SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

(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	$	317	$	2,157		$	6,664	$	12,431	$	19,095	$	3,004	12/22/2009
Santa Ana Downtown Plaza, CA	—		7,895		9,890		—		3,746			7,895		13,636		21,531		2,747		1/26/2010
Meridian Valley Plaza, WA	—		1,881		4,795		—		1,510			1,881		6,305		8,186		1,361		2/1/2010
The Market at Lake Stevens, WA	—		3,087		12,397		—		420			3,087		12,817		15,904		3,000		3/16/2010
Norwood Shopping Center, CA	—		3,031		11,534		122		1,782			3,153		13,316		16,469		3,065		4/5/2010
Pleasant Hill Marketplace, CA	—		6,359		6,927		—		1,590			6,359		8,517		14,876		2,028		4/8/2010
Vancouver Market Center, WA	—		4,080		6,912		—		3,097			4,080		10,009		14,089		1,889		6/17/2010
Happy Valley Town Center, OR	—		11,678		27,011		—		2,046			11,678		29,057		40,735		6,753		7/14/2010
Cascade Summit, OR	—		8,853		7,732		—		388			8,853		8,120		16,973		2,245		8/20/2010
Heritage Market Center, WA	—		6,595		17,399		—		648			6,595		18,047		24,642		3,905		9/23/2010
Claremont Center, CA	—		5,975		1,019		183		4,526			6,158		5,545		11,703		2,245		9/23/2010
Shops At Sycamore Creek, CA	—		3,747		11,584		—		574			3,747		12,158		15,905		3,139		9/30/2010
Gateway Village, CA	—		5,917		27,298		—		727			5,917		28,025		33,942		5,806		12/16/2010
Division Crossing, OR	—		3,706		8,327		—		5,726			3,706		14,053		17,759		3,318		12/22/2010
Halsey Crossing, OR ⁽²⁾	—		—		7,773		—		7,459			—		15,232		15,232		2,184		12/22/2010
Marketplace Del Rio,CA	—		13,420		22,251		9		1,991			13,429		24,242		37,671		5,429		1/3/2011
Pinole Vista, CA	—		12,894		30,670		—		2,659			12,894		33,329		46,223		5,274		1/6/2011
Desert Spring Marketplace, CA	—		8,517		18,761		443		5,953			8,960		24,714		33,674		4,820		2/17/2011
Mills Shopping Center, CA	—		4,084		16,833		—		10,646			4,084		27,479		31,563		6,435		2/17/2011
Morada Ranch, CA	—		2,504		19,547		—		506			2,504		20,053		22,557		4,204		5/20/2011
Renaissance, CA	—		8,640		13,848		—		639			8,640		14,487		23,127		2,710		8/3/2011
Country Club Gate, CA	—		6,487		17,341		—		1,194			6,487		18,535		25,022		3,828		7/8/2011
Canyon Park, WA	—		9,352		15,916		—		8,947			9,352		24,863		34,215		4,395		7/29/2011
Hawks Prairie, WA	—		5,334		20,694		—		2,142			5,334		22,836		28,170		3,970		9/8/2011
Kress Building, WA	—		5,693		20,866		—		4,680			5,693		25,546		31,239		5,271		9/30/2011
Round Hill Square, CA	—		6,358		17,734		—		796			6,358		18,530		24,888		3,799		8/23/2011
Hillsboro, OR ⁽²⁾	—		—		17,553		—		780			—		18,333		18,333		3,780		11/23/2011
Gateway Shopping Center, WA ⁽²⁾	—		6,242		23,462		—		(4		)	6,242		23,458		29,700		4,033		2/16/2012
Euclid Plaza, CA	—		7,407		7,753		—		2,947			7,407		10,700		18,107		2,553		3/28/2012
Green Valley, CA	—		1,685		8,999		—		631			1,685		9,630		11,315		1,963		4/2/2012
Aurora Square, WA	—		3,002		1,693		—		(22		)	3,002		1,671		4,673		458		5/3/2012



