WEINGARTEN REALTY INVESTORS

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

(Amounts in thousands)



	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total ₍₁₎		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances ₍₂₎			Date of Acquisition / Construction
Centers:
10-Federal Shopping Center	$	1,791	$	7,470	$	1,090		$	1,791	$	8,560	$	10,351	$	(7,155	)	$	3,196	$	(7,233	)	03/20/2008
1919 North Loop West	1,334		8,451		11,592			1,337		20,040		21,377		(8,925		)	12,452		—			12/05/2006
580 Market Place	3,892		15,570		3,534			3,889		19,107		22,996		(6,463		)	16,533		(16,048		)	04/02/2001
8000 Sunset Strip Shopping Center	18,320		73,431		2,334			18,320		75,765		94,085		(5,469		)	88,616		—			06/27/2012
Alabama Shepherd Shopping Center	637		2,026		7,882			1,062		9,483		10,545		(4,390		)	6,155		—			04/30/2004
Argyle Village Shopping Center	4,524		18,103		3,807			4,526		21,908		26,434		(7,922		)	18,512		—			11/30/2001
Arrowhead Festival Shopping Center	1,294		154		3,917			1,903		3,462		5,365		(1,445		)	3,920		—			12/31/2000
Avent Ferry Shopping Center	1,952		7,814		1,191			1,952		9,005		10,957		(3,576		)	7,381		—			04/04/2002
Bartlett Towne Center	3,479		14,210		1,208			3,443		15,454		18,897		(6,095		)	12,802		(784		)	05/15/2001
Bell Plaza	1,322		7,151		637			1,322		7,788		9,110		(3,852		)	5,258		(6,656		)	03/20/2008
Bellaire Blvd. Shopping Center	124		37		3			125		39		164		(37		)	127		—			11/13/2008
Best in the West	13,191		77,159		7,249			13,194		84,405		97,599		(21,502		)	76,097		—			04/28/2005
Blalock Market at I-10	—		4,730		2,033			—		6,763		6,763		(4,491		)	2,272		—			12/31/1990
Boca Lyons Plaza	3,676		14,706		2,855			3,651		17,586		21,237		(5,645		)	15,592		—			08/17/2001
Boswell Towne Center	1,488		—		1,723			615		2,596		3,211		(1,395		)	1,816		—			12/31/2003
Braeswood Square Shopping Center	—		1,421		1,197			—		2,618		2,618		(2,397		)	221		—			05/28/1969
Broadway Marketplace	898		3,637		1,010			906		4,639		5,545		(2,713		)	2,832		—			12/16/1993
Broadway Shopping Center	234		3,166		799			235		3,964		4,199		(2,621		)	1,578		(2,610		)	03/20/2008
Brookwood Marketplace	7,050		15,134		7,239			7,511		21,912		29,423		(4,686		)	24,737		(17,924		)	08/22/2006
Brookwood Square Shopping Center	4,008		19,753		(3,131		)	4,008		16,622		20,630		(3,610		)	17,020		—			12/16/2003
Brownsville Commons	1,333		5,536		315			1,333		5,851		7,184		(1,298		)	5,886		—			05/22/2006
Buena Vista Marketplace	1,958		7,832		1,189			1,956		9,023		10,979		(3,277		)	7,702		—			04/02/2001
Bull City Market	930		6,651		654			930		7,305		8,235		(1,715		)	6,520		(3,572		)	06/10/2005
Camelback Village Square	—		8,720		1,267			—		9,987		9,987		(5,010		)	4,977		—			09/30/1994
Camp Creek Marketplace II	6,169		32,036		1,460			4,697		34,968		39,665		(7,587		)	32,078		(19,833		)	08/22/2006
Capital Square	1,852		7,406		1,410			1,852		8,816		10,668		(3,551		)	7,117		—			04/04/2002
Centerwood Plaza	915		3,659		2,379			914		6,039		6,953		(2,049		)	4,904		—			04/02/2001
Charleston Commons Shopping Center	23,230		36,877		2,186			23,210		39,083		62,293		(8,366		)	53,927		—			12/20/2006
Cherry Creek Retail Center	5,416		14,624		—			5,416		14,624		20,040		(2,309		)	17,731		—			06/16/2011



