KIMCO 10-K 12-31-09

TABLE OF CONTENTS


Item No.		Form 10-K Report Page
	PART I

1.	Business	3

1A.	Risk Factors	11

1B.	Unresolved Staff Comments	18

2.	Properties	18

3.	Legal Proceedings	20

4.	Reserved	20

	Executive Officers of the Registrant	43


	PART II

5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	44

6.	Selected Financial Data	45

7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

7A.	Quantitative and Qualitative Disclosures About Market Risk	69

8.	Financial Statements and Supplementary Data	70

9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	70

9A.	Controls and Procedures	70

9B.	Other Information	70


	PART III

10.	Directors, Executive Officers and Corporate Governance>/a>	71

11.	Executive Compensation	71

12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	71

13.	Certain Relationships and Related Transactions, and Director Independence	71

14.	Principal Accounting Fees and Services	71


	PART IV

15.	Exhibits Financial Statement Schedules	72

PART I

FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K, together with other statements and information publicly disseminated by the Company contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) the availability of suitable acquisition opportunities, (viii) valuation of joint venture investments, (ix) valuation of marketable securi ties and other investments, (x) increases in operating costs, (xi) changes in the dividend policy for the Company’s common stock, (xii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiii) impairment charges, (xiv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity And the risks and uncertainties identifies under Item 1A, “Risk Factors.” Accordingly, there is no assurance that the Company’s expectations will be realized.

Item 1. Business

General

Kimco Realty Corporation, a Maryland corporation, is one of the nation's largest owners and operators of neighborhood and community shopping centers. The terms "Kimco," the "Company," "we," "our" and "us" each refer to Kimco Realty Corporation and our subsidiaries unless the context indicates otherwise. The Company is a self-administered real estate investment trust ("REIT") and its management has owned and operated neighborhood and community shopping centers for more than 50 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of December 31, 2009, the Company had interests in 1,915 properties, totaling approximately 176.9 million square feet of gross leasable area (“GLA”) located in 45 states, Puerto Rico, Canada, Mexico, Chile, Brazil and Peru. The Company’s ownership interests in real estate consist o f its consolidated portfolio and in portfolios where the Company owns an economic interest, such as properties in the Company’s investment management programs, where the Company partners with institutional investors and also retains management (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). The Company believes its portfolio of neighborhood and community shopping center properties is the largest (measured by GLA) currently held by any publicly traded REIT.

The Company's executive offices are located at 3333 New Hyde Park Road, New Hyde Park, New York 11042-0020 and its telephone number is (516) 869-9000.

The Company’s Web site is located at http://www.kimcorealty.com. The information contained on our Web site does not constitute part of this annual report on Form 10-K. On the Company’s Web site you can obtain, free of charge, a copy of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable, after we file such material electronically with, or furnish it to, the Securities and Exchange Commission (the "SEC").

History

The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the

Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the "IPO") in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). In 1994, the Company reorganized as a Maryland corporation.

The Company's growth through its first 15 years resulted primarily from the ground-up development and construction of its shopping centers. By 1981, the Company had assembled a portfolio of 77 properties that provided an established source of income and positioned the Company for an expansion of its asset base. At that time, the Company revised its growth strategy to focus on the acquisition of existing shopping centers and creating value through the redevelopment and re-tenanting of those properties. As a result of this strategy, a majority of the operating shopping centers added to the Company’s portfolio since 1981 have been through the acquisition of existing shopping centers.

During 1998, the Company, through a merger transaction, completed the acquisition of The Price REIT, Inc., a Maryland corporation, (the "Price REIT"). Prior to the merger, Price REIT was a self-administered and self-managed equity REIT that was primarily focused on the acquisition, development, management and redevelopment of large retail community shopping center properties concentrated in the western part of the United States. In connection with the merger, the Company acquired interests in 43 properties, located in 17 states. With the completion of the Price REIT merger, the Company expanded its presence in certain western states including Arizona, California and Washington. In addition, Price REIT had strong ground-up development capabilities. These development capabilities, coupled with the Company’s own construction management expertise, provided the Company the ability to pursue ground-up development opportunities on a selective basis.

Also during 1998, the Company formed Kimco Income Operating Partnership, L.P. ("KIR"), an entity in which the Company held a 99.99% limited partnership interest. KIR was established for the purpose of investing in high-quality properties financed primarily with individual non-recourse mortgages. The Company believed that these properties were appropriate for financing with greater leverage than the Company traditionally used. At the time of formation, the Company contributed 19 properties to KIR, each encumbered by an individual non-recourse mortgage. During 1999, KIR sold a significant interest in the partnership to institutional investors, thus establishing the Company’s investment management program. The Company holds a 45.0% noncontrolling limited partnership interest in KIR and accounts for its investment in KIR under the equity method of accounting. (See Note 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

The Company has expanded its investment management program through the establishment of other various institutional joint venture programs in which the Company has noncontrolling interests ranging generally from 5% to 45%. The Company’s largest joint venture, Kimco Prudential Joint Venture ("KimPru"), was formed in 2006, in connection with the Pan Pacific Retail Properties Inc. ("Pan Pacific") merger transaction, with Prudential Real Estate Investors ("PREI"). The Company earns management fees, acquisition fees, disposition fees and promoted interests based on value creation. (See Note 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

In connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in REIT activities from which it was previously precluded in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries, has been engaged in various retail real estate related opportunities, including (i) ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion (see Recent Developments - Ground-Up Development), (ii) retail real estate advisory and disposition services, which primarily focused on leasing and disposition strategies for real estate property interests of both healthy and distressed retailers and (iii) acting as an agent or principal in connection with tax-de ferred exchange transactions. The Company may consider other investments through taxable REIT subsidiaries should suitable opportunities arise.

The Company has continued its geographic expansion with investments in Canada, Mexico, Puerto Rico, Chile, Brazil and Peru. During October 2001, the Company formed three joint ventures (collectively, the "RioCan Ventures") with RioCan Real Estate Investment Trust ("RioCan", Canada’s largest publicly traded REIT measured by GLA) in which the Company has 50% noncontrolling interests, to acquire retail properties and development projects in Canada. The Company accounts for this investment under the equity method of accounting. The Company has expanded its presence in Canada with the establishment of other joint venture arrangements. During 2002, the Company, along with various strategic co-investment partners, began acquiring operating and development properties located in Mexico. During 2006, the Company acquired interests in shopping center properties located in Puerto Rico through joint ventures in which the Company holds controlling ownership intere sts.

During 2007, the Company acquired an interest in four shopping center properties located in Chile through a joint venture in which the Company holds a noncontrolling ownership interest. During 2008, the Company acquired interests in two shopping center properties in Brazil through a joint venture in which the Company holds a controlling ownership interest and a land parcel for ground-up development located in Peru through a joint venture in which the Company holds a controlling interest. (See Notes 4 and 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

In addition, the Company continues to capitalize on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company has also provided preferred equity capital in the past to real estate entrepreneurs and, from time to time, provides real estate capital and advisory services to both healthy and distressed retailers. The Company has also made selective investments in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however these investments are subject to volatility within the equity and debt markets.

Investment and Operating Strategy

The Company's investment objective is to increase cash flow, current income and, consequently, the value of its existing portfolio of properties and to seek continued growth through (i) the strategic re-tenanting, renovation and expansion of its existing centers and (ii) the selective acquisition of established income-producing real estate properties and properties requiring significant re-tenanting and redevelopment, primarily in neighborhood and community shopping centers in geographic regions in which the Company presently operates. The Company may consider investments in other real estate sectors and in geographic markets where it does not presently operate should suitable opportunities arise.

The Company's neighborhood and community shopping center properties are designed to attract local area customers and typically are anchored by a discount department store, a supermarket or a drugstore tenant offering day-to-day necessities rather than high-priced luxury items. The Company may either purchase or lease income-producing properties in the future and may also participate with other entities in property ownership through partnerships, joint ventures or similar types of co-ownership. Equity investments may be subject to existing mortgage financing and/or other indebtedness. Financing or other indebtedness may be incurred simultaneously or subsequently in connection with such investments. Any such financing or indebtedness would have priority over the Company’s equity interest in such property. The Company may make loans to joint ventures in which it may or may not participate.

In addition to property or equity ownership, the Company provides property management services for fees relating to the management, leasing, operation, supervision and maintenance of real estate properties.

While the Company has historically held its properties for long-term investment and accordingly has placed strong emphasis on its ongoing program of regular maintenance, periodic renovation and capital improvement, it is possible that properties in the portfolio may be sold, in whole or in part, as circumstances warrant, subject to REIT qualification rules.

The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2009, no single neighborhood and community shopping center accounted for more than 1.2% of the Company's annualized base rental revenues or more than 1.0% of the Company’s total shopping center GLA. At December 31, 2009, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart and Kohl’s, which represent approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

In connection with the RMA, which became effective January 1, 2001, the Company had expanded its investment and operating strategy to include new real estate-related opportunities which the Company was precluded from previously in order to maintain its qualification as a REIT. As such, the Company established a merchant building business through its wholly owned taxable REIT subsidiaries, which made selective acquisitions of land parcels for the ground-up development primarily of neighborhood and community shopping centers and subsequent sale thereof upon completion. During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy for its remaining merchant building projects. Additionally, the Company had developed a business which specialized in providing capital, real estate advisory services and disposition services of real estate controlled by both healthy and distressed and/or bankrupt retailers. These services included assistance with inventory and fixture liquidation in connection with going-out-of-business sales. The Company may participate with other entities in providing these advisory services through partnerships, joint ventures or other co-ownership arrangements. The Company, as part of its investment strategy, may selectively seek investments for its taxable REIT subsidiaries as suitable opportunities arise.

The Company emphasizes equity real estate investments. The Company may at its discretion, invest in preferred equity investments, mortgages, other real estate interests and other investments. The mortgages in which the Company may invest may be either first mortgages, junior mortgages or other mortgage-related securities. The Company, from time to time, provides mortgage financing to retailers with significant real estate assets, in the form of leasehold interests or fee-owned properties, where the Company believes the underlying value of the real estate collateral is in excess of its loan balance. In addition, the Company may, on a selective basis, acquire debt instruments at a discount in the secondary market where the Company believes the asset value of the enterprise is greater than the current value, however these investments are subject to volatility within the equity and debt markets.

The Company’s vision is to be the premier owner and operator of retail shopping centers with its core business operations focusing on owning and operating neighborhood and community shopping centers through equity investments in North America. This vision will entail a shift away from certain non-strategic assets that the Company currently holds. These investments include non-retail preferred equity investments, marketable securities, mortgages on non-retail properties and several urban mixed-use properties. The Company’s plan is to sell certain non-strategic assets and investments. The Company realizes that the sale of these assets will be over a period of time given the current unfavorable market conditions. In addition, the Company continues to be dedicated to building its institutional management business by forming joint ventures with high quality domestic and foreign institutional partners for the purpose of investing in neighborhood and comm unity shopping centers.

The Company may offer shares of capital stock or other senior securities in exchange for property and to repurchase or otherwise reacquire its common stock or any other securities and may engage in such activities in the future. At all times, the Company intends to make investments in such a manner as to be consistent with the requirements of the Code to qualify as a REIT unless, because of circumstances or changes in the Code (or in Treasury Regulations), the Board of Directors determines that it is no longer in the best interests of the Company to qualify as a REIT.

Capital Strategy and Resources

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintaining its investment-grade debt ratings of BBB+ from Standard and Poors and Baa1 from Moody's Investor Services. The Company plans to strengthen its balance sheet by pursuing deleveraging efforts over time. It is management's intention that the Company continually have access to the capital resources necessary to expand and develop its business. Accordingly, the Company may, from time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives in a manner consistent with its intention to operate with a conservative debt structure.

Since the completion of the Company's IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $7.4 billion. Proceeds from public capital market activities have been used for repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments. The Company also has revolving credit facilities totaling approximately $1.7 billion available for general corporate purposes. At December 31, 2009 the Company had approximately $139.5 million outstanding on these facilities.

Capital markets continue to experience increased volatility. As available, the Company will continue to access these markets. In addition to capital markets, the Company had over 420 unencumbered property interests in its portfolio as of December 31, 2009. The Company has capacity within its bond and other debt covenants to raise up to $2.0 billion in secured financing on these unencumbered properties.

In March 2006, the Company was added to the S & P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations. For further discussion regarding capital strategy and resources, see Management’s Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities.

Competition

As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of neighborhood and community shopping centers, the Company has established close relationships with a large number of major national and regional retailers and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these

relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.

Operating Practices

Nearly all operating functions, including leasing, legal, construction, data processing, maintenance, finance and accounting, are administered by the Company from its executive offices in New Hyde Park, New York and supported by the Company’s regional offices. The Company believes it is critical to have a management presence in its principal areas of operation and, accordingly, the Company maintains regional offices in various cities throughout the United States. As of December 31, 2009, a total of 640 persons are employed at the Company's executive and regional offices.

The Company's regional offices are generally staffed by a regional business leader and the operating personnel necessary to both function as local representatives for leasing and promotional purposes, to complement the corporate office’s administrative and accounting efforts and to ensure that property inspection and maintenance objectives are achieved. The regional offices are important in reducing the time necessary to respond to the needs of the Company's tenants. Leasing and maintenance personnel from the corporate office also conduct regular inspections of each shopping center.

As of December 31, 2009, the Company also employs a total of 25 persons at several of its larger properties in order to more effectively administer its maintenance and security responsibilities.

Qualification as a REIT

The Company has elected, commencing with its taxable year which began January 1, 1992, to be taxed as a REIT under the Code. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.

Recent Developments

The following describes the Company’s significant transactions and events that occurred during the year ended December 31, 2009. (See Item 8 and Notes 2, 3, 4, 5, 6, 8, 9 and 10 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

Operating Properties -

Acquisitions -

During November 2009, the Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest prior to this transaction. The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLC’s gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock. The purchase price includes approximately $20 million for the purchase of development rights for one shopping center. This transaction resulted in a gain of approximately $7.6 million as a result of a change in control and remeasuring the Company’s 15% noncontrolling equity interes t to fair value. Subsequently, the Company repaid approximately $269 million of the non-recourse mortgage debt which encumbered 10 properties.

During 2009, the Company acquired the remaining ownership interest in 11 unencumbered operating properties from a joint venture in which the Company held a 15% noncontrolling interest comprising an aggregate 1.5 million square feet of GLA for an aggregate purchase price of approximately $106.9 million.

Additionally, during 2009, the Company acquired the remaining ownership interest in an operating property in which the Company held a 10% noncontrolling interest comprising 0.1 million square feet of GLA for a purchase price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage.

Dispositions -

Also during 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest. This gain has been recorded as Other income/(expense), net in the Company’s Consolidated Statements of Operations.

Redevelopments -

The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace. During 2009, the Company substantially completed the redevelopment and re-tenanting of various operating properties. The Company expended approximately $43.4 million in connection with these major redevelopments and re-tenanting projects during 2009. The Company is currently involved in redeveloping several other shopping centers in the existing portfolio. The Company anticipates its capital commitment toward these and other redevelopment projects will be approximately $30.0 million to $40.0 million during 2010.

Ground-Up Development -

The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy. Those properties previously considered merchant building have been either placed in service as long-term investment properties or included in U.S. ground-up development. The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2009, the Company had in progress a total of 11 ground-up development projects, consisting of seven ground-up development projects located throughout Mexico, two ground-up development projects located in the U.S., one ground-up development project located in Chile, and one ground-up development project located in Brazil. The Company anticipates its capital commitment toward its ground-up development projects will be approximately $50.0 million to $60.0 million during 2010. The availability under the Company’s revolving lines of credit is expected to be sufficient to fund these anticipated capital requirements.

U.S. ground-up development -

During 2009, the Company expended approximately $45.0 million in connection with construction costs related to U.S. ground-up development projects. Additionally, the Company purchased, in separate transactions, various partners’ interests in five former merchant building projects for an aggregate $9.9 million.

Construction loans -

During 2009, the Company fully repaid nine construction loans aggregating approximately $212.2 million. As of December 31, 2009, total loan commitments on the Company’s four remaining construction loans aggregated approximately $69.7 million of which approximately $45.8 million has been funded. These loans have scheduled maturities ranging from 11 months to 56 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.13% to 4.50% at December 31, 2009. Approximately $3.4 million of the outstanding loan balance matures in 2010. These maturing loans are anticipated to be repaid with operating cash flows, borrowings under the Company’s credit facilities and additional debt financings. In addition, the Company may pursue or exercise existing extension options with lenders where available.

