Document:

EXHIBIT 4.1

                              [FACE OF DEBENTURE]

REGISTERED                                                          REGISTERED

                                                      NO. 001 PRINCIPAL AMOUNT

CUSIP NO. 75621L AJ 3                                             $250,000,000

         UNLESS THIS DEBENTURE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY DEBENTURE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         UNLESS AND UNTIL THIS DEBENTURE IS EXCHANGED IN WHOLE OR IN PART FOR
DEBENTURES IN CERTIFICATED FORM, THIS DEBENTURE MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR
ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR
A NOMINEE OF SUCH SUCCESSOR.

                      RECKSON OPERATING PARTNERSHIP, L.P.

                 4.00% Exchangeable Senior Debenture due 2025

         Reckson Operating Partnership, L.P., a limited partnership duly
organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer," which term shall include any successor Person
appointed pursuant to the terms of the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to Cede & Co., or its
registered assigns, the principal sum of $250,000,000 on June 15, 2025 unless
redeemed, repurchased or exchanged prior to such date in accordance with the
terms hereof and of the Indenture.

         This Debenture shall bear interest as specified on the reverse
hereof. This Debenture is exchangeable for the consideration specified on the
reverse hereof. This Debenture is subject to redemption by the Issuer at its
option and to repurchase by the Issuer at the option of the Holder as
specified on the reverse hereof.

         Reference is hereby made to the further provisions of this Debenture
set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

         This Debenture shall not be entitled to the benefits of the Indenture
or the Guarantee of Reckson Associates (as defined on the reverse hereof) or
be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee.

<PAGE>

        IN WITNESS WHEREOF, each of the Issuer and Reckson Associates has
caused this Debenture to be signed manually or by facsimile by an authorized
signatory.

Dated: June 27, 2005

                                       RECKSON OPERATING PARTNERSHIP, L.P.,
                                             as Issuer

                                       By: RECKSON ASSOCIATES REALTY CORP.,
                                             as General Partner

                             (SEAL)    By:  /s/ Michael Maturo
                                       ----------------------------------------
                                            Name:  Michael Maturo
                                            Title: Executive Vice President and
                                                   Chief Financial Officer
Attest:

/s/ Jason M. Barnett
-----------------------------------
Name:  Jason M. Barnett
Title: Executive Vice President and
       General Counsel

                                       RECKSON ASSOCIATES REALTY CORP.,
                                         as Guarantor

                             (SEAL)    By:  /s/ Michael Maturo
                                       ----------------------------------------
                                            Name:  Michael Maturo
                                            Title: Executive Vice President and
                                                   Chief Financial Officer

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                       THE BANK OF NEW YORK, N.A.
                                         as Trustee

                                       By: /s/ Julie Salovitch-Miller
                                       ------------------------------
                                           Authorized Signatory

<PAGE>

                            [REVERSE OF DEBENTURE]

                      RECKSON OPERATING PARTNERSHIP, L.P.

                 4.00% Exchangeable Senior Debenture due 2025

         This Debenture is one of a duly authorized issue of debentures,
notes, bonds, or other evidences of indebtedness of the Issuer (hereinafter
called the "Securities") of the series hereinafter specified, all issued or to
be issued under and pursuant to an Indenture, dated as of March 26, 1999
(together with the Officers' Certificate delivered thereunder establishing the
terms of the Debentures (the "Officers' Certificate"), the "Indenture"), duly
executed and delivered by the Issuer and Reckson Associates Realty Corp., a
Maryland corporation ("Reckson Associates"), as guarantor, if applicable, to
The Bank of New York, as trustee (the "Trustee," which term includes any
successor trustee under the Indenture with respect to the series of Securities
of which this Debentures is a part), and reference is hereby made to the
Indenture, and all modifications and amendments and indentures supplemental
thereto relating to the Debentures, for a description of the rights,
limitations of rights, obligations, duties, and immunities thereunder of the
Trustee, the Issuer, Reckson Associates and the Holders of the Debentures and
the terms upon which the Debentures are authenticated and delivered. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may accrue interest (if any) at different rates or formulas and may otherwise
vary as provided in the Indenture. This Debentures is one of a series of
Securities designated as the "4.00% Exchangeable Senior Debentures due 2025"
of the Issuer, initially limited (except as permitted under the Indenture) in
aggregate principal amount to $287,500,000. Terms used herein without
definition and which are defined in the Indenture have the meanings assigned
to them in the Indenture.

1.       INTEREST
         --------

         The Debentures shall bear interest at the rate of 4.00% per annum
from June 27, 2005 or from the most recent Interest Payment Date (as defined
below) to which interest has been paid or duly provided for, as the case may
be, payable semi-annually in arrears on June 15 and December 15 of each year
(each, an "Interest Payment Date"), commencing on December 15, 2005, until the
principal hereof is paid or duly made available for payment. Interest payable
on each Interest Payment Date shall equal the amount of interest accrued for
the period commencing on and including the immediately preceding Interest
Payment Date in respect of which interest has been paid or duly provided for
(or commencing on and including June 27, 2005, if no interest has been paid or
duly provided for) and ending on and including the day preceding such Interest
Payment Date. Interest on the Debentures will be computed on the basis of a
360-day year consisting of twelve 30-day months

2.       METHOD OF PAYMENT
         -----------------

         Except as provided in the Indenture, the Issuer shall pay interest on
the Debentures to the Persons who are Holders of record of Debentures at the
close of business (whether or not a Business Day in The City of New York) on
the June 1 or December 1 immediately preceding the applicable Interest Payment
Date (each, a "Regular Record Date"). Holders must surrender

                                      3

<PAGE>

Debentures to a Paying Agent and comply with the other terms of the Indenture
to collect the principal amount, Optional Redemption Price, Optional
Repurchase Price or Change in Control Purchase Price of the Debentures, plus,
if applicable, accrued and unpaid interest, if any, payable as herein provided
at maturity, upon redemption at the Issuer's option or repurchase at the
Holder's option. The Issuer shall pay, in money of the United States that at
the time of payment is legal tender for payment of public and private debts,
all amounts due in cash with respect to the Debentures on the dates and in the
manner provided in this Debenture and the Indenture.

3.       PAYING AGENT, EXCHANGE AGENT AND SECURITY REGISTRAR
         ---------------------------------------------------

         Initially, the Trustee shall act as Paying Agent, Exchange Agent and
Security Registrar. The Issuer hereby initially designates the Corporate Trust
Office of the Trustee in New York, New York as the office to be maintained by
it where this Debenture may be presented for payment, registration of transfer
or exchange, where notices or demands to or upon the Issuer or Reckson
Associates in respect of this Debenture or the Indenture may be served and
where the Debentures may be surrendered for exchange in accordance with the
provisions of paragraph 6 hereof and the Indenture. The Issuer may appoint and
change any Paying Agent, Exchange Agent, Security Registrar or co-registrar or
approve a change in the office through which any Paying Agent acts without
notice, other than notice to the Trustee.

4.       REDEMPTION BY THE ISSUER
         ------------------------

         The Issuer shall not have the right to redeem any Debentures prior to
June 18, 2010, except to preserve the status of Reckon Associates as a real
estate investment trust. If the Issuer determines it is necessary to redeem
the Debentures in order to preserve the status of Reckson Associates as a real
estate investment trust, the Issuer may redeem all of the Debentures then
Outstanding, in whole or in part, at 100% of the principal amount of the
Debentures to be redeemed plus unpaid interest, if any, accrued thereon to the
Redemption Date.

         The Issuer shall have the right to redeem the Debentures for cash, in
whole or in part at any time or from time to time, on or after June 18, 2010
at 100% of the principal amount of the Debentures to be redeemed plus unpaid
interest, if any, accrued thereon to the Redemption Date (the "Redemption
Price").

         Notice of redemption at the option of the Issuer shall be mailed at
least 30 days but not more than 60 days before the Redemption Date to each
Holder of Debentures to be redeemed at the Holder's registered address.
Debentures in denominations larger than $1,000 principal amount may be
redeemed in part but only in integral multiples of $1,000 principal amount.

5.       OPTIONAL REPURCHASE RIGHTS;
         REPURCHASE AT OPTION OF HOLDER UPON A CHANGE IN CONTROL
         -------------------------------------------------------

         (a) Subject to the terms and conditions of the Indenture, a Holder
shall have the right to require the Issuer to repurchase all of its
Debentures, or any portion of the principal amount thereof that is equal to
$1,000 or an integral multiple thereof, on each of June 15, 2010, June 15,
2015 and June 15, 2020 (each, an "Optional Repurchase Date") for cash equal to
100% of the principal amount of the Debentures to be repurchased plus unpaid
interest, if any, accrued to such Optional Repurchase Date (the "Optional
Repurchase Price"), upon delivery

                                      4

<PAGE>

to the Paying Agent of an Optional Repurchase Notice containing the
information set forth in the Indenture, from the opening of business on the
date that is 30 days prior to such Optional Repurchase Date until the close of
business on the fifth Business Day prior to such Optional Repurchase Date and
upon compliance with the other terms of the Indenture.

         (b) If a Change in Control occurs at any time prior to June 15, 2010,
a Holder shall have the right, at such Holder's option and subject to the
terms and conditions of the Indenture, to require the Issuer to repurchase all
or any of such Holder's Debentures having a principal amount equal to $1,000
or an integral multiple thereof on the date (the "Change in Control Purchase
Date") specified by the Issuer in the Company Notice (which date shall be no
earlier than 15 days and no later than 30 days after the date of such Company
Notice) for cash equal to the 100% of the principal amount of the Debentures
to be repurchased plus unpaid interest, if any, accrued thereon to the Change
in Control Purchase Date (the "Change in Control Purchase Price").

         (c) Holders have the right to withdraw any Optional Repurchase Notice
or Change in Control Purchase Notice, as the case may be, by delivery to the
Paying Agent of a written notice of withdrawal in accordance with the
provisions of the Indenture.

         (d) If the Paying Agent holds, in accordance with the terms of the
Indenture, money sufficient to pay the Optional Repurchase Price or Change in
Control Purchase Price of such Debentures on the Optional Repurchase Date or
Change in Control Purchase Date, as the case may be, then, on and after such
date, such Debentures shall cease to be Outstanding and interest on such
Debentures shall cease to accrue, and all other rights of the Holder shall
terminate (other than the right to receive the Optional Repurchase Price or
Change in Control Purchase Price upon delivery or transfer of the Debentures).

6.       EXCHANGE
         --------

         The Debentures shall be exchangeable into the consideration specified
in the Indenture at such times, upon compliance with such conditions and upon
the terms set forth in the Indenture.

         The initial Exchange Rate shall be 24.6124 Company Common Shares per
$1,000 principal amount of Debentures, subject to adjustment in the event of
certain circumstances as specified in the Indenture. Debentures tendered for
exchange by a Holder at the close of business on any Regular Record Date for
an interest payment and on or prior to the corresponding Interest Payment Date
must be accompanied by payment of an amount equal to the interest that such
Holder is to receive on such Debentures on such Interest Payment Date;
provided, however, that no such payment shall be required (1) if such
Debentures have been called for redemption on a Redemption Date that is after
such Regular Record Date and on or prior to such Interest Payment Date or (2)
with respect to overdue interest, if any overdue interest exists at the time
of exchange with respect to such Debentures.

         The Exchange Rate applicable to each Debenture a notice of exchange
in respect of which is received by the Exchange Agent from and including the
date that is 15 Business Days prior to the anticipated Effective Date of a
transaction described in clause (1) of the definition of Change in Control up
to and including the fifth Business Day following the Effective Date of such
Change in Control shall be increased by the number of Additional Shares
specified in the

                                      5

<PAGE>

Indenture; provided, however, that such increase to the Exchange Rate shall
not apply if such Change in Control constitutes a Public Acquirer Change in
Control with respect to which the Company shall have duly made, and given full
effect to, an election, pursuant to and in accordance with the provisions of
Section 14.10 of the Officers' Certificate.

         To exchange this Debenture, the Holder must (a) complete and manually
sign the irrevocable exchange notice set for the below (or complete and
manually sign a facsimile of such notice) and deliver such notice to the
Exchange Agent at the office maintained by the Exchange Agent for such
purpose, (b) if this Debenture is in certificated form, surrender such
Debenture to the Exchange Agent, (c) furnish appropriate endorsements and
transfer documents if required by the Exchange Agent, Reckson Associates or
the Trustee and (d) pay any transfer or similar tax, if required. The date on
which the Holder satisfies all such requirements shall be deemed to be the
date on which this Debenture shall have been tendered for exchange.

         If the Holder has delivered an Optional Repurchase Notice or a Change
in Control Purchase Notice requiring the Issuer to repurchase all or a portion
of this Debenture pursuant to paragraph 5 hereof, then this Debenture (or
portion hereof subject to such Optional Repurchase Notice or Change in Control
Purchase Notice) may be exchanged only if the Optional Repurchase Notice or
Change in Control Purchase Notice is withdrawn in accordance with the terms of
the Indenture.

7.       RANKING
         -------

         The Debentures are senior unsecured obligations of the Issuer and
shall rank pari passu in right of payment with all other senior unsecured
senior indebtedness of the Issuer from time to time outstanding.