	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total ₍₁₎		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances ₍₂₎			Date of Acquisition / Construction
Chino Hills Marketplace	$	7,218	$	28,872	$	11,424		$	7,234	$	40,280	$	47,514	$	(16,385	)	$	31,129	$	—		08/20/2002
Citadel Building	3,236		6,168		7,980			534		16,850		17,384		(14,180		)	3,204		—			12/30/1975
College Park Shopping Center	2,201		8,845		7,137			2,641		15,542		18,183		(9,670		)	8,513		(11,004		)	11/16/1998
Colonial Plaza	10,806		43,234		13,365			10,813		56,592		67,405		(22,277		)	45,128		—			02/21/2001
Countryside Centre	15,523		29,818		8,868			15,559		38,650		54,209		(7,992		)	46,217		—			07/06/2007
Creekside Center	1,732		6,929		1,991			1,730		8,922		10,652		(3,569		)	7,083		(7,728		)	04/02/2001
Cullen Plaza Shopping Center	106		2,841		452			106		3,293		3,399		(2,639		)	760		(5,987		)	03/20/2008
Cypress Pointe	3,468		8,700		1,381			3,793		9,756		13,549		(5,809		)	7,740		—			04/04/2002
Dallas Commons Shopping Center	1,582		4,969		94			1,582		5,063		6,645		(1,092		)	5,553		—			09/14/2006
Danville Plaza Shopping Center	—		3,360		2,322			—		5,682		5,682		(5,006		)	676		—			09/30/1960
DDS Office Building	959		3,141		—			959		3,141		4,100		(181		)	3,919		—			10/07/2013
Desert Village Shopping Center	3,362		14,969		1,167			3,362		16,136		19,498		(1,839		)	17,659		—			10/28/2010
Discovery Plaza	2,193		8,772		1,091			2,191		9,865		12,056		(3,444		)	8,612		—			04/02/2001
Eastdale Shopping Center	1,423		5,809		1,958			1,417		7,773		9,190		(3,985		)	5,205		—			12/31/1997
Eastern Horizon	10,282		16		(279		)	1,569		8,450		10,019		(4,669		)	5,350		—			12/31/2002
Edgewater Marketplace	4,821		11,225		395			4,821		11,620		16,441		(1,403		)	15,038		(17,600		)	11/19/2010
El Camino Promenade	4,431		20,557		4,217			4,429		24,776		29,205		(7,648		)	21,557		—			05/21/2004
Embassy Lakes Shopping Center	2,803		11,268		845			2,803		12,113		14,916		(3,755		)	11,161		—			12/18/2002
Entrada de Oro Plaza Shopping Center	6,041		10,511		1,693			6,115		12,130		18,245		(3,170		)	15,075		—			01/22/2007
Epic Village St. Augustine	283		1,171		4,065			320		5,199		5,519		(2,260		)	3,259		—			09/30/2009
Falls Pointe Shopping Center	3,535		14,289		407			3,522		14,709		18,231		(4,628		)	13,603		—			12/17/2002
Festival on Jefferson Court	5,041		13,983		2,791			5,022		16,793		21,815		(5,191		)	16,624		—			12/22/2004
Fiesta Market Place	137		429		8			137		437		574		(431		)	143		(1,524		)	03/20/2008
Fiesta Trails	8,825		32,790		2,909			8,825		35,699		44,524		(11,598		)	32,926		—			09/30/2003
Flamingo Pines Plaza	10,403		35,014		(14,214		)	5,335		25,868		31,203		(6,099		)	25,104		—			01/28/2005
Fountain Plaza	1,319		5,276		1,424			1,095		6,924		8,019		(3,651		)	4,368		—			03/10/1994
Francisco Center	1,999		7,997		4,525			2,403		12,118		14,521		(7,957		)	6,564		(9,996		)	11/16/1998
Freedom Centre	2,929		15,302		5,568			6,944		16,855		23,799		(4,632		)	19,167		(717		)	06/23/2006
Galleria Shopping Center	10,795		10,339		8,487			10,805		18,816		29,621		(3,925		)	25,696		(18,200		)	12/11/2006
Galveston Place	2,713		5,522		5,994			3,279		10,950		14,229		(8,418		)	5,811		—			11/30/1983
Gateway Plaza	4,812		19,249		4,056			4,808		23,309		28,117		(8,099		)	20,018		(21,787		)	04/02/2001
Gateway Station	1,622		3		9,401			1,921		9,105		11,026		(3,082		)	7,944		—			09/30/2009
Glenbrook Square Shopping Center	632		3,576		709			632		4,285		4,917		(2,221		)	2,696		(5,056		)	03/20/2008
Grayson Commons	3,180		9,023		217			3,163		9,257		12,420		(2,426		)	9,994		(5,565		)	11/09/2004
Greenhouse Marketplace	4,607		22,771		3,435			4,750		26,063		30,813		(7,656		)	23,157		—			01/28/2004



