Adjustments to REIT reports of FFO for 1Q 2009

Adjustments to REIT reports of FFO for 1Q 2009

In the first quarter of 2009, 37 REITs reported FFO that
included nonrecurring charges.

These nonrecurring charges include such items as
impairment charges, preferred stock redemptions,
unamortized loan fees, penalties for early retirement of debt,
severance charges, and restructuring charges.

As we did in the fourth quarter of 2008, we have
adjusted our annualized FFO numbers to remove
these nonrecurring charges.

In this way, we are presenting the relevant FFO numbers that
support dividend payments to investors.

We strive to present the most relevant data for analysis of a
REIT's ability to continue current dividend payments to investors.