8.       GUARANTEE
         ---------

         This Debenture is a Guaranteed Security within the meaning of, and
subject to the provisions applicable to Reckson Associates as Guarantor
thereof contained in, the Indenture.

9.       DEFAULTED INTEREST
         ------------------

         Except as otherwise specified herein or in the Indenture, any
Defaulted Interest on this Debenture shall forthwith cease to be payable to
the Holder hereof on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Issuer as provided
for in Section 307 of the Indenture.

10.      DENOMINATIONS; TRANSFER; EXCHANGE
         ---------------------------------

         This Debenture is issuable only in fully registered form, without
coupons, in denominations of $1,000 and integral multiples thereof. This
Debenture may be exchanged for a like aggregate principal amount of Debentures
of other authorized denominations at the office or agency of the Issuer in The
City of New York, in the manner and subject to the limitations provided herein
and in the Indenture, but without the payment of any charge except for any tax
or other governmental charge imposed in connection therewith. Upon due
presentment for registration of transfer of this Debenture at the office or
agency of the Issuer in The City of New

                                      6

<PAGE>

York, one or more new Debentures of authorized denominations in an equal
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the limitations provided herein and in the Indenture, but
without payment of any charge except for any tax or other governmental charge
imposed in connection therewith. In the event of any redemption in part, the
Issuer shall not be required to: (i) issue or register the transfer or
exchange of any Debenture during a period beginning at the opening of business
15 days before any selection of Debentures for redemption and ending at the
close of business on the earliest date on which the relevant notice of
redemption is deemed to have been given to all Holders of Debentures to be so
redeemed, or (ii) register the transfer or exchange of any Debenture so
selected for redemption, in whole or in part, except the unredeemed portion of
any Debenture being redeemed in part.

11.      PERSONS DEEMED OWNERS
         ---------------------

         The Holder of this Debenture may be treated as the owner of this
Debenture for all purposes, and none of the Issuer, Reckson Associates or the
Trustee nor any authorized agent of the Issuer, Reckson Associates or the
Trustee shall be affected by any notice to the contrary, except as required by
law.

12.      MODIFICATION AND AMENDMENT; WAIVER
         ----------------------------------

         The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of
the Issuer and, if applicable, the Guarantor, and the rights of the Holders of
the Securities under the Indenture at any time by the Issuer and, if
applicable, the Guarantor, and the Trustee with the consent of the Holders of
a majority in the aggregate principal amount of Securities of any series
issued under the Indenture at the time Outstanding and affected thereby. The
Indenture, as supplemented by Section 4.19 of the Officers' Certificate, also
provides that certain amendments or modifactions may not be made without the
consent of each Holder to be affected thereby. Furthermore, provisions in the
Indenture permit the Holders of a majority in the aggregate principal amount
of the Outstanding Securities of any series, in certain instances, to waive,
on behalf of all of the Holders of Securities of such series, certain past
defaults under the Indenture and their consequences. Any such waiver by the
Holder of this Debenture shall be conclusive and binding upon such Holder and
upon all future Holders of this Debenture and other Debentures issued upon the
registration of transfer hereof or in exchange hereof, or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Debenture.

13.      DEFAULTS AND REMEDIES
         ---------------------

         If an Event of Default occurs and is continuing, the Trustee, or the
Holders of not less than 25% in aggregate principal amount of the Debentures
at the time Outstanding, may declare the principal amount and any accrued and
unpaid interest, of all the Debentures to be due and payable in the manner and
with the effect provided in the Indenture. Certain events of bankruptcy or
insolvency are Events of Default which shall result in the Debentures being
declared due and payable immediately upon the occurrence of such Events of
Default.

                                      7

<PAGE>

         Events of Default in respect of the Debentures are set forth in
Section 501 of the Indenture, as modified by Section 4.18 of the Officers'
Certificate. Holders may not enforce the Indenture or the Debentures except as
provided in the Indenture.

14.      CONSOLIDATION, MERGER, AND SALE OF ASSETS
         -----------------------------------------

         In the event of a consolidation or merger of the Issuer or Reckson
Associates or a conveyance, transfer or lease of all or substantially all of
the property or assets of the Issuer or Reckson Associates as described in
Article VIII of the Indenture, as modified by Section 4.16 of the Officers'
Certificate, the successor entity to the Issuer or Reckson Associates, as the
case may be, shall succeed to and be substituted for the Issuer or Reckson
Associates, as the case may be, and may exercise the rights and powers of the
Issuer or Reckson Associates, as the case may be, under the Indenture, and
thereafter, except in the case of a lease, the Issuer or Reckson Associates,
as the case may be, shall be relieved of all obligations and covenants under
the Indenture and the Debentures.

15.      CERTAIN COVENANTS NOT TO APPLY.
         -------------------------------

         The Debentures shall not be entitled to the benefits of the covenants
set forth in Section 1005 and Section 1006 of the Indenture.

16.      TRUSTEE AND AGENT DEALINGS WITH THE COMPANY
         -------------------------------------------

         The Trustee, Paying Agent, Exchange Agent and Securities Registrar
under the Indenture, each in its individual or any other capacity, may become
the owner or pledgee of Debentures and may otherwise deal with and collect
obligations owed to it by the Issuer, Reckson Associates or their respective
Affiliates and may otherwise deal with the Issuer or its Affiliates with the
same rights it would have if it were not Trustee, Paying Agent, Exchange Agent
or Registrar.

17.      CALCULATIONS IN RESPECT OF THE DEBENTURES
         -----------------------------------------

         Except as otherwise specifically stated herein or in the Indenture,
all calculations to be made in respect of the Debentures shall be the
obligation of the Issuer. All calculations made by the Issuer or its agent as
contemplated pursuant to the terms hereof and of the Indenture shall be final
and binding on the Issuer and the Holders absent manifest error. The Issuer
shall provide a schedule of calculations to the Trustee, and the Trustee shall
be entitled to rely upon the accuracy of the calculations by the Issuer
without independent verification. The Trustee shall forward calculations made
my the Issuer to any Holder of Debentures upon request.

18.      GOVERNING LAW
         -------------

         The Indenture, this Debenture and the Guarantee shall be deemed to be
a contract under the laws of the State of New York, and for all purposes shall
be governed by and construed in accordance with the laws of such State,
without giving effect to any conflict of law principles.

                                      8

<PAGE>

                                  ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto_________________________________________________________________________.

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

                _____________________________________________
               |                                             |
               |                                             |
               |_____________________________________________|

_______________________________________________________________________________

                  (Please print or Typewrite Name and Address
                    Including Postal Zip Code of Assignee)

_______________________________________________________________________________

the within Debenture and all rights thereunder, and hereby irrevocably
constitutes and appoints
_______________________________________________________________________________

to transfer said Debenture on the books of the Issuer, with full power of
substitution in the premises.

Dated:__________________________

Signature Guaranteed

----------------------------------          ----------------------------------
NOTICE: Signature must be                   NOTICE: The signature to this
guaranteed by an eligible Guarantor         Assignment must correspond with the
Institution (banks, stockbrokers,           name as written upon the face of
savings and loan associations and           the within Debenture in every
credit unions) with membership in           particular, without alteration or
an approved signature guarantee             enlargement or any change whatever.
medallion program pursuant to
Securities and Exchange Commission
Rule 17Ad-15.

                 9

<PAGE>

                                EXCHANGE NOTICE

         To exchange this Debenture as provided in the Indenture, check the
box: /  /

         To exchange only part of this Debenture, state the principal amount
to be exchanged (must be $1,000 or an integral multiple of $1,000):
$____________.

         If, in the event the Issuer delivers Net Shares and you want the
stock certificate made out in another person's name, fill in the form below:

_______________________________________________________________________________
                (Insert assignee's soc. sec. or tax I.D. no.)

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________
             (Print or type assignee's name, address and zip code)

                                            Your Signature:

Date:    ______________________________     ______________________________
                                            (Sign exactly as your name appears
                                            on the other side of this Debenture)

(1) Signature guaranteed by:

By:      ______________________________

____________________________

(1) The signature must be guaranteed by an institution which is a member of
one of the following recognized signature guaranty programs: (i) the
Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock
Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
(SEMP); or (iv) such other guaranty program acceptable to the Trustee.

                                      10EXHIBIT 4.3

                      RECKSON OPERATING PARTNERSHIP, L.P.

                             OFFICERS' CERTIFICATE

          Pursuant to Sections 301 and 303 of the Indenture among Reckson
Operating Partnership, L.P., as issuer of Securities (the "Operating
Partnership"), Reckson Associates Realty Corp. (the "Company"), as guarantor
of certain Securities, and The Bank of New York, as trustee, dated as of March
26, 1999 (together with this Officers' Certificate, the "Indenture"), I, Jason
M. Barnett, Executive Vice President, General Counsel and Secretary of the
Company, the general partner of the Operating Partnership, and I, Michael
Maturo, Executive Vice President, Chief Financial Officer and Treasurer of the
Company, do hereby certify as follows:

          Article I. Authorization. The establishment of a series of Securities
of the Company has been approved and authorized pursuant to authority granted
by resolutions duly adopted by the Board of Directors of the Company (the
"Board Resolutions").

          Article II. Compliance with Conditions Precedent. All covenants and
conditions precedent provided for in the Indenture relating to the
establishment of a series of Securities have been complied with.

          Article III. Definitions. Capitalized terms used herein and not
defined herein have the meanings ascribed to such terms in the Indenture or,
if not defined therein, in the form of Debenture attached hereto as Exhibit A:

          "Acquirer Common Stock" mean the class of common stock (or depositary
receipts or other certificates representing common equity interests) of the
acquirer or other entity referred to in the definition of "Public Acquirer
Change in Control" that is traded on a national securities exchange or quoted
on NASDAQ or another established over-the-counter trading market in the United
States or which will be so traded or quoted when issued or exchanged in
connection with a Public Acquirer Change in Control.

          "Additional Debentures" has the meaning provided in Section 4.02
hereof.

          "Applicable Exchange Period" means, with respect to an exchange of
Debentures, the 10 consecutive Trading Day period commencing on the third
Trading Day following the date the Debentures are tendered for exchange.

          "Average Price" means, with respect to an exchange of Debentures, an
amount equal to the average of the Closing Sale Prices of Company Common
Shares for each Trading Day in the Applicable Exchange Period.

          "Change in Control" means the occurrence at any time any of any of
the following events: (1) consummation of any transaction or event (whether by
means of a share exchange or tender offer applicable to Company Common Shares,
a liquidation, consolidation, recapitalization, reclassification, combination
or merger of the Company or a sale, lease or other transfer of all or
substantially all of the consolidated assets of the Company) or a series of
related

                                      1

<PAGE>

transactions or events pursuant to which all of the outstanding Company Common
Shares are exchanged for, converted into or constitute solely the right to
receive, cash, securities or other property more than 10% of which consists of
cash, securities or other property that are not, or upon issuance will not be,
traded on a U.S. national securities exchange or quoted on the NASDAQ; (2) any
"person" or "group" (as such terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act, whether or not applicable), other than the Company,
the Operating Partnership or any majority owned subsidiary of the Company or
the Operating Partnership or any employee benefit plan of the Company, the
Operating Partnership or such subsidiary, is or becomes the "beneficial owner"
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
more than 50% of the total voting power in the aggregate of all classes of
capital stock of the Company then outstanding entitled to vote generally in
elections of directors; (3) during any period of 12 consecutive months after
the date of original issuance of the Debentures (for so long as the Company is
the general partner of the Operating Partnership immediately prior to such
transaction or series of related transactions), persons who at the beginning
of such 12-month period constituted the Board of Directors of the Company
(together with any new persons whose election was approved by a vote of a
majority of the persons then still comprising the Board of Directors of the
Company who were either members of the Board of Directors of the Company at
the beginning of such period or whose election, designation or nomination for
election was previously so approved) cease for any reason to constitute a
majority of the Board of Directors of the Company; or (4) the Company ceases
to be the general partner of the Operating Partnership or ceases to control
the Operating Partnership; provided, however, that the pro rata distribution
by the Company to its shareholders of shares of its capital stock or shares of
any of the Company's other direct or indirect subsidiaries, will not, in and
of itself, constitute a Change in Control for purposes of this definition.
Notwithstanding the foregoing, even if any of the events specified in the
preceding clauses (1) through (4) have occurred, except as specified in clause
(x), a Change in Control will not be deemed to have occurred if either: (x)
the Closing Sale Price per Company Common Share for any five Trading Days
within the period of 10 consecutive Trading Days ending immediately after the
later of the Change in Control or the public announcement of the Change in
Control, in the case of a Change in Control relating to an acquisition of
capital stock, or the period of 10 consecutive Trading Days ending immediately
after the Change in Control, in the case of a Change in Control relating to a
merger, consolidation or asset sale, equals or exceeds 105% of the Exchange
Price of the Debentures in effect on each of those Trading Days; provided,
however, that the exception to the definition of "Change in Control" specified
in this clause (x) shall not apply in the context of a Change in Control or
Public Acquirer Change in Control for purposes of Section 4.10; or (y) at
least 90% of the consideration (excluding cash payments for fractional shares
and cash payments made pursuant to dissenters' appraisal rights) in a merger,
consolidation or other transaction otherwise constituting a Change in Control
consists of shares of common stock (or depositary receipts or other
certificates representing common equity interests) traded on a U.S. national
securities exchange or quoted on NASDAQ or another established automated
over-the-counter trading market in the United States (or will be so traded or
quoted immediately following such merger, consolidation or other transaction)
and as a result of the merger, consolidation or other transaction the
Debentures become exchangeable into such shares of common stock (or depositary
receipts or other certificates representing common equity interests). For the
purposes of this definition, "person" includes any syndicate or group that
would be deemed to be a "person" under Section 13(d)(3) of the Exchange Act.