	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total ₍₁₎		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances ₍₂₎			Date of Acquisition / Construction
Griggs Road Shopping Center	$	257	$	2,303	$	(252	)	$	257	$	2,051	$	2,308	$	(1,881	)	$	427	$	(3,884	)	03/20/2008
Hallmark Town Center	1,368		5,472		1,101			1,367		6,574		7,941		(2,607		)	5,334		—			04/02/2001
Harrisburg Plaza	1,278		3,924		933			1,278		4,857		6,135		(4,055		)	2,080		(10,418		)	03/20/2008
HEB - Dairy Ashford & Memorial	1,717		4,234		—			1,717		4,234		5,951		(533		)	5,418		—			03/06/2012
Heights Plaza Shopping Center	58		699		2,494			928		2,323		3,251		(1,394		)	1,857		—			06/30/1995
High House Crossing	2,576		10,305		467			2,576		10,772		13,348		(3,680		)	9,668		—			04/04/2002
Highland Square	—		—		1,887			—		1,887		1,887		(472		)	1,415		—			10/06/1959
Hope Valley Commons	2,439		8,487		349			2,439		8,836		11,275		(1,070		)	10,205		—			08/31/2010
Humblewood Shopping Center	2,215		4,724		3,174			1,166		8,947		10,113		(8,207		)	1,906		(12,705		)	03/09/1977
I45/Telephone Rd.	678		11,182		596			678		11,778		12,456		(5,769		)	6,687		(12,758		)	03/20/2008
Independence Plaza I	12,795		23,063		191			12,795		23,254		36,049		(1,651		)	34,398		(18,112		)	06/11/2013
Independence Plaza II	6,555		8,564		1,275			6,555		9,839		16,394		(638		)	15,756		—			06/11/2013
Jess Ranch Marketplace	8,750		25,560		296			8,750		25,856		34,606		(1,174		)	33,432		—			12/23/2013
Jess Ranch Marketplace Phase III	8,431		21,470		91			8,431		21,561		29,992		(991		)	29,001		—			12/23/2013
Lake Pointe Market	1,404		—		4,454			1,960		3,898		5,858		(2,167		)	3,691		—			12/31/2004
Lakeside Marketplace	6,064		22,989		3,348			6,150		26,251		32,401		(6,700		)	25,701		(16,394		)	08/22/2006
Largo Mall	10,817		40,906		3,847			10,810		44,760		55,570		(12,926		)	42,644		—			03/01/2004
Laveen Village Marketplace	1,190		—		5,204			1,006		5,388		6,394		(3,011		)	3,383		—			08/15/2003
Lawndale Shopping Center	82		927		727			82		1,654		1,736		(1,091		)	645		(3,635		)	03/20/2008
League City Plaza	1,918		7,592		874			1,918		8,466		10,384		(4,665		)	5,719		(10,085		)	03/20/2008
Leesville Towne Centre	7,183		17,162		1,346			7,223		18,468		25,691		(5,238		)	20,453		—			01/30/2004
Little York Plaza Shopping Center	342		5,170		1,753			342		6,923		7,265		(5,677		)	1,588		(4,396		)	03/20/2008
Lyons Avenue Shopping Center	249		1,183		54			249		1,237		1,486		(1,042		)	444		(2,644		)	03/20/2008
Madera Village Shopping Center	3,788		13,507		1,239			3,816		14,718		18,534		(3,446		)	15,088		—			03/13/2007
Market at Town Center - Sugarland	8,600		26,627		23,907			8,600		50,534		59,134		(22,702		)	36,432		—			12/23/1996
Market at Westchase Shopping Center	1,199		5,821		2,632			1,415		8,237		9,652		(5,683		)	3,969		—			02/15/1991
Marketplace at Seminole Outparcel	1,000		—		1,499			1,046		1,453		2,499		(28		)	2,471		—			08/21/2006
Marketplace at Seminole Towne	15,067		53,743		6,144			21,665		53,289		74,954		(11,767		)	63,187		(38,305		)	08/21/2006
Markham West Shopping Center	2,694		10,777		4,080			2,696		14,855		17,551		(7,541		)	10,010		—			09/18/1998
Marshall's Plaza	1,802		12,315		661			1,804		12,974		14,778		(3,391		)	11,387		—			06/01/2005
Mendenhall Commons	2,655		9,165		653			2,677		9,796		12,473		(2,379		)	10,094		—			11/13/2008
Menifee Town Center	1,827		7,307		4,985			1,824		12,295		14,119		(4,302		)	9,817		—			04/02/2001
Millpond Center	3,155		9,706		1,564			3,161		11,264		14,425		(3,378		)	11,047		—			07/28/2005
Mohave Crossroads	3,953		63		35,919			3,128		36,807		39,935		(16,016		)	23,919		—			12/31/2009
Monte Vista Village Center	1,485		58		5,528			755		6,316		7,071		(3,960		)	3,111		—			12/31/2004



