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Income Statement

	2009 Y	2010 Y	2011 Y	2012 Y
Period Ended	12/31/2009	12/31/2010	12/31/2011	12/31/2012
Revenues ($000)
Interest Income	906	316	858	278
Rental Revenue	116,744	112,361	113,027	122,619
Operating RE Revenue	905	375	430	356
Partnership Income	1,328	(221)	(1,049)	3,102
Property Management Revenue	4,011	3,819	3,696	3,708
Franchise Fees	0	0	0	0
Nonrecurring Revenue	0	11,632	0	1,645
Other Noninterest Income	1,574	3,203	3,052	911
Revenue	125,468	131,485	120,014	132,619

Expenses ($000)
Interest Expense	31,088	35,362	30,007	27,344
Rental Operating Expense	37,877	36,593	36,395	35,793
Operating RE Expense	NA	NA	NA	NA
Real Estate Depreciation & Amortization	29,800	31,213	35,500	38,898
Provision for Loan Losses	0	0	0	0
Advisory Fees	0	0	0	0
Non-Real Estate Depreciation	1,066	777	755	581
General & Administrative Expense	13,448	19,319	19,650	19,445
Property Acquisition Fees	0	300	0	0
Asset Writedowns	0	31,440	37,411	2,152
Other Nonrecurring Expense	4,379	242	1,968	0
Other Expense	0	0	0	0
Expense	117,658	154,946	161,686	124,213

Net Income ($000)
Net Income before Gain on Sale of Real Estate	7,810	(23,761)	(41,672)	8,406
Gain on Sale of Real Estate	5,010	2,096	5,159	215
Total Minority Interest Expense	0	0	0	0
Provision for Taxes	NA	NA	795	(34)
Trust Preferred Distributions	0	0	0	0
Net Income before Extra	12,820	(21,665)	(37,308)	8,655
Extraordinary Items	3,116	(2,059)	8,808	(1,563)
Net Income	15,936	(23,724)	(28,500)	7,092
Net Income Attributable to Noncontrolling Int	2,216	(3,576)	(1,742)	(112)
Net Income Attributable to Parent	13,720	(20,148)	(26,758)	7,204
Preferred Dividends	0	0	5,244	7,250
Issue Costs of Redeemed Preferred Stock	0	0	0	0
Net Income Avail to Common	13,720	(20,148)	(32,002)	(46)

Per Share Information ($)
Diluted EPS after Extraordinary	0.62	(0.57)	(0.84)	0
FFO / Share	1.80	0.55	0.71	1.02
AFFO per Share	NA	NA	NA	NA
Distributable Income per Share	NA	NA	NA	NA
Regular Dividends Paid	0.86	0.65	0.65	0.65
Regular Dividends Declared	0.79	0.65	0.65	0.66
Total Dividends Paid	0.86	0.65	0.65	0.65
Common Dividends Declared per Share	0.79	0.65	0.65	0.66
Avg Diluted Shares Out (actual)	22,193,000	35,224,000	38,466,000	44,485,000


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