Initial Cost to Company

Gross Amounts Carried at Close of Period

Cost

Capitalized

Total Costs,

Subsequent

Net of

Date of

Building and

Total

Accumulated

Encumbrances

Acquisition /

Description

Land

Improvements

Acquisition

Land

Improvements

(1)

Depreciation

(2)

Construction

Centers:

10-Federal Shopping Center

1,791

7,470

2,121

1,791

9,591

11,382

(7,757)

3,625

(6,075)

03/20/2008

580 Market Place

3,892

15,570

4,197

3,889

19,770

23,659

(10,466)

13,193

—

04/02/2001

8000 Sunset Strip Shopping Center

18,320

73,431

10,315

18,320

83,746

102,066

(22,192)

79,874

—

06/27/2012

Alabama Shepherd Shopping Center

637

2,026

8,572

1,062

10,173

11,235

(6,512)

4,723

—

04/30/2004

Argyle Village Shopping Center

4,524

18,103

7,140

4,526

25,241

29,767

(11,693)

18,074

—

11/30/2001

Avent Ferry Shopping Center

1,952

7,814

1,557

1,952

9,371

11,323

(4,673)

6,650

—

04/04/2002

Baybrook Gateway

10,623

30,307

5,283

10,623

35,590

46,213

(8,075)

38,138

—

02/04/2015

Bellaire Blvd. Shopping Center

124

961

1,011

111

1,122

(55)

1,067

—

11/13/2008

Blalock Market at I 10

—

4,730

2,108

—

6,838

(5,747)

1,091

—

12/31/1990

Boca Lyons Plaza

3,676

14,706

6,727

3,651

21,458

25,109

(10,214)

14,895

—

08/17/2001

Broadway Marketplace

898

3,637

2,149

906

5,778

6,684

(4,146)

2,538

—

12/16/1993

Brownsville Commons

1,333

5,536

638

1,333

6,174

7,507

(2,386)

5,121

—

05/22/2006

Cambrian Park Plaza

48,803

1,089

189

48,851

1,230

50,081

(1,039)

49,042

—

02/27/2015

Camelback Miller Plaza

9,176

26,898

4,377

9,478

30,973

40,451

(1,257)

39,194

—

06/27/2019

Camelback Village Square

—

8,720

2,252

—

10,972

(6,826)

4,146

—

09/30/1994

Camp Creek Marketplace II

6,169

32,036

5,044

4,697

38,552

43,249

(13,662)

29,587

—

08/22/2006

Capital Square

1,852

7,406

2,043

1,852

9,449

11,301

(4,702)

6,599

—

04/04/2002

Centerwood Plaza

915

3,659

3,696

914

7,356

8,270

(4,084)

4,186

—

04/02/2001

Charleston Commons Shopping Center

23,230

36,877

6,710

23,210

43,607

66,817

(15,552)

51,265

—

12/20/2006

Chino Hills Marketplace

7,218

28,872

14,126

7,234

42,982

50,216

(24,707)

25,509

—

08/20/2002

Citadel Building

3,236

6,168

9,198

534

18,068

18,602

(15,770)

2,832

—

12/30/1975

College Park Shopping Center

2,201

8,845

8,372

2,641

16,777

19,418

(12,845)

6,573

(11,369)

11/16/1998

Colonial Plaza

10,806

43,234

18,864

10,813

62,091

72,904

(35,063)

37,841

—

02/21/2001

Countryside Centre

15,523

29,818

10,859

15,559

40,641

56,200

(18,420)

37,780

—

07/06/2007

Covington Esplanade

10,571

18,509

10,571

18,540

29,111

(705)

28,406

—

11/18/2019

Crossing At Stonegate

6,400

23,384

437

6,400

23,821

30,221

(3,508)

26,713

(13,261)

02/12/2016

Deerfield Mall

10,522

94,321

9,489

27,806

86,526

114,332

(13,576)

100,756

—

05/05/2016

Desert Village Shopping Center

3,362

14,969

2,562

3,362

17,531

20,893

(5,396)

15,497

—

10/28/2010

Edgewater Marketplace

4,821

11,225

2,424

4,821

13,649

18,470

(3,825)

14,645

—

11/19/2010

El Camino Promenade

4,431

20,557

5,418

4,429

25,977

30,406

(11,910)

18,496

—

05/21/2004

Embassy Lakes Shopping Center

2,803

11,268

2,963

2,803

14,231

17,034

(6,545)

10,489

—

12/18/2002

Entrada de Oro Plaza Shopping Center

6,041

10,511

1,721

6,115

12,158

18,273

(4,950)

13,323

—

01/22/2007

Initial Cost to Company

Gross Amounts Carried at Close of Period

Cost

Capitalized

Total Costs,

Subsequent

Net of

Date of

Building and

Total

Accumulated

Encumbrances

Acquisition /

Description

Land

Improvements

Acquisition

Land

Improvements

(1)