Marlin Cove, CA	—	8,815	6,797	—	1,955	8,815	8,752	17,567	1,892	5/4/2012
Seabridge, CA	—	5,098	17,164	—	2,831	5,098	19,995	25,093	3,373	5/31/2012
Novato, CA	—	5,329	4,412	—	1,335	5,329	5,747	11,076	829	7/24/2012
Glendora, CA	—	5,847	8,758	—	166	5,847	8,924	14,771	1,766	8/1/2012
Wilsonville, WA	—	4,181	15,394	—	559	4,181	15,953	20,134	2,639	8/1/2012
Bay Plaza, CA	—	5,454	14,857	—	1,326	5,454	16,183	21,637	2,840	10/5/2012
Santa Theresa, CA	10,138	14,965	17,162	—	4,855	14,965	22,017	36,982	3,889	11/8/2012
Cypress West, CA	—	15,480	11,819	80	2,023	15,560	13,842	29,402	2,615	12/7/2012
Redondo Beach, CA	—	16,242	13,625	36	166	16,278	13,791	30,069	2,196	12/28/2012
Harbor Place, CA	—	16,506	10,527	—	342	16,506	10,869	27,375	1,653	12/28/2012
Diamond Bar Town Center, CA	—	9,540	16,795	—	3,501	9,540	20,296	29,836	3,736	2/1/2013
Bernardo Heights, CA	—	3,192	8,940	—	701	3,192	9,641	12,833	1,521	2/6/2013
Canyon Crossing, WA	—	7,941	24,659	—	2,874	7,941	27,533	35,474	4,670	4/15/2013
Diamond Hills, CA	35,500	15,458	29,353	—	223	15,458	29,576	45,034	4,443	4/22/2013
Granada Shopping Center, CA	—	3,673	13,459	—	389	3,673	13,848	17,521	2,067	6/27/2013
Hawthorne Crossings, CA	—	10,383	29,277	—	413	10,383	29,690	40,073	4,183	6/27/2013
Robinwood, CA	—	3,997	11,317	12	887	4,009	12,204	16,213	1,810	8/23/2013
Five Points Plaza, CA	—	17,920	36,965	—	3,593	17,920	40,558	58,478	5,027	9/27/2013
Crossroads Shopping Center, CA	—	68,366	67,756	—	17,965	68,366	85,721	154,087	11,165	9/27/2013
Peninsula Marketplace, CA	—	14,730	19,214	—	1,900	14,730	21,114	35,844	2,795	11/1/2013
Country Club Village, CA	—	9,986	26,579	—	1,778	9,986	28,357	38,343	4,140	11/26/2013
Plaza de la Canada, CA ⁽²⁾	—	10,351	24,819	—	400	10,351	25,219	35,570	3,028	12/13/2013
Tigard Marketplace, CA	—	13,587	9,603	—	513	13,587	10,116	23,703	1,670	2/18/2014
Creekside Plaza, CA	—	14,807	29,476	—	185	14,807	29,661	44,468	3,968	2/28/2014
North Park Plaza, CA	—	13,593	17,733	—	543	13,593	18,276	31,869	1,927	4/30/2014
Aurora Square II, WA	—	7,323	11,644	—	353	7,323	11,997	19,320	1,271	5/22/2014
Fallbrook Shopping Center ⁽²⁾	—	21,232	186,197	83	7,215	21,315	193,412	214,727	20,913	6/13/2014
Moorpark Town Center, CA	—	7,063	19,694	—	1,568	7,063	21,262	28,325	2,670	12/4/2014
Mission Foothill Marketplace, CA	—	11,415	17,783	—	118	11,415	17,901	29,316	1,343	12/4/2014
Wilsonville Town Center, OR	—	10,334	27,101	—	456	10,334	27,557	37,891	2,749	12/11/2014
Park Oaks Shopping Center, CA	—	8,527	38,064	—	624	8,527	38,688	47,215	3,598	1/6/2016
Ontario Plaza, CA	—	9,825	26,635	—	1,415	9,825	28,050	37,875	2,759	1/6/2015
Winston Manor, CA	—	10,018	9,762	—	1,729	10,018	11,491	21,509	1,182	1/7/2015
Jackson Square, CA	—	6,886	24,558	—	933	6,886	25,491	32,377	1,933	7/1/2015
Tigard Promenade, OR	—	9,844	10,843	—	108	9,844	10,951	20,795	826	7/28/2015
Sunnyside Village Square, OR	—	4,428	13,324	—	3,313	4,428	16,637	21,065	1,143	7/28/2015
Gateway Centre, CA	—	16,275	28,308	—	2,858	16,275	31,166	47,441	2,130	9/1/2015
Johnson Creek, OR	—	9,009	22,534	—	1,345	9,009	23,879	32,888	1,761	11/9/2015
Iron Horse Plaza, CA	—	8,187	39,654	—	459	8,187	40,113	48,300	2,289	12/4/2015
Bellevue Marketplace, WA	—	10,488	39,119	—	6,812	10,488	45,931	56,419	2,464	12/10/2015



