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Exhibit 99.2

                   FACTORS AFFECTING FUTURE OPERATING RESULTS

     This Form 10-K, the Company's Annual Report to Shareholders, any Form 10-Q
or any Form 8-K of the Company or any other written or oral statements made by
or on behalf of the Company includes forward-looking statements which reflect
the Company's current views with respect to future events and financial
performance.  These forward-looking statements are subject to certain risks and
uncertainties, including those discussed below that could cause actual results
to differ materially from historical results or those anticipated.  The words
"believe," "expect," "anticipate" and similar expressions identify forward-
looking statements.  Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.  The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

     The following factors could cause actual results to differ materially from
historical results or those anticipated:

     Real Estate Investment Risks.  Real property investments are subject to
varying degrees of risk.  Revenues and property values may be adversely affected
by the general economic climate, the local economic climate and local real
estate conditions, including (i) the perceptions of prospective tenants of the
attractiveness of the property; (ii) the ability to provide adequate management,
maintenance and insurance; (iii) the inability to collect rent due to bankruptcy
or insolvency of tenants or otherwise; and (iv) increased operating costs.  Real
estate values may also be adversely affected by such factors as applicable laws,
including tax laws, interest rate levels and the availability of financing.

     Development Risks.  New project development is subject to a number of
risks, including risks of availability of financing, construction delays or cost
overruns that may increase project costs, risks that the properties will not
achieve anticipated occupancy levels or sustain anticipated lease levels, and
new project commencement risks such as receipt of zoning, occupancy and other
required governmental permits and authorizations and the incurrence of
development costs in connection with projects that are not pursued to
completion.

     Illiquidity of Real Estate Investments.  Real estate investments are
relatively illiquid and therefore may tend to limit the ability of the Company
to react promptly in response to changes in economic or other conditions.

     Dependence on Rental Income from Real Property.  The Company's cash flow
and results of operations would be adversely affected if a significant number of
tenants were unable to meet their obligations or if the Company were unable to
lease a significant amount of space in its income-producing properties on
economically favorable lease terms.  In the event of a default by a tenant, the
Company may experience delays in enforcing its rights as lessor and may incur
substantial costs in protecting its investment.  The bankruptcy or insolvency of
a major tenant may have an adverse effect on an income-producing property.

     Effect of Uninsured Loss.  The Company carries comprehensive liability,
fire, flood, extended coverage and rental loss insurance with respect to its
properties with insured limits and
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policy specifications that it believes are customary for similar properties.
There are, however, certain types of losses (generally of a catastrophic nature,
such as wars or earthquakes) which may be either uninsurable, or, in the
Company's judgment, not economically insurable.  Should an uninsured loss occur,
the Company could lose both its invested capital in and anticipated profits from
the affected property.

     Lack of Geographical Diversification.  A significant portion of the
Company's properties is geographically concentrated.  The Company's land sales,
for instance, relate primarily to land in and around Columbia, Maryland.  These
sales are affected by the economic climate in Howard County, Maryland and the
Baltimore-Washington area, and by local real estate conditions and other
factors, including applicable zoning laws and the availability of financing for
residential development.  Similarly, most of the office/industrial buildings
that the Company manages are located in the Baltimore-Washington corridor,
including Columbia, Maryland.  Due to the geographic concentration of this
portfolio, the Company's operating results in managing these buildings depend
especially on the local economic climate and real estate conditions, including
the availability of comparable, competing office/industrial buildings.

     Environmental Matters.  Under various federal, state and local
environmental laws, ordinances and regulations, a current or previous owner or
operator of real property may become liable for the costs of the investigation,
removal and remediation of hazardous or toxic substances on, under, in or
migrating from such property.  Such laws often impose liability without regard
to whether the owner or operator knew of, or was responsible for, the presence
of such hazardous or toxic substances.  The presence of hazardous or toxic
substances, or the failure to remediate properly such substances when present,
may adversely affect the owner's ability to sell or rent such real property or
to borrow using such real property as collateral.  Persons who arrange for the
disposal or treatment of hazardous or toxic wastes may also be liable for the
costs of the investigation, removal and remediation of such wastes at the
disposal or treatment facility, regardless of whether such facility is owned or
operated by such person.  Other federal, state and local laws, ordinances and
regulations require abatement or removal of certain asbestos-containing
materials in the event of demolition or certain renovations or remodeling,
impose certain worker protection and notification requirements and govern
emissions of and exposure to asbestos fibers in the air.  Certain of the
Company's properties contain underground storage tanks which are subject to
strict laws and regulations designed to prevent leakage or other releases of
hazardous substances into the environment.  In connection with its ownership,
operation and management of such properties, the Company could be held liable
for the environmental response costs associated with the release of such
regulated substances or related claims.  In addition to clean up actions brought
by federal, state and local agencies, the presence of hazardous substances on a
property could result in personal injury or similar claims by private
plaintiffs.  Such claims could result in costs or liabilities which could exceed
the value of such property.  Notwithstanding the above, the Company has not been
notified by any private party or governmental authority of any non-compliance,
liability or other claim in connection with environmental conditions at any of
its properties that it believes will involve any material expenditure, nor is
the Company aware of any environmental condition with respect to any of its
properties that it believes will involve any material expenditure.

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     Americans with Disabilities Act Compliance.  Under the Americans with
Disabilities Act (the "ADA"), all public accommodations and commercial
facilities are required to meet certain federal requirements related to access
and use by disabled persons.  These requirements became effective in 1992.  The
Company has surveyed each of its properties and believes that it is in
substantial compliance with the ADA and that it will not be required to make
substantial capital expenditures to address the requirements of the ADA.  In
addition, the Company has developed an ADA Compliance Plan and has budgeted for
and moved forward with the removal of those barriers to access that are readily
achievable.  The Company believes that implementation of its ADA Compliance Plan
will not have a material adverse effect on its financial condition.

     Competition.  There are numerous other developers, managers and owners of
real estate that compete with the Company in seeking management and leasing
revenues, land for development, properties for acquisition and disposition and
tenants for properties.

     Changes in Economic Climate.  The Company's business and operating results
can be adversely affected by changes in the economic environment generally.  For
example, an increase in interest rates will affect the interest payable on the
Company's outstanding floating rate debt and may result in increased interest
expense if debt is refinanced at higher interest rates.  Moreover, in a
recessionary economy, credit conditions may be inflexible and consumer spending
conservative, which could adversely affect the Company's revenue from its retail
centers.

     Hughes Acquisition.  The consummation of the Merger and the HHPLP Merger
described in "Recent Developments" under Item 1 above is subject to the
satisfaction of many conditions, including, but not limited to obtaining
requisite THC stockholder approval of the transactions and the receipt of any
necessary regulatory and other consents from various federal and state
governmental authorities.  There can be no assurance that all or any of the
conditions to the Merger and the HHPLP Merger will be satisfied, and
accordingly, there can be no assurance that such mergers will be consummated.

     If these mergers are consummated, the Company will be assuming debt and
issuing, at the time of the mergers, a significant amount of Common Stock and
will be required under the terms of the mergers to issue additional shares of
Common Stock and/or other securities in the future based on certain formulas
relating to the cash flow and appraised value of certain assets of THC and its
subsidiaries.  In addition, the Company's results of operations could be
adversely affected by the future operating performance of the real estate assets
acquired in the mergers.  This future operating performance is subject to a
number of risks, including risks similar to those set forth above, risks
relating to the location of those real estate assets in Nevada and California
and other risks or potential risks.