	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total ₍₁₎		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances ₍₂₎			Date of Acquisition / Construction
Moore Plaza	$	6,445	$	26,140	$	11,033		$	6,487	$	37,131	$	43,618	$	(17,502	)	$	26,116	$	—		03/20/1998
Mueller Regional Retail Center	10,382		56,303		165			10,382		56,468		66,850		(3,159		)	63,691		(34,300		)	10/03/2013
North Creek Plaza	6,915		25,625		4,200			6,954		29,786		36,740		(8,848		)	27,892		—			08/19/2004
North Towne Plaza	960		3,928		7,405			879		11,414		12,293		(7,708		)	4,585		(9,676		)	02/15/1990
North Towne Plaza	6,646		99		1,526			1,005		7,266		8,271		(1,680		)	6,591		—			04/01/2010
Northbrook Shopping Center	1,629		4,489		3,037			1,713		7,442		9,155		(6,788		)	2,367		(9,082		)	11/06/1967
Northwoods Shopping Center	1,768		7,071		421			1,772		7,488		9,260		(2,496		)	6,764		—			04/04/2002
Oak Forest Shopping Center	760		2,726		4,929			748		7,667		8,415		(5,744		)	2,671		(7,904		)	12/30/1976
Oak Grove Market Center	5,758		10,508		940			5,861		11,345		17,206		(2,334		)	14,872		(7,358		)	06/15/2007
Oracle Crossings	4,614		18,274		28,966			10,582		41,272		51,854		(8,440		)	43,414		—			01/22/2007
Oracle Wetmore Shopping Center	24,686		26,878		6,975			13,813		44,726		58,539		(9,114		)	49,425		—			01/22/2007
Overton Park Plaza	9,266		37,789		11,729			9,264		49,520		58,784		(14,192		)	44,592		—			10/24/2003
Palmer Plaza	765		3,081		2,558			827		5,577		6,404		(3,808		)	2,596		—			07/31/1980
Palmilla Center	1,258		—		13,013			2,882		11,389		14,271		(6,534		)	7,737		—			12/31/2002
Palms of Carrollwood	3,995		16,390		710			3,995		17,100		21,095		(1,769		)	19,326		—			12/23/2010
Paradise Marketplace	2,153		8,612		(2,091		)	1,197		7,477		8,674		(3,921		)	4,753		—			07/20/1995
Parliament Square II	2		10		1,183			3		1,192		1,195		(706		)	489		—			06/24/2005
Perimeter Village	29,701		42,337		3,551			34,404		41,185		75,589		(8,803		)	66,786		(26,058		)	07/03/2007
Phillips Crossing	—		1		28,208			872		27,337		28,209		(9,368		)	18,841		—			09/30/2009
Phoenix Office Building	1,696		3,255		1,164			1,773		4,342		6,115		(1,276		)	4,839		—			01/31/2007
Pike Center	—		40,537		2,035			—		42,572		42,572		(4,320		)	38,252		—			08/14/2012
Plantation Centre	3,463		14,821		1,849			3,471		16,662		20,133		(4,546		)	15,587		—			08/19/2004
Promenade 23	16,028		2,271		39			16,028		2,310		18,338		(381		)	17,957		—			03/25/2011
Prospector's Plaza	3,746		14,985		5,743			3,716		20,758		24,474		(5,928		)	18,546		—			04/02/2001
Pueblo Anozira Shopping Center	2,750		11,000		5,123			2,768		16,105		18,873		(8,661		)	10,212		(11,028		)	06/16/1994
Rainbow Plaza	6,059		24,234		2,742			6,081		26,954		33,035		(11,786		)	21,249		—			10/22/1997
Rainbow Plaza I	3,883		15,540		571			3,896		16,098		19,994		(5,782		)	14,212		—			12/28/2000
Raintree Ranch Center	11,442		595		17,553			10,983		18,607		29,590		(8,533		)	21,057		—			03/31/2008
Rancho Encanto	957		3,829		3,814			839		7,761		8,600		(4,783		)	3,817		—			04/28/1997
Rancho San Marcos Village	3,533		14,138		5,066			3,887		18,850		22,737		(6,000		)	16,737		—			02/26/2003
Rancho Towne & Country	1,161		4,647		728			1,166		5,370		6,536		(2,693		)	3,843		—			10/16/1995
Randalls Center/Kings Crossing	3,570		8,147		551			3,585		8,683		12,268		(5,202		)	7,066		—			11/13/2008
Red Mountain Gateway	2,166		89		9,457			2,737		8,975		11,712		(4,498		)	7,214		—			12/31/2003
Regency Centre	5,616		18,516		1,613			3,581		22,164		25,745		(5,288		)	20,457		—			07/28/2006
Reynolds Crossing	4,276		9,186		145			4,276		9,331		13,607		(2,018		)	11,589		—			09/14/2006