                                      2

<PAGE>

          "Change in Control Purchase Date" has the meaning provided in Section
4.09 hereof.

          "Change in Control Purchase Notice" has the meaning provided in
Section 4.09 hereof.

          "Change in Control Purchase Price" has the meaning provided in
Section 4.09 hereof.

          "Closing Sale Price" of the Company Common Shares or other capital
stock or similar equity interests or other publicly traded securities on any
date means the closing sale price per share (or, if no closing sale price is
reported, the average of the closing bid and ask prices or, if more than one
in either case, the average of the average closing bid and the average closing
ask prices) on such date as reported on the principal U.S. securities exchange
on which the Company Common Shares or such other capital stock or similar
equity interests or other securities are traded or, if the Company Common
Shares or such other capital stock or similar equity interests or other
securities are not listed on a U.S. national or regional securities exchange,
as reported by NASDAQ or by the National Quotation Bureau Incorporated or
another established over-the-counter trading market in the United States. The
Closing Sale Price shall be determined without regard to after-hours trading
or extended market making. In the absence of the foregoing, the Operating
Partnership shall determine the Closing Sale Price on such basis as it
considers appropriate.

          "Company" has the meaning provided in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the
applicable provisions of the Indenture, and thereafter, "Company" shall mean
such successor Person.

          "Company Common Shares" means shares of common stock, par value $.01
per share, of the Company.

          "Company Notice" has the meaning provided in Section 4.09 hereof.

          "Daily Share Amount" has the meaning provided in Section 4.12 hereof.

          "Debentures" has the meaning provided in Section 4.01 hereof which
shall be substantially in the form attached hereto as "Exhibit A."

          "Depositary" has the meaning provided in Section 4.03 hereof.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

          "Exchange Agent" means the office or agency designated by the
Operating Partnership where the Debentures may be presented for exchange.

          "Exchange Price" means, as of any date of determination, for $1,000
principal amount of Debentures, rounded to the nearest $0.01, with $0.005
rounded upward, the quotient of $1,000 divided by the Exchange Rate in effect
as of such date, rounded to the nearest $0.01, with $0.005 rounded upward.

          "Exchange Rate" means the number of Company Common Shares by
reference to which the Exchange Value shall be determined, which shall be
initially 24.6124 Company Common

                                      3

<PAGE>

Shares for each $1,000 principal amount of Debentures and as the same shall be
adjusted from time to time in accordance with the provisions hereof and of the
Debentures.

          "Exchange Value" means, for each $1,000 principal amount of
Debentures, the product of (a) the applicable Exchange Rate, multiplied by (b)
the Average Price.

          "Guarantee" means the full and unconditional guarantee provided by
the Company in respect of the Debentures as made applicable to the Debentures
in accordance with the provisions of Section 4.20 hereof.

          "Indenture" has the meaning provided in the first paragraph of this
Officers' Certificate.

          "Interest Payment Date" has the meaning provided in Section 4.05
hereof.

          "NASDAQ" means the National Association of Securities Dealers
Automated Quotation System.

          "Net Amount" has the meaning provided in Section 4.12 hereof.

          "Net Cash Amount" has the meaning provided in Section 4.12 hereof.

          "Net Shares" has the meaning provided in Section 4.12 hereof.

          "Operating Partnership" has the meaning specified in the first
paragraph of this Officers' Certificate until a successor Person shall have
become such pursuant to the applicable provisions of the Indenture, and
thereafter "Operating Partnership" shall mean such successor Person.

          "Optional Repurchase Date" has the meaning provided in Section 4.08
hereof.

          "Optional Repurchase Notice" has the meaning provided in Section 4.08
hereof.

          "Optional Repurchase Price" has the meaning provided in Section 4.08
hereof.

          "Principal Return" has the meaning provided in Section 4.12 hereof.

          "Public Acquirer Change in Control" means any transaction described
in clause (1) of the definition of Change in Control where the acquirer, or
any entity that it is a direct or indirect "beneficial owner" (as defined in
Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power
of all shares of such acquirer's capital stock that are entitled to vote
generally in the election of directors, has a class of common stock (or
depositary receipts or other certificates representing common equity
interests) traded on a U.S. national securities exchange or quoted on NASDAQ
or another established over-the-counter trading market in the United States or
which will be so traded or quoted when issued or exchanged in connection with
such Change in Control; provided, however, that if there is more than one such
entity, the relevant entity will be such entity with the most direct
beneficial ownership to the capital stock of such acquirer or entity.

                                      4
<PAGE>

          "Redemption Date" means, with respect to any Debenture or portion
thereof to be redeemed in accordance with the provisions of Section 4.07
hereof, the date fixed for such redemption in accordance with the provisions
of Section 4.07 hereof.

          "Redemption Price" has the meaning provided in Section 4.07 hereof.

          "Regular Record Date" has the meaning provided in Section 4.05
hereof.

          "Trading Day" means a day during which trading in securities
generally occurs on the New York Stock Exchange or, if Company Common Shares
are not then listed on the New York Stock Exchange, on the principal other
U.S. national or regional securities exchange on which Company Common Shares
are then listed or, if Company Common Shares are not then listed on a U.S.
national or regional securities exchange, on NASDAQ or, if Company Common
Shares are not then quoted on NASDAQ, on the principal other market on which
Company Common Shares are then traded.

          "Trading Price" means, with respect to the Debentures on any date of
determination, the average of the secondary market bid quotations per $1,000
principal amount of Debentures obtained by the Trustee for a $5,000,000
principal amount of Debentures at approximately 3:30 p.m., New York City time,
on such determination date from two independent nationally recognized
securities dealers selected by the Operating Partnership, which may include
Citigroup Global Markets Inc. or its successor. If at least two such bids
cannot reasonably be obtained by the Trustee, but one such bid can reasonably
be obtained by the Trustee, then one bid shall be used. If the Trustee cannot
reasonably obtain at least one bid for a $5,000,000 principal amount of
Debentures from a nationally recognized securities dealer or, in the
reasonable judgment of the Operating Partnership, the bid quotations are not
indicative of the secondary market value of the Debentures, then the Trading
Price per $1,000 principal amount of Debentures shall be deemed to be less
than 98% of the product of the Closing Sale Price of Company Common Shares and
the Exchange Rate on such determination date.

          "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended.

          "Underwriting Agreement" means the Underwriting Agreement, dated June
21, 2005, among the Company, the Operating Partnership and Citigroup Global
Markets, Inc., as underwriter.

          Article IV. Terms. The terms of the series of Securities established
pursuant to this Officers' Certificate shall be as follows:

               Section 4.01. Title. The Securities of such series shall be
          designated as the "4.00% Exchangeable Senior Debentures due 2025" of
          the Operating Partnership (the "Debentures").

               Section 4.02. Aggregate Principal Amount. The aggregate
          principal amount of Debentures which may be authenticated and
          delivered under the Indenture is initially limited in aggregate
          principal amount to $250,000,000, as such amount may be increased,
          but not by an amount in excess of $37,500,000, solely as a result of
          the purchase of Additional Debentures pursuant to the underwriter's
          over-allotment option granted by the

                                      5
<PAGE>

          Operating Partnership under the Underwriting Agreement, except for
          Debentures authenticated and delivered upon registration of transfer
          of, or in exchange for, or in lieu of, other Debentures pursuant to
          Section 304, 305, 306, 905, 1107 or 1203 of the Indenture and except
          for any Debentures which, pursuant to Section 303 of the Indenture,
          are deemed never to have been authenticated and delivered
          thereunder; provided that the Operating Partnership may from time to
          time, without notice to or the consent of the Holders of the
          Debentures, create and issue further Securities (the "Additional
          Debentures") having the same terms and ranking equally and ratably
          with the Debentures in all respects and with the same CUSIP number
          as the Debentures, except for the issue price and interest accrued
          prior to the issue date of such Additional Debentures. Any
          Additional Debentures will be consolidated and form a single series
          with the Debentures and shall have the same terms as to status,
          redemption and otherwise as the Debentures.

               Section 4.03. Registered Securities in Book-Entry Form. The
          Debentures shall be issuable in the form of one or more global
          Securities registered in the name of The Depository Trust Company's
          nominee, and shall be deposited with, or on behalf of, The
          Depository Trust Company, New York, New York (the "Depositary"). The
          Debentures may be surrendered for registration of transfer and for
          exchange at the office or agency of the Operating Partnership or the
          Company (including the Trustee) maintained for such purpose in the
          Borough of Manhattan, The City of New York, or at any other office
          or agency maintained by the Operating Partnership or the Company for
          such purpose.

               Section 4.04. Stated Maturity of Principal. The Stated Maturity
          of the principal of the Debentures shall be June 15, 2025.

               Section 4.05. Interest. The Debentures shall bear interest at
          the rate of 4.00% per annum from June 27, 2005 or from the most
          recent Interest Payment Date to which interest has been paid or duly
          provided for, as the case may be, payable semi-annually in arrears
          on June 15 and December 15 of each year (each, an "Interest Payment
          Date"), commencing on December 15, 2005, until the principal thereof
          is paid or duly made available for payment, to the Persons in whose
          names such Debentures are registered at the close of business on the
          June 1 or December 1 (whether or not a Business Day in The City of
          New York) immediately preceding the applicable Interest Payment Date
          (each, a "Regular Record Date"). Interest payable on each Interest
          Payment Date shall equal the amount of interest accrued for the
          period commencing on and including the immediately preceding
          Interest Payment Date in respect of which interest has been paid (or
          commencing on and including June 27, 2005, if no interest has been
          paid) and ending on and including the day preceding such Interest
          Payment Date. Interest on the Debentures will be computed on the
          basis of a 360-day year consisting of twelve 30-day months.

               If the Operating Partnership shall redeem the Debentures in
          accordance with the provisions of Section 4.07 hereof, or if a
          Holder shall surrender a Debenture for repurchase by the Operating
          Partnership in accordance with the provisions of 4.08 or 4.09
          hereof, accrued and unpaid interest, if any, shall be payable to the
          Holder that shall have surrendered such Debenture for redemption or
          repurchase, as the case may be. However, if an Interest Payment Date
          shall fall on or prior to the Redemption Date or Optional

                                      6
<PAGE>

          Repurchase Date or Change in Control Purchase Date, as the case may
          be, for a Debenture, accrued and unpaid interest due on such
          Interest Payment Date shall be payable instead to the Person in
          whose name such Debenture is registered at the close of business on
          the related Regular Record Date.

               Section 4.06. Place of Payment. The principal of and the
          interest on the Debentures shall be payable at the office or agency
          of the Company or the Operating Partnership (including the Trustee)
          maintained for such purpose in the Borough of Manhattan, The City of
          New York in the in the manner specified in the Indenture.

               Section 4.07. Redemption. The Operating Partnership shall not
          have the right to redeem any Debentures prior to June 18, 2010,
          except to preserve the Company's status as a real estate investment
          trust. If the Operating Partnership determines it is necessary to
          redeem the Debentures in order to preserve the Company's status as a
          real estate investment trust, the Operating Partnership may, upon
          not less than 30 nor more than 60 days' prior written notice by mail
          to the Holders of the Debentures, redeem the Debentures for cash, in
          whole or in part, at 100% of the principal amount of the Debentures
          to be redeemed plus unpaid interest, if any, accrued thereon to the
          Redemption Date. In such case, the Operating Partnership shall
          provide the Trustee with an Officers' Certificate evidencing that
          the Board of Directors of the Company has, in good faith, made the
          determination that it is necessary to redeem the Debentures in order
          to preserve the Company's status as a real estate investment trust.

               The Operating Partnership shall have the right to redeem the
          Debentures for cash, in whole or in part at any time or from time to
          time, on or after June 18, 2010 upon not less than 30 nor more than
          60 days' prior written notice by mail to the registered Holders of
          the Debentures, at a redemption price ("Redemption Price") equal to
          100% of the principal amount of the Debentures to be redeemed plus
          unpaid interest, if any, accrued thereon to the Redemption Date. If
          less than all the Debentures are to be redeemed, the Trustee shall
          select the Debentures to be redeemed on a pro rata basis or by any
          other method the Trustee considers fair and appropriate. The Trustee
          shall make the selection at least 30 days but not more than 60 days
          before the Redemption Date from Outstanding Debentures not
          previously called for redemption. Debentures and portions of the
          principal amount thereof selected for redemption shall be in
          integral multiples of $1,000. The Trustee shall notify the Operating
          Partnership promptly of the Debentures or portions of the principal
          amount thereof to be redeemed. If any Debenture selected for partial
          redemption is exchanged in part in accordance with the provisions of
          Section 4.11 hereof before termination of the exchange right with
          respect to the portion of the Debenture so selected, the exchanged
          portion of such Debenture shall be deemed to be from the portion
          selected for redemption. Debentures that have been exchanged during
          a selection of Debentures to be redeemed shall be treated by the
          Trustee as Outstanding for the purpose of such selection.