Depreciation

(2)

Construction

Epic Village St. Augustine

283

1,171

3,331

110

4,675

4,785

(3,792)

993

—

09/30/2009

Falls Pointe Shopping Center

3,535

14,289

1,633

3,542

15,915

19,457

(7,339)

12,118

—

12/17/2002

Festival on Jefferson Court

5,041

13,983

4,275

5,022

18,277

23,299

(8,792)

14,507

—

12/22/2004

Fiesta Trails

8,825

32,790

15,034

11,267

45,382

56,649

(18,429)

38,220

—

09/30/2003

Fountain Plaza

1,319

5,276

2,811

1,095

8,311

9,406

(5,253)

4,153

—

03/10/1994

Francisco Center

1,999

7,997

5,701

2,403

13,294

15,697

(9,274)

6,423

(10,327)

11/16/1998

Freedom Centre

2,929

15,302

6,266

6,944

17,553

24,497

(8,290)

16,207

—

06/23/2006

Galveston Place

2,713

5,522

6,223

3,279

11,179

14,458

(9,141)

5,317

—

11/30/1983

Gateway Plaza

4,812

19,249

5,637

4,808

24,890

29,698

(13,390)

16,308

(23,000)

04/02/2001

Grayson Commons

3,180

9,023

686

3,163

9,726

12,889

(4,029)

8,860

(3,440)

11/09/2004

Greenhouse Marketplace

4,607

22,771

4,935

4,750

27,563

32,313

(12,892)

19,421

—

01/28/2004

Griggs Road Shopping Center

257

2,303

678

257

2,981

3,238

(2,123)

1,115

—

03/20/2008

Harrisburg Plaza

1,278

3,924

1,409

1,278

5,333

6,611

(4,532)

2,079

(9,318)

03/20/2008

HEB - Dairy Ashford & Memorial

1,717

4,234

—

1,717

4,234

5,951

(1,662)

4,289

—

03/06/2012

Heights Plaza Shopping Center

699

2,633

1,055

2,335

3,390

(1,900)

1,490

—

06/30/1995

High House Crossing

2,576

10,305

2,712

2,576

13,017

15,593

(5,348)

10,245

—

04/04/2002

Highland Square

—

1,970

—

1,970

(762)

1,208

—

10/06/1959

Hilltop Village Center

3,196

7,234

54,046

3,960

60,516

64,476

(28,818)

35,658

—

01/01/2016

Hope Valley Commons

2,439

8,487

554

2,439

9,041

11,480

(2,661)

8,819

—

08/31/2010

I45/Telephone Rd.

678

11,182

461

678

11,643

12,321

(7,316)

5,005

(11,246)

03/20/2008

Independence Plaza I & II

19,351

31,627

2,539

19,351

34,166

53,517

(11,919)

41,598

(11,678)

06/11/2013

Kings Crossing

3,570

8,147

1,079

3,585

9,211

12,796

(6,264)

6,532

—

11/13/2008

Lakeside Marketplace

6,064

22,989

6,117

6,150

29,020

35,170

(10,510)

24,660

—

08/22/2006

Largo Mall

10,817

40,906

8,851

10,810

49,764

60,574

(22,591)

37,983

—

03/01/2004

League City Plaza

1,918

7,592

4,794

2,261

12,043

14,304

(6,368)

7,936

—

03/20/2008

Leesville Towne Centre

7,183

17,162

2,565

7,223

19,687

26,910

(8,544)

18,366

—

01/30/2004

Lowry Town Center

1,889

23,165

1,084

1,889

24,249

26,138

(3,000)

23,138

—

09/14/2016

Madera Village Shopping Center

3,788

13,507

1,655

3,816

15,134

18,950

(5,901)

13,049

—

03/13/2007

Madison Village Marketplace

3,157

13,123

712

3,158

13,834

16,992

(724)

16,268

—

03/28/2019

Mendenhall Commons

2,655

9,165

1,088

2,677

10,231

12,908

(4,288)

8,620

—

11/13/2008

Monte Vista Village Center

1,485

5,898

755

6,686

7,441

(4,513)

2,928

—

12/31/2004

Mueller Regional Retail Center

10,382

56,303

5,720

11,190

61,215

72,405

(18,838)

53,567

—

10/03/2013

North Creek Plaza

6,915

25,625

8,105

7,617

33,028

40,645

(15,063)

25,582

—

08/19/2004

North Towne Plaza

960

3,928

9,632

879

13,641

14,520

(10,031)

4,489

—

02/15/1990

North Towne Plaza

6,646

(5,553)

259

933

1,192

(719)

473

—

04/01/2010

Northwoods Shopping Center

1,768

7,071

768

1,772

7,835

9,607

(3,924)

