 |
 |
 |
 |
 |
 |
 |
 |
|
 |
 |
 |
 |
|
Below is a reconciliation of Net Income to EBITDA before minority interest and gains on sale of real estate:

Below is a reconciliation of Net Income to Funds from Operations:

Below is a reconciliation of Hotel Pennsylvania Net Income to Hotel Pennsylvania EBITDA:

Below is a reconciliation of Merchandise Mart Net Income to Merchandise Mart EBITDA:

|
|
|
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
 |
 |
 |
 |
 |
 |
 |
|