SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016

(in thousands)



			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition					Amount at Which Carried at Close of Period
Description and Location	Encumbrances		Land		Building & Improvements		Land		Building & Improvements			Land		Building & Improvements		Total ^(a)		Accumulated Depreciation ^{(b) (1)}		Date of Acquisition
Paramount Plaza, CA	$	—	$	6,347	$	10,274	$	268	$	1,396		$	6,615	$	11,670	$	18,285	$	2,497	12/22/2009
Santa Ana Downtown Plaza, CA	—		7,895		9,890		—		2,019			7,895		11,909		19,804		2,392		1/26/2010
Meridian Valley Plaza, WA	—		1,881		4,795		—		1,416			1,881		6,211		8,092		1,081		2/1/2010
The Market at Lake Stevens, WA	—		3,087		12,397		—		361			3,087		12,758		15,845		2,592		3/16/2010
Norwood Shopping Center, CA	—		3,031		11,534		122		1,560			3,153		13,094		16,247		2,574		4/5/2010
Pleasant Hill Marketplace, CA	—		6,359		6,927		—		638			6,359		7,565		13,924		1,676		4/8/2010
Vancouver Market Center, WA	—		4,080		6,912		—		1,852			4,080		8,764		12,844		1,486		6/17/2010
Happy Valley Town Center, OR	—		11,678		27,011		—		1,906			11,678		28,917		40,595		5,850		7/14/2010
Cascade Summit, OR	—		8,853		7,732		—		311			8,853		8,043		16,896		1,953		8/20/2010
Heritage Market Center, WA	—		6,595		17,399		—		349			6,595		17,748		24,343		3,345		9/23/2010
Claremont Center, CA	—		5,975		1,019		183		4,604			6,158		5,623		11,781		2,025		9/23/2010
Shops At Sycamore Creek, CA	—		3,747		11,584		—		630			3,747		12,214		15,961		2,732		9/30/2010
Gateway Village, CA	—		5,917		27,298		—		654			5,917		27,952		33,869		4,885		12/16/2010
Division Crossing, OR	—		3,706		8,327		—		5,780			3,706		14,107		17,813		2,662		12/22/2010
Halsey Crossing, OR ⁽²⁾	—		—		7,773		—		3,069			—		10,842		10,842		1,681		12/22/2010
Marketplace Del Rio,CA	—		13,420		22,251		9		2,027			13,429		24,278		37,707		4,658		1/3/2011
Pinole Vista, CA	—		12,894		30,670		—		1,770			12,894		32,440		45,334		4,301		1/6/2011
Desert Spring Marketplace, CA	—		8,517		18,761		443		5,047			8,960		23,808		32,768		4,004		2/17/2011
Mills Shopping Center, CA	—		4,084		16,833		—		10,297			4,084		27,130		31,214		4,945		2/17/2011
Morada Ranch, CA	—		2,504		19,547		—		512			2,504		20,059		22,563		3,709		5/20/2011
Renaissance, CA	—		8,640		13,848		—		685			8,640		14,533		23,173		2,385		8/3/2011
Country Club Gate, CA	—		6,487		17,341		—		1,065			6,487		18,406		24,893		3,135		7/8/2011
Canyon Park, WA	—		9,352		15,916		—		8,784			9,352		24,700		34,052		3,160		7/29/2011
Hawks Prairie, WA	—		5,334		20,694		—		1,613			5,334		22,307		27,641		3,311		9/8/2011
Kress Building, WA	—		5,693		20,866		—		4,679			5,693		25,545		31,238		4,311		9/30/2011
Round Hill Square, CA	—		6,358		17,734		—		903			6,358		18,637		24,995		3,226		8/23/2011
Hillsboro, OR ⁽²⁾	—		—		17,553		—		778			—		18,331		18,331		3,097		11/23/2011
Gateway Shopping Center, WA ⁽²⁾	—		6,242		23,462		—		(11		)	6,242		23,451		29,693		3,341		2/16/2012
Euclid Plaza, CA	—		7,407		7,753		—		2,938			7,407		10,691		18,098		2,034		3/28/2012
Green Valley, CA	—		1,685		8,999		—		703			1,685		9,702		11,387		1,646		4/2/2012
Aurora Square, WA	—		3,002		1,693		—		(34		)	3,002		1,659		4,661		385		5/3/2012



