content_image/69431.jpg content_image/69432.jpg content_image/69433.jpg content_image/69434.jpg
## APPENDIX 

Below is a reconciliation of Net Income to EBITDA befor e minority interest and gains on sale of real estate: 

<img src='content_image/69431.jpg'>

Below is a reconciliation of Net Income to Funds from Operations: 

<img src='content_image/69432.jpg'>

Below is a reconciliation of Hotel Pennsylvania Net Income to Hotel Pennsylvania EBITDA: 

<img src='content_image/69433.jpg'>

Below is a reconciliation of the impact on Net Income and on Funds from Operations of the PTO vacating space it previously occupied and its subsequent lease up: 

<img src='content_image/69434.jpg'>