               In the event of any redemption in part, the Operating
          Partnership shall not be required to: (i) issue or register the
          transfer or exchange of any Debenture during a period beginning at
          the opening of business 15 days before any selection of Debentures
          for redemption and ending at the close of business on the earliest
          date on which the relevant

                                      7
<PAGE>

          notice of redemption is deemed to have been given to all Holders of
          Debentures to be so redeemed, or (ii) register the transfer or
          exchange of any Debenture so selected for redemption, in whole or in
          part, except the unredeemed portion of any Debenture being redeemed
          in part.

               In addition to those matters set forth in Section 1104 of the
          Indenture, a notice of redemption sent to the Holders of Debentures
          to be redeemed in accordance with the provisions of the two
          preceding paragraphs shall state:

               (a)  the name of the Paying Agent and Exchange Agent;

               (b)  the then current Exchange Rate;

               (c)  that Debentures called for redemption may be exchanged at
                    any time prior to the close of business on the fifth
                    Business Day immediately preceding the Redemption Date;
                    and

               (d)  that Holders who wish to exchange Debentures must comply
                    with the procedures relating thereto specified in Section
                    4.13 hereof.

               Section 4.08. Repurchase Rights. A Holder of Debentures shall
          have the right to require the Operating Partnership to repurchase
          all of its Debentures, or any portion of the principal amount
          thereof that is equal to $1,000 or an integral multiple thereof, on
          each of June 15, 2010, June 15, 2015 and June 15, 2020 (each, an
          "Optional Repurchase Date") for cash equal to 100% of the principal
          amount of the Debentures to be repurchased plus unpaid interest, if
          any, accrued thereon to the Optional Repurchase Date (such amount,
          the "Optional Repurchase Price"), subject to satisfaction by or on
          behalf of the Holder of the requirements set forth below.

               On or before to the 30th day prior to each Optional Repurchase
          Date, the Operating Partnership shall provide a written notice by
          first-class mail to the Trustee, any Paying Agent and to all Holders
          (and to beneficial owners as required by applicable law). The notice
          shall include a form of Optional Repurchase Notice to be completed
          by the Holder and shall state:

               (a)  the date by which the Optional Repurchase Notice must be
                    delivered to the Paying Agent;

               (b)  the Optional Repurchase Date;

               (c)  the Optional Repurchase Price;

               (d)  the name and address of the Trustee, the Paying Agent and
                    the Exchange Agent;

               (e)  that Debentures must be surrendered to the Paying Agent to
                    collect payment of the Optional Repurchase Price;

                                      8
<PAGE>

               (f)  that the Optional Repurchase Price for any Debenture as to
                    which an Optional Repurchase Notice has been duly given
                    will be paid on the Optional Repurchase Date, or if the
                    Debentures are surrendered on or after the Optional
                    Repurchase Date, on the second Business Day following the
                    date on which such Debentures are surrendered for
                    repurchase;

               (g)  that, unless the Operating Partnership defaults in making
                    payment of the Optional Repurchase Price, interest on
                    Debentures surrendered for repurchase will cease to accrue
                    on and after the Optional Repurchase Date;

               (h)  that Debentures in respect of which an Optional Repurchase
                    Notice is provided by a Holder shall not be exchangeable
                    in accordance with their terms even if otherwise
                    exchangeable unless such Holder validly withdraws such
                    Optional Repurchase Notice in accordance with the
                    provisions of this Section 4.08; and

               (i)  the CUSIP number of the Debentures.

               The Operating Partnership shall also disseminate a press
          release through Dow Jones & Company, Inc. or Bloomberg Business News
          containing the information specified in such notice or publish such
          information in a newspaper of general circulation in The City of New
          York or on the Company's website, or through such other public
          medium as the Operating Partnership shall deem appropriate at such
          time.

               A Holder may exercise its rights specified in this Section 4.08
          upon delivery of a written notice of repurchase (an "Optional
          Repurchase Notice") to the Paying Agent during the period beginning
          at any time from the opening of business on the date that is 30 days
          prior to the applicable Optional Repurchase Date until the close of
          business on the fifth Business Day prior to such Optional Repurchase
          Date, stating:

               (a)  if such Debentures are in certificated form, the
                    certificate number(s) of the Debentures which the Holder
                    will deliver to be repurchased or, if such Debentures are in
                    book-entry form, that such notice complies with the
                    appropriate procedures of the Depositary;

               (b)  the portion of the principal amount of the Debentures to
                    be repurchased, in integral multiples of $1,000, provided
                    that the remaining principal amount of Debentures is in an
                    authorized denomination; and

               (c)  that such Debenture shall be repurchased pursuant to the
                    terms and conditions hereof and the Debentures.

          The Paying Agent shall promptly notify the Operating Partnership and
          the Company in writing of the receipt by it of any Optional Repurchase
          Notice.

               Book-entry transfer of Debentures in book-entry form in
          compliance with appropriate procedures of the Depositary or delivery
          of Debentures in certificated form

                                      9
<PAGE>

          (together with all necessary endorsements) to the Paying Agent prior
          to, on or after the Optional Repurchase Date at the offices of the
          Paying Agent shall be a condition to the receipt by the Holder of
          the Optional Repurchase Price therefor. Holders electing to require
          the Operating Partnership to repurchase Debentures must effect such
          transfer or delivery to the Paying Agent prior to the Optional
          Repurchase Date to receive payment of the Optional Repurchase Price
          on the Optional Repurchase Date. The Operating Partnership shall pay
          the Optional Repurchase Price within two Business Days after any
          such transfer or delivery on or after the Optional Repurchase Date.

               An Optional Repurchase Notice may be withdrawn by a Holder by
          means of a written notice of withdrawal delivered to the office of
          the Paying Agent prior to the close of business on the fifth
          Business Day prior to the Optional Repurchase Date specifying:

               (a)  the principal amount of Debentures in respect of which the
                    Optional Repurchase Notice is being withdrawn;

               (b)  the certificate number(s) of all withdrawn Debentures in
                    certificated form or that the withdrawal notice complies
                    with appropriate procedures of the Depositary with respect
                    to all withdrawn Debentures in book-entry form; and

               (c)  the principal amount of Debentures, if any, which remains
                    subject to the Optional Repurchase Notice.

               On or before 10:00 a.m. (New York City time) on the Optional
          Repurchase Date, the Operating Partnership shall deposit with the
          Paying Agent (or if the Operating Partnership or an Affiliate of the
          Operating Partnership is acting as the Paying Agent, shall segregate
          and hold in trust) money sufficient to pay the aggregate Optional
          Repurchase Price of the Debentures to be purchased pursuant to this
          Section 4.08. If the Paying Agent holds, in accordance with the
          terms of the Indenture, money sufficient to pay the Optional
          Repurchase Price of such Debentures on the Optional Repurchase Date,
          then, on and after such date, such Debentures shall cease to be
          Outstanding and interest on such Debentures shall cease to accrue,
          and all other rights of the Holder shall terminate (other than the
          right to receive the Optional Repurchase Price upon delivery or
          transfer of the Debentures). Such will be the case whether or not
          book-entry transfer of the Debentures in book-entry form is made and
          whether or not Debentures in certificated form, together with the
          necessary endorsements, are delivered to the Paying Agent.

               Notwithstanding the foregoing, no Debentures may be purchased
          by the Operating Partnership in accordance with the provisions of
          this Section 4.08 if there has occurred and is continuing an Event
          of Default with respect to the Debentures (other than a default in
          the payment of the Optional Repurchase Price).

               To the extent legally required in connection with a repurchase
          of Debentures, the Operating Partnership shall comply with the
          provisions of Rule 13e-4 and other tender offer rules under the
          Exchange Act then applicable, if any, and will file a Schedule TO or
          any other schedule required under the Exchange Act.

                                      10
<PAGE>

               The Operating Partnership may arrange for a third party to
          purchase Debentures for which the Operating Partnership has received
          a valid Optional Repurchase Notice that has not been properly
          withdrawn in the manner and otherwise in compliance with the
          requirements set forth herein and in the Debentures. If a third
          party purchases any Debentures under such circumstances, then
          interest will continue to accrue on the Debentures and such
          Debentures will continue to be Outstanding for all purposes of the
          Indenture.

               Section 4.09. Repurchase at Option of Holders upon a Change in
          Control. If a Change in Control occurs at any time prior to June 15,
          2010, a Holder of Debentures shall have the right to require the
          Operating Partnership to repurchase all of its Debentures, or any
          portion of the principal amount thereof that is equal to $1,000 or
          an integral multiple thereof, for cash equal to 100% of the
          principal amount of the Debentures to be repurchased, plus unpaid
          interest, if any, accrued thereon to the Change in Control Purchase
          Date (such amount, the "Change in Control Purchase Price"), subject
          to satisfaction by or on behalf of the Holder of the requirements
          set forth below.

               Within 20 days after the occurrence of a Change in Control, the
          Operating Partnership shall mail a written notice of Change in
          Control (the "Company Notice") by first-class mail to the Trustee,
          any Paying Agent and to each Holder (and to beneficial owners as
          required by applicable law). The notice shall include a form of
          Change in Control Purchase Notice to be completed by the Holder and
          shall state:

               (a)  briefly, the events causing a Change in Control and the
                    date of such Change in Control;

               (b)  the date by which the Change in Control Purchase Notice
                    must be delivered to the Paying Agent;

               (c)  the date on which the Operating Partnership will
                    repurchase Debentures upon a Change in Control, which must
                    be not less than 15 nor more than 30 days after the date
                    of the Company Notice (such date, the "Change in Control
                    Purchase Date");

               (d)  the Change in Control Purchase Price;

               (e)  the name and address of the Trustee, the Paying Agent and
                    the Exchange Agent;

               (f)  that Debentures in respect of which a Change in Control
                    Purchase Notice is provided by a Holder shall not be
                    exchangeable unless such Holder validly withdraws such
                    Change in Control Purchase Notice in accordance with the
                    provisions of this Section 4.09;

               (g)  that Debentures must be surrendered to the Paying Agent to
                    collect payment of the Change in Control Purchase Price;

                                      11
<PAGE>

               (h)  that the Change in Control Purchase Price for any
                    Debenture as to which a Change in Control Purchase Notice
                    has been duly given will be paid on the Change in Control
                    Purchase Date, or if the Debentures are surrendered on or
                    after the Change in Control Purchase Date, on the second
                    Business Day following the date on which such Debentures
                    are surrendered;

               (i)  that, unless the Operating Partnership defaults in making
                    payment of such Change in Control Purchase Price, interest
                    on Debentures surrendered for purchase will cease to
                    accrue on and after the Change in Control Purchase Date;
                    and

               (j)  the CUSIP number of the Debentures.

               The Operating Partnership shall also disseminate a press
          release through Dow Jones & Company, Inc. or Bloomberg Business News
          announcing the occurrence of such Change in Control or publish such
          information in a newspaper of general circulation in The City of New
          York or on the Company's website, or through such other public
          medium as the Operating Partnership shall deem appropriate at such
          time.

               A Holder may exercise its rights specified in this Section 4.09
          upon delivery of a written notice of repurchase (a "Change in
          Control Purchase Notice") to the Trustee (or any Paying Agent) at
          any time prior to the close of business on the fifth Business Day
          prior to the Change in Control Purchase Date, stating:

               (a)  if such Debentures are in certificated form, the
                    certificate number(s) of the Debentures which the Holder
                    will deliver to be repurchased or, if such Debentures are
                    in book-entry form, that such notice complies with the
                    appropriate procedures of the Depositary;

               (b)  the portion of the principal amount of the Debentures to
                    be repurchased, in integral multiples of $1,000, provided
                    that the remaining principal amount of Debentures is in an
                    authorized denomination; and

               (c)  that such Debenture shall be repurchased pursuant to the
                    terms and conditions hereof and of the Debentures.

          The Trustee (or any Paying Agent) shall promptly notify the
          Operating Partnership and the Company in writing of the receipt by
          it of any Change in Control Purchase Notice.

               Book-entry transfer of Debentures in book-entry form in
          compliance with appropriate procedures of the Depositary or delivery
          of Debentures in certificated form (together with all necessary
          endorsements) to the Trustee prior to, on or after the Change in
          Control Purchase Date at the offices of the Trustee (or any Paying
          Agent) shall be a condition to the receipt by the Holder of the
          Change in Control Purchase Price therefor. Holders electing to
          require the Operating Partnership to repurchase Debentures must
          either effect such transfer or delivery to the Trustee (or any
          Paying Agent) prior to the Change in Control Purchase Date to
          receive payment of the Change in Control Purchase Price on the
          Change in Control Purchase Date. The Operating Partnership shall pay
          the

                                      12
<PAGE>

          Change in Control Purchase Price within two Business Days after any
          such transfer or delivery on or after the Change in Control Purchase
          Date.

