the impact of derivative instruments and related hedged items on an entity’s financial position, financial performance and cash flows.<font style="mso-spacerun: yes;" class="_mt">  It also provided a new two-step model to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuer’s own stock.<font style="mso-spacerun: yes;" class="_mt">  The amended guidance became effective on January 1, 2009.<font style="mso-spacerun: yes;" class="_mt">  The adoption of this guidance on January 1, 2009 did not have a material effect on our consolidated financial statements.</font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">      In June 2008, the FASB issued an update to ASC 260, <i style="mso-bidi-font-style: normal;">Earnings Per Share,</i> which requires companies to treat unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as “participating securities” and include such securities in the computation of earnings per share pursuant to the two-class method as described in ASC 260.<font style="mso-spacerun: yes;" class="_mt">  The amended guidance became effective on January 1, 2009 and required all prior period earnings per share data presented, to be adjusted retroactively.<font style="mso-spacerun: yes;" class="_mt">  The adoption of this guidance on January 1, 2009 did not have a material effect on our computation of income per share.</font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 15pt; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">In April 2009, the FASB issued an amendment to the guidance for other than temporary impairments (“OTTI”) of <font class="_mt"><font class="_mt">investments in</font> debt securities, which changes the presentation of OTTI in financial statements.<font style="mso-spacerun: yes;" class="_mt">  Under this guidance, if an OTTI debt security is intended to be sold or required to be sold prior to the recovery of its carrying amount, the full amount of the impairment loss is charged to earnings.<font style="mso-spacerun: yes;" class="_mt">  Otherwise, losses on debt securities must be separated into two categories, the portion which is considered credit loss, which is charged to earnings, and the portion due to other factors, which is charged to other comprehensive income (loss), a component of balance sheet equity.<font style="mso-spacerun: yes;" class="_mt">  When an unrealized loss on a fixed maturity security is not considered OTTI, the unrealized loss continues to be charged to other comprehensive income (loss) and not to earnings. The adoption of this guidance on April 1, 2009 did not have any effect on our consolidated financial statements.</font></font></font></font></font></p> <p style="text-align: justify; text-indent: 0.25in; margin: 0in 0in 0pt;" class="MsoNormal"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 6pt;" class="BLDHEADII"><font class="_mt" size="2">      In June 2009, the FASB issued an update to ASC 810, <i style="mso-bidi-font-style: normal;">Consolidation,</i> which modifies the existing quantitative guidance used in determining the primary beneficiary of a variable interest entity (“VIE”) by requiring entities to qualitatively assess whether an enterprise is a primary beneficiary, based on whether the entity has (i) power over the significant activities of the VIE, and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.<font style="mso-spacerun: yes;" class="_mt">    The adoption of this guidance on January 1, 2010 did not have a material effect on our consolidated financial statements.</font></font></p> <p style="text-align: justify; text-indent: 15pt; margin: 0in 0in 0pt;" class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><font class="_mt" size="2">  </font></b></p> <p style="text-align: justify; text-indent: 15pt; margin: 0in 0in 0pt;" class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><font class="_mt" size="2">  </font></b></p> <p style="text-align: justify; text-indent: 0.5in; margin: 0in 0in 6pt; mso-para-margin-bottom: .5gd;" class="MsoNormal"><b style="mso-bidi-font-weight: normal;"><i><font class="_mt" size="2">Significant Accounting Policies</font></i></b></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><b style="mso-bidi-font-weight: normal;"><font class="_mt" size="2">  </font></b></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">      Real Estate:<font style="mso-spacerun: yes;" class="_mt">  </font></b> Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the cost for the construction and improvements incurred in connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when complete. If the cost of the redeveloped property, including the undepreciated net book value of the property carried forward, exceeds the estimated fair value of redeveloped property, the excess is charged to expense. Depreciation is provided on a straight-line basis over estimated useful lives which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Additions to real estate include interest expense capitalized during construction of $17,256,000 and $63,063,000, for the years ended December 31, 2009 and 2008, respectively.</font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">      Upon the acquisition of real estate, we assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles such as acquired above and below-market leases and acquired in-place leases and tenant relationships) and acquired liabilities and we allocate purchase price based on these assessments. We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. <font style="mso-spacerun: yes;" class="_mt"> Estimates of future cash flows are based on a number of factors including historical operating results, known trends, and market/economic conditions.</font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">      Our properties, including any related intangible assets, are individually reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of the assets may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis.<font style="mso-spacerun: yes;" class="_mt">  An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value.<font style="mso-spacerun: yes;" class="_mt">  Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared.<font style="mso-spacerun: yes;" class="_mt">  If our estimates of the projected future cash flows, anticipated holding periods, or market conditions change, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.<font style="mso-spacerun: yes;" class="_mt">  The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results.<font style="mso-spacerun: yes;" class="_mt">  Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.<font style="mso-spacerun: yes;" class="_mt">  The table below summarizes non-cash impairment and other losses recognized in the years ended December 31, 2009, 2008 and 2007.</font></font></font></font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <table style="margin: 0in 0in 0pt; width: 442pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="589"> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 40pt; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17" width="53"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 212pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl87" width="283"><font class="_mt" size="2">(Amounts in thousands)</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="8"><font class="_mt" size="2">  </font></td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 184pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl92" width="245" colspan="8"> <p align="center"><strong><font class="_mt" size="2">For the Year Ended December 31,</font></strong></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"> <p align="center">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; border-top: #ece9d8; border-right: #ece9d8;" class="xl87"> <p align="center"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="8"> <p align="center"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 58pt; border-top: windowtext 0.5pt solid; border-right: #ece9d8; padding-top: 0in;" class="xl93" width="77" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2009</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="7"> <p align="center"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 58pt; border-top: windowtext 0.5pt solid; border-right: #ece9d8; padding-top: 0in;" class="xl93" width="77" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2008</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="7"> <p align="center"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 58pt; border-top: windowtext 0.5pt solid; border-right: #ece9d8; padding-top: 0in;" class="xl93" width="77" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2007</font></strong></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; border-top: #ece9d8; border-right: #ece9d8;" class="xl87"><font class="_mt" size="2">Undeveloped land</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="8"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="13"><font class="_mt" size="2">$</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="64"> <p align="right"><font class="_mt" size="2">38,347</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="7"> <p align="right"><sup><strong><font class="_mt" size="2">  </font></strong></sup></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="13"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="64"> <p align="right"><font class="_mt" size="2">12,500</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="7"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="13"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl88"><font class="_mt" size="2">Real estate – development related</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="8"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="13"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl75" width="64"> <p align="right"><font class="_mt" size="2">28,820</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl76" width="7"> <p align="right"><sup><strong><font class="_mt" size="2">  </font></strong></sup></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="13"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl77" width="64"> <p align="right"><font class="_mt" size="2">40,668</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="7"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="13"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl89"><font class="_mt" size="2">Condominium units held for sale (see page 125)</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl78" width="8"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl79" width="13"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl80" width="64"> <p align="right"><font class="_mt" size="2">13,667</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl78" width="7"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl79" width="13"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl81" width="64"> <p align="right"><font class="_mt" size="2">23,625</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl78" width="7"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl79" width="13"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl90"><font class="_mt" size="2">Other real estate assets<font style="mso-spacerun: yes;" class="_mt">  </font></font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="8"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="13"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl75" width="64"> <p align="right"><font class="_mt" size="2">6,989</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl82" width="7"> <p align="right"><sup><font class="_mt" size="2">  </font></sup></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="13"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl77" width="64"> <p align="right"><font class="_mt" size="2">1,645</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="7"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="13"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> <tr style="height: 13.5pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="18"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl91"><font class="_mt" size="2">Cost of real estate acquisitions not consummated<font style="mso-spacerun: yes;" class="_mt">  </font></font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl78" width="8"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl83" width="13"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl78" width="7"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl83" width="13"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl81" width="64"> <p align="right"><font class="_mt" size="2">3,009</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl78" width="7"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl83" width="13"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl80" width="64"> <p align="right"><font class="_mt" size="2">10,375</font></p> </td> </tr> <tr style="height: 13.5pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="18"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl90"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 6pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="8"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl84" width="13"><font class="_mt" size="2">$</font></td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: #ccffff; width: 48pt; border-top: windowtext 1pt solid; border-right: #ece9d8;" class="xl85" width="64"> <p align="right"><font class="_mt" size="2">87,823</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="7"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl84" width="13"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: #ccffff; width: 48pt; border-top: windowtext 1pt solid; border-right: #ece9d8;" class="xl86" width="64"> <p align="right"><font class="_mt" size="2">81,447</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="7"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 10pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl84" width="13"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: #ccffff; width: 48pt; border-top: windowtext 1pt solid; border-right: #ece9d8;" class="xl85" width="64"> <p align="right"><font class="_mt" size="2">10,375</font></p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b>      Identified Intangibles:<font style="mso-spacerun: yes;" class="_mt">  </font></b> We record acquired intangible assets (including acquired above-market leases, tenant relationships and acquired in-place leases) and acquired intangible liabilities (including below–market leases) at their estimated fair value separate and apart from goodwill. We amortize identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired. Intangible assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset, including related real estate, if appropriate, is not recoverable and its carrying amount exceeds its estimated fair value. <font style="mso-spacerun: yes;" class="_mt"> As of December 31, 2009 and 2008, the carrying amounts of identified intangible assets, a component of “other assets” on our consolidated balance sheets, were $442,510,000 and $522,719,000, respectively. In addition, the carrying amounts of identified intangible liabilities, a component of “deferred credit” on our consolidated balance sheets, were $633,492,000 and $719,822,000, respectively.<font style="mso-spacerun: yes;" class="_mt">  </font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><b><font class="_mt" size="2">  </font></b></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b>      Partially Owned Entities:<i><font style="mso-spacerun: yes;" class="_mt">  </font></i></b> In determining whether we have a controlling interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider factors such as ownership interest, board representation, management representation, authority to make decisions, and contractual and substantive participating rights of the partners/members as well as whether the entity is a variable interest entity in which we have power over significant activities of the entity and the obligation to absorb a majority of the entity’s expected losses, if they occur, or receive a majority of the expected residual returns, if they occur, or both. We have concluded that we do not control a partially owned entity if the entity is not considered a variable interest entity and the approval of all of the partners/members is contractually required with respect to major decisions, such as operating and capital budgets, the sale, exchange or other disposition of real property, the hiring of a chief executive officer, the commencement, compromise or settlement of any lawsuit, legal proceeding or arbitration or the placement of new or additional financing secured by assets of the venture. This is the case with respect to our 50% interests in Monmouth Mall, MartParc Wells, MartParc Orleans, 968 Third Avenue, West 57<sup>th</sup> Street properties and 825 Seventh Avenue. We account for investments on the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and cash contributions and distributions made during the year. Investments that do not qualify for consolidation or equity method accounting are accounted for on the cost method.<font style="mso-spacerun: yes;" class="_mt">  </font></font><font class="_mt" size="2">Our investments in partially owned entities are reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. The ultimate realization of our investments in partially owned entities is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment loss if we determine that a decline in the value of an investment is other-than-temporary.<font style="mso-spacerun: yes;" class="_mt">  The table below summarizes non-cash impairment losses recognized <font class="_mt"><font class="_mt"><font class="_mt">on</font> investments in partially owned entities in the years ended December 31, 2009, 2008 and 2007.