	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total ₍₁₎		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances ₍₂₎			Date of Acquisition / Construction
Richmond Square	$	1,993	$	953	$	13,571		$	14,512	$	2,005	$	16,517	$	(1,255	)	$	15,262	$	—		12/31/1996
Ridgeway Trace	26,629		544		20,369			15,573		31,969		47,542		(8,065		)	39,477		—			11/09/2006
River Oaks Shopping Center	1,354		1,946		403			1,363		2,340		3,703		(2,013		)	1,690		—			12/04/1992
River Oaks Shopping Center	3,534		17,741		35,453			4,207		52,521		56,728		(22,754		)	33,974		—			12/04/1992
River Point at Sheridan	28,898		4,042		4,226			9,360		27,806		37,166		(4,911		)	32,255		(6,720		)	04/01/2010
Roswell Corners	6,136		21,447		163			5,835		21,911		27,746		(6,392		)	21,354		(6,621		)	06/24/2004
Roswell Crossing Shopping Center	7,625		18,573		394			7,625		18,967		26,592		(2,123		)	24,469		(12,153		)	07/18/2012
San Marcos Plaza	1,360		5,439		528			1,358		5,969		7,327		(2,129		)	5,198		—			04/02/2001
Scottsdale Horizon	—		3,241		37,616			12,914		27,943		40,857		(800		)	40,057		—			01/22/2007
Sea Ranch Centre	11,977		4,219		969			11,977		5,188		17,165		(433		)	16,732		—			03/06/2013
Shoppes at Bears Path	3,252		5,503		1,260			3,290		6,725		10,015		(1,769		)	8,246		—			03/13/2007
Shoppes at Memorial Villages	1,417		4,786		7,723			3,332		10,594		13,926		(6,989		)	6,937		—			01/11/2012
Shoppes of South Semoran	4,283		9,785		(1,570		)	4,745		7,753		12,498		(1,757		)	10,741		(8,842		)	08/31/2007
Shops at Kirby Drive	1,201		945		276			1,202		1,220		2,422		(387		)	2,035		—			05/27/2008
Shops at Three Corners	6,215		9,303		5,490			6,224		14,784		21,008		(9,677		)	11,331		—			12/31/1989
Silver Creek Plaza	3,231		12,924		3,214			3,228		16,141		19,369		(6,059		)	13,310		(15,065		)	04/02/2001
Six Forks Shopping Center	6,678		26,759		5,607			6,728		32,316		39,044		(11,157		)	27,887		—			04/04/2002
South Fulton Crossing	14,373		154		(11,434		)	2,669		424		3,093		(2		)	3,091		—			01/10/2007
South Semoran - Pad	1,056		—		(129		)	927		—		927		—			927		—			09/06/2007
Southampton Center	4,337		17,349		2,829			4,333		20,182		24,515		(7,389		)	17,126		(19,555		)	04/02/2001
Southgate Shopping Center	571		3,402		5,559			1,152		8,380		9,532		(7,001		)	2,531		—			03/26/1958
Southgate Shopping Center	232		8,389		723			232		9,112		9,344		(5,666		)	3,678		(6,803		)	03/20/2008
Squaw Peak Plaza	816		3,266		3,225			818		6,489		7,307		(2,803		)	4,504		—			12/20/1994
Stella Link Shopping Center	227		423		1,429			294		1,785		2,079		(1,572		)	507		—			07/10/1970
Stella Link Shopping Center	2,602		1,418		(1,307		)	2,602		111		2,713		(19		)	2,694		—			08/21/2007
Stonehenge Market	4,740		19,001		2,212			4,740		21,213		25,953		(7,430		)	18,523		—			04/04/2002
Stony Point Plaza	3,489		13,957		11,341			3,453		25,334		28,787		(7,537		)	21,250		(11,402		)	04/02/2001
Summerhill Plaza	1,945		7,781		2,572			1,943		10,355		12,298		(4,394		)	7,904		—			04/02/2001
Sunset 19 Shopping Center	5,519		22,076		1,430			5,547		23,478		29,025		(8,025		)	21,000		—			10/29/2001
Surf City Crossing	3,220		52		5,028			2,655		5,645		8,300		(1,499		)	6,801		—			12/06/2006
Tates Creek Centre	4,802		25,366		1,543			5,766		25,945		31,711		(7,289		)	24,422		—			03/01/2004
Taylorsville Town Center	2,179		9,718		945			2,180		10,662		12,842		(3,242		)	9,600		—			12/19/2003
The Centre at Post Oak	13,731		115		23,705			17,874		19,677		37,551		(11,113		)	26,438		—			12/31/1996
The Commons at Dexter Lake	2,923		12,007		2,297			2,949		14,278		17,227		(4,639		)	12,588		—			11/13/2008
The Commons at Dexter Lake II	2,023		6,940		307			2,039		7,231		9,270		(1,702		)	7,568		—			11/13/2008



