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(1) In Januar 2002, when the Company acquired the remaining 66% of CESCR it did not already own, it estimated that these costs would be approximately $75.0. 

(2) Subject to governmental approvals. 

The Company is also in the pre-development phase of a number of other projects including (i) retail space in the Penn Plaza area, (ii) repositioning of the Hotel Pennsylvania, (iii) expansion and r edevelopment of the Bergen Mall, (iv) expansion of Monmouth Mall and (v) renovation of the 2101 L Street office building. 

There can be no assurance that any of the above projects will be ultimately completed, completed on time or completed for the budgeted amount. 