</font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <table style="margin: 0in 0in 0pt; width: 416pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="555"> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 48pt; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17" width="64"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 173pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl86" width="231"><strong><font class="_mt" size="2">  </font></strong></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="11"><font class="_mt" size="2">  </font></td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 187pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl79" width="249" colspan="8"> <p align="center"><font style="text-transform: uppercase;" class="_mt"><strong><font class="_mt" size="2">For the Year Ended December 31,</font></strong></font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; border-top: #ece9d8; border-right: #ece9d8;" class="xl76"><font class="_mt" size="2">(Amounts in thousands)</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="11"><font class="_mt" size="2">  </font></td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 59pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl89" width="79" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2009</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="12"> <p align="center"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 57pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl89" width="76" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2008</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="9"> <p align="center"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 55pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl89" width="73" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2007</font></strong></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; border-top: #ece9d8; border-right: #ece9d8;" class="xl76"><font class="_mt" size="2">Investment in Lexington Realty Trust</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="11"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 11pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl87" width="15"><font class="_mt" size="2">$</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="12"> <p align="right"><sup><strong><font class="_mt" size="2">  </font></strong></sup></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="12"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="64"> <p align="right"><font class="_mt" size="2">107,882</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="9"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 48pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> <tr style="height: 13.5pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="18"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl77"><font class="_mt" size="2">Other</font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="11"><font class="_mt" size="2">  </font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 11pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl75" width="15"><font class="_mt" size="2">  </font></td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl80" width="64"> <p align="right"><font class="_mt" size="2">17,820</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl72" width="12"> <p align="right"><sup><strong><font class="_mt" size="2">  </font></strong></sup></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="12"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl81" width="64"> <p align="right"><font class="_mt" size="2">96,037</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="9"> <p align="right"><font class="_mt" size="2">  </font></p> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; background-color: #ccffff; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl82" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> <tr style="height: 13.5pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" height="18"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl78"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="11"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 11pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="15"><font class="_mt" size="2">$</font></td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl83" width="64"> <p align="right"><font class="_mt" size="2">17,820</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="12"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 9pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="12"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl84" width="64"> <p align="right"><font class="_mt" size="2">203,919</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl73" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl74" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: transparent; width: 48pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl85" width="64"> <p align="right"><font class="_mt" size="2"></font></p> </td> </tr> </table> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Mezzanine Loans Receivable:</b> We invest in mezzanine loans to entities which have significant real estate assets.<font style="mso-spacerun: yes;" class="_mt">  These investments, which are subordinate to the mortgage loans secured by the real property, are generally secured by pledges of the equity interests of the entities owning the underlying real estate.<font style="mso-spacerun: yes;" class="_mt">  We record these investments at the stated principal amount net of any unamortized discount or premium. We accrete or amortize any discounts or premiums over the life of the related loan receivable utilizing the effective interest method, or straight-line method if the result is not materially different.</font></font></font> <p style="margin: 0in 0in 0pt; mso-list: none; mso-list-ins: 'Matthew Iocco' 20100218T2318;" class="Bodytext"><font class="_mt"><font class="_mt" size="2">  </font></font></p> <p style="margin: 0in 0in 0pt; mso-list: none; mso-list-ins: 'Matthew Iocco' 20100218T2318;" class="Bodytext"><font class="_mt" size="2"><font class="_mt"><font class="_mt"><font style="mso-spacerun: yes;" class="_mt">  </font></font></font></font></p> <p style="margin: 0in 0in 0pt; mso-prop-change: 'Matthew Iocco' 20100218T2248;" class="Bodytext"><font class="_mt"><font class="_mt" size="2">  </font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><font class="_mt"><font class="_mt"><font class="_mt">W</font>e evaluate the collectibility of both interest and principal of each of our loans each quarter, if circumstances warrant, to determine whether they are impaired. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the investment to the estimated fair value of the loan or, as a practical expedient, to the value of the collateral if the loan is collateral dependent. <font style="mso-spacerun: yes;" class="_mt">  <font class="_mt"><font class="_mt">Interest on impaired loans <font class="_mt">is <font class="_mt">recognized when received in cash.<font style="mso-spacerun: yes;" class="_mt">  </font> In the years ended December 31, 2009 and 2007, we recorded loss accruals aggregating $190,738,000 and $57,000,000, respectively.<font style="mso-spacerun: yes;" class="_mt">  In 2008, upon sale of a sub-participation in a loan, we reversed $10,300,000 of the $57,000,000 loss accrual recognized in 2007. <font style="mso-spacerun: yes;" class="_mt"> Loss accruals are based on our continuing review of these loans and while management believes it uses the best information available to establish these allowances, future adjustments may become necessary if there are changes in economic conditions or specific circumstances.</font></font></font></font></font></font></font></font></font></font></p> <p style="margin: 0in 0in 5pt;" class="BLDHEADII">  </p> <p style="margin: 0in 0in 5pt;" class="BLDHEADII"><font class="_mt" size="2"><strong>Cash and Cash Equivalents:</strong><font style="mso-spacerun: yes;" class="_mt">  Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The majority of our cash and cash equivalents are held at major commercial banks which may at times exceed the Federal Deposit Insurance Corporation limit. <font style="mso-spacerun: yes;" class="_mt"> To date, we have not experienced any losses on our invested cash.</font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Short-term Investments:</b> Short-term investments consist of certificates of deposit placed through an account registry service (“CDARS”) with original maturities of 91 to 180 days.<font style="mso-spacerun: yes;" class="_mt">  These investments are FDIC insured and classified as available-for-sale.<font style="mso-spacerun: yes;" class="_mt">   </font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Restricted Cash:</b> <font style="mso-spacerun: yes;" class="_mt"> Restricted cash consists of security deposits, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements. <font style="mso-spacerun: yes;" class="_mt">  </font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Allowance for Doubtful Accounts:<font style="mso-spacerun: yes;" class="_mt">  </font></b> We periodically evaluate the collectibility of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under the lease agreements. We also maintain an allowance for receivables arising from the straight-lining of rents. This receivable arises from earnings recognized in excess of amounts currently due under the lease agreements. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates.<font style="mso-spacerun: yes;" class="_mt">  As of December 31, 2009 and 2008, we had $46,708,000 and $32,834,000, respectively, in allowances for doubtful accounts.<font style="mso-spacerun: yes;" class="_mt">  In addition, as of December 31, 2009 and 2008, we had $4,680,000 and $5,773,000, respectively, in allowances for receivables arising from the straight-lining of rents.</font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Deferred Charges:</b> Direct financing costs are deferred and amortized over the terms of the related agreements as a component of interest expense. Direct costs related to successful leasing activities are capitalized and amortized on a straight-line basis over the lives of the related leases. All other deferred charges are amortized on a straightline basis, which approximates the effective interest rate method, in accordance with the terms of the agreements to which they relate.</font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Revenue Recognition:</b><font style="mso-spacerun: yes;" class="_mt">  We have the following revenue sources and revenue recognition policies:</font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: -20pt; margin: 0in 0in 0pt 35pt; tab-stops: list .25in; mso-list: l0 level1 lfo1; mso-prop-change: 'Vornado Realty Trust' 20100217T1847;" class="FTNOTE2"><font style="font-family: Symbol; color: windowtext; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;" class="_mt"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">·</font><font style="font: 7pt 'Times New Roman';" class="_mt">           <font class="_mt" size="2">Base Rent — income arising from tenant leases. These rents are recognized over the non-cancelable term of the related leases on a straight-line basis which includes the effects of rent steps and rent abatements under the leases.<font style="mso-spacerun: yes;" class="_mt">  We commence rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use.<font style="mso-spacerun: yes;" class="_mt">  In addition, in circumstances in which we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease.<font style="mso-spacerun: yes;" class="_mt">   </font></font></font></font></font></font></font></p> <p style="text-align: justify; text-indent: 0in; margin: 0in 0in 0pt 15pt;" class="FTNOTE2"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: -20pt; margin: 0in 0in 0pt 35pt; tab-stops: list .25in; mso-list: l0 level1 lfo1; mso-prop-change: 'Vornado Realty Trust' 20100217T1847;" class="FTNOTE2"><font style="font-family: Symbol; color: windowtext; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;" class="_mt"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">·</font><font style="font: 7pt 'Times New Roman';" class="_mt">           <font class="_mt" size="2">Percentage Rent — income arising from retail tenant leases that is contingent upon the sales of the tenant exceeding a defined threshold. These rents are recognized only after the contingency has been removed (i.e., sales thresholds have been achieved).</font></font></font></font></p> <p style="text-align: justify; text-indent: 0in; margin: 0in 0in 0pt;" class="FTNOTE2"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: -20pt; margin: 0in 0in 0pt 35pt; tab-stops: list .25in; mso-list: l0 level1 lfo1; mso-prop-change: 'Vornado Realty Trust' 20100217T1847;" class="FTNOTE2"><font style="font-family: Symbol; color: windowtext; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;" class="_mt"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">·</font><font style="font: 7pt 'Times New Roman';" class="_mt">           <font class="_mt" size="2">Hotel Revenue — income arising from the operation of the Hotel Pennsylvania which consists of rooms revenue, food and beverage revenue, and banquet revenue. Income is recognized when rooms are occupied. Food and beverage and banquet revenue is recognized when the services have been rendered.