4) Includes $3.1 million and $8.0 million of insurance recoveries in 2004 and 2003, respectively, attributable to rental income lost at Santana Row as a result of the August 2002 fire.
Insurance recoveries received in 2005 were insignificant.
Excluding these items, funds from operations in 2004 and 2003 would have been $156.0 million and $140.5 million, respectively.5) The SEC has stated that EBITDA is a non-GAAP measure as calculated in the table below.
Adjusted EBITDA is a non-GAAP measure that means net income or loss plus interest expense, income taxes, depreciation and amortization, impairment provisions, and nonrecurring expenses.
Adjusted EBITDA is presented because we believe that it provides useful information to investors regarding our ability to service debt and because it approximates a key covenant in material notes.
Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.
Adjusted EBITDA as presented may not be comparable to other similarly titled measures used by other REITs.
The reconciliation of Adjusted EBITDA to net income for the periods presented is as follows:
## Table 0 ##
6) Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor.
Preferred share dividends consist of dividends paid on our outstanding Series A preferred shares and Series B preferred shares.
Our Series A preferred shares were redeemed in full in June 2003.
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in “Item 8.
Financial Statements and Supplementary Data” of this report.
Overview We are an equity real estate investment trust specializing in the ownership, management, development and redevelopment of retail and mixed-use properties.
As of December 31, 2005, we owned or had a majority interest in 103 community and neighborhood shopping centers and mixed-use properties comprising approximately 17.6 million square feet.
Our properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, as well as in California, and one apartment complex in Maryland.
In total, the 103 commercial properties were 96.3% leased at December 31, 2005.
A joint venture in which we own a 30% interest owned four neighborhood shopping centers totaling approximately 0.5 million square feet as of December 31, 2005.
In total, the joint venture properties in which we own an interest were 97.4% leased at December 31, 2005.
We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 38 consecutive years.
(4) Includes $3.1 million and $8.0 million of insurance recoveries in 2004 and 2003, respectively, attributable to rental income lost at Santana Row as a result of the August 2002 fire.
Insurance recoveries received in 2005 were insignificant.
Excluding these items, funds from operations available for common shareholders in 2004 and 2003 would have been $145.6 million and $123.3 million, respectively.
(5) The SEC has stated that EBITDA is a non-GAAP measure as calculated in the table below.
Adjusted EBITDA is a non-GAAP measure that means net income or loss plus net interest expense, income taxes, depreciation and amortization, gain or loss on sale of real estate and impairments of real estate if any.
Adjusted EBITDA is presented because we believe that it provides useful information to investors regarding our ability to service debt and because it approximates a key covenant in material notes.
Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.
Adjusted EBITDA as presented may not be comparable to other similarly titled measures used by other REITs.
The reconciliation of Adjusted EBITDA to net income for the periods presented is as follows:
## Table 1 ##
(6) Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor.
Preferred share dividends consist of dividends paid on preferred shares and preferred stock redemption costs.
Our Series A preferred shares were redeemed in full in June 2003 and our Series B preferred shares were redeemed in full in November 2006.
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in “Item 8.
Financial Statements and Supplementary Data” of this report.
Overview We are an equity real estate investment trust specializing in the ownership, management, development and redevelopment of high quality retail and mixed-use properties.
As of December 31, 2006, we owned or had a majority interest in 111 community and neighborhood shopping centers and mixed-use properties comprising approximately 18.8 million square feet.
Our properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, as well as in California.
In total, these 111 commercial properties were 96.5% leased at December 31, 2006.
A joint venture in which we own a 30% interest owned four neighborhood shopping centers totaling approximately 0.7 million square feet as of December 31, 2006.
In total, the joint venture properties in which we own an interest were 98.7% leased at December 31, 2006.
We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 39 consecutive years.
## Table 2 ##
(1) Represents the physical square footage of the commercial portion of the property, which may differ from the gross leasable square footage used to express percentage leased.
Some of our properties include office space which is included in this square footage but is not material in total.
(2) Retail percentage leased is expressed as a percentage of rentable commercial square feet occupied or subject to a lease under which rent is currently payable and includes square feet covered by leases for stores not yet opened.
Residential percentage leased is expressed as a percentage of units occupied or subject to a lease.
(3) All or a portion of this property is owned pursuant to a ground lease.
(4) We own the controlling interest in this center.
(5) We own a 90% general and limited partnership interests in these buildings.
(6) We own this property in a “downREIT” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(7) All or a portion of this property is subject to a capital lease obligation.
(8) We own a 64.1% membership interest in this property.
(9) 50% of the ownership of this property is in a “downREIT” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.
(10) Properties acquired through the Taurus Newbury Street JV II Limited Partnership or a joint venture arrangement with affiliates of a discretionary fund created and advised by ING Clarion Partners.
(11) The Trust controls Melville Mall through a 20 year master lease and secondary financing to the owner.
Because the Trust controls the activities that most significantly impact this property and retains substantially all of the economic benefit and risk associated with it, we consolidate this property and its operations.
Item 2.
Properties We employ a variety of assets in the management and operation of our rail business.
Our rail network covers 23 states in the western two-thirds of the U. S.