Dispositions -

During 2009, the Company sold, in separate transactions, five out-parcels, four land parcels and three ground leases for aggregate proceeds of approximately $19.4 million. These transactions resulted in gains on sale of development properties of approximately $5.8 million, before income taxes of $2.3 million.

Kimsouth -

During 2009, the Company acquired the remaining 7.5% interest in Kimsouth, a consolidated taxable REIT subsidiary in which the Company held a 92.5% controlling interest, for a purchase price of approximately $5.5 million.

Investment and Advances in Real Estate Joint Ventures -

The Company has various institutional and non-institutional joint venture programs in which the Company has various noncontrolling interests, which are accounted for under the equity method of accounting. (See Note 8 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

Dispositions -

During November 2009, the 85% owner in PL Retail, LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest prior to this transaction, sold its interest to the Company. The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLC’s gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock. This transfer resulted in an aggregate net gain of approximately $57.5 million of which the Company’s share was approximately $8.6 million. As a result of this transaction the Company now consolidates this entity.

Additionally, during 2009, KimPru sold 22 operating properties for an aggregate sales price of approximately $214.0 million, comprised of (i) 11 operating properties sold to the Company for an aggregate sales price of approximately $106.9 million which resulted in an aggregate net gain of approximately $0.9 million of which the Company’s share was approximately $0.1 million and (ii) 11 operating properties and its interest in an unconsolidated joint venture, sold in separate transactions, for an aggregate sales price of approximately $107.1 million. These sales resulted in an aggregate net gain of approximately $0.1 million. Proceeds from these property sales were used to repay a portion of the outstanding balance on KimPru’s credit facility, described below.

Also, during 2009, a joint venture in which the Company held a 10% noncontrolling interest sold one operating property comprising 0.1 million square feet of GLA to the Company for a purchase price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. This sale resulted in a gain of approximately $3.4 million of which the Company’s share was approximately $0.3 million.

Financings -

During 2009, joint ventures in which the Company has noncontrolling interests (i) repaid approximately $113.8 million in non-recourse mortgage debt with interest rates ranging from 2.75% to 8.30%, (ii) refinanced approximately $212.9 million in mortgage debt with approximately $226.6 million of new mortgage debt which bear interest at rates ranging from 6.64% to 7.88% and maturity dates ranging from three years to seven years, and (iii) obtained new mortgage debt on previously unencumbered properties of approximately $214.0 million with interest rates ranging from 3.75% to 7.85% and maturity dates ranging from three to ten years.

International Real Estate Investments -

Canadian Investments -

The Company recognized equity in income from its unconsolidated Canadian investments in real estate joint ventures of approximately $12.2 million, $18.6 million and $22.5 million during 2009, 2008 and 2007, respectively. In addition, income from its Canadian preferred equity investments was approximately $12.9 million, $23.2 million, $35.1 million during 2009, 2008 and 2007, respectively.

During 2009, an unconsolidated Canadian joint venture in which the Company has a 50% noncontrolling interest refinanced approximately $30.3 million in mortgage debt with approximately $46.1 million in mortgage debt which bears interest at rates ranging from 5.90% to 6.82% and maturity dates ranging from five years to ten years.

Latin American Investments -

During 2009, the Company acquired a land parcel located in Rio Clara, Brazil through a newly formed consolidated joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million). This parcel will be developed into a 48,000 square foot retail shopping center.

Additionally, during 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through an unconsolidated joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million.

The Company recognized equity in income from its unconsolidated Mexican investments in real estate joint ventures of approximately $7.0 million, $17.1 million, and $5.2 million during 2009, 2008 and 2007, respectively.

The Company recognized equity in income from its unconsolidated Chilean investments in real estate joint ventures of approximately $0.4 million, $0.2 and $0.1 million during 2009, 2008 and 2007, respectively.

The Company’s revenues from its consolidated Mexican subsidiaries aggregated approximately $23.4 million, $20.3 million, $8.5 million during 2009, 2008 and 2007, respectively. The Company’s revenues from its consolidated Brazilian subsidiaries aggregated approximately $1.5 million and $0.4 million during 2009 and 2008, respectively. The Company’s revenues from its consolidated Chilean subsidiaries aggregated less than $100,000 during 2009 and 2008, respectively.

Mortgages and Other Financing Receivables -

During 2009, the Company provided financing to five borrowers for an aggregate amount of approximately $8.3 million. During 2009, the Company received an aggregate of approximately $40.4 million which fully paid down the outstanding balance on four mortgage receivables. As of December 31, 2009, the Company had 37 loans with total commitments of up to $178.9 million, of which approximately $131.3 million has been funded. Availability under the Company’s revolving credit facilities are expected to be sufficient to fund these remaining commitments. (See Note 10 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

Asset Impairments –

On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

During 2009, economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets. Year over year increases in capitalization rates, discount rates and vacancies as well as the deterioration of real estate market fundamentals, negatively impacted net operating income and leasing which further contributed to declines in real estate markets in general.


Impairment of property carrying values	$	50.0
Real estate under development		2.1
Investments in other real estate investments		49.2
Marketable securities and other investments		30.1
Investments in real estate joint ventures		43.7
Total impairment charges	$	175.1

(See Notes 2, 6, 8, 9, 10 and 11 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)

In addition to the impairment charges above, the Company recognized impairment charges during 2009 of approximately $38.7 million, before income tax benefit of approximately $11.0 million, relating to certain properties held by unconsolidated joint ventures in which the Company holds noncontrolling interests ranging from 15% to 45%. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Operations.

Financing Transactions -

During December 2009, the Company completed a primary public stock offering of 28,750,000 shares of the Company’s common stock. The net proceeds from this sale of common stock, totaling approximately $345.1 million (after related transaction costs of $0.75 million) were used to partially repay the outstanding balance under the Company’s U.S. revolving credit facility.

During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears. These notes were sold at 99.84% of par value. Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million. The proceeds from this issuance were primarily used to repay the Company’s $220.0 million unsecured term loan described below. The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010 (see Note 12 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).

During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Company’s common stock. The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes.

During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Company’s option, at a spread of 3.65% to the “ABR,” as defined in the Credit Agreement. The term loan was scheduled to mature in April 2011. The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes. During September 2009, the Company fully repaid the $220.0 million outstanding balance on this loan.

During the year ended December 31, 2009, the Company repaid (i) its $130.0 million 6.875% senior notes, which matured on February 10, 2009, (ii) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (iii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009.

During 2009, the Company (i) obtained an aggregate of approximately $400.2 of non-recourse mortgage debt on 21 operating properties, (ii) assumed approximately $579.2 million of individual non-recourse mortgage debt relating to the acquisition of 22 operating properties, including approximately $1.6 million of fair value debt adjustments and (iii) paid off approximately $437.7 million of individual non-recourse mortgage debt that encumbered 24 operating properties.

For further discussion regarding financing transactions see Management's Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities and Contractual Obligations and Other Commitments. (See Notes 12, 13, 14 and 18 of the Notes to Consolidated Financial Statement included in this annual report on Form 10-K.)

Exchange Listings

The Company's common stock, Class F Depositary Shares and Class G Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols "KIM", "KIMprF" and “KIMprG”, respectively.

Item 1A. Risk Factors

We are subject to certain business and legal risks including, but not limited to, the following:

Risks Related to Our Status as a Real Estate Investment Trust

Loss of our tax status as a real estate investment trust could have significant adverse consequences to us and the value of our securities.

We have elected to be taxed as a REIT for federal income tax purposes under the Code. We currently intend to operate so as to qualify as a REIT and believe that our current organization and method of operation complies with the rules and regulations promulgated under the federal income tax code to enable us to qualify as a REIT.

Qualification as a REIT involves the application of highly technical and complex federal income tax code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. New legislation, regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to qualification as a REIT, the federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments. There can be no assurance that we have qualified or will continue to qualify as a REIT for tax purposes.

If we lose our REIT status, we will face serious tax consequences that will substantially reduce the funds available to pay dividends to stockholders. If we fail to qualify as a REIT:

we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates;

we could be subject to the federal alternative minimum tax and possibly increased state and local taxes;

unless we were entitled to relief under statutory provisions, we could not elect to be subject to tax as a REIT for four taxable years following the year during which we were disqualified; and

we would not be required to make distributions to stockholders.

As a result of all these factors, our failure to qualify as a REIT could impair our ability to expand our business and raise capital and could adversely affect the value of our securities.

Risks Related to Adverse Global Market and Economic Conditions

Adverse global market and economic conditions and competition may impede our ability to generate sufficient income to pay expenses and maintain our properties.

Recent market and economic conditions have been unprecedented and challenging with slower growth and tighter credit conditions. Continued concerns about the systemic impact of the availability and cost of credit, the U.S. mortgage market, inflation, energy costs, geopolitical issues and declining real estate markets have contributed to increased market volatility and diminished expectations for the U.S. economy. These adverse market conditions and competition may impede our ability to generate sufficient income to pay expenses, maintain our properties, pay dividends and refinance debt.

The retail shopping sector has been negatively affected by recent economic conditions. Adverse economic conditions have forced some weaker retailers, in some cases, to declare bankruptcy and close stores. Certain retailers have announced store closings even though they have not filed for bankruptcy protection. These downturns in the retailing industry likely will have a direct impact on our performance. Continued store closings or declarations of bankruptcy by our tenants may have a material adverse effect on the Company’s overall performance. Adverse general or local economic conditions could result in the inability of some tenants of the Company to meet their lease obligations and could otherwise adversely affect the Company’s ability to attract or retain tenants. Lease terminations by certain tenants or a failure by certain tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by ot her tenants in the same shopping centers under the terms of some leases, in which case we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease.

We are unable to predict whether, or to what extent or for how long, these adverse market and economic conditions will persist. The continuation and/or intensification of these conditions may impede our ability to generate sufficient operating cash flow to pay expenses, maintain properties, pay dividends and refinance debt.

During 2009, the Company recognized non-cash impairment charges of approximately $175.1 million, before income taxes and noncontrolling interest, relating to adjustments to property carrying values, investments in real estate joint ventures, real estate under development and other real estate investments. Ongoing adverse market and economic conditions could cause us to recognize additional impairments in the future.

Ongoing adverse market and economic conditions and market volatility will likely continue to make it difficult to value the properties and investments owned by us and our unconsolidated joint ventures. There may be significant uncertainty in the valuation, or in the stability of the value, of such properties and investments that could result in a substantial decrease in the value thereof. In addition, we intend to sell many of our non-core assets over the next several years. No assurance can be given that we will be able to recover the current carrying amount of all of our properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize additional impairment charges for the period in which we reached that conclusion, which could materially and adversely affect us.

The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate including:

changes in the national, regional and local economic climate;

local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own;

the attractiveness of our properties to tenants;

the ability of tenants to pay rent;

competition from other available properties;

changes in market rental rates;

the need to periodically pay for costs to repair, renovate and re-let space;

changes in operating costs, including costs for maintenance, insurance and real estate taxes;

the fact that the expenses of owning and operating properties are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the properties; and

changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes.

Our properties consist primarily of community and neighborhood shopping centers and other retail properties. Our performance therefore is generally linked to economic conditions in the market for retail space. In the future, the market for retail space could be adversely affected by:

weakness in the national, regional and local economies;

the adverse financial condition of some large retailing companies;

ongoing consolidation in the retail sector;

the excess amount of retail space in a number of markets; and

increasing consumer purchases through catalogues and the internet.

Failure by any anchor tenant with leases in multiple locations to make rental payments to us because of a deterioration of its financial condition or otherwise could impact our performance.

Our performance depends on our ability to collect rent from tenants. At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions could result in the termination of the tenants’ leases and the loss of rental income attributable to these tenants’ leases. In the event of a default by a tenant, we may experience delays and costs in enforcing our rights as landlord under the terms of our leases.

In addition, multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease. The occurrence of any of the situations described above, particularly if it involves a substantial tenant with leases in multiple locations, could have a material adverse effect on our performance.

We may be unable to collect balances due from tenants in bankruptcy.

A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by or relating to one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so. A tenant or lease guarantor bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold, if at all.

Risks Related to Our Acquisition, Development, Operation, and Sale of Real Property

We may be unable to sell our real estate property investments when appropriate or on favorable terms.

Real estate property investments are illiquid and generally cannot be disposed of quickly. In addition, the federal tax code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms.

We may acquire or develop properties or acquire other real estate related companies and this may create risks.

We may acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. We face competition in pursuing these acquisition or development opportunities that could increase our costs. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fa il to recover expenses already incurred and have devoted management time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware at the time of acquisition. In addition, development of our existing properties presents similar risks.

There is a lack of operating history with respect to our recent acquisitions and development of properties and we may not succeed in the integration or management of additional properties.

These properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties. Also, newly acquired properties may not perform as expected.

We face competition in leasing or developing properties.

We face competition in the acquisition, development, operation and sale of real property from others engaged in real estate investment. Some of these competitors may have greater financial resources than we do. This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our existing and subsequently acquired properties and for other real estate investment opportunities.

Risks Related to Our Joint Venture and Preferred Equity Investments

We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.

We have invested in some cases as a co-venturer or partner in properties instead of owning directly. In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or otherwise impede our objectives. These investments involve risks and uncertainties, including the risk of the co-venturer or partner failing to provide capital and fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments, the risk of conflicts arising between us and our partners and the difficulty of managing and resolving such conflicts, and the difficulty of managing or otherwise monitoring such business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in signifi cant losses to us.

Although our joint venture arrangements may allow us to share risks with our joint-venture partners, these arrangements may also decrease our ability to manage risk. Joint ventures have additional risks, such as:

potentially inferior financial capacity, diverging business goals and strategies and our need for the venture partner continued cooperation;

our inability to take actions with respect to the joint venture activities that we believe are favorable if our joint venture partner does not agree;

our inability to control the legal entity that has title to the real estate associated with the joint venture;

our lenders may not be easily able to sell our joint venture assets and investments or view them less favorably as collateral, which could negatively affect our liquidity and capital resources;

our joint venture partners can take actions that we may not be able to anticipate or prevent, which could result in negative impacts on our debt and equity; and

our joint venture partners’ business decisions or other actions or omissions may result in harm to our reputation or adversely affect the value of our investments.

We may not be able to recover our investments in our joint venture or preferred equity investments, which may result in significant losses to us.

Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value is subject to all the risks associated with owning and operating real estate as described above.

Risks Related to Our International Operations

We have significant international operations, which may be affected by economic, political and other risks associated with international operations, and this could adversely affect our business.

We invest in and conduct operations outside the United States. The risks we face in international business operations include, but are not limited to:

currency risks, including currency fluctuations;

unexpected changes in legislative and regulatory requirements;

potential adverse tax burdens;

burdens of complying with different accounting and permitting standards, labor laws and a wide variety of foreign laws;

obstacles to the repatriation of earnings and cash;

regional, national and local political uncertainty;

economic slowdown and/or downturn in foreign markets;

difficulties in staffing and managing international operations;

difficulty in administering and enforcing corporate policies, which may be different than the normal business practices of local cultures; and

reduced protection for intellectual property in some countries.

Each of these risks might impact our cash flow or impair our ability to borrow funds, which ultimately could adversely affect our business, financial condition, operating results and cash flows.

In order to fully develop our international operations, we must overcome cultural and language barriers and assimilate different business practices. In addition, we are required to create compensation programs, employment policies and other administrative programs that comply with laws of multiple countries. We also must communicate and monitor standards and directives in our international locations. Our failure to successfully manage our geographically diverse operations could impair our ability to react quickly to changing business and market conditions and to enforce compliance with standards and procedures. Since a meaningful portion of our revenues are generated internationally, we must devote substantial resources to managing our international operations.

Our future success will be influenced by our ability to anticipate and effectively manage these and other risks associated with our international operations. Any of these factors could, however, materially adversely affect our international operations and, consequently, our financial condition, results of operations and cash flows.

Our international operations are subject to a variety of laws and regulations, and we can predict neither the impact of associated requirements to which our international operations may be subject nor the potential that we may face regulatory sanctions.

Our international operations are subject to a variety of U.S. and foreign laws and regulations, including the U.S. Foreign Corrupt Practices Act, or FCPA. We cannot assure you that we will continue to be found to be operating in compliance with, or be able to detect violations of, any such laws or regulations. In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our international operations might be subject or the manner in which existing laws might be administered or interpreted.

We cannot assure you that our employees will adhere to our code of business ethics or any other of our policies, applicable anti-corruption laws, including the FCPA, or other legal requirements. Failure to comply with these requirements may subject us to legal, regulatory or other sanctions, which could adversely affect our financial condition, results of operations and cash flows.

Risks Related to Our Financing Activities

We may be unable to obtain financing through the debt and equities market, which would have a material adverse effect on our growth strategy, our results of operations and our financial condition.