               A Change in Control Purchase Notice may be withdrawn by a
          Holder means of a written notice of withdrawal delivered to the
          office of the Paying Agent prior to the close of business on the
          fifth Business Day prior to the Change in Control Purchase Date
          specifying:

               (a)  the principal amount of Debentures in respect of which the
                    Change in Control Purchase Notice is being withdrawn;

               (b)  the certificate number(s) of all withdrawn Debentures in
                    certificated form or that the withdrawal notice complies
                    with appropriate procedures of the Depositary with respect
                    to all withdrawn Debentures in book-entry form; and

               (c)  the principal amount of Debentures, if any, which remains
                    subject to the Change in Control Purchase Notice.

               On or before 10:00 a.m. (New York City time) on the Change in
          Control Purchase Date, the Operating Partnership shall deposit with
          the Paying Agent (or if the Operating Partnership or an Affiliate of
          the Operating Partnership is acting as the Paying Agent, shall
          segregate and hold in trust) money sufficient to pay the aggregate
          Change in Control Purchase Price of the Debentures to be purchased
          pursuant to this Section 4.09. If the Paying Agent holds, in
          accordance with the terms of the Indenture, money sufficient to pay
          the Change in Control Purchase Price of such Debentures on the
          Change in Control Purchase Date, then, on and after such date, such
          Debentures shall cease to be Outstanding and interest on such
          Debentures shall cease to accrue and all other rights of the Holder
          shall terminate (other than the right to receive the Change in
          Control Purchase Price upon delivery or transfer of the Debentures).
          Such will be the case whether or not book-entry transfer of the
          Debentures in book-entry form is made and whether or not Debentures
          in certificated form, together with the necessary endorsements, are
          delivered to the Paying Agent.

               Notwithstanding the foregoing, no Debentures may be repurchased
          by the Operating Partnership in accordance with the provisions of
          this Section 4.09 if there has occurred and is continuing an Event
          of Default with respect to the Debentures (other than a default in
          the payment of the Change in Control Purchase Price).

               To the extent legally required in connection with a repurchase
          of Debentures, the Operating Partnership shall comply with the
          provisions of Rule 13e-4 and other tender offer rules under the
          Exchange Act then applicable, if any, and will file a Schedule TO or
          any other schedule required under the Exchange Act.

               The Operating Partnership may arrange for a third party to
          purchase Debentures for which the Operating Partnership has received
          a valid Change in Control Purchase Notice that has not been properly
          withdrawn in the manner and otherwise in compliance with the
          requirements set forth herein and in the Debentures. If a third
          party purchases

                                      13
<PAGE>

          any Debentures under such circumstances, then interest will continue
          to accrue on the Debentures and such Debentures will continue to be
          Outstanding for all purposes of the Indenture.

               Section 4.10. Make Whole Amount and Public Acquirer Change in
          Control. If a transaction described in clause (1) of the definition
          of Change in Control occurs prior to June 15, 2010 and a Holder
          elects to exchange its Debentures in connection with such Change in
          Control, the Operating Partnership shall increase the applicable
          Exchange Rate for the Debentures surrendered for exchange by a
          number of additional Company Common Shares (the "Additional Shares")
          as specified below. An exchange of Debentures shall be deemed for
          these purposes to be "in connection with" such a Change in Control,
          subject to the Operating Partnership's rights with respect to a
          "Public Acquirer Change in Control" specified in the fourth to last
          paragraph of this Section 4.10, if the notice of exchange of the
          Debentures is received by the Exchange Agent on any date from and
          including the date that is the 15th Business Day prior to the
          anticipated Effective Date (as defined below) of such Change in
          Control up to and including the fifth Business Day following the
          Effective Date of such Change in Control.

               The number of Additional Shares will be determined by reference
          to the table below and is based on the date on which such Change in
          Control transaction becomes effective (the "Effective Date") and the
          price (the "Stock Price") paid per Company Common Share in such
          Change in Control transaction. If holders of Company Common Shares
          receive only cash in the applicable Change in Control transaction,
          the Stock Price shall be the cash amount paid per Company Common
          Share. Otherwise, the Stock Price shall be the average of the
          Closing Sale Prices of Company Common Shares on the 10 consecutive
          Trading Days up to but excluding the Effective Date.

               The Stock Prices set forth in the first row of the table (i.e.,
          the column headers) will be adjusted as of any date on which the
          Exchange Rate of the Debentures is adjusted. The adjusted Stock
          Prices will equal the Stock Prices applicable immediately prior to
          such adjustment multiplied by a fraction, the numerator of which is
          the Exchange Rate immediately prior to the adjustment giving rise to
          the Stock Price adjustment and the denominator of which is the
          Exchange Rate as so adjusted. In addition, the number of Additional
          Shares will be subject to adjustment in the same manner as the
          Exchange Rate in accordance with the provisions of Section 4.14
          hereof.

               The following table sets forth the Stock Price and number of
          Additional Shares to be received per $1,000 principal amount of
          Debentures:

<TABLE>
<CAPTION>
             Effective                                               Stock Price
                               _______________________________________________________________________________________
               Date            $32.50      $35.00     $37.50      $40.00      $42.50     $45.00      $50.00     $55.00
             _________         ________  __________  _________  __________  _________  _________  __________  ________
              <S>              <C>         <C>        <C>         <C>         <C>        <C>         <C>        <C>
              6/21/05          5.5265      3.9416     2.7371      1.8436      1.1955     0.7378      0.2106     0.0000
              6/15/06          5.6283      3.9790     2.7349      1.8121      1.1464     0.6792      0.1488     0.0000
              6/15/07          5.7272      3.9961     2.6812      1.7166      1.0346     0.5706      0.0836     0.0000
              6/15/08          5.8046      3.9666     2.5694      1.5581      0.8649     0.4148      0.0000     0.0000
              6/15/09          5.8961      3.8847     2.3372      1.2453      0.5532     0.1620      0.0000     0.0000
              6/15/10          0.0000      0.0000     0.0000      0.0000      0.0000     0.0000      0.0000     0.0000
</TABLE>

                                      14
<PAGE>

               The exact Stock Prices and Effective Dates may not be set forth
          on the table, in which case:

               (a)  if the Stock Price is between two Stock Price amounts in
                    the table or the Effective Date is between two dates in
                    the table, the Additional Shares will be determined by
                    straight-line interpolation between the number of
                    Additional Shares set forth for the higher and lower Stock
                    Price amounts and the two dates, as applicable, based on a
                    365-day year;

               (b)  if the Stock Price is equal to or in excess of $55.00 per
                    Company Common Share (subject to adjustment as specified
                    in the second preceding paragraph), no Additional Shares
                    will be issued upon an exchange of Debentures; and

               (c)  if the Stock Price is less than $32.50 per Company Common
                    Share (subject to adjustment as specified in the second
                    preceding paragraph), no Additional Shares will be issued
                    upon an exchange of Debentures.

               Notwithstanding the foregoing, in no event shall the total
          number of Company Common Shares issuable upon an exchange of
          Debentures exceed 30.7692 shares per $1,000 principal amount of
          Debentures, subject to adjustment in the same manner as the Exchange
          Rate pursuant to Section 4.14 hereof.

               Notwithstanding the foregoing, and in lieu of adjusting the
          Exchange Rate as set forth above in this Section 4.10, in the case
          of a Public Acquirer Change in Control, the Operating Partnership
          may, at any time prior to the 15th Business Day immediately
          preceding the proposed Effective Date of the Public Acquirer Change
          in Control, irrevocably elect to change the exchange obligation of
          the Operating Partnership with respect to the Debentures into an
          obligation to deliver, upon an exchange of Debentures, cash, shares
          of Acquirer Common Stock, or a combination thereof, at the option of
          the Operating Partnership in the same manner as the Operating
          Partnership would otherwise be required to satisfy its exchange
          obligations in accordance with the provisions of Section 4.12
          hereof. If the Operating Partnership makes such an election, the
          Exchange Rate at the effective time of such Public Acquirer Change
          in Control will be a number of shares of Acquirer Common Stock equal
          to the product of:

               (a)  the Exchange Rate in effect immediately prior to the
                    Effective Date of such Public Acquirer Change in Control,
                    times

               (b)  the average of the quotients obtained, for each Trading
                    Day in the 10 consecutive Trading Day period commencing on
                    the Trading Day next succeeding the Effective Date of such
                    Public Acquirer Change in Control (the "valuation
                    period"), of:

                    (i)  the "acquisition value" of Company Common Shares on
                         each such Trading Day in the valuation period,
                         divided by

                                      15
<PAGE>

                    (ii) the Closing Sale Price of the Acquirer Common Stock
                         on each such Trading Day in the valuation period.

               If the Operating Partnership elects to adjust the exchange
          right and exchange obligation in connection with a Public Acquirer
          Change in Control as described in this Section 4.10, it must send
          Holders of Debentures written notice of the adjustment not later
          than 15 Business Days prior to but excluding the expected Effective
          Date of such Public Acquirer Change in Control and thereafter cause
          to be executed a supplemental indenture (which shall comply with the
          Trust Indenture Act as in force at the date of execution of such
          supplemental indenture) giving due effect to such election. If the
          Operating Partnership makes such an election, Holders of Debentures
          who tender their Debentures for exchange will not have the right to
          receive any Additional Shares in accordance with the provisions of
          this Section 4.10.

               The "acquisition value" of Company Common Shares means, for
          each Trading Day in the valuation period, the value of the
          consideration paid per Company Common Share in connection with such
          Public Acquirer Change in Control, as follows:

               (a)  for any cash, 100% of the face amount of such cash;

               (b)  for any Acquirer Common Stock, 100% of the Closing Sale
                    Price of such Acquirer Common Stock on each such Trading
                    Day; and

               (c)  for any other securities, assets or property, 100% of the
                    fair market value of such securities, assets or property
                    on each such Trading Day, as determined by the Company's
                    Board of Directors.

               After the adjustment of the Exchange Rate in connection with a
          Public Acquirer Change in Control, the Exchange Rate will be subject
          to further adjustments in the event that any of the events described
          in Section 4.14 hereof occur thereafter.

               Section 4.11. Exchange Rights.

               Subject to the restrictions on ownership of Company Common
          Shares as set forth in Section 4.15 hereof and to the conditions set
          forth herein, Holders may surrender their Debentures for exchange at
          any time prior to the close of business on the second Business Day
          immediately preceding the Stated Maturity of the Debentures at any
          time on or after June 15, 2024 and also under any of the
          circumstances set forth in this Section 4.11.

                    (a) Exchange Upon Satisfaction of Market Price Condition.
               A Holder may surrender any of its Debentures for exchange
               during any calendar quarter beginning after September 30, 2005
               if, and only if, the Closing Sale Price of Company Common
               Shares for at least 20 Trading Days in the period of 30
               consecutive Trading Days ending on the last Trading Day of the
               preceding calendar quarter is more than 125% of the Exchange
               Price per Company Common Share in effect on the applicable
               Trading Day. The Board of Directors of the Company shall make
               appropriate adjustments, in its good faith determination, to
               account for any adjustment to the

                                      16
<PAGE>

               Exchange Rate that becomes effective, or any event requiring an
               adjustment to the Exchange Rate where the ex-dividend date of
               the event occurs, during that 30 consecutive trading-day
               period.

                    (b) Exchange Upon Satisfaction of Trading Price Condition.
               A Holder may surrender any of its Debentures for exchange
               during the five consecutive Trading Day period following any 20
               consecutive Trading Days in which the Trading Price per $1,000
               principal amount of Debentures (as determined following a
               reasonable request by a Holder of the Debentures) was less than
               98% of the product of the Closing Sale Price of Company Common
               Shares multiplied by the Exchange Rate in effect on the
               applicable Trading Day.

                    The Trustee shall have no obligation to determine the
               Trading Price of the Debentures unless the Operating
               Partnership shall have requested such determination, and the
               Operating Partnership shall have no obligation to make such
               request unless a Holder provides the Operating Partnership with
               written reasonable evidence that the Trading Price per $1,000
               principal amount of the Debentures would be less than 98% of
               the product of the Closing Sale Price of Company Common Shares
               and the Exchange Rate, whereupon the Operating Partnership
               shall instruct the Trustee to determine the Trading Price of
               the Debentures beginning on the next Trading Day and on each
               successive Trading Day until the Trading Price is greater than
               or equal to 98% of the product of the Closing Sale Price of
               Company Common Shares and the Exchange Rate.

