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## SECTION II 

## SELECTED ANNUAL INFORMATION 

The following table summarizes certain financial information of the Trusts for the years indicated below: 

<img src='content_image/170397.jpg'>

Notes: 

(1) Certain items have been reclassified to conform with the presentation adopted in the current year. 

(2) The calculation to determine “net earnings per unit from continuing operations (diluted)” and "net earnings per unit (diluted)" gives effect to the issue of Stapled Units pursuant to outstanding options and warrants where dilutive and non-controlling interest conversion to Stapled Units. 

(3) Including discontinued operations. 

Over the last few years, total assets of the Trusts have remained relatively constant. Rentals from income properties and net property operating income have steadily increased despite property dispositions of approximately $240 million over the past 2 years. This is due primarily to acquisitions and completed property developments and acquisitions. 