The capital and credit markets have become increasingly volatile and constrained as a result of adverse conditions that have caused the failure and near failure of a number of large financial services companies. We cannot assure you that we will be able to access the capital and credit markets to obtain additional debt or equity financing or that we will be able to obtain financing on favorable terms. The inability to obtain financing could have negative effects on our business, such as:

we could have great difficulty acquiring or developing properties, which would materially adversely affect our business strategy;

our liquidity could be adversely affected;

we may be unable to repay or refinance our indebtedness;

we may need to make higher interest and principal payments or sell some of our assets on unfavorable terms to fund our indebtedness; and

we may need to issue additional capital stock, which could further dilute the ownership of our existing shareholders.

Financial covenants to which we are subject may restrict our operating and acquisition activities.

Our revolving credit facilities and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios, as well as limitations on our ability to incur debt, make dividend payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous. In addition, failure to meet any of the financial covenants could cause an event of default under and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.

Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all, and could significantly reduce the market price of our publicly traded securities.

Risks Related to the Market Price of Our Publicly Traded Securities

Changes in market conditions could adversely affect the market price of our publicly traded securities.

As with other publicly traded securities, the market price of our publicly traded securities depends on various market conditions, which may change from time-to-time. Among the market conditions that may affect the market price of our publicly traded securities are the following:

the extent of institutional investor interest in us;

the reputation of REITs generally and the reputation of REITs with portfolios similar to us;

the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);

our financial condition and performance;

the market’s perception of our growth potential and potential future cash dividends;

an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for our shares; and

general economic and financial market conditions.

We may change the dividend policy for our common stock in the future.

We may distribute taxable dividends that are partially payable in cash and partially payable in our stock. Under recent IRS guidance, up to 90% of any such taxable dividend with respect to calendar years 2008 through 2011, and in some cases declared as late as December 31,2012, could be payable in our stock if certain conditions are met. Although we reserve the right to utilize this procedure in the future, we currently have no intent to do so. In the event that we pay a portion of a dividend in shares of our common stock, taxable U.S. stockholders would be required to pay tax on the entire amount of the dividend, including the portion paid in shares of common stock, in which case such stockholders might have to pay the tax using cash from other sources. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the div idend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividend, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders sell shares of our common stock in order to pay taxes owed on dividends, such sales would put downward pressure on the market price of our common stock.

The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, funds from operations, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness and preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant. Any change in our dividend policy could have a material adverse effect on the market price of our common stock.

Risks Related to Our Marketable Securities and Mortgage Receivables

We may not be able to recover our investments in marketable securities or mortgage receivables, which may result in significant losses to us.

Our investments in marketable securities are subject to specific risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer, which may result in significant losses to us. Marketable securities are generally unsecured and may also be subordinated to other obligations of the issuer. As a result, investments in marketable securities are subject to risks of:

limited liquidity in the secondary trading market;

substantial market price volatility resulting from changes in prevailing interest rates;

subordination to the prior claims of banks and other senior lenders to the issuer;

the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations; and

the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic downturn.

The issuers of our marketable securities also might become insolvent or bankrupt, which may result in significant losses to us.

These risks may adversely affect the value of outstanding marketable securities and the ability of the issuers to make distribution payments.

We invest in mortgage receivables. Our investments in mortgage receivables normally are not insured or otherwise guaranteed by any institution or agency. In the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns. Furthermore, in the event of default, the actual value of the property securing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the mortgages securing our loans.

Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely. In these cases, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.

Risks Related to Environmental Regulations

We may be subject to environmental regulations.

Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances.

Item 1B. Unresolved Staff Comments

None

Item 2. Properties

Real Estate Portfolio

As of December 31, 2009, the Company had interests in 1,915 properties, including 1,478 in retail operating properties, 437 in non-retail properties, totaling approximately 176.9 million square feet of GLA located in 45 states, Puerto Rico, Canada, Mexico and South America. The Company’s portfolio includes interests ranging from 5% to 50% in 433 shopping center properties comprising approximately 65.8 million square feet of GLA relating to the Company’s investment management programs and other joint ventures. Neighborhood and community shopping centers comprise the primary focus of the Company's current portfolio. As of December 31, 2009, the Company’s total shopping center portfolio, comprised of total GLA of 127.3 million from 912 properties, was approximately 92.6% leased.

The Company's neighborhood and community shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of approximately 140,000 square feet as of December 31, 2009. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with major renovations and refurbishing to preserve and increase the value of its properties.

These projects usually include renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2009, the Company capitalized approximately $9.2 million in connection with these property improvements and expensed to operations approximately $20.3 million.

The Company's neighborhood and community shopping centers are usually "anchored" by a national or regional discount department store, supermarket or drugstore. As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include The Home Depot, TJX Companies, Sears Holdings, Wal-Mart, Kohl’s, Costco, Best Buy and Royal Ahold.

A substantial portion of the Company's income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance, utilities and common area maintenance expenses incurred in operating the shopping centers. Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company's standard small store lease provides for roof repairs to be reimbursed by the tenant as part of common area maintenance. The Company's management places a strong emphasis on sound construction and safety at its properties.

Approximately 20.9% of the Company's leases also contain provisions requiring the payment of additional rent calculated as a percentage of tenants’ gross sales above predetermined thresholds. Percentage rents accounted for less than 1% of the Company's revenues from rental property for the year ended December 31, 2009. Additionally, a majority of the Company’s leases have built in contractual rent increases as well as escalation clauses. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices.

Minimum base rental revenues and operating expense reimbursements accounted for approximately 98% of the Company's total revenues from rental property for the year ended December 31, 2009. The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth.

As of December 31, 2009, the Company’s consolidated portfolio, comprised of 61.5 million square feet of GLA, was 92.2% leased. For the period January 1, 2009 to December 31, 2009, the Company increased the average base rent per leased square foot in its U.S. consolidated portfolio of neighborhood and community shopping centers from $10.63 to $11.13, an increase of $0.50. This increase primarily consists of (i) a $0.38 increase relating to acquisitions, (ii) a $0.03 increase relating to dispositions or the transfer of properties to various joint venture entities and (iii) a $0.09 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio. For the period January 1, 2009 to December 31, 2009, the Company increased the average base rent per leased square foot in its Latin American consolidated portfolio of neighborhood and community shopping centers from $11.58 to $11.69, an increase of $0.11 primarily relating to new leases signed net of leases vacated and rent step-ups within the portfolio.

The Company seeks to reduce its operating and leasing risks through geographic and tenant diversity. No single neighborhood and community shopping center accounted for more than 1.0% of the Company's total shopping center GLA or more than 1.2% of total annualized base rental revenues as of December 31, 2009. The Company’s five largest tenants at December 31, 2009, were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart and Kohl’s, which represent approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest. The Company maintains an active leasing and capital improvement program that, combined with the high quality of the locations, has made, in management's opinion, the Company's properties attractive to tenants.

The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners.

Retail Store Leases In addition to neighborhood and community shopping centers, as of December 31, 2009, the Company had interests in retail store leases totaling approximately 1.5 million square feet of anchor stores in 16 neighborhood and community shopping centers located in 11 states. As of December 31, 2009, approximately 92.6% of the space in these anchor stores had been sublet to retailers that lease the stores under net lease agreements providing for average annualized

base rental payments of $4.54 per square foot. The average annualized base rental payments under the Company’s retail store leases to the landowners of such subleased stores are approximately $2.50 per square foot. The average remaining primary term of the retail store leases (and, similarly, the remaining primary term of the sublease agreements with the tenants currently leasing such space) is approximately four years, excluding options to renew the leases for terms which generally range from five years to 20 years. The Company’s investment in retail store leases is included in the caption Other real estate investments in the Company’s Consolidated Balance Sheets.

Ground-Leased Properties The Company has interests in 51 consolidated shopping center properties and interests in 21 shopping center properties in unconsolidated joint ventures that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company (or an affiliated joint venture) to construct and/or operate a shopping center. The Company or the joint venture pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements revert to the landowner.

Ground-Up Development Properties The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy. Those properties previously considered merchant building are now either placed in service or included in U.S. ground-up development. The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2009, the Company had in progress a total of 11 ground-up development projects, consisting of seven ground-up development projects located throughout Mexico, two ground-up development projects located in the U.S., one ground-up development project located in Chile, and one ground-up development project located in Brazil.

Undeveloped Land The Company owns certain unimproved land tracts and parcels of land adjacent to certain of its existing shopping centers that are held for possible expansion. At times, should circumstances warrant, the Company may develop or dispose of these parcels.

The table on pages 23 through 36 sets forth more specific information with respect to each of the Company's property interests.

Item 3. Legal Proceedings

The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material adverse effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.

Item 4. Reserved

LOCATION

YEAR DEVELOPED OR ACQUIRED

OWNERSHIP INTEREST/
(EXPIRATION)(2)

LAND AREA (ACRES)

LEASABLE AREA
(SQ. FT.)

PERCENT LEASED (1)

MAJOR LEASES

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

TENANT NAME

LEASE
EXPIRATION

OPTION
EXPIRATION

ALABAMA

HOOVER

2007

JOINT VENTURE

178.2

116,602

84.0

BOOKS-A-MILLION

2020

2035

PETCO

2019

2029

SHOE CARNIVAL

2019

2029

MOBILE (7)

2006

JOINT VENTURE

48.8

360,023

69.0

ACADEMY SPORTS & OUTDOORS

2021

2031

VIRGINIA COLLEGE

2020

2030

ROSS DRESS FOR LESS

2015

2035

ALASKA

ANCHORAGE

2006

JOINT VENTURE

24.6

164,000

98.0

MICHAELS

2017

2037

BED BATH & BEYOND

2019

2039

OLD NAVY

2012

2018

KENAI (10)

2003

JOINT VENTURE

14.7

146,759

100.0

HOME DEPOT

2018

2048

ARIZONA

GLENDALE

2009

FEE

7.0

70,428

93.0

SAFEWAY

2016

2046

GLENDALE

2007

FEE

16.5

87,722

97.0

MOR FURNITURE FOR LESS

2018

MICHAELS

2013

2018

ANNA'S LINENS

2015

2025

GLENDALE (4)

1998

FEE

40.5

333,388

84.0

COSTCO

2011

2046

FLOOR & DECOR

2015

2025

SPF FURNISHINGS

2016

2022

MARANA (10)

2003

FEE

18.2

191,008

100.0

LOWE'S HOME CENTER

2019

2069

MESA

1998

FEE

19.8

145,452

45.0

ROSS DRESS FOR LESS

2010

2015

MESA

2009

FEE

29.4

307,375

88.0

SPORTS AUTHORITY

2016

2046

MOR FURNITURE FOR LESS

2020

2030

MICHAELS

2010

2025

MESA

2005

GROUND LEASE (2078)

177.8

1,111,735

90.0

WAL-MART

2027

2077

BASS PRO SHOPS

2027

2057

HOME DEPOT

2028

2058

NORTH PHOENIX

1998

FEE

17.0

230,164

100.0

BURLINGTON COAT FACTORY

2018

2023

GUITAR CENTER

2017

2027

MICHAELS

2012

2022

PHOENIX

1998

FEE

13.4

153,180

93.0

HOME DEPOT

2020

2050

JO-ANN FABRICS

2010

2025

PHOENIX

1998

FEE

26.6

229,334

94.0

COSTCO

2011

2041

FAMSA

2022

2032

K-MOMO

2012

2017

PHOENIX

1997

FEE

17.5

131,621

88.0

SAFEWAY

2014

2039

TRADER JOE'S

2014

2029

PHOENIX (10)

1998

JOINT VENTURE

1.6

16,410

100.0

CHAPMAN BMW

2016

2031

PHOENIX (3)

2006

FEE

9.4

94,379

42.0

DOLLAR TREE

2012

2017

TUCSON (10)

2003

JOINT VENTURE

17.8

190,174

100.0

LOWE'S HOME CENTER

2019

2069

CALIFORNIA

ALHAMBRA

1998

FEE

18.4

195,455

99.0

COSTCO

2027

2057

COSTCO

2027

2057

JO-ANN FABRICS

2014

2019

ANAHEIM

1995

FEE

1.0

15,396

100.0

NORTHGATE GONZALEZ MARKETS

2022

2032

ANAHEIM (3)

2006

FEE

36.1

347,236

94.0

FOREVER 21

2012

2022

EL SUPER

2023

2033

OFFICEMAX

2011

2026

ANAHEIM (3)

2006

FEE

19.1

185,247

88.0

RALPHS

2016

2046

RITE AID

2016

2025

$1 DISCOUNT CENTER

2011

2016

ANAHEIM (3)

2006

FEE

8.5

105,085

94.0

STATER BROTHERS

2011

2026

CVS

2012

2022

ANGEL'S CAMP

2006

FEE

5.1

77,967

94.0

SAVE MART

2022

2048

RITE AID

2011

2031

ANTELOPE

2006

FEE

13.1

119,998

85.0

FOOD MAXX

2010

GOODWILL INDUSTRIES

2014

2029

BELLFLOWER (3)

2006

GROUND LEASE (2032)/JOINT VENTURE

9.1

113,511

100.0

STATER BROTHERS

2017

2032

STAPLES

2012

CARLSBAD (3)

2006

FEE

21.1

160,928

85.0

MARSHALLS

2013

2018

DOLLAR TREE

2014

2024

KIDS 'R' US

2018

2027

CARMICHAEL

1998

FEE

18.5

213,721

92.0

HOME DEPOT

2013

2022

SPORTS AUTHORITY

2010

2024

CVS

2013

2033

CHICO

2006

FEE

1.3

19,560

84.0

CHICO

2008

JOINT VENTURE

26.4

264,336

88.0

FOOD MAXX

2014

2024

ASHLEY FURNITURE

2016

BED, BATH & BEYOND

2014

2029

CHICO (5)

2007

JOINT VENTURE

7.3

69,812

100.0

RALEY'S

2024

2039

CHINO (3)

2006

FEE

33.0

341,577

89.0

LA CURACAO

2021

2041

ROSS DRESS FOR LESS

2013

2033

DD'S DISCOUNT

2016

2036

CHINO (3)

2006

FEE

13.1

168,264

100.0

DOLLAR TREE

2013

2023

PETSMART

2012

2027

RITE AID

2015

2020

CHINO HILLS

2008

JOINT VENTURE

7.2

73,352

94.0

STATER BROTHERS

2022

2052

CHULA VISTA

1998

FEE

3.5

356,335

100.0

COSTCO

2029

2079

WAL-MART

2025

2086

NAVCARE

2010

COLMA (5)

2006

JOINT VENTURE

6.4

213,532

98.0

MARSHALLS

2012

NORDSTROM RACK

2017

BED BATH & BEYOND

2016

2026

CORONA

1998

FEE

48.1

491,998

82.0

COSTCO

2012

2042

HOME DEPOT

2015

2029

ROSS DRESS FOR LESS

2010

CORONA

2007

FEE

12.3

148,805

93.0

VONS

2013

2038

PETSMART

2014

2034

ANNA'S LINENS

2012

2027

COVINA (4)

2000

GROUND LEASE (2053)/ JOINT VENTURE

26.0

278,562

50.0

STAPLES

2011

PETSMART

2010

2028

MICHAELS

2013

2023

CUPERTINO

2006

FEE

11.5

114,533

91.0

99 RANCH MARKET

2012

2027

DALY CITY

2002

FEE

25.6

599,682

98.0

HOME DEPOT

2026

2056

BURLINGTON COAT FACTORY

2012

2022

SAFEWAY

2014

2024

DUBLIN (3)

2006

FEE

12.4

154,728

93.0

ORCHARD SUPPLY HARDWARE

2011

2021

MARSHALLS

2011

2026

ROSS DRESS FOR LESS

2013

2023

EL CAJON

2009

FEE

10.4

98,396

90.0

RITE AID

2018

2043

ROSS DRESS FOR LESS

2014

2024

PETCO

2014

EL CAJON (10)

2003

JOINT VENTURE

10.9

128,343

100.0

KOHL'S

2024

2053

MICHAELS

2015

2035

ELK GROVE

2006

FEE

2.3

30,130

100.0

ELK GROVE

2006

FEE

0.8

7,880

98.0

ELK GROVE (3)

2006

FEE

8.1

89,216

91.0

BEL AIR MARKET

2025

2050

ELK GROVE (3)

2006

FEE

5.0

34,015

70.0

ENCINITAS (3)

2006

FEE

9.1

119,734

84.0

ALBERTSONS

2011

2031

TOTAL WOMAN GYM

2019

2029

ESCONDIDO (3)

