The primary reasons for the increase of $4.3 million in AFFO for the three months ended December 31, 2010 as compared to the same period last year are: 

• An increase of $0.9 million in additional rent recoverable from tenants in accordance with their leases for items which were capitalized to building improvements net of items which were expensed in property operating costs; 

• An increase of $2.0 million due to lower interest expense; 

• An increase of $2.3 million in property operating income due to acquisitions during 2010; 

• An increase of $2.8 million due to lower capital and tenant expenditures; 

• A decrease of $0.9 million in property operating income primarily due to the average U.S./Canadian dollar foreign exchange rate of $1.00 for Q4 2010 as compared to $1.05 during Q4 2009; 

• A decrease of $1.2 million in property operating income from properties sold between October 1, 2009 and December 31, 2010; 

• An decrease of $0.5 million due to lower interest income, lower trust expenses and lower current income taxes; and 

• A decrease of $0.6 million due to higher property management fees. 

The primary reasons for the decrease of $44.9 million in AFFO for the year ended December 31, 2010 as compared to the same period last year are: 

• A decrease of $38.8 million due to the one-time loss on the repayment of the Non-Convertible Debentures; 

• A decrease of $4.8 million due to higher capital and tenant expenditures; 

• A decrease of $8.2 million in property operating income primarily due to the average U.S./Canadian dollar foreign exchange rate of $1.03 for the year ended December 31, 2010 as compared to $1.14 during the year ended December 31, 2009; 

• A decrease of $6.4 million in property operating income from properties sold between January 1, 2009 and December 31, 2010; 

• A decrease of $1.1 million in property operating income due to tenants who filed for protection under Chapter 11 of the United States Bankruptcy Code and subsequently terminated their leases; 

• A decrease of $4.0 million due to lower interest income, higher trust expenses and higher current income taxes; 

• A decrease of $2.5 million due to higher property management fees; 

• An increase of $4.0 million due to rent step ups throughout the portfolio; 

• An increase of $2.3 million due to lease terminations and other non-recurring items; 

• An increase of $5.8 million due to lower interest expense; 

• An increase of $3.6 million in additional rent recoverable from tenants in accordance with their leases for items which were capitalized to building improvements net of items which were expensed in property operating costs; and 

• An increase of $5.3 million in property operating income due to acquisitions during 2010. 