Marlin Cove, CA	—	8,815	6,797	—	1,663	8,815	8,460	17,275	1,525	5/4/2012
Seabridge, CA	—	5,098	17,164	—	1,290	5,098	18,454	23,552	2,995	5/31/2012
Novato, CA	—	5,329	4,412	—	1,102	5,329	5,514	10,843	708	7/24/2012
Glendora, CA	—	5,847	8,758	—	131	5,847	8,889	14,736	1,445	8/1/2012
Wilsonville, WA	—	4,181	15,394	—	408	4,181	15,802	19,983	2,159	8/1/2012
Bay Plaza, CA	—	5,454	14,857	—	1,230	5,454	16,087	21,541	2,288	10/5/2012
Santa Theresa, CA	10,383	14,965	17,162	—	4,267	14,965	21,429	36,394	2,882	11/8/2012
Cypress West, CA	—	15,480	11,819	20	1,993	15,500	13,812	29,312	2,064	12/7/2012
Redondo Beach, CA	—	16,242	13,625	20	11	16,262	13,636	29,898	1,762	12/28/2012
Harbor Place, CA	—	16,506	10,527	—	342	16,506	10,869	27,375	1,314	12/28/2012
Diamond Bar Town Center, CA	—	9,540	16,795	—	3,546	9,540	20,341	29,881	2,870	2/1/2013
Bernardo Heights, CA	8,217	3,192	8,940	—	726	3,192	9,666	12,858	1,198	2/6/2013
Canyon Crossing, WA	—	7,941	24,659	—	2,756	7,941	27,415	35,356	3,575	4/15/2013
Diamond Hills, CA	35,500	15,458	29,353	—	384	15,458	29,737	45,195	3,676	4/22/2013
Granada Shopping Center, CA	—	3,673	13,459	—	392	3,673	13,851	17,524	1,637	6/27/2013
Hawthorne Crossings, CA	—	10,383	29,277	—	558	10,383	29,835	40,218	3,374	6/27/2013
Robinwood, CA	—	3,997	11,317	—	687	3,997	12,004	16,001	1,360	8/23/2013
Five Points Plaza, CA	—	18,420	36,965	—	3,571	18,420	40,536	58,956	3,805	9/27/2013
Crossroads Shopping Center, CA	—	68,366	67,756	—	7,886	68,366	75,642	144,008	8,525	9/27/2013
Peninsula Marketplace, CA	—	14,730	19,214	—	1,884	14,730	21,098	35,828	2,008	11/1/2013
Country Club Village, CA	—	9,986	26,579	—	1,896	9,986	28,475	38,461	3,113	11/26/2013
Plaza de la Canada, CA ⁽²⁾	—	10,351	24,819	—	320	10,351	25,139	35,490	2,297	12/13/2013
Tigard Marketplace, CA	—	13,587	9,603	—	524	13,587	10,127	23,714	1,235	2/18/2014
Creekside Plaza, CA	—	14,807	29,476	—	154	14,807	29,630	44,437	2,961	2/28/2014
North Park Plaza, CA	—	13,593	17,733	—	507	13,593	18,240	31,833	1,376	4/30/2014
Aurora Square II, WA	—	6,862	9,798	—	73	6,862	9,871	16,733	936	5/22/2014
Fallbrook Shopping Center ⁽²⁾	—	21,232	186,197	83	6,080	21,315	192,277	213,592	14,890	6/13/2014
Moorpark Town Center, CA	—	7,063	19,694	—	1,565	7,063	21,259	28,322	1,709	12/4/2014
Mission Foothill Marketplace, CA	—	11,415	17,783	—	248	11,415	18,031	29,446	1,292	12/4/2014
Wilsonville Town Center, OR	—	10,334	27,101	—	211	10,334	27,312	37,646	1,852	12/11/2014
Park Oaks Shopping Center, CA	—	8,527	38,064	—	505	8,527	38,569	47,096	2,387	1/6/2016
Ontario Plaza, CA	—	9,825	26,635	—	1,025	9,825	27,660	37,485	1,792	1/6/2015
Winston Manor, CA	—	10,018	9,762	—	1,664	10,018	11,426	21,444	799	1/7/2015
Jackson Square, CA	—	6,886	24,558	—	251	6,886	24,809	31,695	1,206	7/1/2015
Tigard Promenade, OR	—	9,844	10,843	—	3	9,844	10,846	20,690	474	7/28/2015
Sunnyside Village Square, OR	—	4,428	13,324	—	634	4,428	13,958	18,386	673	7/28/2015
Gateway Centre, CA	—	16,275	28,308	—	487	16,275	28,795	45,070	1,179	9/1/2015
Johnson Creek, OR	—	9,009	22,534	—	994	9,009	23,528	32,537	901	11/9/2015
Iron Horse Plaza, CA	—	8,187	39,654	—	329	8,187	39,983	48,170	1,200	12/4/2015
Bellevue Marketplace, WA	—	10,488	39,119	—	97	10,488	39,216	49,704	1,306	12/10/2015