2006

FEE

23.1

231,157

95.0

LA FITNESS

2017

2032

VONS

2014

2034

CVS

2014

2034

FAIR OAKS (3)

2006

FEE

9.6

104,866

95.0

RALEY'S

2011

2021

FOLSOM (10)

2003

JOINT VENTURE

9.5

108,255

100.0

KOHL'S

2018

2048

FREMONT (3)

2006

FEE

11.9

131,239

100.0

SAVE MART

2013

2038

CVS

2011

2021

BALLY TOTAL FITNESS

2014

2034

FREMONT (3)

2007

JOINT VENTURE

51.7

504,666

94.0

SAFEWAY

2025

2050

BED BATH & BEYOND

2010

2025

MARSHALLS

2015

2030


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	FRESNO	2009	FEE	10.8	121,228	100.0	BED BATH & BEYOND	2015	2025	SPORTS AUTHORITY	2013	2023	ROSS DRESS FOR LESS	2011	2031
	FRESNO (3)	2006	FEE	9.9	102,581	90.0	SAVE MART	2014	2034	RITE AID	2014	2044
	FULLERTON (3)	2006	GROUND LEASE (2025)	20.3	270,334	95.0	TOYS'R 'US/CHUCK E.CHEESE	2017	2042	AMC THEATRES	2012	2037	AMC THEATERS	2012	2037
	GARDENA (3)	2006	FEE	6.5	65,987	100.0	99 RANCH MARKET	2010	2020	RITE AID	2015	2035
	GRANITE BAY (3)	2006	FEE	11.5	140,184	80.0	RALEY'S	2018	2033
	GRASS VALLEY (3)	2006	FEE	30.0	217,461	93.0	RALEY'S	2018		JCPENNEY	2013	2033	SOUTH YUBA CLUB	2014	2019
	HACIENDA HEIGHTS (3)	2006	FEE	12.1	135,012	87.0	ALBERTSONS	2016	2071	VIVO DANCE	2012
	HAYWARD (3)	2006	FEE	7.2	80,911	90.0	99 CENTS ONLY STORES	2015	2025	BIG LOTS	2011	2021
	HUNTINGTON BEACH (3)	2006	FEE	12.0	148,756	85.0	VONS	2016	2036	CVS	2015	2030
	JACKSON	2008	JOINT VENTURE	9.2	67,665	100.0	RALEY'S	2024	2049
	LA MIRADA	1998	FEE	31.2	261,782	94.0	TOYS R US	2012	2032	U.S. POSTAL SERVICE	2015	2020	MOVIES 7 DOLLAR THEATRE	2013	2018
	LA VERNE (3)	2006	GROUND LEASE (2059)	20.1	227,575	98.0	TARGET	2015	2035	VONS	2010	2055
	LAGUNA HILLS	2007	JOINT VENTURE	0.0	160,000		MACY’S	2014	2050
	LINCOLN (5)	2007	JOINT VENTURE	13.1	119,559	97.0	SAFEWAY	2026	2066	CVS	2027	2057
	LIVERMORE (3)	2006	FEE	8.1	104,363	87.0	ROSS DRESS FOR LESS	2014	2024	RICHARD CRAFTS	2013	2018	BIG 5 SPORTING GOODS	2012	2022
	LOS ANGELES (3)	2006	GROUND LEASE (2050)	14.6	165,195	89.0	RALPHS/FOOD 4 LESS	2012	2037	FACTORY 2-U	2011	2016	RITE AID	2015	2020
	LOS ANGELES (3)	2006	GROUND LEASE (2070)	0.0	169,744	98.0	KMART	2012	2018	SUPERIOR MARKETS	2023	2038	CVS	2011	2016
	MANTECA	2006	FEE	1.1	19,455	94.0
	MANTECA (3)	2006	FEE	7.2	96,393	86.0	PAK 'N SAVE	2013		BIG 5 SPORTING GOODS	2018
	MERCED	2006	FEE	1.6	27,350	72.0
	MODESTO (3)	2006	FEE	17.9	214,402	54.0	RALEY'S	2014	2024
	MONTEBELLO (4)	2000	JOINT VENTURE	25.4	251,489	97.0	SEARS	2012	2062	TOYS R US	2018	2043	AMC THEATRES	2012	2032
	MORAGA (3)	2006	FEE	33.7	163,630	81.0	TJ MAXX	2011	2026	CVS	2010	2035	U.S. POSTAL SERVICE	2016	2031
	MORGAN HILL (10)	2003	JOINT VENTURE	8.1	103,362	100.0	HOME DEPOT	2024	2054
	NAPA	2006	GROUND LEASE (2075)	34.5	349,530	100.0	TARGET	2020	2040	HOME DEPOT	2018	2040	RALEY'S	2020	2045
	NORTHRIDGE	2005	FEE	9.3	158,812	99.0	DSW SHOE WAREHOUSE	2016	2028	GELSON'S MARKET	2017	2027
	NOVATO	2009	FEE	11.3	133,828	94.0	SAFEWAY	2025	2060	RITE AID	2013	2023	BIG LOTS	2010	2020
	OCEANSIDE (3)	2006	FEE	42.7	366,775	82.0	ROSS DRESS FOR LESS	2014		BARNES & NOBLE	2013	2028	MICHAELS	2013	2033
	OCEANSIDE (3)	2006	GROUND LEASE (2048)	9.5	92,378	88.0	TRADER JOE'S	2016	2026	LAMPS PLUS	2011
	OCEANSIDE (3)	2006	FEE	10.2	88,363	58.0	SMART & FINAL	2024	2034
	ORANGEVALE (3)	2007	JOINT VENTURE	17.3	160,811	90.0	SAVE MART	2024	2064	CVS	2022	2052	U.S. POSTAL SERVICE	2012
	OXNARD (4)	1998	FEE	14.4	171,580	100.0	TARGET	2013		FOOD 4 LESS	2013		24 HOUR FITNESS	2010	2020
	PACIFICA (6)	2004	JOINT VENTURE	13.6	168,871	96.0	SAFEWAY	2018	2038	ROSS DRESS FOR LESS	2015	2020	RITE AID	2021
	PACIFICA (3)	2006	FEE	7.5	104,281	94.0	SAVE MART	2010	2032	RITE AID	2012	2042
	PLEASANTON	2007	JOINT VENTURE	0.0	175,000			2012	2040
	POWAY	2005	FEE	8.3	121,713	88.0	STEIN MART	2013	2028	HOME GOODS	2014	2034	OFFICE DEPOT	2013	2028
	RANCHO CUCAMONGA (3)	2006	GROUND LEASE (2042)	17.1	286,846	67.0	FOOD 4 LESS	2014	2034	SPORTS CHALET	2011	2013	PETSMART	2010	2029
	RANCHO CUCAMONGA (3)	2006	FEE	5.2	56,019	91.0	CVS	2011	2026
	RANCHO MIRAGE (3)	2006	FEE	16.9	165,156	84.0	VONS	2010	2039	CVS	2015	2030
	RED BLUFF	2006	FEE	4.6	23,200	89.0
	REDDING	2006	FEE	1.8	21,876	58.0
	REDWOOD CITY	2009	FEE	6.4	49,429	100.0	ORCHARD SUPPLY HARDWARE	2019	2029
	RIVERSIDE	2008	JOINT VENTURE	5.0	86,108	97.0	BURLINGTON COAT FACTORY	2014	2029
	ROSEVILLE	2009	FEE	20.3	188,493	96.0	SPORTS AUTHORITY	2016	2031	ROSS DRESS FOR LESS	2013	2028	STAPLES	2013	2028
	ROSEVILLE (5)	2007	JOINT VENTURE	9.0	81,171	100.0	SAFEWAY	2030	2060
	SACRAMENTO (3)	2006	FEE	23.1	188,874	90.0	SEAFOOD CITY	2018	2033	SD MART	2018	2023	BIG 5 SPORTING GOODS	2012	2022
	SAN DIEGO	2007	JOINT VENTURE	0.0	225,919	100.0	NORDSTROM	2017	2037
	SAN DIEGO	2009	FEE	26.8	411,375	100.0	COSTCO	2014	2044	PRICE SELF STORAGE	2035		CHARLOTTE RUSSE	2011
	SAN DIEGO	2009	FEE	5.9	35,000	79.0	CLAIM JUMPER	2013	2023
	SAN DIEGO	2007	FEE	13.4	49,080	94.0
	SAN DIEGO (4)	2000	FEE	11.2	117,410	100.0	ALBERTSONS	2012		SPORTS AUTHORITY	2013
	SAN DIEGO (5)	2007	JOINT VENTURE	12.8	57,406	96.0
	SAN DIEGO (5)	2007	JOINT VENTURE	5.9	59,414	94.0
	SAN DIEGO (3)	2006	GROUND LEASE (2016)	16.4	210,621	68.0	TJ MAXX	2015		CVS	2013	2023	HENRY'S MARKETPLACE	2012	2022
	SAN DIMAS (3)	2006	FEE	13.4	154,000	89.0	OFFICEMAX	2011	2026	ROSS DRESS FOR LESS	2013	2023	PETCO	2012	2027
	SAN JOSE (3)	2006	FEE	16.8	183,180	89.0	WAL-MART	2011	2041	WALGREENS	2030
	SAN LEANDRO (3)	2006	FEE	6.2	95,255	92.0	ROSS DRESS FOR LESS	2018		MICHAELS	2013
	SAN LUIS OBISPO	2005	FEE	17.6	174,428	90.0	VON'S	2017	2042	MICHAELS	2013	2028	CVS	2017	2047
	SAN RAMON (4)	1999	FEE	5.3	41,913	94.0	PETCO	2012	2022


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	SANTA ANA	1998	FEE	12.0	134,400	100.0	HOME DEPOT	2015	2035
	SANTA CLARITA (3)	2006	FEE	14.1	96,662	88.0	ALBERTSONS	2012	2042
	SANTA ROSA	2005	FEE	3.6	41,565	94.0	ACE HARDWARE	2010	2019
	SANTEE (10)	2003	JOINT VENTURE	44.5	311,498	98.0	24 HOUR FITNESS	2017		BED BATH & BEYOND	2013	2028	TJ MAXX	2012	2027
	SIGNAL HILL	2009	FEE	15.0	154,750	96.0	HOME DEPOT	2014	2034	PETSMART	2014	2024
	STOCKTON	1999	FEE	14.6	152,919	100.0	SUPER UNITED FURNITURE	2014	2019	GOLD'S GYM	2025	2035	COSTCO	2013	2033
	TEMECULA	2009	FEE	47.4	345,113	100.0	WAL-MART	2028	2058	KOHL'S	2024	2044	ROSS DRESS FOR LESS	2014	2034
	TEMECULA (4)	1999	FEE	40.0	342,336	91.0	KMART	2017	2032	FOOD 4 LESS	2010	2030	TRISTONE THEATRES	2013	2018
	TEMECULA (3)	2006	FEE	17.9	139,130	87.0	ALBERTSONS	2015	2045	CVS	2016	2041
	TORRANCE (4)	2000	JOINT VENTURE	26.8	267,677	99.0	SEARS	2011	2021	MARSHALLS	2014	2019	ROSS DRESS FOR LESS	2019	2000
	TORRANCE (3)	2007	JOINT VENTURE	6.7	66,958	82.0	ACE HARDWARE	2013	2023	COOKIN' STUFF	2012
	TRUCKEE	2006	FEE	3.2	26,553	88.0
	TRUCKEE (5)	2007	GROUND LEASE (2016)/JOINT VENTURE	4.9	41,149	96.0
	TURLOCK (3)	2006	FEE	10.1	111,558	92.0	RALEY'S	2018	2033	DECHINA 1 BUFFET, INC.	2014	2024
	TUSTIN (10)	2003	JOINT VENTURE	9.1	108,413	100.0	KMART	2018	2048
	TUSTIN (10)	2005	JOINT VENTURE	57.4	685,330	97.0	TARGET	2033		AMC THEATERS	2027		WHOLE FOODS MARKET	2027
	TUSTIN (3)	2006	FEE	15.7	208,272	85.0	VONS	2021	2041	RITE AID	2014	2029	KRAGEN AUTO PARTS	2011	2016
	TUSTIN (3)	2006	FEE	12.9	138,348	95.0	RALPHS	2024	2039	CVS	2022	2032	MICHAELS	2013
	UPLAND (3)	2006	FEE	22.5	271,867	82.0	THE HOME DEPOT	2014	2029	PAVILIONS	2013	2043	STAPLES	2013	2028
	VALENCIA (3)	2006	FEE	13.6	143,070	94.0	RALPHS	2023	2053	CVS	2013	2023
	VALLEJO (3)	2006	FEE	14.2	150,766	93.0	RALEY'S	2017	2032	24 HOUR FITNESS	2013		AARON RENTS	2013	2023
	VISALIA	2007	JOINT VENTURE	23.5	138,719	92.0	MARSHALLS	2010		BED BATH & BEYOND	2011		BORDERS BOOKS	2014	2029
	VISALIA (3)	2006	FEE	4.2	42,460	71.0	CHUCK E. CHEESE	2013
	VISTA (3)	2006	FEE	12.0	136,672	84.0	ALBERTSONS	2011	2041	CVS	2015	2025
	WALNUT CREEK (3)	2006	FEE	3.2	114,733	91.0	CENTURY THEATRES	2023	2053	COST PLUS	2014	2024
	WESTMINSTER (3)	2006	FEE	16.4	208,660	87.0	PAVILIONS	2017	2047
	WINDSOR (3)	2006	FEE	9.8	107,769	95.0	RALEY'S	2012	2027	THE 24 HOUR CLUB	2018
	WINDSOR (3)	2006	GROUND LEASE (2013)	13.1	126,187	84.0	SAFEWAY	2014	2054	CVS	2018	2048
COLORADO
	AURORA	1998	FEE	13.8	154,055	82.0	ROSS DRESS FOR LESS	2017	2037	TJ MAXX	2018	2023	SPACE AGE FEDERAL	2016	2026
	AURORA	1998	FEE	9.9	44,174	59.0
	AURORA	1998	FEE	13.9	152,282	63.0	ALBERTSONS	2011	2051	DOLLAR TREE	2012	2027	KEY BANK	2012	2032
	COLORADO SPRINGS	1998	FEE	10.7	107,310	75.0	RANCHO LIBORIO	2018	2043
	DENVER	1998	FEE	1.5	18,405	100.0	SAVE-A-LOT	2012	2027
	ENGLEWOOD	1998	FEE	6.5	80,330	90.0	HOBBY LOBBY	2013	2023	OLD COUNTRY BUFFET	2019	2024
	FORT COLLINS	2000	FEE	11.6	115,862	100.0	KOHL'S	2020	2070	GUITAR CENTER	2017	2027
	GREELEY (8)	2005	JOINT VENTURE	14.4	138,818	100.0	BED BATH & BEYOND	2016	2036	MICHAELS	2015	2035	SPROUTS FARMERS MARKET	2025	2045
	GREENWOOD VILLAGE (10)	2003	JOINT VENTURE	21.0	196,726	100.0	HOME DEPOT	2019	2069
	LAKEWOOD	1998	FEE	7.6	82,581	85.0	SAFEWAY	2012	2032
	PUEBLO (10)	2006	JOINT VENTURE	3.3	30,809	0.0
CONNECTICUT
	BRANFORD (4)	2000	JOINT VENTURE	19.1	190,738	100.0	KOHL'S	2012	2022	SUPER FOODMART	2016	2038
	DERBY	2005	JOINT VENTURE	20.7	141,258	100.0	LOWE'S HOME CENTER	2028	2068
	ENFIELD (4)	2000	JOINT VENTURE	14.9	148,517	98.0	KOHL'S	2021	2041	BEST BUY	2016	2031
	FARMINGTON	1998	FEE	16.9	184,572	95.0	SPORTS AUTHORITY	2018	2063	BORDERS BOOKS	2018	2063	TJ MAXX	2015
	FARMINGTON	2005	JOINT VENTURE	5.7	24,300	100.0	CANTON FEED & SUPPLY	2021	2031
	HAMDEN (10)	1967	JOINT VENTURE	31.7	345,196	90.0	WAL-MART	2019	2039	BON-TON	2012		BOB'S STORES	2016	2036
	NORTH HAVEN	1998	FEE	31.7	331,919	94.0	HOME DEPOT	2014	2029	BJ'S	2011	2041	XPECT DISCOUNT	2013
	WATERBURY	1993	FEE	13.1	141,443	100.0	RAYMOUR & FLANIGAN FURNITURE	2017	2037	STOP & SHOP	2013	2043


LOCATION		YEAR DEVELOPED OR ACQUIRED		OWNERSHIP INTEREST/ (EXPIRATION)(2)		LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED		OWNERSHIP INTEREST/ (EXPIRATION)(2)		LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

