EXHIBIT 99.2

RECONCILIATION OF 2003 PROJECTED EARNINGS PER SHARE—DILUTED
TO PROJECTED FUNDS FROM OPERATIONS PER SHARE—DILUTED
(Dollars and shares in thousands, except per share data)

 
   Year Ended December 31, 2003
  
 
   Low
   High
  
Net income available to common shareholders   $ 8,343   $ 8,978  
   
 
 
Numerator for earnings per share-diluted     8,343     8,978  
Real estate related depreciation and amortization     35,257     35,257  
Restricted common share dividends     353     353  
Minority interests-preferred units     1,049     1,049  
Minority interests-common units (gross)     7,035     7,193  
Convertible preferred share dividends     544     544  
Repurchase of preferred units in excess of recorded book value     11,224     11,224  
Gain on sales of real estate, excluding development portion     (2,851 )   (2,851 )
Expense on dilutive options     19     19  
   
 
 
Numerator for funds from operations per share-diluted   $ 60,973   $ 61,766  
   
 
 
Denominator for earnings per share-diluted     28,063     28,063  
Common units     8,962     8,962  
Restricted shares     325     325  
Convertible preferred units     1,110     1,110  
Convertible preferred shares     1,197     1,197  
   
 
 
Denominator for funds from operations per share-diluted     39,657     39,657  
   
 
 
Earnings per share-diluted   $ 0.30   $ 0.32  
Funds from operations per share-diluted   $ 1.54   $ 1.56