content_image/274146.jpg content_image/274147.jpg content_image/274148.jpg
## PORTFOLIO OVERVIEW 

The geographic diversification of the REIT’s portfolio (excluding properties whose tenants have filed for Chapter 11 protection with a United States bankruptcy court) as at December 31, 2010 is outlined in the charts below: 

<img src='content_image/274146.jpg'>

## PROPERTIES UNDER DEVELOPMENT (in thousands of dollars) 

<img src='content_image/274147.jpg'>

<img src='content_image/274148.jpg'>