DELAWARE
	ELSMERE (12)	1979		GROUND LEASE (2076)		17.1	91,718	100.0
	WILMINGTON (6)	2004		GROUND LEASE (2072)/ JOINT VENTURE		25.9	165,805	100.0	SHOPRITE	2014	2044	SPORTS AUTHORITY	2013	2023	RAYMOUR & FLANIGAN FURN.	2019	2044
FLORIDA
	ALTAMONTE SPRINGS	1995		FEE		5.6	60,191	0.0
	ALTAMONTE SPRINGS	1998		FEE		19.4	233,817	81.0	BAER'S FURNITURE	2014		DSW SHOE WAREHOUSE	2012	2032	MICHAELS	2012	2022
	BOCA RATON	1967		FEE		9.9	73,549	90.0	WINN DIXIE	2013	2033
	BONITA SPRINGS (5)	2006		JOINT VENTURE		0.5	79,676	89.0	PUBLIX	2022	2052
	BOYNTON BEACH (4)	1999		FEE		18.0	194,924	99.0	BEALLS	2011	2056	ALBERTSONS	2015	2040
	BRADENTON	1968		JOINT VENTURE		6.2	30,938	86.0	GRAND CHINA BUFFET	2010	2014
	BRADENTON	1998		FEE		19.6	162,997	88.0	PUBLIX	2012	2032	TJ MAXX	2014	2019	JO-ANN FABRICS	2014	2024
	BRADENTON	2005		JOINT VENTURE		1.8	18,000	100.0	BEALL'S OUTLET	2013	2033
	BRANDON (4)	2001		FEE		29.7	143,785	96.0	BED BATH & BEYOND	2020	2030	ROSS DRESS FOR LESS	2015	2025	THOMASVILLE HOME	2010	2020
	CAPE CORAL (5)	2006		JOINT VENTURE		12.5	125,108	96.0	PUBLIX	2022	2052	ROSS DRESS FOR LESS	2013	2033	STAPLES	2013	2033
	CAPE CORAL (5)	2006		JOINT VENTURE		2.3	42,030	94.0
	CLEARWATER	2005		FEE		20.7	212,341	89.0	HOME DEPOT	2023	2068	JO-ANN FABRICS	2014	2034	STAPLES	2014	2034
	CORAL SPRINGS	1994		FEE		5.9	55,597	96.0
	CORAL SPRINGS	1997		FEE		9.8	86,342	93.0	TJ MAXX	2012	2017	ANNA'S LINENS	2012	2027	PARTY SUPERMARKET	2011	2016
	CORAL WAY (10)	1992		JOINT VENTURE		8.7	87,305	98.0	WINN DIXIE	2011	2036	STAPLES	2016	2031
	CUTLER RIDGE (10)		1998		JOINT VENTURE	6.6	37,640	100.0	POTAMKIN CHEVROLET	2015	2050
	DELRAY BEACH (5)		2006		JOINT VENTURE	0.0	50,906	100.0	PUBLIX	2025	2055
	EAST ORLANDO		1971		GROUND LEASE (2068)	11.6	131,981	92.0	SPORTS AUTHORITY	2010	2020	OFFICE DEPOT	2010	2025	C-TOWN	2013	2028
	FERN PARK		1968		FEE	12.0	131,646	38.0	ALDI	2019	2039	DEAL$	2014	2029
	FORT LAUDERDALE		2009		FEE	22.9	229,034	97.0	REGAL CINEMAS	2017	2057	OFFICE DEPOT	2011	2026	JUST FOR SPORTS	2017	2023
	FORT MYERS (5)		2006		JOINT VENTURE	7.4	74,286	79.0	PUBLIX	2023	2053
	HIALEAH (10)		1998		JOINT VENTURE	2.4	23,625	100.0	POTAMKIN CHEVROLET	2015	2050
	HOLLYWOOD		2009		FEE	98.9	871,723	99.4	HOME DEPOT	2019	2069	KMART	2019	2069	BJ'S	2019	2069
	HOLLYWOOD		2009		FEE	10.5	141,097	92.3	AZOPHARMA	2014	2020	AZOPHARMA	2014	2020	C'EST PAPIER, INC.	2012	2017
	HOLLYWOOD (10)		2002		JOINT VENTURE	5.0	49,543	100.0	MICHAELS	2010	2030	HOME GOODS	2010	2025
	HOMESTEAD (10)		1972		GROUND LEASE (2093)/ JOINT VENTURE	21.0	209,214	98.0	PUBLIX	2014	2034	MARSHALLS	2011	2026	OFFICEMAX	2013	2028
	JACKSONVILLE		1999		FEE	18.6	205,696	100.0	BURLINGTON COAT FACTORY	2013	2018	OFFICEMAX	2012	2032	TJ MAXX	2012	2017
	JACKSONVILLE (10)		2002		JOINT VENTURE	5.1	51,002	100.0	MICHAELS	2013	2033	HOME GOODS	2010	2020
	JACKSONVILLE (11)		2005		JOINT VENTURE	135.1	116,000	53.0	HHGREGG	2018	2033
	JACKSONVILLE (5)		2006		JOINT VENTURE	9.3	72,840	92.0	PUBLIX	2023	2053
	JENSEN BEACH		1994		FEE	20.7	173,319	78.0	SERVICE MERCHANDISE	2010	2070	MARSHALLS	2010	2020	DOLLAR TREE	2013	2028
	JENSEN BEACH (7)		2006		JOINT VENTURE	19.8	205,534	82.0	HOME DEPOT	2025	2030	JO-ANN FABRICS	2020	2035
	KEY LARGO (4)		2000		JOINT VENTURE	21.5	210,965	97.0	KMART	2014	2064	PUBLIX	2014	2029	BEALLS OUTLET	2011
	KISSIMMEE		1996		FEE	18.4	130,983	83.0	WAL-MART	2031	2011	OFFICEMAX	2012	2027	DEAL$	2013	2028
	LAKELAND		2001		FEE	22.9	229,383	79.0	STEIN MART	2011	2026	ROSS DRESS FOR LESS	2012		MARSHALLS	2021	2036
	LAKELAND		2006		FEE	10.4	86,022	100.0	SPORTS AUTHORITY	2011	2026	LAKELAND SQUARE 10 THEATRE	2010		CHUCK E CHEESE	2016	2026
	LARGO		1968		FEE	12.0	149,472	100.0	WAL-MART	2012	2027	ALDI	2018	2038
	LARGO		1992		FEE	29.4	215,916	92.0	PUBLIX	2014	2029	AMC THEATRES	2013	2036	OFFICE DEPOT	2011	2021
	LAUDERDALE LAKES		1968		JOINT VENTURE	10.0	108,240	98.0	SAVE-A-LOT	2012	2017	THINK THRIFT	2012	2017
	LAUDERDALE LAKES		1968		FEE	10.0	7,101	100.0
	LAUDERHILL		1974		FEE	17.8	181,416	98.0	BABIES R US	2014		STAPLES	2017	2037	BIG DEALS	2013	2018
	LEESBURG		1969		GROUND LEASE (2017)	1.0	13,468	100.0
	MARGATE		1993		FEE	34.1	264,729	80.0	WINN DIXIE	2030	2060	SAM ASH MUSIC	2011		OFFICE DEPOT	2010	2025
	MELBOURNE		1968		GROUND LEASE (2071)	11.5	168,737	96.0	SUBMITTORDER CO	2010	2022	WALGREENS	2045		GOODWILL INDUSTRIES	2012
	MELBOURNE		1998		FEE	13.2	144,399	97.0	JO-ANN FABRICS	2016	2031	BED BATH & BEYOND	2013	2028	MARSHALLS	2010
	MERRITT ISLAND (5)		2006		JOINT VENTURE	0.0	60,103	91.0	PUBLIX	2023	2053
	MIAMI		1968		FEE	8.2	104,908	89.0	HOME DEPOT	2029	2059
	MIAMI		1986		FEE	7.8	83,380	100.0	PUBLIX	2014	2029	WALGREENS	2018
	MIAMI		2007		FEE	33.4	349,873	89.0	PUBLIX	2011	2031	OFFICE DEPOT	2010	2015	MICHAELS	2010	2015
	MIAMI		1995		FEE	5.4	63,604	89.0	PETCO	2016	2021	PARTY CITY	2012	2017
	MIAMI		2009		FEE	31.2	402,801	95.0	KMART	2012	2042	EL DORADO FURNITURE	2017	2032	SYMS	2011	2041
	MIAMI (10)		1998		JOINT VENTURE	8.7	86,900	100.0	POTAMKIN CHEVROLET	2015	2050
	MIAMI (10)		1998		JOINT VENTURE	2.9	29,166	100.0	LEHMAN TOYOTA	2015	2050
	MIAMI (10)		1998		JOINT VENTURE	1.7	17,117	100.0	LEHMAN TOYOTA	2015	2050


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)		LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)		LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	MIAMI (10)	1962		JOINT VENTURE	14.0	79,273	92.0	BABIES R US	2011	2021	FIRESTONE TIRE	2011
	MIAMI (5)	2007		JOINT VENTURE	7.5	60,280	95.0	PUBLIX	2027	2062
	MIAMI (5)	2006		JOINT VENTURE	0.0	63,595	96.0	PUBLIX	2023	2053
	MIDDLEBURG	2005		JOINT VENTURE	50.0	50,000	92.0	DOLLAR TREE	2013	2028
	MIRAMAR (11)	2005		JOINT VENTURE	7.6	156,000	0.0
	MOUNT DORA	1997		FEE	12.4	120,430	99.0	KMART	2013	2063
	NORTH LAUDERDALE (3)	2007		JOINT VENTURE	28.9	250,209	97.0	HOME DEPOT	2019	2049	CHANCELLOR ACADEMY	2011	2016	PUBLIX	2011	2031
	NORTH MIAMI BEACH	1985		FEE	15.9	108,795	100.0	PUBLIX	2019	2039	WALGREENS	2058
	OCALA	1997		FEE	27.2	260,419	93.0	KMART	2011	2021	BEST BUY	2019	2034	SERVICE MERCHANDISE	2012	2032
	ORANGE PARK (10)	2003		GROUND LEASE (2035)/JOINT VENTURE	5.0	50,299	100.0	BED BATH & BEYOND	2015	2025	MICHAELS	2010	2030
	ORLANDO	1968		JOINT VENTURE	10.0	113,262	59.0	HSN	2014	2019	SAVE-A-LOT	2019	2034	PARTY CITY	2012	2017
	ORLANDO (12)	2009		GROUND LEASE (2011)	7.8	176,548	68.0	24 HOUR FITNESS	2023	2038	TJ MAXX	2018	2038
	ORLANDO	1994		FEE	28.0	236,486	72.0	OLD TIME POTTERY	2010	2020	SPORTS AUTHORITY	2011	2031
	ORLANDO	1996		FEE	11.7	132,856	100.0	ROSS DRESS FOR LESS	2013	2028	BIG LOTS	2014		ALDI	2018	2038
	ORLANDO	2009		FEE	14.0	154,356	87.0	MARSHALLS	2013	2028	OFF BROADWAY SHOES	2013	2023	GOLFSMITH GOLF CENTER	2014	2024
	ORLANDO (4)	2000		JOINT VENTURE	18.0	179,065	98.0	KMART	2014	2064	PUBLIX	2012	2037
	OVIEDO (5)	2006		JOINT VENTURE	7.8	78,093	95.0	PUBLIX	2020	2050
	PLANTATION (10)	1974		JOINT VENTURE	4.6	60,414	95.0	WHOLE FOODS MARKET	2014	2019	WHOLE FOODS MARKET	2014	2019
	POMPANO BEACH	1968		JOINT VENTURE	12.6	66,613	96.0	SAVE-A-LOT	2015	2030
	POMPANO BEACH (10)	2007		JOINT VENTURE	10.3	103,173	100.0	KMART	2012	2017
	POMPANO BEACH (8)	2004		JOINT VENTURE	18.6	140,312	89.0	WINN DIXIE	2018	2043	CVS	2020	2040
	RIVIERA BEACH	1968		JOINT VENTURE	5.1	46,390	92.0	FURNITURE KINGDOM	2010	2014	GOODWILL INDUSTRIES	2013
	SANFORD	1989		FEE	40.9	162,865	70.0	ROSS DRESS FOR LESS	2012	2032	DOLLAR TREE	2011	2021
	SARASOTA	1970		FEE	10.0	102,455	100.0	TJ MAXX	2012	2017	OFFICEMAX	2014	2024	DOLLAR TREE	2012	2032
	SARASOTA	1989		FEE	12.0	129,700	93.0	SWEETBAY	2020	2040	ACE HARDWARE	2013	2023	AARON'S	2015	2021
	SARASOTA (5)	2006		JOINT VENTURE	0.0	65,320	80.0	PUBLIX	2063
	ST. AUGUSTINE (10)	2005		JOINT VENTURE	1.5	62,000	91.0	HOBBY LOBBY	2019	2032
	ST. PETERSBURG	1968		GROUND LEASE (2059)/ JOINT VENTURE	9.0	119,474	100.0	KASH N' KARRY	2017	2037	TJ MAXX	2012	2014	YOU FIT	2018	2028
	TALLAHASSEE	1998		FEE	12.8	105,655	75.0	STEIN MART	2018	2033
	TAMPA	1997		FEE	23.9	205,634	99.0	AMERICAN SIGNATURE	2019	2044	STAPLES	2013	2018	ROSS DRESS FOR LESS	2012	2022
	TAMPA	2004		FEE	22.4	197,181	96.0	LOWE'S HOME CENTER	2026	2066
	TAMPA (4)	2001		FEE	73.0	340,460	96.0	BEST BUY	2016	2031	JO-ANN FABRICS	2016	2031	BED BATH & BEYOND	2015	2030
	TAMPA (8)	2007		JOINT VENTURE	10.0	100,200	84.0	PUBLIX	2011	2026
	WEST PALM BEACH	1995		FEE	7.9	79,904	81.0	BABIES R US	2011	2021
	WEST PALM BEACH	2009		FEE	33.0	357,537	85.0	KMART	2018	2068	WINN DIXIE	2019	2049	ROSS DRESS FOR LESS	2014	2029
	WEST PALM BEACH (10)	1967		JOINT VENTURE	7.6	81,073	92.0	WINN DIXIE	2010	2030
	WINTER HAVEN (10)	1973		JOINT VENTURE	13.9	95,188	100.0	BIG LOTS	2015	2020	JO-ANN FABRICS	2011	2016	BUDDY'S HOME FURNISHINGS	2015	2025
	YULEE	2003		JOINT VENTURE	11.9	59,000
GEORGIA
	ALPHARETTA	2008		JOINT VENTURE	15.4	130,515	94.0	KROGER	2020	2050
	ATLANTA	2008		JOINT VENTURE	31.0	354,214	88.0	DAYS INN	2014	2034	KROGER	2021	2056	GOODYEAR TIRE	2010	2030
	ATLANTA (8)	2007		JOINT VENTURE	10.1	175,835	100.0	MARSHALLS	2014	2034	BEST BUY	2014	2029	OFF BROADWAY SHOE	2013	2019
	AUGUSTA	1995		FEE	11.3	112,537	97.0	TJ MAXX	2015	2020	ROSS DRESS FOR LESS	2013	2033	RUGGED WEARHOUSE	2013	2018
	AUGUSTA (4)	2001		JOINT VENTURE	52.6	532,536	87.0	HOBBY LOBBY	2019	2029	SPORTS AUTHORITY	2012	2027	HHGREGG	2017	2027
	DULUTH (5)	2006		JOINT VENTURE	7.8	78,025	100.0	WHOLE FOODS MARKET	2027	2057
	SAVANNAH	1993		FEE	22.2	187,076	92.0	BED BATH & BEYOND	2013	2028	TJ MAXX	2010	2015	MARSHALLS	2013	2022
	SAVANNAH	1995		GROUND LEASE (2045)	8.5	84,628	92.0	PUBLIX	2028	2063	STAPLES	2015	2030	AUTOZONE	2019	2034
	SAVANNAH	2008		JOINT VENTURE	18.0	197,957	95.0	H.H.GREGG	2019	2034	ROSS DRESS FOR LESS	2016	2036	COST PLUS	2016	2031
	SNELLVILLE (4)	2001		FEE	35.6	311,033	93.0	KOHL'S	2022	2062	BELK	2015	2035	HHGREGG	2019	2034
	VALDOSTA (10)	2004		JOINT VENTURE	17.5	175,396	100.0	LOWE'S HOME CENTER	2019	2069
HAWAII
	KIHEI	2006		FEE	4.6	17,897	83.0
ILLINOIS
	AURORA	1998		FEE	17.9	91,182	100.0	CERMAK PRODUCE AURORA	2022	2042
	AURORA (5)	2005		JOINT VENTURE	34.7	361,991	71.0	BEST BUY	2011	2026	GOLFSMITH	2016	2031	MONKEY JOE'S	2019	2029
	BATAVIA (4) (12)	2002		FEE	31.7	272,410	92.0	KOHL'S	2019	2049	HOBBY LOBBY	2014	2019	BUY BUY BABY	2020	2040
	BELLEVILLE	1998		FEE	9.7	98,860	83.0	KMART	2024	2054
	BLOOMINGTON	1972		FEE	16.1	188,250	99.0	SCHNUCK MARKETS	2014	2029	TOYS R US	2015	2045	BARNES & NOBLE	2015


