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## Capital Expenditures 

Managing capital expenditures is an important part of our business. The table below presents capital expenditures* since 2000, in dollars on a segment basis. 

<img src='content_image/128317.jpg'>

* This data excludes expenditures for acquisitions, developments and expansions. 

Since leasing activity varies year-to-year and the term of leases fluctuate, we think per square foot numbers tell a meaningful story. In the table below, the Expenditures to Maintain Assets are presented based on total square feet in the segment. Tenant Improvements Leasing Commissions are presented based on square feet leased in the year on per annum basis based upon the average term of leases. 

<img src='content_image/128320.jpg'>