</font></font></font></font></p> <p style="text-align: justify; text-indent: 0in; margin: 0in 0in 0pt 15pt;" class="FTNOTE2"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: -20pt; margin: 0in 0in 0pt 35pt; tab-stops: list .25in; mso-list: l0 level1 lfo1; mso-prop-change: 'Vornado Realty Trust' 20100217T1847;" class="FTNOTE2"><font style="font-family: Symbol; color: windowtext; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;" class="_mt"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">·</font><font style="font: 7pt 'Times New Roman';" class="_mt">           <font class="_mt" size="2">Trade Shows Revenue — income arising from the operation of trade shows, including rentals of booths. This revenue is recognized when the trade shows have occurred.</font></font></font></font></p> <p style="text-align: justify; text-indent: 0in; margin: 0in 0in 0pt 15pt;" class="FTNOTE2"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: -20pt; margin: 0in 0in 0pt 35pt; tab-stops: list .25in; mso-list: l0 level1 lfo1; mso-prop-change: 'Vornado Realty Trust' 20100217T1847;" class="FTNOTE2"><font style="font-family: Symbol; color: windowtext; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;" class="_mt"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">·</font><font style="font: 7pt 'Times New Roman';" class="_mt">           <font class="_mt" size="2">Expense Reimbursements — revenue arising from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.</font></font></font></font></p> <p style="text-align: justify; text-indent: 0in; margin: 0in 0in 0pt 15pt;" class="FTNOTE2"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: -20pt; margin: 0in 0in 0pt 35pt; tab-stops: list .25in; mso-list: l0 level1 lfo1; mso-prop-change: 'Vornado Realty Trust' 20100217T1847;" class="FTNOTE2"><font style="font-family: Symbol; color: windowtext; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;" class="_mt"><font style="mso-list: Ignore;" class="_mt"><font class="_mt" size="2">·</font><font style="font: 7pt 'Times New Roman';" class="_mt">           <font class="_mt" size="2">Management, Leasing and Other Fees – income arising from contractual agreements with third parties or with partially owned entities. This revenue is recognized as the related services are performed under the respective agreements.</font></font></font></font></p> <p style="margin: 0in 0in 0pt 0.25in;" class="FTNOTE2"><font class="_mt" size="2">  </font></p> <b style="mso-bidi-font-weight: normal;"><font style="layout-grid-mode: line; font-family: 'Times New Roman','serif'; font-size: 10pt; mso-ansi-language: EN-US; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;" class="_mt"><br style="page-break-before: always;" clear="all" /></font></b> <p style="margin: 0in 0in 0pt;" class="Heading1"></p> <p style="margin: 0in 0in 0pt 0.25in;" class="FTNOTE2"></p> <font class="_mt" size="2"><b>Condominium Units Held For Sale:<font style="mso-spacerun: yes;" class="_mt">  </font></b> <font style="mso-bidi-font-weight: bold;" class="_mt">Condominium units held for sale are carried at the lower of cost or expected net sales proceeds.<font style="mso-spacerun: yes;" class="_mt">  As of December 31, 2009, condominiums held for sale, which are included in “other assets” on our consolidated balance sheet, aggregate $187,050,000 and consist of substantially completed units at our 40 East 66<sup>th</sup> Street property in Manhattan, The Bryant in Boston and Granite Park in Pasadena.<font style="mso-spacerun: yes;" class="_mt">  Revenue from individual condominium unit sales are recognized upon closing of the sale (the “completed contract method”), as all conditions for full profit recognition have been met at that time.<font style="mso-spacerun: yes;" class="_mt">  We use the relative sales value method to allocate costs.<font style="mso-spacerun: yes;" class="_mt">  Net gains on sales of condominiums units are included in “net gains on disposition of wholly owned and partially owned assets other than depreciable real estate” on our consolidated statements of income.<font style="mso-spacerun: yes;" class="_mt">  During 2009 and 2008, we recognized non-cash impairment losses related to certain of these condominiums aggregating $13,667,000 and $<font class="_mt"><font class="_mt"><font class="_mt">23</font>,<font class="_mt"><font class="_mt"><font class="_mt">625</font>,000, respectively, based on our assessments of the expected net sales proceeds associated with these condominium projects.<font style="mso-spacerun: yes;" class="_mt">  These losses are included in “impairment and other losses” on our consolidated statements of income.</font></font></font></font></font></font></font></font></font></font></font></font> <p style="margin: 0in 0in 0pt; mso-spacerun: yes; mso-bidi-font-weight: bold;" class="Bodytext"><b><font class="_mt" size="2">  </font></b></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b>Derivative Instruments and Hedging Activities:<font style="mso-spacerun: yes;" class="_mt">  </font></b> ASC 815, <i style="mso-bidi-font-style: normal;">Derivatives and Hedging</i>, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As of December 31, 2009 and 2008, our derivative instruments consisted of interest rate caps which did not have a material affect on our consolidated financial statements. As required by ASC 815, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.</font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.</font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Income Per Share:</b><font style="mso-spacerun: yes;" class="_mt">  Basic income per share is computed based on weighted average shares outstanding. Diluted income per share considers the effect of all potentially dilutive share equivalents, including outstanding employee stock options, restricted shares and convertible or redeemable securities.