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	BLOOMINGTON (10)	2003	JOINT VENTURE	11.0	73,951	100.0	JEWEL-OSCO	2014	2039
	BRADLEY	1996	FEE	5.4	80,535	100.0	CARSON PIRIE SCOTT	2014	2034
	CALUMET CITY	1997	FEE	17.0	159,647	97.0	MARSHALLS	2014	2029	BEST BUY	2012	2032	BED BATH & BEYOND	2014	2024
	CHAMPAIGN	1998	FEE	9.0	111,985	100.0	HOBBY LOBBY	2017	2027	CARLE CLINIC	2013	2028
	CHAMPAIGN (4)	2001	FEE	9.3	111,720	100.0	BEST BUY	2016	2031	DICK'S SPORTING GOODS	2016	2031	MICHAELS	2010	2025
	CHICAGO	1997	GROUND LEASE (2040)	17.5	102,011	100.0	BURLINGTON COAT FACTORY	2020	2035	RAINBOW SHOPS	2015	2020	BEAUTY ONE	2015
	CHICAGO	1997	FEE	6.0	86,894	100.0	KMART	2024	2054
	COUNTRYSIDE	1997	FEE	27.7	3,500	100.0
	CRESTWOOD	1997	GROUND LEASE (2051)	36.8	79,903	100.0	SEARS	2024	2051
	CRYSTAL LAKE	1998	FEE	6.1	80,624	100.0	HOBBY LOBBY	2019	2024	MONKEY JOE'S	2019	2029
	DOWNERS GROVE	1998	GROUND LEASE (2041)	5.0	100,000	100.0	HOME DEPOT EXPO	2022	2062
	DOWNERS GROVE	1999	FEE	24.8	145,153	93.0	MICHAEL'S FRESH MARKET	2025	2045	DOLLAR TREE	2013	2023	WALGREENS	2022
	DOWNERS GROVE	1997	FEE	12.0	141,906	100.0	TJ MAXX	2014	2024	BEST BUY	2015	2030	BEST BUY	2012	2032
	ELGIN	1972	FEE	18.7	186,432	100.0	ELGIN MALL	2013	2023	ELGIN FARMERS PRODUCTS	2020	2030	AARON SALES	2012	2022
	FAIRVIEW HEIGHTS	1998	GROUND LEASE (2050)	19.1	192,073	100.0	KMART	2024	2054	OFFICEMAX	2015	2025	WALGREENS	2015	2029
	FOREST PARK	1997	GROUND LEASE (2021)	9.3	98,371	100.0	KMART	2021
	GENEVA	1996	FEE	8.2	104,688	100.0	GANDER MOUNTAIN	2013	2028
	KILDEER (5)	2006	JOINT VENTURE	23.3	167,477	79.0	BED BATH & BEYOND	2012	2032	OLD NAVY	2011	2016	COST PLUS	2012	2027
	LAKE ZURICH	2005	JOINT VENTURE	0.9	9,151	45.0
	MATTESON	1997	FEE	17.0	157,885	81.0	SPORTS AUTHORITY	2014	2029	MARSHALLS	2015	2025	BORDERS BOOKS	2024	2039
	MOUNT PROSPECT	1997	FEE	16.8	192,547	85.0	KOHL'S	2024	2054	HOBBY LOBBY	2016	2026
	MUNDELIEN	1998	FEE	7.6	89,692	100.0	BURLINGTON COAT FACTORY	2018	2033
	NAPERVILLE	1997	FEE	9.0	102,327	100.0	BURLINGTON COAT FACTORY	2015	2033
	NORRIDGE	1997	GROUND LEASE (2047)	11.7	116,914	100.0	KMART	2012	2047
	OAK LAWN	1997	FEE	15.4	183,893	100.0	KMART	2024	2054	CHUCK E CHEESE	2016	2026
	OAKBROOK TERRACE	2001	GROUND LEASE (2049)	15.6	176,263	100.0	HOME DEPOT	2024	2044	LOYOLA UNIV. MEDICAL CNTR	2011	2016	POMPEI BAKERY	2011	2021
	ORLAND PARK	1997	FEE	18.8	15,535	13.0
	OTTAWA	1970	FEE	9.0	60,000	0.0
	PEORIA	1997	GROUND LEASE (2055)	20.5	156,067	100.0	KMART	2014	2021	MARSHALLS	2011
	ROCKFORD	2008	JOINT VENTURE	8.9	89,047	61.0	BEST BUY	2016	2031
	ROLLING MEADOWS	2003	FEE	0.0	37,225	100.0	FAIR LANES ROLLING MEADOWS	2013
	ROUND LAKE BEACH	2005	JOINT VENTURE	5.0	27,950	100.0	OFFICE DEPOT	2018	2043
	SCHAUMBURG (10)	1998	JOINT VENTURE	7.3	91,770	0.0
	SCHAUMBURG (10)	2003	JOINT VENTURE	62.8	628,623	97.0	GALYAN'S TRADING COMPANY	2013	2038	CARSON PIRIE SCOTT	2021	2071	LOEWS THEATRES	2019	2039
	SKOKIE	1997	FEE	5.8	58,455	100.0	MARSHALLS	2010	2025	OLD NAVY	2010	2015
	STREAMWOOD	1998	FEE	5.6	81,000	100.0
	WAUKEGAN	2005	JOINT VENTURE	2.9	5,883	100.0
	WOODRIDGE	1998	FEE	13.1	172,363	84.0	WOODGROVE THEATERS, INC	2017	2032	KOHL'S	2015	2030	SHOE CARNIVAL	2014	2019
INDIANA
	EVANSVILLE	1986	FEE	14.2	192,377	84.0	BURLINGTON COAT FACTORY	2015	2030	OFFICEMAX	2012	2027	FAMOUS FOOTWEAR	2012	2025
	GREENWOOD	1970	FEE	25.7	168,577	84.0	BABY SUPERSTORE	2011	2021	TOYS R US	2016	2056	TJ MAXX	2015
	GRIFFITH	1997	FEE	10.6	114,684	100.0	KMART	2024	2054
	INDIANAPOLIS (10)	1963	JOINT VENTURE	17.4	165,255	96.0	KROGER	2026	2066	AJ WRIGHT	2012	2027	CVS	2021	2031
	LAFAYETTE	1971	FEE	12.4	90,500	92.0	KROGER	2026	2056
	LAFAYETTE	1997	FEE	24.3	238,288	71.0	HOME DEPOT	2026	2056	JO-ANN FABRICS	2020	2030
	MERRILLVILLE	2005	JOINT VENTURE	3.0	19,074	0.0
	MISHAWAKA	1998	FEE	7.5	80,981	100.0	HHGREGG	2018	2038	BED BATH & BEYOND	2019	2034
	SOUTH BEND	1998	FEE	1.8	81,668	100.0	MENARD	2013	2033
	SOUTH BEND (10)	2003	JOINT VENTURE	27.2	271,335	86.0	BED BATH & BEYOND	2016	2040	TJ MAXX	2016		DSW SHOE WAREHOUSE	2020	2035
IOWA
	CLIVE	1996	FEE	8.8	90,000	100.0	KMART	2021	2051
	COUNCIL BLUFFS	2006	JOINT VENTURE	79.0	155,366	98.0	HOBBY LOBBY	2023	2038	BED BATH & BEYOND	2019	2039	PETSMART	2019	2044
	DAVENPORT	1997	GROUND LEASE (2028)	9.1	91,035	100.0	KMART	2024	2054
	DES MOINES	1999	FEE	23.0	149,059	82.0	BEST BUY	2013	2022	OFFICEMAX	2013	2018	PETSMART	2017	2042
	DUBUQUE	1997	GROUND LEASE (2019)	6.5	82,979	100.0	SHOPKO	2018	2019
	SOUTHEAST DES MOINES	1996	FEE	9.6	111,847	100.0	HOME DEPOT	2020	2065
	WATERLOO	1996	FEE	9.0	104,074	100.0	HOBBY LOBBY	2014	2024	TJ MAXX	2014	2024	SHOE CARNIVAL	2015	2025


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

KANSAS
	EAST WICHITA (4)	1996	FEE	6.5	96,011	100.0	DICK'S SPORTING GOODS	2018	2033	GORDMANS	2012	2032
	OVERLAND PARK	2006	FEE	14.5	120,164	97.0	HOME DEPOT	2015	2050
	WICHITA (4)	1998	FEE	13.5	133,771	100.0	BEST BUY	2015	2025	TJ MAXX	2015	2020	MICHAELS	2010	2025
KENTUCKY
	BELLEVUE	1976	FEE	6.0	53,695	100.0	KROGER	2010	2035
	FLORENCE (6)	2004	FEE	8.2	99,578	67.0	DICK'S SPORTING GOODS	2023	2038
	HINKLEVILLE	1994	GROUND LEASE (2039)	2.0	85,229	0.0
	LEXINGTON	1993	FEE	33.8	234,943	91.0	BEST BUY	2014	2024	BED BATH & BEYOND	2013	2038	TOYS R US	2013	2038
LOUISIANA
	BATON ROUGE	1997	FEE	18.6	349,907	93.0	BURLINGTON COAT FACTORY	2014	2034	STEIN MART	2011	2016	K&G MEN'S COMPANY	2017	2032
	BATON ROUGE (10)	2005	FEE	9.4	67,755	86.0	WAL-MART	2024	2034
	HARVEY	2008	JOINT VENTURE	14.9	174,354	77.0	BEST BUY	2017	2032	BARNES & NOBLE	2012	2022	COST PLUS	2013	2028
	HOUMA	1999	FEE	10.1	98,586	100.0	OLD NAVY	2011	2014	BURKE'S OUTLET STORE	2019	2029	MICHAELS	2014	2019
	LAFAYETTE	1997	FEE	21.9	244,768	91.0	STEIN MART	2010	2020	HOME FURNITURE COMPANY	2014	2019	TJ MAXX	2014	2019
MAINE
	BANGOR	2001	FEE	8.6	86,422	100.0	BURLINGTON COAT FACTORY	2012	2032
	S. PORTLAND	2008	JOINT VENTURE	12.5	98,401	82.0	DSW SHOE WAREHOUSE	2012	2027	DOLLAR TREE	2015	2025	GUITAR CENTER	2016	2026
MARYLAND
	BALTIMORE (5)	2005	JOINT VENTURE	5.8	58,879	100.0	CORT FURNITURE RENTAL	2012	2022
	BALTIMORE (6) (12)	2004	JOINT VENTURE	7.6	79,497	96.0	GIANT FOOD	2016	2031
	BALTIMORE (7)	2005	JOINT VENTURE	10.7	90,830	98.0	GIANT FOOD	2011	2036
	BALTIMORE (8)	2004	JOINT VENTURE	7.5	90,903	98.0	GIANT FOOD	2026	2051
	BALTIMORE (9)	2007	JOINT VENTURE	18.4	152,834	97.0	KMART	2010	2055	SALVO AUTO PARTS	2014	2019
	BALTIMORE (9)	2007	JOINT VENTURE	10.6	112,722	100.0	SAFEWAY	2016	2046	RITE AID	2011	2026	DOLLAR TREE	2013	2028
	BALTIMORE (9)	2007	JOINT VENTURE	7.3	77,287	100.0	SUPER FRESH	2021	2061
	BEL AIR (8)	2004	FEE	19.7	129,927	97.0	SAFEWAY	2030	2060	CVS	2021	2041	DOLLAR TREE	2019	2029
	CLARKSVILLE (9)	2007	JOINT VENTURE	15.2	105,907	100.0	GIANT FOOD	2017	2027
	CLINTON	2003	GROUND LEASE (2069)	2.6	2,544	100.0
	CLINTON	2003	GROUND LEASE (2069)	2.6	26,412	0.0
	COLUMBIA	2002	FEE	7.3	32,075	57.0
	COLUMBIA	2002	FEE	2.5	23,835	64.0	DAVID'S NATURAL MARKET	2014	2019
	COLUMBIA (10)	2002	JOINT VENTURE	5.0	50,000	100.0	MICHAELS	2013	2033	HOME GOODS	2011	2021
	COLUMBIA (5)	2006	JOINT VENTURE	7.3	73,299	86.0	OLD NAVY	2013
	COLUMBIA (5)	2006	JOINT VENTURE	12.3	91,165	100.0	SAFEWAY	2018	2043
	COLUMBIA (5)	2006	JOINT VENTURE	16.4	100,803	99.0	GIANT FOOD	2012	2022
	COLUMBIA (8)	2005	JOINT VENTURE	1.5	6,780	100.0
	COLUMBIA (9)	2007	JOINT VENTURE	12.2	98,399	100.0	HARRIS TEETER	2028	2058
	EASTON (6)	2004	JOINT VENTURE	11.1	113,330	96.0	GIANT FOOD	2024	2054	FASHION BUG	2012
	ELLICOTT CITY (5)	2006	JOINT VENTURE	15.5	86,456	98.0	GIANT FOOD	2014	2019
	ELLICOTT CITY (6)	2004	JOINT VENTURE	31.8	143,548	95.0	SAFEWAY	2012	2042	PETCO	2011	2021
	ELLICOTT CITY (3)	2007	JOINT VENTURE	42.5	433,467	93.0	TARGET	2016	2046	KOHL'S	2018	2038	SAFEWAY	2016	2046
	FREDRICK COUNTY	2003	FEE	8.4	86,968	95.0	GIANT FOOD	2026	2056
	GAITHERSBURG	1999	FEE	8.7	88,277	93.0	GREAT BEGINNINGS FURNITURE	2011	2021	FURNITURE 4 LESS	2010
	GAITHERSBURG (3)	2007	JOINT VENTURE	6.6	71,329	94.0	RUGGED WEARHOUSE	2013	2018	HANCOCK FABRICS	2011	2016	OLD COUNTRY BUFFET	2011	2021
	GLEN BURNIE (8)	2004	JOINT VENTURE	21.9	265,116	100.0	LOWE'S HOME CENTER	2019	2059	GIANT FOOD	2015	2025
	HAGERSTOWN	1973	FEE	10.5	121,985	80.0	SUPER SHOE	2011	2016	ALDI	2016	2031	EQUIPPED FOR LIFE	2012	2017
	HUNT VALLEY	2008	FEE	9.1	94,653	94.0	GIANT FOOD	2013	2033
	LAUREL	1964	FEE	8.1	75,924	97.0	VILLAGE THRIFT STORE	2010		DOLLAR TREE	2015		OLD COUNTRY BUFFET	2014	2019
	LAUREL	1972	FEE	10.0	81,550	100.0	ROOMSTORE	2014
	LINTHICUM	2003	FEE	0.0	1,926	100.0
	NORTH EAST (9)	2007	JOINT VENTURE	17.5	80,190	94.0	FOOD LION	2018	2038
	OWINGS MILLS	2005	JOINT VENTURE	4.4	14,564	100.0	RITE AID	2027	2067
	OWINGS MILLS (8)	2004	JOINT VENTURE	11.0	116,303	97.0	GIANT FOOD	2020	2045	MERRITT ATHLETIC CLUB	2010	2015
	PASADENA (10)	2003	FEE/GROUND LEASE (2030)	2.7	38,727	90.0
	PERRY HALL	2003	FEE	15.7	174,975	80.0	BRUNSWICK (LEISERV)BOWLING	2010		RITE AID	2010	2035	ACE HARDWARE	2016	2031
	PERRY HALL (6)	2004	JOINT VENTURE	8.2	65,059	100.0	SUPER FRESH	2022	2062
	TIMONIUM	2003	GROUND LEASE (2089)	17.2	201,380	90.0	GIANT FOOD	2029	2089	STAPLES	2020	2045
	TIMONIUM (9)	2007	JOINT VENTURE	6.0	59,799	81.0	AMERICAN RADIOLOGY	2012	2027


