Common Share Dividend Policy

We announce the following year's projected annual Common Share dividend level after the annual review and approval of our budget by our Board, usually in December of each year. In light of recent economic events and following our secondary equity offering in April, our Board decreased the projected 2009 annual divided level from $1.00 to $0.70 cents per Common Share to reflect the additional shares outstanding for the remainder of the year. The payment of dividends is dependent upon our financial condition and operating results and may be adjusted during the year at the discretion of our Board.

Our current policy is to pay quarterly dividends to shareholders based upon what we consider to be a reasonable percentage of cash flow and at the level that will allow us to continue to qualify as a REIT for tax purposes. Because depreciation is a non-cash expense, cash flow will typically be greater than net earnings. Therefore, annual dividends are expected to be consistently higher than annual earnings.