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Other than the Bow development which is described in greater detail under “Funding of Future Commitments”, the following is a summary of material contractual obligations of the REIT (excluding mortgages related to discontinued operations and mortgages payable on demand) including payments due as at December 31, 2010 for the next 5 years and thereafter as of December 31, 2010: 

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(1) The total purchase price is approximately $376.8 million less the mortgage assumptions of $196.4 million. 

DBRS Limited (“DBRS”) provides credit ratings of debt securities for commercial entities. A credit rating generally provides an indication of the risk that the borrower will not fulfill its obligations in a timely manner with respect to both interest and principal commitments. Rating categories range from highest credit quality (generally AAA) to default payment (generally D). 

DBRS has confirmed that the REIT has a credit rating of BBB with a Stable trend as at December 31, 2010. A credit rating of BBB by DBRS is generally an indication of adequate credit quality, where protection of interest and principal is considered acceptable. A credit rating of BBB or higher is an investment grade rating. There can be no assurance that any rating will remain in effect for any given period of time or that any rating will not be withdrawn or revised by DBRS at any time. The credit rating is reviewed periodically by DBRS. 

The REIT has no material capital or operating lease obligations. 

## Funding of Future Commitments 

The following table shows the budgeted costs for the Bow and actual costs to date: 

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Both the REIT and the lenders’ project consultant believe the remaining contingencies to be sufficient at this stage of the project. Based on the current anticipated tranche completion dates, it is expected that there will be an approximate one to three month delay in delivery for each tranche. This potential cost based on the expected delay, would be approximately $4.7 million and is included in 