Four Corner Square, WA	—		9,926		31,415		—		177		9,926		31,592		41,518		1,084		12/21/2015
Warner Plaza Shopping Center, CA	—		16,104		60,188		—		4,443		16,104		64,631		80,735		1,741		12/31/2015
Magnolia Shopping Center, CA	9,135		12,501		27,040		—		836		12,501		27,876		40,377		712		3/10/2016
Casitas Plaza Shopping Center, CA	7,448		9,905		18,731		—		182		9,905		18,913		28,818		510		3/10/2016
Bouquet Center, CA	—		10,040		48,362		—		165		10,040		48,527		58,567		964		4/28/2016
North Ranch Shopping Center, CA	—		31,522		95,916		—		23		31,522		95,939		127,461		1,579		6/1/2016
Monterey Center, CA ⁽²⁾	—		1,073		10,609		—		5		1,073		10,614		11,687		162		7/14/2016
Rose City Center, OR ⁽²⁾	—		3,637		10,301		—		—		3,637		10,301		13,938		117		9/15/2016
Trader Joe’s at the Knolls, CA	—		9,722		18,299		8		34		9,730		18,333		28,063		140		10/3/2016
Bridle Trails Shopping Center, WA	—		11,529		20,700		4		169		11,533		20,869		32,402		168		10/17/2016
Torrey Hills Corporate Center, CA	—		1,976		7,902		—		—		1,976		7,902		9,878		17		12/6/2016
	$	70,683	$	765,039	$	1,794,090	$	1,160	$	126,729	$	766,199	$	1,920,819	$	2,687,018	$	193,021


(a)	RECONCILIATION OF REAL ESTATE – OWNED SUBJECT TO OPERATING LEASES (in thousands)



	Year Ended December 31,
	2016			2015			2014
Balance at beginning of period:	$	2,296,617		$	1,785,898		$	1,372,434
Property improvements during the year	41,359			28,104			27,515
Properties acquired during the year	354,035			485,853			416,298
Properties sold during the year	—			—			(23,676		)
Assets written off during the year	(4,993		)	(3,238		)	(6,673		)
Balance at end of period:	$	2,687,018		$	2,296,617		$	1,785,898


(b)	RECONCILIATION OF ACCUMULATED DEPRECIATION (in thousands)



	Year Ended December 31,
	2016			2015			2014
Balance at beginning of period:	$	134,311		$	88,173		$	57,500
Depreciation expenses	63,872			49,619			38,890
Properties sold during the year	—			—			(2,081		)
Property assets fully depreciated and written off	(5,162		)	(3,481		)	(6,136		)
Balance at end of period:	$	193,021		$	134,311		$	88,173


(1)	Depreciation and investments in building and improvements reflected in the consolidated statement of operations is calculated over the estimated useful life of the assets as follows:

Building: 39-40 years

Property Improvements: 10-20 years


(2)	Property is subject to a ground lease.


(3)	The aggregate cost for Federal Income Tax Purposes for real estate was approximately $2.5 billion at December 31, 2016.