                    (c) Exchange Upon Notice of Redemption. A Holder may
               surrender for exchange any of the Debentures called for
               redemption at any time prior to the close of business on the
               fifth Business Day prior to the Redemption Date, even if the
               Debentures are not otherwise exchangeable at such time. The
               right to exchange Debentures pursuant to this clause (c) will
               expire after the close of business on the fifth Business Day
               prior to the Redemption Date unless the Operating Partnership
               defaults in making the payment due upon redemption. A Holder
               may exchange fewer than all of its Debentures so long as the
               Debentures exchanged are an integral multiple of $1,000
               principal amount and the remaining principal amount of
               Debentures is in an authorized denomination. However, if a
               Holder has already delivered an Optional Repurchase Notice or a
               Change in Control Purchase Notice with respect to a Debenture,
               such Holder may not surrender such Debenture for exchange until
               it has withdrawn such notice in accordance with the applicable
               provisions of Section 4.08 or 4.09 hereof, as the case may be.

                    (d) Exchange Upon Specified Transactions. If the Company
               elects to:

                        (i)  distribute to all holders of Company Common Shares
                             rights entitling them to purchase, for a period
                             expiring within 45 days, Company Common Shares at
                             less than the Closing Sale Price of Company Common
                             Shares on the Trading Day immediately preceding
                             the declaration date of the distribution; or

                                      17
<PAGE>

                        (ii) distribute to all holders of Company Common Shares
                             assets, debt securities or rights to purchase
                             securities of the Operating Partnership or the
                             Company, which distribution has a per share value
                             exceeding 10% of the Closing Sale Price of Company
                             Common Shares on the Trading Day immediately
                             preceding the declaration date of such
                             distribution,

               the Operating Partnership shall notify the Holders of the
               Debentures in writing at least 20 days prior to the ex-dividend
               date for such distribution. Following the issuance of such
               notice, Holders may surrender their Debentures for exchange at
               any time until the earlier of the close of business on the
               Business Day prior to the ex-dividend date or an announcement
               that such distribution will not take place; provided, however,
               that a Holder may not exercise this right to exchange if the
               Holder may participate, on an as-exchanged basis, in the
               distribution without an exchange of Debentures. The ex-dividend
               date is the first date upon which a sale of the Company Common
               Shares does not automatically transfer the right to receive the
               relevant distribution from the seller of Company Common Shares
               to its buyer.

                    In addition, if the Operating Partnership or the Company
               is party to a consolidation, merger or binding share exchange
               pursuant to which all of the Company Common Shares would be
               exchanged for cash, securities or other property, a Holder may
               surrender Debentures for exchange at any time from and
               including the date that is 15 Business Days prior to the
               anticipated effective time of the transaction up to and
               including five Business Days after the actual date of such
               transaction. The Operating Partnership shall notify Holders as
               promptly as practicable following the date it publicly
               announces such transaction (but in no event less than 15
               Business Days prior to the effective time of such transaction).

                    If the Operating Partnership or the Company is a party to
               a consolidation, merger or binding share exchange pursuant to
               which all of the Company Common Shares are exchanged for cash,
               securities or other property, then at the effective time of the
               transaction any exchange of Debentures and the Exchange Value
               will be based on the kind and amount of cash, securities or
               other property that the Holder would have received if the
               Holder had exchanged its Debentures immediately prior to the
               effective time of the transaction (assuming such Holder did not
               exercise his rights of election, if any, as to the kind or
               amount of securities, cash or other property receivable upon
               such consolidation, merger or binding share exchange) unless
               the Operating Partnership has elected to adjust the Exchange
               Rate and the exchange right for a Public Acquirer Change in
               Control as described in Section 4.10 hereof. If such
               transaction constitutes a Change in Control as described in
               clause (1) of the definition thereof, the Operating Partnership
               will adjust the Exchange Rate for Debentures tendered for
               exchange in connection with such a Change in Control
               transaction, as described in Section 4.10 hereof. However, the
               Operating Partnership shall not make such an adjustment if such
               Change in Control also constitutes a Public Acquirer Change in
               Control and the Operating Partnership elects to modify the
               Exchange Rate and the

                                      18
<PAGE>

               exchange right as described in the third to last paragraph of
               Section 4.10 hereof. In addition, if such transaction
               constitutes a Change in Control, each Holder shall be able to
               require the Operating Partnership to repurchase all or a
               portion of such Holder's Debentures in the manner set forth in
               Section 4.09 hereof.

                    In connection with any consolidation, merger or binding
               exchange, the Operating Partnership will specify in the notice
               to Holders whether Holders will be entitled to Additional
               Shares or cash, Acquirer Common Stock or a combination of cash
               and Acquirer Common Stock, at the option of the Operating
               Partnership, as described in Section 4.10.

                    (e) Exchange Upon Delisting of Company Common Shares. A
               Holder of Debentures may surrender any of its Debentures for
               exchange at any time beginning on the first Business Day after
               the Company Common Shares have ceased to be listed on a U.S.
               national or regional securities exchange or quoted on NASDAQ
               for a 30 consecutive Trading Day period.

               Section 4.12. Exchange Settlement. Subject to the provisions of
          Section 4.10, upon an exchange of Debentures, the Operating
          Partnership shall deliver, in respect of each $1,000 principal
          amount of Debentures tendered for exchange in accordance with their
          terms:

               (a)  cash in an amount (the "Principal Return") equal to the
                    lesser of (1) the principal amount of the Debentures
                    surrendered for exchange and (2) the Exchange Value, and

               (b)  if the Exchange Value is greater than the Principal
                    Return, an amount (the "Net Amount") in cash and/or
                    Company Common Shares with an aggregate value equal to the
                    difference between the Exchange Value and the Principal
                    Return.

               The Operating Partnership may elect to deliver any portion of
          the Net Amount in cash (the "Net Cash Amount") or Company Common
          Shares, and any portion of the Net Amount the Operating Partnership
          elects to deliver in Company Common Shares (the "Net Shares") will
          be the sum of the Daily Share Amounts for each Trading Day during
          the Applicable Exchange Period. Prior to the close of business on
          the second Trading Day following the date on which Debentures are
          tendered for exchange, the Operating Partnership shall inform
          Holders of such Debentures of its election to pay cash for all or a
          portion of the Net Amount and, if applicable, the portion of the Net
          Amount that will be paid in cash and the portion that will be
          delivered in the form of Net Shares.

               The Operating Partnership shall deliver cash in lieu of any
          fractional Company Common Shares issuable in connection with payment
          of the Net Shares based upon the Average Price.

               The "Daily Share Amount" for each $1,000 principal amount of
          Debentures and each Trading Day in the Applicable Exchange Period is
          equal to the greater of:

                                      19
<PAGE>

               (a)  zero; and

               (b)  a number of Company Common Shares determined by the
                    following formula:
            __                                                             ___
           |        (CSP x ER) - ($1,000 + the Net Cash Amount, if any)       |
           |  --------------------------------------------------------------- |
           |                             10 x CSP                             |
           |__                                                             ___|

               where

               CSP means the Closing Sale Price of Company Common Shares on
               such Trading Day, and

               ER means the applicable Exchange Rate

               The Operating Partnership will determine the Exchange Value,
          Principal Return, Net Amount, Net Cash Amount and the number of Net
          Shares, as applicable, promptly after the end of the Applicable
          Exchange Period. The Operating Partnership shall pay the Principal
          Return and cash in lieu of fractional shares, and deliver Net Shares
          or pay the Net Cash Amount, as applicable, no later than the third
          Business Day following the determination of the Average Price.

               Section 4.13. Exchange Procedures. To exchange Debentures, a
          Holder must satisfy the requirements set forth in this Section 4.13.

               To exchange the Debentures, a Holder must (a) complete and
          manually sign the irrevocable exchange notice on the reverse of the
          Debenture (or complete and manually sign a facsimile of such notice)
          and deliver such notice to the Exchange Agent at the office
          maintained by the Exchange Agent for such purpose, (b) with respect
          to Debentures which are in certificated form, surrender the
          Debentures to the Exchange Agent, (c) furnish appropriate
          endorsements and transfer documents if required by the Exchange
          Agent, the Company or the Trustee and (d) pay any transfer or
          similar tax, if required. The date on which the Holder satisfies all
          such requirements shall be deemed to be the date on which the
          applicable Debentures shall have been tendered for exchange.

               Debentures in respect of which a Holder has delivered an
          Optional Repurchase Notice or Change in Control Purchase Notice may
          be exchanged only if such notice is withdrawn in accordance with the
          terms of Section 4.08 or Section 4.09, as the case may be.

               In case any Debenture shall be surrendered for partial
          exchange, the Operating Partnership shall execute and the Trustee
          shall authenticate and deliver to, or upon the written order of, the
          Holder of the Debenture so surrendered, without charge to such
          holder, a new Debenture or Debentures in authorized denominations in
          an aggregate principal amount equal to the portion of the
          surrendered Debentures not surrendered for

                                      20
<PAGE>

          exchange. A Holder may exchange fewer than all of such Holder's
          Debentures so long as the Debentures exchanged are an integral
          multiple of $1,000 principal amount.

               Upon surrender of a Debenture for exchange by a Holder, such
          Holder shall deliver to the Operating Partnership cash equal to the
          amount that the Operating Partnership is required to deduct and
          withhold under applicable law in connection with the exchange;
          provided, however, if the Holder does not deliver such cash, the
          Operating Partnership may deduct and withhold from the amount of
          consideration otherwise deliverable to such Holder the amount
          required to be deducted and withheld under applicable law.

               A Holder will not receive any cash payment representing accrued
          and unpaid interest upon exchange of a Debenture. Instead, upon an
          exchange of Debentures, the Operating Partnership will deliver to
          tendering Holders only the consideration specified in Section 4.12.
          Delivery of cash and Company Common Shares, if any, upon an exchange
          of Debentures will be deemed to satisfy the Operating Partnership's
          obligation to pay the principal amount of the Debentures and any
          accrued and unpaid interest. Accordingly, upon an exchange of
          Debentures, any accrued and unpaid interest will be deemed paid in
          full rather than canceled, extinguished or forfeited. In no event
          will the Exchange Rate be adjusted to account for accrued interest
          on the Debentures.

               Holders of Debentures at the close of business on a Regular
          Record Date for an interest payment will receive payment of interest
          payable on the corresponding Interest Payment Date, notwithstanding
          the exchange of such Debentures at any time after the close of
          business on the applicable Regular Record Date. Debentures tendered
          for exchange by a Holder after the close of business on any Regular
          Record Date for an interest payment and on or prior to the
          corresponding Interest Payment Date must be accompanied by payment
          of an amount equal to the interest that such Holder is to receive on
          such Debentures on such Interest Payment Date; provided, however,
          that no such payment shall be required (1) if such Debentures have
          been called for redemption on a Redemption Date that is after such
          Regular Record Date and on or prior to such Interest Payment Date or
          (2) with respect to overdue interest, if any overdue interest exists
          at the time of exchange with respect to such Debentures.

               Upon exchange of a Debenture, the Operating Partnership, if it
          elects to deliver Net Shares, will pay any documentary, stamp or
          similar issue or transfer tax due on the issue of the Net Shares, if
          any, unless the tax is due because the Holder requests the shares to
          be issued or delivered to a person other than the Holder, in which
          case the Holder must pay the tax due prior to the delivery of such
          Net Shares. Certificates representing Company Common Shares will not
          be issued or delivered unless all taxes and duties, if any, payable
          by the Holder have been paid.

               A Holder of Debentures, as such, shall not be entitled to any
          rights of a holder of Company Common Shares. Such Holder shall only
          acquire such rights upon the delivery by the Operating Partnership,
          at its option, of Net Shares in accordance with the provisions of
          Section 4.12 in connection with the exchange by a Holder of
          Debentures.

                                      21
<PAGE>

               If a Holder exchanges more than one Debenture at the same time,
          the number of Net Shares, if any, issuable upon the exchange shall
          be based on the total principal amount of the Debentures surrendered
          for exchange.

               The Company shall, prior to issuance of any Debentures
          hereunder, and from time to time as may be necessary, reserve out of
          its authorized but unissued common stock a sufficient number of
          Company Common Shares to permit the exchange of the Debentures. Any
          Company Common Shares delivered upon an exchange of Debentures shall
          be newly issued shares or treasury shares, shall be duly and validly
          issued and fully paid and nonassessable and shall be free from
          preemptive rights and free of any lien or adverse claim.

               The Company shall endeavor promptly to comply with all federal
          and state securities laws regulating the issuance and delivery of
          Company Common Shares, if any, upon an exchange of Debentures and
          shall cause to have listed or quoted all such Company Common Shares
          on each U.S. national securities exchange or over-the-counter or
          other domestic market on which the Company Common Shares are then
          listed or quoted.

               Except as set forth herein, no other payment or adjustment for
          interest shall be made upon exchange of Debentures.

               Section 4.14. Exchange Rate Adjustments. The Exchange Rate
          shall be adjusted from time to time as follows:

                    (a) If the Company issues Company Common Shares as a
               dividend or distribution on Company Common Shares to all
               holders of Company Common Shares, or if the Company effects a
               share split or share combination, the Exchange Rate will be
               adjusted based on the following formula:

                           ER1 = ER0 x OS1/OS0

                           where

                           ER0 = the Exchange Rate in effect immediately
                                 prior to the adjustment relating to
                                 such event

                           ER1 = the new Exchange Rate in effect taking into
                                 account such event

                           OS0 = the number of Company Common Shares
                                 outstanding immediately prior to such event

                           OS1 = the number of Company Common Shares
                                 outstanding immediately after such event.