Four Corner Square, WA	—		9,926		31,415		—		459			9,926		31,874		41,800		2,136		12/21/2015
Warner Plaza Shopping Center, CA	—		16,104		60,188		—		7,429			16,104		67,617		83,721		3,770		12/31/2015
Magnolia Shopping Center, CA	8,951		12,501		27,040		—		1,084			12,501		28,124		40,625		1,596		3/10/2016
Casitas Plaza Shopping Center, CA	7,307		9,905		18,731		—		297			9,905		19,028		28,933		1,096		3/10/2016
Bouquet Center, CA	—		10,040		48,362		—		529			10,040		48,891		58,931		2,408		4/28/2016
North Ranch Shopping Center, CA	—		31,522		95,916		—		(6		)	31,522		95,910		127,432		4,235		6/1/2016
Monterey Center, CA ⁽²⁾	—		1,073		10,609		—		2			1,073		10,611		11,684		486		7/14/2016
Rose City Center, OR ⁽²⁾	—		3,637		10,301		—		—			3,637		10,301		13,938		467		9/15/2016
Trader Joe’s at the Knolls, CA	—		9,726		18,299		—		20			9,726		18,319		28,045		702		10/3/2016
Bridle Trails Shopping Center, WA	—		11,534		20,700		—		357			11,534		21,057		32,591		840		10/17/2016
Torrey Hills Corporate Center, CA	—		5,579		3,915		—		1,393			5,579		5,308		10,887		138		12/6/2016
PCC Community Markets Plaza	—		1,856		6,914		—		7			1,856		6,921		$	8,777	207		1/25/2017
The Terraces	—		18,378		37,103		—		355			18,378		37,458		$	55,836	888		3/17/2017
Santa Rosa Southside Shopping Center	—		5,593		24,453		—		1,279			5,593		25,732		$	31,325	552		3/24/2017
Division Center	—		6,917		26,098		—		242			6,917		26,340		$	33,257	610		4/5/2017
Highland Hill Shopping Center	—		10,511		37,825		—		293			10,511		38,118		$	48,629	796		5/9/2017
Monta Loma Plaza	—		18,223		11,113		—		3			18,223		11,116		$	29,339	86		9/19/2017
Fullerton Crossroads	26,000		28,164		44,870		—		—			28,164		44,870		$	73,034	351		10/11/2017
Riverstone Marketplace	18,424		5,113		27,594		—		5			5,113		27,599		$	32,712	210		10/11/2017
North Lynnwood Shopping Center	—		4,923		10,335		—		2			4,923		10,337		$	15,260	57		10/19/2017
The Village at Nellie Gail Ranch	—		9,222		36,889		—		97			9,222		36,986		$	46,208	—		11/30/2017
	$	106,320	$	877,512	$	2,055,143	$	1,285	$	175,457		$	878,797	$	2,230,600	$	3,109,397	$	260,115


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



	Year Ended December 31,
	2017			2016			2015
Balance at beginning of period:	$	2,687,018		$	2,296,617		$	1,785,898
Property improvements during the year	54,481			41,359			28,104
Properties acquired during the year	374,004			354,035			485,853
Assets written off during the year	(6,106		)	(4,993		)	(3,238		)
Balance at end of period:	$	3,109,397		$	2,687,018		$	2,296,617


(b)	RECONCILIATION OF ACCUMULATED DEPRECIATION (in thousands)



	Year Ended December 31,
	2017			2016			2015
Balance at beginning of period:	$	193,021		$	134,311		$	88,173
Depreciation expenses	72,725			63,872			49,619
Property assets fully depreciated and written off	(5,631		)	(5,162		)	(3,481		)
Balance at end of period:	$	260,115		$	193,021		$	134,311


(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, or a portion thereof, is subject to a ground lease.


(3)	The aggregate cost for Federal Income Tax Purposes for real estate was approximately $2.8 billion at December 31, 2017.