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2005	2004	2003	2002	2001
(In thousands)
Net income	$114,612	$84,156	$94,497	$55,287	$68,756
Depreciation and amortization	91,503	90,438	75,503	64,529	59,914
Interest expense	88,566	85,058	75,232	65,058	69,313
Other interest income	-2,216	-1,509	-1,276	-1,386	-2,662
EBITDA	292,465	258,143	243,956	183,488	195,321
Gain loss on sale of real estate	-30,748	-14,052	-20,053	-19,101	-9,185
Loss on abandoned developmentsheld for sale	—	—	—	9,647	—
Adjusted EBITDA	$261,717	$244,091	$223,903	$174,034	$186,136

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2006	2005	2004	2003	2002
(In thousands)
Net income	$118,712	$114,612	$84,156	$94,497	$55,287
Depreciation and amortization	97,879	91,503	90,438	75,503	64,529
Interest expense	102,808	88,566	85,058	75,232	65,058
Other interest income	-2,616	-2,216	-1,509	-1,276	-1,386
EBITDA	316,783	292,465	258,143	243,956	183,488
Gain on sale of real estate	-23,956	-30,748	-14,052	-20,053	-19,101
Loss on abandoned developmentsheld for sale	—	—	—	—	9,647
Adjusted EBITDA	$292,827	$261,717	$244,091	$223,903	$174,034

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Property, City, State, Zip Code	Year Completed	Year Acquired	Square Feet-1 /Apartment Units	Average Rent Per Square Foot	Percentage Leased-2	Principal Tenant(s)
Mount Vernon/South Valley/7770 Richmond HwyAlexandria, VA 22306-3(6)(12)	1966-1974	2003/2006	565,000	$15.32	95%	Shoppers Food WarehouseBed, Bath & BeyondMichaelsHome DepotTJ MaxxGold’s Gym
Old Keene MillSpringfield, VA 22152	1968	1976	92,000	$33.35	97%	Whole FoodsWalgreens
Pan AmFairfax, VA 22031	1979	1993	227,000	$18.41	100%	MichaelsMicroCenterSafeway
Pentagon RowArlington, VA 22202-12	2001-2002	1998/2010	296,000	$33.69	99%	Harris TeeterBed,Bath & BeyondBally Total FitnessDSW
Pike 7 PlazaVienna, VA 22180-6	1968	1997	164,000	$38.11	100%	DSWStaplesTJ Maxx
Shoppers’ WorldCharlottesville, VA 22091-12	1975-2001	2007	169,000	$11.92	94%	Whole FoodsStaples
Shops at Willow LawnRichmond, VA 23230	1957	1983	480,000	$16.02	88%	KrogerOld NavyRoss Dress For LessStaples
Tower Shopping CenterSpringfield, VA 22150	1960	1998	112,000	$24.04	91%	Talbots
Tyson’s StationFalls Church, VA 22043-12	1954	1978	49,000	$39.43	100%	Trader Joe’s
Village at ShirlingtonArlington, VA 22206-7	1940, 2006-2009	1995	255,000	$33.22	98%	AMC LoewsCarlyle Grand CaféHarrisTeeter
Total All Regions—Retail-14	18,286,000	$22.77	94%
Total All Regions—Residential	903 units	95%

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Question: In the section with lowest amount of Pan AmFairfax, VA 22031 for Amount, what's the increasing rate of Shoppers’WorldCharlottesville, VA 22091-12 for Amount?
Answer: 0.54446