              Any adjustment made pursuant to this paragraph (a) shall become
              effective on the date that is immediately after (x) the date
              fixed for the determination of shareholders entitled to receive
              such dividend or other distribution or (y) the date on which
              such

                                      22
<PAGE>

              split or combination becomes effective, as applicable. If any
              dividend or distribution described in this paragraph (a) is
              declared but not so paid or made, the new Exchange Rate shall be
              readjusted to the Exchange Rate that would then be in effect if
              such dividend or distribution had not been declared.

                   (b) If the Company issues to all holders of Company Common
              Shares any rights, warrants, options or other securities
              entitling them for a period of not more than 45 days after the
              date of issuance thereof to subscribe for or purchase Company
              Common Shares, or issues to all holders of Company Common
              Shares securities convertible into Company Common Shares for a
              period of not more than 45 days after the issuance thereof, in
              either case at an exercise price per Company Common Share or a
              conversion price per Company Common Share less than the Closing
              Sale Price of Company Common Shares on the Business Day
              immediately preceding the time of announcement of such
              issuance, the Exchange Rate will be adjusted based on the
              following formula:

                           ER1 = ER0 x (OS0+X)/(OS0+Y)

                           where

                           ER0 = the Exchange Rate in effect immediately prior
                                 to the adjustment relating to such event

                           ER1 = the new Exchange Rate taking such event into
                                 account

                           OS0 = the number of Company Common Shares
                                 outstanding immediately prior to such event

                           X   = the total number of Company Common
                                 Shares issuable pursuant to such rights,
                                 warrants, options, other securities or
                                 convertible securities

                           Y   = the number of Company Common Shares
                                 equal to the quotient of (A) the aggregate
                                 price payable to exercise such rights,
                                 warrants, options, other securities or
                                 convertible securities and (B) the average
                                 of the Closing Sale Prices of Company
                                 Common Shares for the 10 consecutive
                                 Trading Days prior to the Business Day
                                 immediately preceding the date of
                                 announcement for the issuance of such
                                 rights, warrants, options, other
                                 securities or convertible securities.

               For purposes of this paragraph (b), in determining whether any
               rights, warrants, options, other securities or convertible
               securities entitle the holders to subscribe for or purchase, or
               exercise a conversion right for, Company Common Shares at less
               than the applicable Closing Sale Price of Company Common
               Shares, and in determining the aggregate exercise or conversion
               price payable for such Company Common Shares, there shall be
               taken into account any consideration received by the Company
               for such rights, warrants, options, other securities or
               convertible securities and any

                                      23
<PAGE>

               amount payable on exercise or conversion thereof, with the
               value of such consideration, if other than cash, to be
               determined by the Company's Board of Directors. If any right,
               warrant, option, other security or convertible security
               described in this paragraph (b) is not exercised or converted
               prior to the expiration of the exercisability or convertibility
               thereof, the new Exchange Rate shall be readjusted to the
               Exchange Rate that would then be in effect if such right,
               warrant, option, other security or convertible security had not
               been so issued.

                    (c) If the Company distributes shares of capital stock,
               evidences of indebtedness or other assets or property of the
               Company to all holders of Company Common Shares, excluding:

                        (i)   dividends, distributions, rights, warrants,
                              options, other securities or convertible
                              securities referred to in paragraph (a) or (b)
                              above,

                        (ii)  dividends or distributions paid exclusively in
                              cash, and

                        (iii) Spin-Offs described below in this paragraph (c)

               then the Exchange Rate will be adjusted based on the following
               formula:

                           ER1 = ER0 x SP0/(SP0-FMV)

                           where

                           ER0 = the Exchange Rate in effect immediately prior
                                 to the adjustment relating to such event

                           ER1 = the new Exchange Rate taking such event into
                                 account

                           SP0 = the average of the Closing Sale Prices
                                 of Company Common Shares for the 10
                                 consecutive Trading Days prior to the
                                 Business Day immediately preceding the
                                 earlier of the record date or the
                                 ex-dividend date for such distribution

                           FMV = the fair market value (as determined in
                                 good faith by the Company's Board of
                                 Directors) of the shares of capital stock,
                                 evidences of indebtedness, assets or
                                 property distributed with respect to each
                                 outstanding Company Common Share on the
                                 earlier of the record date or the
                                 ex-dividend date for such distribution.

                    An adjustment to the Exchange Rate made pursuant to the
               immediately preceding paragraph shall be made successively
               whenever any such distribution is made and shall become
               effective on the day immediately after the date fixed for the
               determination of holders of Company Common Shares entitled to
               receive such distribution.

                                      24
<PAGE>

                    If the Company distributes to all holders of Company
               Common Shares capital stock of any class or series, or similar
               equity interest, of or relating to a subsidiary or other
               business unit of the Company (a "Spin-Off"), the Exchange Rate
               in effect immediately before the close of business on the date
               fixed for determination of holders of Company Common Shares
               entitled to receive such distribution will be adjusted based on
               the following formula:

                           ER1 = ER0 x (FMV0+MP0)/MP0

                           where

                           ER0 = the Exchange Rate in effect immediately prior
                                 to the adjustment relating to such event

                           ER1 = the new Exchange Rate taking such event into
                                 account

                           FMV0= the average of the Closing Sale
                                 Prices of the capital stock or similar
                                 equity interest distributed to holders
                                 of Company Common Shares applicable to
                                 one Company Common Share over the
                                 first 10 consecutive Trading Days
                                 after the effective date of the
                                 Spin-Off

                           MP0 = the average of the Closing Sale
                                 Prices of Company Common Shares over
                                 the first 10 consecutive Trading Days
                                 after the effective date of the
                                 Spin-Off.

                    An adjustment to the Exchange Rate made pursuant to the
               immediately preceding paragraph will occur on the 10th Trading
               Day from, and including, the effective date of the Spin-Off.

                    If any such dividend or distribution described in this
               paragraph (c) is declared but not paid or made, the new
               Exchange Rate shall be readjusted to be the Exchange Rate that
               would then be in effect if such dividend or distribution had
               not been declared.

                    (d) If the Company makes any cash dividend or distribution
               during any of its quarterly fiscal periods to all holders of
               Company Common Shares in an aggregate amount that, together
               with other cash dividends or distributions made during such
               quarterly fiscal period, exceeds the product of $0.4246 (the
               "Reference Dividend") multiplied by the number of Company
               Common Shares outstanding on the record date for such
               distribution, the Exchange Rate will be adjusted based on the
               following formula:

                           ER1 = ER0 x SP0/(SP0-C)

                           where

                                      25
<PAGE>

                           ER0 = the Exchange Rate in effect immediately prior
                                 to the adjustment relating to such event

                           ER1 = the new Exchange Rate taking such event into
                                 account

                           SP0 = the average of the Closing Sale Prices
                                 of Company Common Shares for the 10
                                 consecutive Trading Days prior to the
                                 business day immediately preceding the
                                 earlier of the record date or the day
                                 prior to the ex-dividend date for such
                                 distribution

                           C   = the amount in cash per Company Common Share
                                 that the Company distributes to holders of
                                 Common Shares during such quarterly fiscal
                                 Company period that exceeds the Reference
                                 Dividend.

               An adjustment to the Exchange Rate made pursuant to this
               paragraph (d) shall become effective on the date immediately
               after the date fixed for the determination of holders of
               Company Common Shares entitled to receive such dividend or
               distribution. If any dividend or distribution described in this
               paragraph (d) is declared but not so paid or made, the new
               Exchange Rate shall be readjusted to the Exchange Rate that
               would then be in effect if such dividend or distribution had
               not been declared.

                    The Reference Dividend shall be subject to adjustment on
               account of any of the events set forth in paragraph (a) above.
               Any such adjustment will be effected by multiplying the
               Reference Dividend by a fraction, the numerator of which will
               equal OS0 and the denominator of which will equal OS1, in each
               case, within the meaning of paragraph (a) above.

                    (e) If the Company or any of its subsidiaries makes a
               payment in respect of a tender offer or exchange offer for
               Company Common Shares to the extent that the cash and value of
               any other consideration included in the payment per Company
               Common Share exceeds the Closing Sale Price of a Company Common
               Share on the Trading Day next succeeding the last date on which
               tenders or exchanges may be made pursuant to such tender or
               exchange offer (the "Expiration Time"), the Exchange Rate will
               be adjusted based on the following formula:

                           ER1 = ER0 x (AC + (SP1 x OS1))/(SP1 x OS0)

                           where

                           ER0 = the Exchange Rate in effect immediately prior
                                 to the adjustment relating to such event

                           ER1 = the new Exchange Rate taking such event into
                                 account

                           AC  = the aggregate value of all cash and any
                                 other consideration (as determined by the
                                 Company's Board of Directors) paid or
                                 payable

                                      26
<PAGE>

                                 for Company Common Shares purchased in such
                                 tender or exchange offer

                           OS0 = the number of Company Common Shares
                                 outstanding immediately prior to the date
                                 such tender or exchange offer expires

                           OS1 = the number of Company Common Shares
                                 outstanding immediately after such tender
                                 or exchange offer expires (after giving
                                 effect to the purchase or exchange of
                                 shares pursuant to such tender or exchange
                                 offer)

                           SP1 = the average of the Closing Sale Prices
                                 of Company Common Shares for the 10
                                 consecutive Trading Days commencing on the
                                 Trading Day next succeeding the date such
                                 tender or exchange offer expires.

                    If the application of the foregoing formula would result
               in a decrease in the Exchange Rate, no adjustment to the
               Exchange Rate will be made.

                    Any adjustment to the Exchange Rate made pursuant to this
               paragraph (e) shall become effective on the date immediately
               following the Expiration Time. If the Company or one of its
               subsidiaries is obligated to purchase Company Common Shares
               pursuant to any such tender or exchange offer, but is
               permanently prevented by applicable law from effecting any such
               purchase or all such purchases are rescinded, the new Exchange
               Rate shall be readjusted to be the Exchange Rate that would be in
               effect if such tender or exchange offer had not been made.

                    (f) Notwithstanding the foregoing, in the event of an
               adjustment to the Exchange Rate pursuant to paragraph (d) or
               (e) above, in no event will the Exchange Rate exceed 30.7692,
               subject to adjustment pursuant to paragraphs (a), (b) and (c)
               above.

                    (g) If the Company has in effect a rights plan while any
               Debentures remain Outstanding, Holders of Debentures will
               receive, upon an exchange of Debentures in respect of which the
               Operating Partnership elects to deliver Net Shares, in addition
               to such Net Shares, rights under the Company's shareholder
               rights agreement unless, prior to exchange, the rights have
               expired, terminated or been redeemed or unless the rights have
               separated from the Company Common Shares. If the rights
               provided for in the rights plan adopted by the Company have
               separated from the Company Common Shares in accordance with the
               provisions of the applicable shareholder rights agreement so
               that Holders of Debentures would not be entitled to receive any
               rights in respect of Company Common Shares that the Operating
               Partnership elects to deliver as Net Shares upon exchange of
               Debentures, the Exchange Rate will be adjusted at the time of
               separation as if the Company had distributed, to all holders of
               Company Common Shares, capital stock, evidences of indebtedness
               or other assets or property pursuant to paragraph (c) above,
               subject to readjustment upon the subsequent expiration,
               termination or redemption of the rights. In lieu of any such

                                      27
<PAGE>

               adjustment, the Company may amend such applicable shareholder
               rights agreement to provide that upon an exchange of Debentures
               the Holders will receive, in addition to Company Common Shares
               that the Operating Partnership elects to deliver as Net Shares
               upon such exchange, the rights which would have attached to
               such Company Common Shares if the rights had not become
               separated from the Company Common Shares under such applicable
               shareholder rights agreement. To the extent that the Company
               adopts any future shareholder rights agreement, upon an
               exchange of Debentures in respect of which the Operating
               Partnership elects to deliver Company Common Shares as Net
               Shares, a Holder of Debentures shall receive, in addition to
               such Net Shares, the rights under the future shareholder
               rights agreement whether or not the rights have separated from
               Company Common Shares at the time of exchange and no adjustment
               will be made in accordance with paragraph (c) or otherwise.

                    In addition to the adjustments pursuant to paragraphs (a)
               through (g) above, the Operating Partnership may increase the
               Exchange Rate in order to avoid or diminish any income tax to
               holders of the Company Common Shares resulting from any
               dividend or distribution of capital stock (or rights to acquire
               Company Common Shares) or from any event treated as such for
               income tax purposes. The Operating Partnership may also, from
               time to time, to the extent permitted by applicable law,
               increase the Exchange Rate by any amount for any period if the
               Operating Partnership has determined that such increase would
               be in the best interests of the Operating Partnership or the
               Company. If the Operating Partnership makes such determination,
               it will be conclusive and Operating Partnership will mail to
               Holders of the Debentures a notice of the increased Exchange
               Rate and the period during which it will be in effect at least
               fifteen (15) days prior to the date the increased Exchange Rate
               takes effect in accordance with applicable law.