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	TOWSON (6)	2004	JOINT VENTURE	9.1	88,405	49.0	CVS	2016	2046
	TOWSON (8) (12)	2004	JOINT VENTURE	43.1	678,326	98.0	WAL-MART	2020	2005	TARGET	2014	2049	SUPER FRESH	2019	2049
	WALDORF	2003	FEE	0.0	26,128	100.0	FAIR LANES WALDORF	2017
	WALDORF	2003	FEE	0.0	4,500	100.0
MASSACHUSETTS
	GREAT BARRINGTON	1994	FEE	14.1	131,235	93.0	KMART	2011	2016	PRICE CHOPPER	2016	2036
	HYANNIS (6)	2004	JOINT VENTURE	23.1	231,378	95.0	SHAW'S SUPERMARKET	2018	2028	TOYS R US	2019	2029	HOME GOODS	2010	2020
	MARLBOROUGH (10)	2004	JOINT VENTURE	16.1	104,125	100.0	BEST BUY	2019	2034	DSW SHOE WAREHOUSE	2014	2034	BORDERS BOOKS	2019	2034
	PITTSFIELD (6)	2004	FEE	13.0	72,014	100.0	STOP & SHOP	2014	2044
	QUINCY (8)	2005	JOINT VENTURE	8.0	80,510	100.0	HANNAFORD	2014	2034	BROOKS PHARMACY	2017	2047
	SHREWSBURY	2000	FEE	12.2	108,418	100.0	BOB'S STORES	2018	2033	BED BATH & BEYOND	2012	2032	STAPLES	2011	2021
	STURBRIDGE (5)	2006	JOINT VENTURE	23.1	231,197	87.0	STOP & SHOP	2019	2049	MARSHALLS	2011	2026	STAPLES	2016	2031
MICHIGAN
	CANTON TWP.	2005	JOINT VENTURE	3.0	36,601	100.0	BORDERS BOOKS	2023	2048	PETCO	2017	2032
	CLARKSTON	1996	FEE	20.0	148,973	85.0	FARMER JACK	2015	2045	OFFICE DEPOT	2016	2031	CVS	2010	2020
	CLAWSON	1993	FEE	13.5	130,424	90.0	STAPLES	2014	2024	ALDI	2028	2043	RITE AID	2026	2046
	CLINTON TWP.	2005	JOINT VENTURE	2.9	19,042	100.0	GOLFSMITH	2018	2033
	DEARBORN HEIGHTS	2005	JOINT VENTURE	2.2	4,500	100.0
	FARMINGTON	1993	FEE	2.8	96,915	91.0	OFFICE DEPOT	2016	2031	ACE HARDWARE	2017	2027	FITNESS 19	2015	2025
	KALAMAZOO (10)	2002	JOINT VENTURE	60.0	279,343	92.0	HOBBY LOBBY	2013	2023	MARSHALLS	2010	2030	DSW SHOE WAREHOUSE	2020	2035
	LIVONIA	1968	FEE	4.5	33,121	100.0	CVS	2033	2083
	MUSKEGON	1985	FEE	12.2	79,215	100.0
	NOVI (10)	2003	JOINT VENTURE	6.0	60,000	100.0	MICHAELS	2016	2036	HOME GOODS	2011	2026
	OKEMOS	2005	JOINT VENTURE	2.4	22,257	100.0	DOLLAR TREE	2017	2032
	TAYLOR	1993	FEE	13.0	141,549	100.0	KOHL'S	2022	2042	BABIES R US	2017	2043	PARTY AMERICA	2014	2019
	TROY (8)	2005	JOINT VENTURE	24.0	223,050	98.0	WAL-MART	2021	2051	MARSHALLS	2012	2027
	WALKER	1993	FEE	41.8	387,210	97.0	RUBLOFF DEVELOPMENT	2016	2051	KOHL'S	2017	2037	LOEKS THEATRES	2012	2042
MINNESOTA
	ARBOR LAKES	2006	FEE	44.4	474,062	89.0	LOWE'S HOME CENTER	2025	2075	DICK'S SPORTING GOODS	2017	2037	MARSHALLS	2016	2036
	EDEN PRAIRIE	2005	JOINT VENTURE	3.0	18,411	65.0	DOLLAR TREE	2012	2027
	MAPLE GROVE (4)	2001	FEE	63.0	466,477	97.0	BYERLY'S	2020	2035	BEST BUY	2015	2030	JO-ANN FABRICS	2020	2030
	MINNETONKA (4)	1998	FEE	12.1	120,231	98.0	TOYS R US	2016	2031	GOLFSMITH GOLF CENTER	2013	2018	OFFICEMAX	2011
	ROSEVILLE	2005	JOINT VENTURE	1.9	28,148	100.0	GOLFSMITH	2017	2032
	ST. PAUL	2005	JOINT VENTURE	1.8	17,752	100.0	O'REILLY AUTOMOTIVE, INC.	2032	2047
MISSOURI
	BRIDGETON	1997	GROUND LEASE (2010)	27.3	101,592	100.0	KOHL'S	2020	2030
	CRYSTAL CITY	1997	GROUND LEASE (2032)	10.1	100,724	100.0	KMART	2024	2032
	ELLISVILLE	1970	FEE	18.4	118,080	91.0	SHOP N SAVE	2017	2032
	INDEPENDENCE	1998	FEE	21.0	184,870	100.0	KMART	2024	2054	THE TILE SHOP	2014	2024	OFFICE DEPOT	2012	2032
	JOPLIN	1998	FEE	12.6	155,416	96.0	ASHLEY FURNITURE	2019	2029	HASTINGS BOOKS	2014		OFFICEMAX	2010	2025
	JOPLIN (4)	1998	FEE	9.5	80,524	100.0	SHOPKO	2018	2038
	KANSAS CITY	1997	FEE	17.8	150,381	100.0	HOME DEPOT	2015	2050	THE LEATHER COLLECTION	2013	2019
	KIRKWOOD	1990	GROUND LEASE (2069)	19.8	251,524	100.0	HOBBY LOBBY	2014	2024	HEMISPHERES	2014	2024	SPORTS AUTHORITY	2014	2029
	LEMAY	1974	FEE	9.8	79,747	100.0	SHOP N SAVE	2020	2065	DOLLAR GENERAL	2014
	MANCHESTER (4)	1998	FEE	9.6	89,305	100.0	KOHL'S	2018	2038
	SPRINGFIELD	1994	FEE	41.5	282,619	96.0	BEST BUY	2011	2026	JCPENNEY	2015	2020	TJ MAXX	2011	2021
	SPRINGFIELD	2002	FEE	8.5	84,916	100.0	BED BATH & BEYOND	2013	2028	MARSHALLS	2012	2027	BORDERS BOOKS	2023	2038
	SPRINGFIELD	1998	GROUND LEASE (2087)	18.5	203,384	100.0	KMART	2024	2054	OFFICE DEPOT	2020	2030	PACE-BATTLEFIELD, LLC	2017	2047
	ST. CHARLES	1998	FEE	36.9	8,000	100.0
	ST. CHARLES	1998	GROUND LEASE (2039)	8.4	84,460	100.0	KOHL'S	2019	2039
	ST. LOUIS	1998	FEE	11.4	113,781	100.0	KOHL'S	2018	2038	CLUB FITNESS	2014	2024
	ST. LOUIS	1972	FEE	13.1	129,093	93.0	SHOP N SAVE	2017	2082
	ST. LOUIS	1998	FEE	17.5	176,273	95.0	BURLINGTON COAT FACTORY	2014	2024	BIG LOTS	2015	2030	OFFICE DEPOT	2010	2019
	ST. LOUIS	1997	GROUND LEASE (2025)	19.7	151,540	89.0	HOME DEPOT	2026	2056	OFFICE DEPOT	2015	2025
	ST. LOUIS	1997	GROUND LEASE (2035)	37.7	172,165	100.0	KMART	2024	2035	K&G MEN'S COMPANY	2017	2027
	ST. LOUIS	1997	GROUND LEASE (2040)	16.3	128,765	100.0	KMART	2024	2040
	ST. PETERS	1997	GROUND LEASE (2094)	14.8	175,121	95.0	HOBBY LOBBY	2014	2024	SPORTS AUTHORITY	2014	2029	OFFICE DEPOT	2019


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

MISSISSIPPI
	HATTIESBURG	2004	JOINT VENTURE	69.2	293,848	98.0	ASHLEY FURNITURE HOMESTORE	2016	2026	ROSS DRESS FOR LESS	2016	2041	BED BATH & BEYOND	2016	2041
	JACKSON (10)	2002	JOINT VENTURE	5.0	50,000	100.0	MICHAELS	2014	2034	MARSHALLS	2014	2024
NEBRASKA
	OMAHA	2005	JOINT VENTURE	72.8	179,000	82.0	MARSHALLS	2016	2036	BIG LOTS	2019	2044	OFFICEMAX	2017	2032
NEVADA
	CARSON CITY (3)	2006	FEE	9.4	114,258	90.0	RALEY'S	2012	2027
	ELKO (3)	2006	FEE	31.3	170,756	92.0	RALEY'S	2017	2032	BUILDERS MART	2011	2016	CINEMA 4 THEATRES	2012
	HENDERSON	1999	JOINT VENTURE	32.1	166,499	76.0	COLLEEN'S CLASSIC CONSIGNMENT	2013	2023	BIG LOTS	2016	2036	SAVERS	2016	2036
	HENDERSON (3)	2006	FEE	10.5	130,773	73.0	ALBERTSONS	2014	2039
	LAS VEGAS (3)	2006	FEE	7.0	77,650	95.0	ALBERTSONS	2021	2046
	LAS VEGAS (3)	2007	JOINT VENTURE	34.8	361,486	94.0	WAL-MART	2012	2037	COLLEENS CLASSICS	2010		24 HOUR FITNESS	2012	2022
	LAS VEGAS (3)	2006	FEE	9.4	111,245	45.0	DOLLAR TREE	2011	2016	CYCLE GEAR	2015	2020
	LAS VEGAS (3)	2006	FEE	21.1	228,279	94.0	UA THEATRES	2017	2037	OFFICEMAX	2012	2032	BARNES & NOBLE	2012	2027
	LAS VEGAS (3)	2006	FEE	16.4	169,160	83.0	FOOD 4 LESS	2011	2036	HOLLYWOOD VIDEO	2011	2016
	LAS VEGAS (3)	2007	JOINT VENTURE	34.5	333,234	73.0	VONS	2011	2041	TJ MAXX	2015	2020	FITNESS FOR 10	2020	2025
	LAS VEGAS (3)	2007	JOINT VENTURE	16.1	160,842	40.0	OFFICEMAX	2011	2021	DOLLAR DISCOUNT CENTER	2015	2025
	RENO	2006	FEE	2.7	31,317	81.0
	RENO	2006	FEE	3.1	36,627	59.0
	RENO (5)	2007	JOINT VENTURE	15.5	120,004	95.0	RALEY'S	2022	2037	SHELL OIL	2012	2022
	RENO (5)	2007	JOINT VENTURE	13.2	104,319	92.0	RALEY'S	2030	2060
	RENO (5)	2007	JOINT VENTURE	14.5	146,501	98.0	BED BATH & BEYOND	2015	2030	WILD OATS MARKETS	2023	2038	BORDERS BOOKS	2014	2034
	RENO (3)	2006	FEE	12.3	113,376	87.0	SCOLARI'S WAREHOUSE MARKET	2021
	SPARKS	2007	FEE	10.3	119,601	95.0	SAFEWAY	2028	2058	CVS	2054
	SPARKS (5)	2007	JOINT VENTURE	10.3	113,743	92.0	RALEY'S	2023	2038
NEW HAMPSHIRE
	MILFORD	2008	JOINT VENTURE	17.3	148,802	92.0	SHAW'S SUPERMARKET	2022	2052	RITE AID	2014	2029
	NASHUA (6)	2004	JOINT VENTURE	18.2	182,116	97.0	DSW SHOE WAREHOUSE	2011	2031	BED BATH & BEYOND	2012	2032	MICHAELS	2012	2027
	NEW LONDON	2005	FEE	9.5	106,470	100.0	HANNAFORD BROS.	2025	2050	FIRST COLONIAL	2028		MACKENNA'S	2012	2017
	SALEM	1994	FEE	39.8	344,069	100.0	KOHL'S	2013		SHAW'S SUPERMARKET	2018	2038	BOB'S STORES	2011	2021
NEW JERSEY
	BAYONNE	2004	FEE	0.6	23,901	100.0	DOLLAR TREE	2014
	BRICKTOWN	2005	JOINT VENTURE	5.9	56,680	100.0	WAWA	2019	2049
	BRIDGEWATER	1998	FEE	0.0	136,570	100.0	COSTCO	2019	2049
	BRIDGEWATER	2005	JOINT VENTURE	11.4	21,555	100.0	CREME DE LA CREME	2029	2049
	BRIDGEWATER (4)	2001	FEE	16.6	241,997	100.0	BED BATH & BEYOND	2015	2030	MARSHALLS	2015	2025	BABIES R US	2015	2040
	CHERRY HILL	1985	JOINT VENTURE	18.6	124,750	89.0	STOP & SHOP	2016	2036	RETROFITNESS	2013	2027
	CHERRY HILL	1996	GROUND LEASE (2035)	15.2	131,537	100.0	KOHL'S	2016	2036	PLANET FITNESS	2017	2027
	CHERRY HILL (9)	2007	JOINT VENTURE	48.0	209,185	100.0	KOHL'S	2018	2068	SPORTS AUTHORITY	2019	2034	BABIES R US	2013	2033
	CINNAMINSON	1996	FEE	13.7	123,388	100.0	VF OUTLET	2011		HIBACHI GRILL	2020	2030	ACME MARKETS	2047
	DELRAN (4)	2000	JOINT VENTURE	10.5	77,583	100.0	PETSMART	2016	2026	OFFICE DEPOT	2016	2026	SLEEPY'S	2012	2022
	DELRAN (4) (12)	2005	JOINT VENTURE	9.5	37,679	80.0	DOLLAR TREE	2019	2029
	DEPTFORD (10)	2008	JOINT VENTURE	10.6	44,930	66.0	GENERAL CINEMA	2010
	EAST WINDSOR	2008	FEE	34.8	249,029	98.0	TARGET	2027	2067	GENUARDI'S	2026	2056	TJ MAXX	2011	2026
	EDGEWATER (3)	2007	JOINT VENTURE	45.7	423,315	100.0	TARGET	2022	2042	PATHMARK	2016	2041	TJ MAXX	2012	2022
	HILLSBOROUGH	2005	JOINT VENTURE	5.0	55,552	100.0	KMART	2012	2047
	HOLMDEL	2007	FEE	48.6	305,678	82.0	A&P	2013	2043	MARSHALLS	2013	2028	LA FITNESS	2021	2036
	HOLMDEL	2007	FEE	38.8	234,557	100.0	HOLMDEL FARMERS MARKET	2041		BEST BUY	2018	2033	MICHAELS	2013	2033
	HOWELL	2005	JOINT VENTURE	3.9	30,000	100.0	BEST BUY	2019	2039
	KENVIL	2005	JOINT VENTURE	5.2	44,583	100.0	RYAN AUTOMOTIVE	2026	2086
	LINDEN	2002	FEE	0.9	13,340	100.0	STRAUSS DISCOUNT AUTO	2023	2033
	LITTLE FERRY (10)	2008	FEE	14.5	145,222	47.0	HAR SUPERMARKETS	2014
	MOORESTOWN	2009	GROUND LEASE (2066)	22.7	201,351	100.0	LOWE'S HOME CENTER	2026	2066	SPORTS AUTHORITY	2013	2033	BALLY TOTAL FITNESS	2012	2022
	NORTH BRUNSWICK	1994	FEE	38.1	425,362	100.0	WAL-MART	2018	2058	BURLINGTON COAT FACTORY	2012		MARSHALLS	2012	2027
	PISCATAWAY	1998	FEE	9.6	97,348	97.0	SHOPRITE	2014	2024
	RIDGEWOOD	1994	FEE	2.7	24,280	100.0	WHOLE FOODS MARKET	2015	2030