</font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Stock-Based Compensation:</b><font style="mso-spacerun: yes;" class="_mt">  Stock-based compensation consists of awards to certain employees and officers and consists of stock options, restricted stock, restricted Operating Partnership units and out-performance plan awards.<font style="mso-spacerun: yes;" class="_mt">  We account for all stock-based compensation in accordance with ASC 718, <i style="mso-bidi-font-style: normal;">Compensation – Stock Compensation</i>.</font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2"><b style="mso-bidi-font-weight: normal;">Income Taxes:</b> We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We distribute to shareholders 100% of taxable income and therefore, no provision for Federal income taxes is required. <font style="mso-spacerun: yes;" class="_mt"> Dividend distributions for the year ended December 31, 2009, were characterized, for Federal income tax purposes, as 63.9% ordinary income, 0.9% long-term capital gain and 35.2% return of capital.<font style="mso-spacerun: yes;" class="_mt">  Dividend distributions for the year ended December 31, 2008 were characterized, for Federal income tax purposes, as 70.8% ordinary income and 29.2% return of capital. Dividend distributions for the year ended December 31, 2007 were characterized, for Federal income tax purposes, as 61.6% ordinary income and 38.4% long-term capital gain.</font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="text-align: justify; text-indent: 20pt; margin: 0in 0in 0pt;" class="MsoBodyTextIndent"><font class="_mt" size="2">We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001.<font style="mso-spacerun: yes;" class="_mt">  Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to Federal and State income tax at regular corporate tax rates. Our taxable REIT subsidiaries had a combined current income tax liability of approximately $21,481,000 and $20,837,000 for the years ended December 31, 2009 and 2008, respectively, and have immaterial differences between the financial reporting and tax basis of assets and liabilities.</font></font></p> <p style="text-align: justify; text-indent: 20.15pt; margin: 0in 0in 0pt;" class="MsoBodyTextIndent"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">In connection with purchase accounting for H Street, in July 2005 and April 2007 we recorded an aggregate of $222,174,000 of deferred tax liabilities representing the differences between the tax basis and the book basis of the acquired assets and liabilities multiplied by the effective tax rate.<font style="mso-spacerun: yes;" class="_mt">  We were required to record these deferred tax liabilities because H Street and its partially owned entities were operated as C Corporations at the time they were acquired. As of January 16, 2008, we had completed all of the actions necessary to enable these entities to elect REIT status effective for the tax year beginning on January 1, 2008<font class="_mt"><font class="_mt">.<font style="mso-spacerun: yes;" class="_mt">  Consequently, in the first quarter of 2008, we reversed the deferred tax liabilities and recognized an income tax benefit of $222,174,000 in our consolidated statement of income.<font style="mso-spacerun: yes;" class="_mt">  </font></font></font></font></font></font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">The following table reconciles net income attributable to common shareholders to estimated taxable income for the years ended December 31, 2009, 2008 and 2007.</font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"><font class="_mt" size="2">  </font></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <table style="margin: 0in 0in 0pt; width: 505pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="669"> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; width: 48pt; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17" width="64"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: white; width: 212pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl75" width="283"><font class="_mt" size="2"><strong>  </strong><font class="_mt">(Amounts in thousands)</font></font></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl63" width="10"><font class="_mt" size="2">  </font></td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 72pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl76" width="95" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2009</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl63" width="9"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 72pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl76" width="95" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2008</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl63" width="9"> <p align="center">  </p> </td> <td style="border-bottom: windowtext 0.5pt solid; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 72pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl76" width="95" colspan="2"> <p align="center"><strong><font class="_mt" size="2">2007</font></strong></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: white; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl63" width="9"><font class="_mt" size="2">  </font></td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"></td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl73"> <p align="left"><font class="_mt" size="2">Net income attributable to common shareholders</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="86"> <p align="right"><font class="_mt" size="2">49,093</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="86"> <p align="right"><font class="_mt" size="2">302,206</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl68" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="86"> <p align="right"><font class="_mt" size="2">484,362</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl72"> <p align="left"><font class="_mt" size="2">Book to tax differences (unaudited):</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl79"> <p align="left"><font class="_mt" size="2">Depreciation