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## 16. Summary of Quarterly Results (Unaudited) 

The following summary represents the results of operations for each quarter in 2003, 2002 and 2001: 

<img src='content_image/76053.jpg'>

(1) The total for the year may differ from the sum of the quarters as a result of weighting. 

(2) Includes gains on sale of real estate of $158,378. 

## 17. Costs of Acquisitions and Development Not Consummated 

In 2002, the Company had a 70% interest in a joint ventur e to develop an office tower over the Port Authority Bus Terminal in New York City. Market conditions existing in 2002 resulted in the joint venture writing off $9,700,000, representing all pre-development costs capitalized to date, of which the Company’s share is $6,874,000. 

In 2001, the Company was unable to reach a final agreement with the Port Authority of NY & NJ to conclude a net lease of the World Trade Center. Accordingly in 2001 the Company wrote off costs of $5,223,000 primarily associated with the World Trade Center. 

## 18. Segment Information 

The Company has four business segments: Office, Retail, Mer chandise Mart Properties and Temperature Controlled Logistics. In 2003, the Company revised how it presents EBITDA, a measure of performance of its segments, and has revised the disclo- sure for all periods presented. EBITDA as disclosed represents “Earnings before Interest, Taxes, Depreciation and Amortization.” This change is consistent with the Securities and Exchange Commission’s Regulation G. 