	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition			Land		Building and Improvements		Total ₍₁₎		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances ₍₂₎			Date of Acquisition / Construction
The Shoppes at Parkwood Ranch	$	4,369	$	52	$	10,200		$	2,347	$	12,274	$	14,621	$	(4,917	)	$	9,704	$	—		12/31/2009
Thompson Bridge Commons	604		—		625			513		716		1,229		(76		)	1,153		—			04/26/2005
Thousand Oaks Shopping Center	2,973		13,142		372			2,973		13,514		16,487		(4,300		)	12,187		(13,670		)	03/20/2008
TJ Maxx Plaza	3,400		19,283		1,716			3,430		20,969		24,399		(6,217		)	18,182		—			03/01/2004
Tomball Marketplace	9,616		262		22,837			8,132		24,583		32,715		(6,364		)	26,351		—			04/12/2006
Town & Country Shopping Center	—		3,891		5,237			—		9,128		9,128		(6,004		)	3,124		—			01/31/1989
Tropicana Beltway Center	13,947		42,186		632			13,949		42,816		56,765		(12,524		)	44,241		—			11/20/2007
Tropicana Marketplace	2,118		8,477		(2,133		)	1,206		7,256		8,462		(3,756		)	4,706		—			07/24/1995
Tyler Shopping Center	5		21		3,996			300		3,722		4,022		(2,441		)	1,581		—			12/31/2002
Valley Plaza	1,414		5,818		6,478			1,422		12,288		13,710		(5,464		)	8,246		—			12/31/1997
Valley Shopping Center	4,293		13,736		835			8,170		10,694		18,864		(2,601		)	16,263		—			04/07/2006
Valley View Shopping Center	1,006		3,980		2,362			1,006		6,342		7,348		(3,374		)	3,974		—			11/20/1996
Vizcaya Square Shopping Center	3,044		12,226		1,343			3,044		13,569		16,613		(4,093		)	12,520		—			12/18/2002
Waterford Village	5,830		—		8,103			2,893		11,040		13,933		(4,386		)	9,547		—			06/11/2004
West Jordan Town Center	4,306		17,776		1,760			4,308		19,534		23,842		(5,662		)	18,180		—			12/19/2003
Westchase Shopping Center	3,085		7,920		7,006			3,189		14,822		18,011		(12,124		)	5,887		(936		)	08/29/1978
Westgate Shopping Center	245		1,425		463			239		1,894		2,133		(1,606		)	527		—			07/02/1965
Westhill Village Shopping Center	408		3,002		4,574			437		7,547		7,984		(5,149		)	2,835		—			05/01/1958
Westland Fair	27,562		10,506		(9,160		)	12,220		16,688		28,908		(8,118		)	20,790		—			12/29/2000
Westminster Center	11,215		44,871		7,692			11,204		52,574		63,778		(19,286		)	44,492		(42,237		)	04/02/2001
Whitehall Commons	2,529		6,901		449			2,522		7,357		9,879		(1,915		)	7,964		—			10/06/2005
Whole Foods @ Carrollwood	2,772		126		4,634			2,854		4,678		7,532		(440		)	7,092		—			09/30/2011
Winter Park Corners	2,159		8,636		1,317			2,159		9,953		12,112		(3,504		)	8,608		—			09/06/2001
	861,144		2,219,059		753,888			822,571		3,011,520		3,834,091		(1,000,692		)	2,833,399		(562,570		)
New Development:
Hilltop Village Center	3,196		7,234		40,890			4,113		47,207		51,320		(568		)	50,752		—			11/17/2011
Nottingham Commons	19,523		2,398		345			19,771		2,495		22,266		(3		)	22,263		—			09/24/2014
Wake Forest Crossing II	3,155		2,617		1,149			3,276		3,645		6,921		—			6,921		—			06/04/2014
	25,874		12,249		42,384			27,160		53,347		80,507		(571		)	79,936		—
Miscellaneous (not to exceed 5% of total)	141,767		9,263		10,466			99,529		61,967		161,496		(27,356		)	134,140		—
Total of Portfolio	$	1,028,785	$	2,240,571	$	806,738		$	949,260	$	3,126,834	$	4,076,094	$	(1,028,619	)	$	3,047,475	$	(562,570	)

