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Where appropriate, the REIT uses forward exchange contracts to lock in foreign exchange rates. This strategy provides certainty in the foreign exchange rates on transactions that will occur in the future. The REIT has entered into a forward exchange forward contract with a Canadian chartered bank, which effectively locks in the REIT’s rate to exchange, U.S.$2 million per month at a rate of $1.0402. This forward exchange contract expires in April 2012. 

The REIT has entered into interest rate swaps on the Bow credit facility and on one U.S. mortgage which effectively locked the interest rate at 4.65% and 5.25%, respectively. At the end of each reporting period, the interest rate swaps are marked-to-market resulting in an unrealized gain or loss recorded in net earnings. 

## SECTION III 

## SUMMARY OF QUARTERLY RESULTS 

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$^{(1)}$ Certain items for all periods have been reclassified to conform with the presentation adopted in the current period. 

Changes to the quarterly financial information are not reflective of seasonality or cyclicality but generally from new property acquisitions, dispositions and income taxes. Revenues may have significant fluctuations due to recoveries from tenants for changes to property operating costs depending on when major maintenance projects are incurred. 

