Al-

I suggest that you read page 88 of the 4Q-08 report. Lxp issued 34m shares to buy back minority interests. That represents a wash.

When lxp bought newkirk in 2006 they went from having $60m in minority interests to $900m in minority interests. Why the big increase. Because they doubled the size of the asset base but only issued 17m new shares going from 52m to 69m.

So, in order to buy newkirk, they used 17m shares and assumed the liability of $840m owed to the minority interests. The $840m is convertible into stock at the minority owners option.

How did the minority interests arise? These are the interests individuals received when they were able to trade their real estate for an interest in the reit. A tax free exchange.

In any event, the minority interests as of 3Q-09 is zero. The interest were all converted to stock. Thus the big increase in the shares outstanding. Bottom line-the minority interests took a gamble and lost.