                    If, in connection with any adjustment to the Exchange Rate
               as set forth in this Section 4.14 a Holder shall be deemed for
               U.S. federal tax purposes to have received a distribution or an
               additional interest payment, the Operating Partnership may set
               off any withholding tax it or the Company is required to
               collect with respect to any such deemed distribution or payment
               against cash payments of interest in accordance with the
               provisions of Section 4.05 hereof or from cash and Company
               Common Shares, if any, otherwise deliverable to a Holder upon
               an exchange of Debentures in accordance with the provisions of
               Section 4.12 hereof or a redemption or repurchase of a
               Debenture in accordance with the provisions of Section 4.07,
               4.08 or 4.09 hereof.

                    The Operating Partnership will not make any adjustment to
               the Exchange Rate if Holders of the Debentures are permitted to
               participate, on an as-exchanged basis, in the transactions
               described above.

                    Notwithstanding anything to the contrary contained herein,
               in addition to the other events set forth berein on account of
               which no adjustment to the Exchange Rate shall be made, the
               applicable Exchange Rate shall not be adjusted for:

                    (i)  the issuance of any Company Common Shares pursuant to
                         any present or future plan providing for the
                         reinvestment of dividends or interest

                                      28
<PAGE>

                         payable on securities of the Operating Partnership or
                         those of the Company and the investment of additional
                         optional amounts in Company Common Shares under any
                         plan;

                    (ii) the issuance of any Company Common Shares or options
                         or rights to purchase those shares pursuant to any
                         present or future employee, trustee or consultant
                         benefit plan, employee agreement or arrangement or
                         program of the Operating Partnership or the Company;

                   (iii) the issuance of any Company Common Shares pursuant
                         to any option, warrant, right, or exercisable,
                         exchangeable or convertible security outstanding as
                         of the date the Debentures were first issued;

                    (iv) a change in the par value of Company Common Shares;

                    (v)  accumulated and unpaid dividends or distributions;

                    (vi) as a result of a tender offer solely to holders of
                         less than 100 Company Common Shares; and

                   (vii) the issuance of limited partnership units by the
                         Operating Partnership and the issuance of Company
                         Common Shares or the payment of cash upon redemption
                         thereof.

                    No adjustment in the Exchange Rate will be required unless
               the adjustment would require an increase or decrease of at
               least 1% of the Exchange Price. If the adjustment is not made
               because the adjustment does not change the Exchange Price by at
               least 1%, then the adjustment that is not made will be carried
               forward and taken into account in any future adjustment. All
               required calculations will be made to the nearest cent or
               1/1000th of a share, as the case may be. Notwithstanding the
               foregoing, if the Debentures are called for redemption, all
               adjustments not previously made will be made on the applicable
               Redemption Date. Except as specifically described above, the
               applicable Exchange Rate will not be subject to adjustment in
               the case of the issuance of any Company Common Shares or
               Company preferred shares, or securities exchangeable into or
               exchangeable for Company Common Shares or Company preferred
               shares.

                    Whenever the Exchange Rate is adjusted as herein provided,
               the Company or the Operating Partnership shall as promptly as
               reasonably practicable file with the Trustee and any Exchange
               Agent other than the Trustee an Officers' Certificate setting
               forth the Exchange Rate after such adjustment and setting forth
               a brief statement of the facts requiring such adjustment.
               Promptly after delivery of such certificate, the Company or the
               Operating Partnership shall prepare a notice of such adjustment
               of the Exchange Rate setting forth the adjusted Exchange Rate
               and the date on which each adjustment becomes effective and
               shall mail such notice of such adjustment of the Exchange Rate
               to the Holders of the Debentures within 20 Business Days of the
               Effective Date of such adjustment. Failure to deliver such
               notice shall not affect the legality or validity of any such
               adjustment.

                                      29
<PAGE>

                    For purposes of this Section 4.14, the number of Company
               Common Shares at any time outstanding shall not include shares
               held in the treasury of the Company but shall include shares
               issuable in respect of scrip certificates issued in lieu of
               fractions of Company Common Shares.

                    Notwithstanding anything in this Section 4.14 to the
               contrary, in no event shall the Exchange Rate be adjusted so
               that the Exchange Price would be less than $0.01.

                    Subject to the provisions of Section 4.10 pursuant to
               which the Operating Partnership may elect to adjust the
               Exchange Rate and the exchange right in connection with a
               Public Acquirer Change in Control, if any of the following
               events occur, namely (i) any reclassification or change of the
               outstanding Company Common Shares (other than a subdivision or
               combination to which Section 4.14(a) applies), (ii) any
               consolidation, merger or combination of the Company with
               another Person, or a binding share exchange in respect of all
               of the outstanding Company Common Shares as a result of which
               holders of Company Common Shares shall be entitled to receive
               stock, other securities or other property or assets (including
               cash) with respect to or in exchange for such Company Common
               Shares or (iii) any sale or conveyance of all or substantially
               all of the properties and assets of the Company to any other
               Person as a result of which holders of Company Common Shares
               shall be entitled to receive stock, other securities or other
               property or assets (including cash) with respect to or in
               exchange for such Company Common Shares, then the Company or
               the successor or purchasing Person, as the case may be, shall
               execute with the Trustee a supplemental indenture (which shall
               comply with the Trust Indenture Act as in force at the date of
               execution of such supplemental indenture) providing that each
               Debenture, and the Exchange Value thereof, shall be
               exchangeable based on the kind and amount of shares of stock,
               other securities or other property or assets (including cash)
               receivable upon such reclassification, change, consolidation,
               merger, combination, sale or conveyance that the holder would
               have received if the Holder had exchanged its Debentures
               immediately prior to such reclassification, change,
               consolidation, merger, combination, sale or conveyance assuming
               such Holder did not exercise his rights of election, if any, as
               to the kind or amount of stock, other securities or other
               property or assets (including cash) receivable upon such
               reclassification, change, consolidation, merger, combination,
               sale or conveyance (provided that, if the kind or amount of
               stock, other securities or other property or assets (including
               cash) receivable upon such reclassification, change,
               consolidation, merger, combination, sale or conveyance is not
               the same for each share of Common Stock in respect of which
               such rights of election shall not have been exercised (a
               "non-electing share"), then for the purposes of this paragraph
               the kind and amount of stock, other securities or other
               property or assets (including cash) receivable upon such
               reclassification, change, consolidation, merger, combination,
               sale or conveyance for each non-electing share shall be deemed
               to be the kind and amount so receivable per share by a
               plurality of the non-electing shares). Such supplemental
               indenture shall provide for adjustments which shall be as
               nearly equivalent as may be practicable to the adjustments
               provided for in this Section 4.14. The Company shall cause
               notice of the execution of such supplemental indenture to be
               mailed to each

                                      30
<PAGE>

               Holder of Debentures within 20 Business Days after execution
               thereof. Failure to deliver such notice shall not affect the
               legality or validity of such supplemental indenture. The
               provisions of this paragraph shall similarly apply to
               successive reclassifications, changes, consolidations, mergers,
               combinations, sales and conveyances. If the provisions of this
               paragraph applies to any event or occurrence, then the
               provisions of Sections 4.14(a) through (g) shall not apply.

               Section 4.15. Ownership Limit; withholding. Notwithstanding any
          other provision of the Debentures or the instructions contained
          herein, no Holder of Debentures shall be entitled to exchange such
          Debentures for Company Common Shares to the extent that receipt of
          such shares would cause such Holder (together with such Holder's
          affiliates) to exceed the ownership limit contained in the Articles
          of Amendment and Restatement of the Company as in effect from time
          to time.

               At the Maturity of the principal of the Debentures, whether at
          Stated Maturity or upon earlier redemption or repurchase of
          Debentures or otherwise, and as otherwise required by law, the
          Operating Partnership may deduct and withhold from the amount of
          consideration otherwise deliverable to such Holder the amount
          required to be deducted and withheld under applicable law.

               Section 4.16. Merger, Consolidation or Sale. Sections 801 and
          803 of the Indenture, for purposes of the Debentures, is hereby
          modified to include, in addition to provisos (1), (2) and (3) in
          such Sections, the following additional proviso:

                        "if as a result of such transaction the Debentures
               become exchangeable into common stock or other securities
               issued by a third party, such third party shall fully and
               unconditionally guarantee all obligations under the Debentures
               and the Indenture."

               Section 4.17. Satisfaction and Discharge; Defeasance and
          Covenant Defeasance. The provisions of Section 401 of the Indenture
          is modified in respect of the Debentures to provide that the
          Operating Partnership may not discharge a Holder's rights to
          exchange Debentures in accordance with the terms of the Debentures
          or to have registered the transfer or exchange of Debentures in
          accordance with the terms of the Indenture.

               The provisions of Section 402(2) and Section 402(3) of the
          Indenture shall be applicable to the Debentures. Notwithstanding the
          foregoing, the Debentures shall be deemed to be "Outstanding" for
          all purposes relating to the obligations of the Operating
          Partnership upon an exchange of Debentures by a Holder thereof.

               Section 4.18. Events of Default. Section 501 of the Indenture
          is modified for purposes of the Debentures to add the following
          Event of Default:

                        "If the Operating Partnership fails to deliver cash or
               Company Common Shares, or any combination thereof, when due
               upon an exchange of Debentures, together with any cash due in
               lieu of fractional shares, and that failure continues for 10
               days."

                                      31
<PAGE>

               Section 4.19. Modification. Section 902 of the Indenture is
          modified for purposes of the Debentures to add, in addition to
          clauses (1) through (4) thereunder, the following as requiring the
          consent of each Holder of a Debenture for modification or waiver:

                        "modify the provisions with respect to the Holders'
               rights upon a Change in Control in a manner adverse to Holders
               of the Debentures, including the obligations of the Operating
               Partnership to repurchase the Debentures following a Change in
               Control;"

                        - and -

                        "adversely affect the Holders' rights contained in the
               exchange or repurchase provisions of the Debentures."

               Section 4.20. Full and Unconditional Guarantee by the Company.
          The provisions of ARTICLE SIXTEEN of the Indenture shall be
          applicable to the Debentures.

               Section 4.21. Certain Covenants Not Applicable to the
          Debentures. The Debentures shall not be entitled to the benefits of
          the covenants set forth in Section 1005 and Section 1006 of the
          Indenture.

               Section 4.22. Calculations in Respect of the Debentures. Except
          as otherwise specifically stated herein or in the Debentures, all
          calculations to be made in respect of the Debentures shall be the
          obligation of the Operating Partnership. All calculations made by
          the Operating Partnership or its agent as contemplated pursuant to
          the terms hereof and of the Debentures shall be made in good faith
          and be final and binding on the Operating Partnership and the
          Holders absent manifest error. The Operating Partnership shall
          provide a schedule of calculations to the Trustee, and the Trustee
          shall be entitled to rely upon the accuracy of the calculations by
          the Operating Partnership without independent verification. The
          Trustee shall forward calculations made by the Operating Partnership
          to any Holder of Debentures upon request.

               Section 4.23. Authorized Denominations. The Debentures shall be
          issued in denominations of $1,000 and integral multiples thereof and
          payments of principal, interest and additional amounts, if any, on
          the Debentures shall be made in U.S. dollars.

               Section 4.24. Exchange Agent, Paying Agent and Securities
          Registrar. The Bank of New York is hereby appointed as Exchange
          Agent, Paying Agent and the Security Registrar for the Debentures.
          The Security Register for the Debentures will be maintained by the
          Security Registrar in the Borough of Manhattan, The City of New
          York. The rights, privileges, protections, immunities and benefits
          given to the Trustee pursuant to the Indenture, including, without
          limitation, its right to be indemnified, are extended to, and shall
          be enforceable by, the Trustee in each of its capacities with
          respect to the Debentures.

                                     * * *

                                      32
<PAGE>

          Each of the undersigned has read the conditions relating to the
authentication and delivery of the Securities contained in the Indenture and
the definitions therein relating thereto, has read the certified copy of the
Board Resolutions and has examined the form of the Securities attached
thereto. In the opinion of each of the undersigned, he has made such
examination or investigation as was necessary to enable him to express an
informed opinion as to whether or not such conditions have been complied with
and, in the opinion of each of the undersigned, such conditions have been
complied with. To the best of each of the undersigned's knowledge, no event
which is, or after notice or lapse of time would become, an Event of Default
with respect to the Securities has occurred and is continuing.

          Insofar as this Certificate relates to legal matters, it is based, as
provided for in Section 103 of the Indenture, upon the Opinion of Counsel
contemporaneously delivered to the Trustee herewith and relating to the
Securities.

                                      33
<PAGE>

          IN WITNESS WHEREOF, we have hereunto set our hands this 27th day of
June, 2005.

                                      By:   /s/ Jason M. Barnett
                                            ----------------------------------
                                            Jason M. Barnett
                                            Executive Vice President,
                                            General Counsel and Secretary

                                      By:   /s/ Michael Maturo
                                            ----------------------------------
                                            Michael Maturo
                                            Executive Vice President,
                                            Chief Financial Officer
                                            and Treasurer

                                      34
<PAGE>

<PAGE>

                                                                       Annex A

                              [FORM OF DEBENTURE]

                                     A-1

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