5,683

—

04/04/2002

Oak Forest Shopping Center

760

2,726

7,365

1,358

9,493

10,851

(7,161)

3,690

—

12/30/1976

Oracle Wetmore Shopping

24,686

26,878

1,627

11,553

41,638

53,191

(18,111)

35,080

—

01/22/2007

Perimeter Village

29,701

42,337

5,469

34,404

43,103

77,507

(18,094)

59,413

(28,720)

07/03/2007

Phillips Crossing

—

28,473

872

27,602

28,474

(16,079)

12,395

—

09/30/2009

Phoenix Office Building

1,696

3,255

1,737

1,773

4,915

6,688

(2,416)

4,272

—

01/31/2007

Pike Center

—

40,537

3,461

—

43,998

(16,705)

27,293

—

08/14/2012

Plantation Centre

3,463

14,821

2,427

3,471

17,240

20,711

(7,631)

13,080

—

08/19/2004

Initial Cost to Company

Gross Amounts Carried at Close of Period

Cost

Capitalized

Total Costs,

Subsequent

Net of

Date of

Building and

Total

Accumulated

Encumbrances

Acquisition /

Description

Land

Improvements

Acquisition

Land

Improvements

(1)

Depreciation

(2)

Construction

Pueblo Anozira Shopping Center

2,750

11,000

5,858

2,768

16,840

19,608

(11,349)

8,259

(13,170)

06/16/1994

Raintree Ranch Center

11,442

595

18,066

10,983

19,120

30,103

(12,690)

17,413

—

03/31/2008

Rancho San Marcos Village

3,533

14,138

6,139

3,887

19,923

23,810

(9,531)

14,279

—

02/26/2003

Rancho Towne and Country

1,161

4,647

842

1,166

5,484

6,650

(3,630)

3,020

—

10/16/1995

Red Mountain Gateway

2,166

13,120

3,317

12,058

15,375

(6,178)

9,197

—

12/31/2003

Richmond Square

1,993

953

12,948

13,903

1,991

15,894

(1,425)

14,469

—

12/31/1996

Ridgeway Trace

26,629

544

26,386

16,100

37,459

53,559

(19,820)

33,739

—

11/09/2006

River Oaks Shopping Center - East

1,354

1,946

471

1,363

2,408

3,771

(2,075)

1,696

—

12/04/1992

River Oaks Shopping Center - West

3,320

17,741

35,955

3,993

53,023

57,016

(30,097)

26,919

—

12/04/1992

River Point at Sheridan

28,898

4,042

29,855

11,848

50,947

62,795

(17,652)

45,143

—

04/01/2010

Roswell Corners

6,136

21,447

7,321

7,103

27,801

34,904

(11,415)

23,489

—

06/24/2004

Roswell Crossing Shopping Center

7,625

18,573

1,546

7,625

20,119

27,744

(7,839)

19,905

—

07/18/2012

San Marcos Plaza

1,360

5,439

1,612

1,358

7,053

8,411

(3,370)

5,041

—

04/02/2001

Scottsdale Horizon

—

3,241

39,902

12,914

30,229

43,143

(8,846)

34,297

—

01/22/2007

Scottsdale Waterfront

10,281

40,374

2,495

21,586

31,564

53,150

(4,030)

49,120

—

08/17/2016

Sea Ranch Centre

11,977

4,219

2,545

11,977

6,764

18,741

(2,581)

16,160

—

03/06/2013

Shoppes at Bears Path

3,252

5,503

1,727

3,290

7,192

10,482

(2,924)

7,558

—

03/13/2007

Shoppes at Memorial Villages

1,417

4,786

13,105

3,332

15,976

19,308

(9,812)

9,496

—

01/11/2012

Shops at Kirby Drive

1,201

945

293

1,202

1,237

2,439

(567)

1,872

—

05/27/2008

Shops at Three Corners

6,215

9,303

11,488

10,587

16,419

27,006

(12,333)

14,673

—

12/31/1989

Silver Creek Plaza

3,231

12,924

10,613

3,228

23,540

26,768

(9,551)

17,217

—

04/02/2001

Six Forks Shopping Center

6,678

26,759

7,283

6,728

33,992

40,720

(17,632)

23,088

—

04/04/2002

Southampton Center

4,337

17,349

3,372

4,333

20,725

25,058

(11,127)

13,931

(19,750)

04/02/2001

Southgate Shopping Center

232

8,389

781

231

9,171

9,402

(6,326)

3,076

(6,234)

03/20/2008

Squaw Peak Plaza

816

3,266

3,600

818

6,864

7,682

(4,608)

3,074

—

12/20/1994

Stevens Creek Central

41,812

45,997

7,531

45,942

49,398

95,340

(1,586)

93,754

—

11/08/2019

Stonehenge Market

4,740

19,001

4,020

4,740

23,021

27,761

(11,199)