and amortization</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="86"> <p align="right"><font class="_mt" size="2">247,023</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="86"> <p align="right"><font class="_mt" size="2">233,426</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl69" width="86"> <p align="right"><font class="_mt" size="2">145,131</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl80"> <p align="left"><font class="_mt" size="2">Mezzanine loans receivable</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">171,380</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right"><font class="_mt" size="2">(51,893</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">51,682</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl79"> <p align="left"><font class="_mt" size="2">Straight-line rent adjustments</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(83,959</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(82,901</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(70,450</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl80"> <p align="left"><font class="_mt" size="2">Earnings of partially owned entities</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right"><font class="_mt" size="2">(82,382</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right"><font class="_mt" size="2">(50,855</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">12,093</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl79"> <p align="left"><font class="_mt" size="2">Stock options<font style="mso-spacerun: yes;" class="_mt">  </font></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(32,643</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(71,995</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(88,752</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl80"> <p align="left"><font class="_mt" size="2">Sale of real estate</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">3,923</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">3,687</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right"><font class="_mt" size="2">(57,386</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl79"> <p align="left"><font class="_mt" size="2">Reversal of deferred tax liability</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2"></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2">(202,267</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="left"><font class="_mt" size="2">)</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="86"> <p align="right"><font class="_mt" size="2"></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 12.75pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 12.75pt; border-top: #ece9d8; border-right: #ece9d8;" height="17"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl80"> <p align="left"><font class="_mt" size="2">Derivatives</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="86"> <p align="right"><font class="_mt" size="2"></font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">43,218</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl65" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl66" width="86"> <p align="right"><font class="_mt" size="2">131,711</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 13.5pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8;" height="18"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; border-top: #ece9d8; border-right: #ece9d8;" class="xl79"> <p align="left"><font class="_mt" size="2">Other, net</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl77" width="86"> <p align="right"><font class="_mt" size="2">81,936</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl77" width="86"> <p align="right"><font class="_mt" size="2">171,763</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl70" width="9"> <p align="right">  </p> </td> <td style="border-bottom: windowtext 1pt solid; border-left: #ece9d8; background-color: transparent; width: 65pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl77" width="86"> <p align="right"><font class="_mt" size="2">13,256</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: transparent; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl67" width="9"> <p align="right">  </p> </td> </tr> <tr style="height: 13.5pt;"> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: transparent; height: 13.5pt; border-top: #ece9d8; border-right: #ece9d8;" height="18"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; background-color: #ccffff; border-top: #ece9d8; border-right: #ece9d8;" class="xl74"> <p align="left"><font class="_mt" size="2">Estimated taxable income</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 8pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="10"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl78" width="86"> <p align="right"><font class="_mt" size="2">354,371</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl78" width="86"> <p align="right"><font class="_mt" size="2">294,389</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"> <p align="right">  </p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl71" width="9"> <p align="right"><font class="_mt" size="2">$</font></p> </td> <td style="border-bottom: windowtext 2pt double; border-left: #ece9d8; background-color: #ccffff; width: 65pt; border-top: #ece9d8; border-right: #ece9d8;" class="xl78" width="86"> <p align="right"><font class="_mt" size="2">621,647</font></p> </td> <td style="border-bottom: #ece9d8; border-left: #ece9d8; padding-bottom: 0in; background-color: #ccffff; width: 7pt; border-top: #ece9d8; border-right: #ece9d8; padding-top: 0in;" class="xl64" width="9"><font class="_mt" size="2">  </font></td> </tr> </table> <p style="margin: 0in 0in 0pt;" class="Bodytext">  </p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <p style="margin: 0in 0in 0pt;" class="Bodytext"></p> <font class="_mt" size="2">The net basis of our assets and liabilities for tax reporting purposes is approximately $3.1 billion lower than the amount reported in our consolidated financial statements.</font></div><!-- body --></div></div> </div>
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