___________________


(1)	The book value of our net fixed asset exceeds the tax basis by approximately $32.0 million at December 31, 2014.


(2)	Encumbrances do not include $28.1 million outstanding under fixed-rate mortgage debt associated with three properties each held in a tenancy-in-common arrangement and $4.3 million of non-cash debt related items.

Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment. Tenant and leasehold improvements are depreciated over the remaining life of the lease or the useful life whichever is shorter.

The changes in total cost of the properties were as follows (in thousands):



	Year Ended December 31,
	2014			2013			2012
Balance at beginning of year	$	4,289,276		$	4,399,850		$	4,688,526
Additions at cost	144,474			279,624			310,454
Retirements or sales	(348,221		)	(232,823		)	(608,466		)
Property held for sale	(9,435		)	(155,017		)	—
Property transferred from held for sale	—			—			18,090
Impairment loss	—			(2,358		)	(8,754		)
Balance at end of year	$	4,076,094		$	4,289,276		$	4,399,850

The changes in accumulated depreciation were as follows (in thousands):



	Year Ended December 31,
	2014			2013			2012
Balance at beginning of year	$	1,058,040		$	1,040,839		$	1,059,531
Additions at cost	125,226			130,698			130,965
Retirements or sales	(148,882		)	(81,094		)	(157,723		)
Property held for sale	(5,765		)	(32,403		)	—
Property transferred from held for sale	—			—			8,066
Balance at end of year	$	1,028,619		$	1,058,040		$	1,040,839