16,562

—

04/04/2002

Stony Point Plaza

3,489

13,957

11,492

3,453

25,485

28,938

(14,508)

14,430

—

04/02/2001

Sunset 19 Shopping Center

5,519

22,076

26,440

5,996

48,039

54,035

(15,560)

38,475

—

10/29/2001

The Centre at Post Oak

13,731

115

25,724

17,822

21,748

39,570

(15,690)

23,880

—

12/31/1996

The Commons at Dexter Lake

4,946

18,948

5,130

4,988

24,036

29,024

(11,090)

17,934

—

11/13/2008

The Palms at Town & Country

56,833

195,203

10,125

79,673

182,488

262,161

(26,868)

235,293

—

07/27/2016

The Shops at Hilshire Village

12,929

20,666

2,356

13,959

21,992

35,951

(841)

35,110

—

10/24/2019

The Whittaker

5,237

19,395

3,577

5,315

22,894

28,209

(2,053)

26,156

—

01/01/2019

Thompson Bridge Commons

604

—

625

513

716

1,229

(183)

1,046

—

04/26/2005

Thousand Oaks Shopping Center

2,973

13,142

1,335

2,973

14,477

17,450

(6,825)

10,625

(11,378)

03/20/2008

TJ Maxx Plaza

3,400

19,283

4,380

3,430

23,633

27,063

(10,544)

16,519

—

03/01/2004

Tomball Marketplace

9,616

262

26,873

6,726

30,025

36,751

(16,448)

20,303

—

04/12/2006

Trenton Crossing

9,855

29,133

2,958

9,855

32,091

41,946

(5,445)

36,501

—

08/31/2015

Valley Shopping Center

4,293

13,736

(504)

6,086

11,439

17,525

(4,860)

12,665

—

04/07/2006

Village Green Center

8,717

18,694

8,716

18,722

27,438

(588)

26,850

(17,719)

03/11/2020

Village Plaza at Bunker Hill

42,506

98,090

—

42,506

98,090

140,596

(122)

140,474

(69,387)

12/11/2020

Vizcaya Square Shopping Center

3,044

12,226

2,641

3,044

14,867

17,911

(7,194)

10,717

—

12/18/2002

Initial Cost to Company

Gross Amounts Carried at Close of Period

Cost

Capitalized

Total Costs,

Subsequent

Net of

Date of

Building and

Total

Accumulated

Encumbrances

Acquisition /

Description

Land

Improvements

Acquisition

Land

Improvements

(1)

Depreciation

(2)

Construction

Wellington Green Commons & Pad

16,500

32,489

3,489

16,500

35,978

52,478

(5,929)

46,549

(16,678)

04/20/2015

Westchase Shopping Center

3,085

7,920

13,941

3,189

21,757

24,946

(15,234)

9,712

(15,057)

08/29/1978

Westhill Village Shopping Center

408

3,002

7,106

437

10,079

10,516

(6,590)

3,926

—

05/01/1958

Westminster Center

11,215

44,871

10,161

11,204

55,043

66,247

(29,249)

36,998

(47,250)

04/02/2001

Winter Park Corners

2,159

8,636

15,509

2,257

24,047

26,304

(6,666)

19,638

—

09/06/2001

841,761

2,123,550

831,410

903,284

2,893,437

3,796,721

(1,116,075)

2,680,646

(345,057)

New Development/Redevelopment:

West Alex

39,029

2,669

149,419

42,448

148,669

191,117

(9,417)

181,700

—

11/01/2016

The Driscoll at River Oaks

214

—

126,127

2,509

123,832

126,341

(998)

125,343

—

12/04/1992

39,243

2,669

275,546

44,957

272,501

317,458

(10,415)

307,043

—

Miscellaneous (not to exceed 5% of total)

80,212

3,096

48,847

60,147

72,008

132,155

(35,480)

96,675

—

Total of Portfolio

961,216

2,129,315

1,155,803

1,008,388

3,237,946

4,246,334

(1,161,970)

3,084,364

(345,057)

(1)	The book value of our net real estate assets is in excess of tax basis by approximately $183.1 million at December 31, 2020.

(2)	Encumbrances do not include $5.3 million of non-cash debt related items and $(.8) million of deferred debt costs.

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,
	2020		2019		2018
Balance at beginning of year	$	4,145,249	$	4,105,068	$	4,498,859
Additions at cost		311,789		389,858		164,150
Retirements or sales		(186,551)		(349,603)		(547,821)
Impairment loss		(24,153)		(74)		(10,120)
Balance at end of year	$	4,246,334	$	4,145,249	$	4,105,068

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


	Year Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	1,110,675	$	1,108,188	$	1,166,126
Additions at cost		119,948		109,825		118,664
Retirements or sales		(68,653)		(107,338)		(176,602)
Balance at end of year	$	1,161,970	$	1,110,675	$	1,108,188