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	SEA GIRT	2005	JOINT VENTURE	3.9	20,485	100.0	STAPLES	2017	2037
	UNION	2007	JOINT VENTURE	3.5	95,225	100.0	WHOLE FOODS MARKET	2028	2058	BEST BUY	2024	2039
	WAYNE	2009	FEE	19.2	331,528	100.0	COSTCO	2014	2044	LACKLAND STORAGE	2012	2032	SPORTS AUTHORITY	2012	2032
	WESTMONT (12)	1994	FEE	17.4	173,259	77.0	SUPER FRESH	2017	2081	SUPER FITNESS	2019		JO-ANN FABRICS	2012
NEW MEXICO
	ALBUQUERQUE	1998	FEE	4.7	37,442	100.0	PETSMART	2017	2037
	ALBUQUERQUE	1998	FEE	26.0	183,736	88.0	MOVIES WEST	2011	2021	ROSS DRESS FOR LESS	2011	2021	VALLEY FURNITURE	2017
	ALBUQUERQUE	1998	FEE	4.8	59,722	87.0	PAGE ONE	2014		WALGREENS	2027
	LAS CRUCES (10)	2006	JOINT VENTURE	3.9	30,625	0.0
NEW YORK
	AMHERST (10)	1988	JOINT VENTURE	7.5	101,066	100.0	TOPS SUPERMARKET	2013	2033
	BAYSHORE	2006	FEE	15.9	176,622	98.0	BEST BUY	2016	2031	TOYS R US	2013	2043	OFFICE DEPOT	2011	2026
	BELLMORE	2004	FEE	1.4	24,802	100.0	RITE AID	2014
	BRIDGEHAMPTON	1973	FEE	30.2	287,587	94.0	KMART	2019	2039	KING KULLEN	2015	2035	TJ MAXX	2012	2017
	BRONX	2005	FEE	0.1	3,720	100.0
	BRONX (10)	1998	JOINT VENTURE	19.5	232,309	92.0	NATIONAL AMUSEMENTS	2011	2036	161 CONCOURSE HOLDINGS	2011	2046	UNITED STATES OF AMERICA	2011
	BROOKLYN	2003	FEE	0.2	7,500	100.0
	BROOKLYN	2003	FEE	0.4	10,000	100.0	RITE AID	2019
	BROOKLYN	2004	FEE	0.2	29,671	100.0	DUANE READE	2014
	BROOKLYN	2004	FEE	2.9	41,076	100.0	DUANE READE	2014		PC RICHARD & SON	2018	2028
	BROOKLYN	2005	FEE	0.2	5,200	100.0
	BROOKLYN (4)	2000	JOINT VENTURE	5.1	80,708	100.0	HOME DEPOT	2022	2051	WALGREENS	2030
	BUFFALO (10)	1988	JOINT VENTURE	9.2	141,332	94.0	TOPS SUPERMARKET	2012	2037	PETSMART	2017	2032	FASHION BUG	2010	2025
	CENTEREACH	2006	FEE	10.5	105,851	100.0	PATHMARK	2020	2050	ACE HARDWARE	2017	2027
	CENTEREACH (10)	1993	JOINT VENTURE	40.7	379,937	99.0	WAL-MART	2015	2044	BIG LOTS	2011	2021	MODELL'S	2019	2029
	CENTRAL ISLIP	2004	GROUND LEASE (2101)	4.3	54,955	100.0
	COMMACK	1998	GROUND LEASE (2085)	35.7	265,409	82.0	KING KULLEN	2017	2047	SPORTS AUTHORITY	2017	2037	BABIES R US	2023	2043
	COMMACK	2007	FEE	2.5	24,617	100.0	DEAL$	2018	2028
	COPIAGUE (4)	1998	FEE	15.4	163,999	100.0	HOME DEPOT	2011	2056	BALLY TOTAL FITNESS	2013	2018
	ELMONT	2004	FEE	1.8	27,078	100.0	DUANE READE	2014
	ELMONT (10)	2005	JOINT VENTURE	1.3	12,900	100.0	CVS	2033	2040
	FARMINGDALE (5)	2006	JOINT VENTURE	56.5	415,469	98.0	HOME DEPOT	2030	2075	DAVE & BUSTER'S	2010	2025	PETSMART	2018	2028
	FLUSHING	2007	FEE	0.0	22,416	100.0	FRUIT VALLEY PRODUCE	2019
	FRANKLIN SQUARE	2004	FEE	1.4	17,864	14.0
	FREEPORT (4)	2000	JOINT VENTURE	9.6	173,031	97.0	STOP & SHOP	2025		TOYS R US	2020	2040	MARSHALLS	2011	2016
	GLEN COVE (4)	2000	JOINT VENTURE	3.0	49,059	99.0	STAPLES	2014	2029	ANNIE SEZ	2011	2026
	HAMPTON BAYS	1989	FEE	8.2	70,990	100.0	MACY'S	2015	2025	PETCO	2019	2029
	HARRIMAN (5)	2007	JOINT VENTURE	52.9	227,939	86.0	KOHL'S	2023	2003	STAPLES	2013	2028	MICHAELS	2012	2027
	HEMPSTEAD (4)	2000	JOINT VENTURE	1.4	13,905	100.0	WALGREENS	2059
	HICKSVILLE	2004	FEE	2.5	35,581	100.0	DUANE READE	2014		DOLLAR TREE	2018	2028
	HOLTSVILLE	2007	FEE	0.8	1,595	100.0
	HUNTINGTON	2007	FEE	0.9	9,900	100.0
	JAMAICA	2005	FEE	0.3	5,770	100.0
	JERICHO	2007	FEE	6.4	63,998	100.0	WHOLE FOODS MARKET	2025	2040
	JERICHO	2007	FEE	5.7	57,013	97.0	W.R. GRACE	2014	2019
	JERICHO	2007	GROUND LEASE (2045)	0.0	2,085	100.0
	JERICHO	2007	FEE	2.5	105,851	100.0	MILLERIDGE INN	2022	2042
	LATHAM (4)	1999	JOINT VENTURE	89.4	616,130	98.0	SAM'S CLUB	2013	2043	WAL-MART	2013	2043	HOME DEPOT	2031	2071
	LAURELTON	2005	FEE	0.2	7,435	100.0
	LEVITTOWN (10)	2006	JOINT VENTURE	3.8	47,199	36.0	DSW SHOE WAREHOUSE	2021	2036
	LITTLE NECK	2003	FEE	3.5	48,275	100.0
	MANHASSET	1999	FEE	9.6	188,608	78.0	FILENE'S	2011		KING KULLEN	2024	2052	MICHAELS	2014	2029
	MASPETH	2004	FEE	1.1	22,500	100.0	DUANE READE	2014
	MERRICK (4)	2000	FEE	7.8	108,236	98.0	WALDBAUMS	2013	2041	HOME GOODS	2019	2034	ANNIE SEZ	2011	2021
	MIDDLETOWN (4)	2000	FEE	10.1	80,000	56.0	BEST BUY	2016	2031
	MINEOLA	2007	FEE	2.7	26,780	79.0	FRESHWAY MARKET	2024	2034
	MUNSEY PARK (4)	2000	JOINT VENTURE	6.0	72,748	100.0	BED BATH & BEYOND	2012	2022	WHOLE FOODS MARKET	2011	2021
	NESCONSET	2009	FEE	5.9	55,970	48.0	BOB'S DISCOUNT FURNITURE	2020	2030


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	NORTH MASSAPEQUA	2004	GROUND LEASE (2033)	2.0	29,610	100.0	DUANE READE	2014
	OCEANSIDE	2003	FEE	0.3	1,856	0.0
	PLAINVIEW	1969	GROUND LEASE (2070)	7.0	88,422	100.0	FAIRWAY STORES	2017	2037
	POUGHKEEPSIE	1972	FEE	20.0	167,668	95.0	STOP & SHOP	2020	2049	BIG LOTS	2012	2017
	QUEENS VILLAGE	2005	FEE	0.5	14,649	100.0	STRAUSS DISCOUNT AUTO	2015	2025
	ROCHESTER	1988	FEE	18.6	185,153	70.0	TOPS SUPERMARKET	2014	2024
	STATEN ISLAND	1989	FEE	16.7	212,325	96.0	KMART	2011		PATHMARK	2011	2021
	STATEN ISLAND	1997	GROUND LEASE (2072)	7.0	101,337	95.0	KING KULLEN	2011	2031
	STATEN ISLAND	2006	FEE	23.9	348,643	92.0	KMART	2012	2017	PATHMARK	2012	2017	TOYS R US	2015
	STATEN ISLAND	2005	FEE	5.5	47,270	100.0	STAPLES	2013	2018
	STATEN ISLAND	2005	JOINT VENTURE	2.3	-	0.0
	STATEN ISLAND (4)	2000	JOINT VENTURE	14.4	190,131	77.0	TJ MAXX	2015	2025	MICHAELS	2011	2031	CVS	2033	2053
	SYOSSET	1967	FEE	2.5	32,124	100.0	NEW YORK SPORTS CLUB	2016	2021
	WHITE PLAINS	2004	FEE	2.5	24,577	90.0	DUANE READE	2014
	YONKERS	1995	FEE	4.1	43,560	100.0	SHOPRITE	2013	2028
	YONKERS	2005	FEE	0.9	10,329	100.0	STRAUSS DISCOUNT AUTO	2015	2025
NORTH CAROLINA
	CARY	2000	FEE	10.6	86,015	100.0	BED BATH & BEYOND	2021	2036	DICK'S SPORTING GOODS	2014	2029
	CARY	1998	FEE	10.9	102,787	77.0	LOWES FOOD	2017	2037
	CARY (4)	2001	JOINT VENTURE	40.3	315,797	99.0	BJ'S	2020	2040	KOHL'S	2022	2101	PETSMART	2016	2036
	CHARLOTTE	1968	FEE	13.5	110,300	55.0	TJ MAXX	2012	2017	CVS	2015	2035
	CHARLOTTE	1993	FEE	14.0	139,269	77.0	SUPER GLOBAL MART	2030	2040	RUGGED WEARHOUSE	2013	2018
	CHARLOTTE	1986	GROUND LEASE (2048)	18.5	233,812	65.0	ROSS DRESS FOR LESS	2015	2035	K&G MEN'S COMPANY	2013	2018	SPORTS & FITNESS	2020	2030
	DURHAM	1996	FEE	13.1	116,186	84.0	TJ MAXX	2019	2029	JO-ANN FABRICS	2015	2020
	DURHAM (4)	2002	FEE	39.5	408,292	98.0	WAL-MART	2015	2035	BEST BUY	2011	2026	BUY BUY BABY	2020	2040
	FRANKLIN (10)	1998	JOINT VENTURE	2.6	26,326	100.0	BILL HOLT FORD	2016	2041
	KNIGHTDALE	2005	JOINT VENTURE	50.3	186,058	99.0	ROSS DRESS FOR LESS	2017	2037	BED BATH & BEYOND	2017	2037	MICHAELS	2016	2036
	MOORESVILLE	2007	FEE	29.3	165,798	96.0	BEST BUY	2018	2038	BED BATH & BEYOND	2018	2038	STAPLES	2022	2037
	MORRISVILLE	2008	JOINT VENTURE	24.2	166,474	94.0	CARMIKE CINEMAS	2017	2027	FOOD LION	2019	2039	STEIN MART	2017	2037
	PINEVILLE (8)	2003	JOINT VENTURE	39.1	269,710	95.0	KMART	2017	2067	STEIN MART	2012		TJ MAXX	2013	2018
	RALEIGH	1993	FEE	35.9	362,945	89.0	GOLFSMITH GOLF & TENNIS	2017	2027	BED BATH & BEYOND	2016	2036	ROSS DRESS FOR LESS	2016	2036
	RALEIGH	2006	JOINT VENTURE	1.0	9,800	86.0
	RALEIGH	2003	JOINT VENTURE	7.4	95,503	90.0	FOOD LION	2023	2043	ACE HARDWARE	2022	2037
	WINSTON-SALEM	1969	FEE	13.2	132,190	87.0	HARRIS TEETER	2016	2041	DOLLAR TREE	2011	2016
OHIO
	AKRON	1975	FEE	6.9	75,866	100.0	GIANT EAGLE	2021	2041
	AKRON	1988	FEE	24.5	138,363	100.0	GABRIEL BROTHERS	2010	2025	PAT CATANS CRAFTS	2013		ESSENCE BEAUTY MART	2014
	BARBERTON	1972	FEE	10.0	101,688	96.0	GIANT EAGLE	2027	2052
	BEAVERCREEK	1986	FEE	18.2	100,307	76.0	KROGER	2018	2048	DOLLAR GENERAL	2010
	BRUNSWICK	1975	FEE	20.0	171,223	96.0	KMART	2015	2050	MARC'S	2017	2027
	CAMBRIDGE	1997	FEE	13.1	78,065	88.0	TRACTOR SUPPLY CO.	2015	2020
	CANTON	1972	FEE	19.6	172,419	83.0	BURLINGTON COAT FACTORY	2018	2043	TJ MAXX	2012	2017	HOMETOWN BUFFET	2010	2020
	CENTERVILLE	1988	FEE	15.2	125,058	100.0	BED BATH & BEYOND	2017	2032	THE TILE SHOP	2014	2024	HOME 2 HOME	2013	2018
	CINCINNATI	1988	FEE	11.6	223,731	99.0	LOWE'S HOME CENTER	2022	2052	BIG LOTS	2014	2019	AJ WRIGHT	2014	2034
	CINCINNATI	1988	GROUND LEASE (2054)	8.8	121,242	100.0
	CINCINNATI	1988	FEE	29.2	308,277	100.0
	CINCINNATI	2000	FEE	8.8	88,317	100.0	HOBBY LOBBY	2011	2021	URBAN ACTIVE FITNESS	2017	2027
	CINCINNATI	1999	FEE	16.7	89,742	92.0	BIGGS FOODS	2016	2031
	CINCINNATI	2005	JOINT VENTURE	2.4	16,000	100.0	HIGHLAND KENNEDY DEVELOPMENT	2017	2067
	CINCINNATI	2005	JOINT VENTURE	2.4	10,900	100.0	EDDIE MERLOT'S	2018	2038
	CINCINNATI (4)	2000	JOINT VENTURE	36.7	409,960	98.0	WAL-MART	2028	2103	HOBBY LOBBY	2015	2025	DICK'S SPORTING GOODS	2016	2031
	COLUMBUS	1988	FEE	12.4	191,089	100.0	KOHL'S	2011	2031	KROGER	2031	2071	TOYS R US	2015	2040
	COLUMBUS	1988	FEE	13.7	142,743	99.0	KOHL'S	2011	2031	STAPLES	2011	2020
	COLUMBUS	1988	FEE	17.9	129,008	100.0	KOHL'S	2011	2031	GRANT/RIVERSIDE	2011
	COLUMBUS	1988	FEE	12.4	135,650	76.0	KOHL'S	2011	2031


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	COLUMBUS (4)	2002	FEE	36.5	269,201	98.0	LOWE'S HOME CENTER	2016	2046	KROGER	2022	2042
	COLUMBUS (4)	1998	FEE	12.1	112,862	94.0	BORDERS BOOKS	2018	2038	PIER 1 IMPORTS	2012	2017	PATEL BROS. INDIAN GROCERS	2019
	DAYTON	1969	FEE	22.8	163,131	80.0	BEST BUY	2012	2032	BIG LOTS	2013	2018	JO-ANN FABRICS	2012
	DAYTON	1984	FEE	32.1	213,853	85.0	VICTORIA'S SECRET	2019	2029	KROGER	2012	2038	CARDINAL FITNESS	2017	2027
	DAYTON	1988	FEE	11.2	116,374	88.0
	HUBER HEIGHTS (4)	1999	FEE	40.0	318,468	90.0	ELDER BEERMAN	2014	2044	KOHL'S	2015	2035	MARSHALLS	2014	2024
	KENT	1995	FEE	17.6	106,500	97.0	TOPS SUPERMARKET	2026	2096
	MENTOR	1987	FEE	20.6	103,910	97.0	GABRIEL BROTHERS	2013	2028	BIG LOTS	2014	2034
	MENTOR	1988	FEE	25.0	235,577	94.0	GIANT EAGLE	2019	2029	BURLINGTON COAT FACTORY	2014	2024	JO-ANN FABRICS	2014	2019
	MIAMISBURG	1999	FEE	0.6	6,000	57.0
	MIDDLEBURG HEIGHTS	1988	FEE	8.2	104,342	100.0
	NORTH OLMSTEAD	1988	FEE	11.7	99,862	100.0	TOPS SUPERMARKET	2026	2096
	SHARONVILLE (10)	1977	GROUND LEASE (2076)/JOINT VENTURE	15.0	121,105	100.0	GABRIEL BROTHERS	2012	2032	KROGER	2013	2028	UNITED ART AND EDUCATION	2016	2026
	SPRINGDALE (4)	2000	JOINT VENTURE	22.0	252,110	74.0	WAL-MART	2015	2045	HHGREGG	2012	2017	GUITAR CENTER	2019	2029
	TROTWOOD	1988	FEE	16.9	141,616	100.0
	UPPER ARLINGTON	1969	FEE	13.3	160,702	75.0	TJ MAXX	2011	2021	HONG KONG BUFFET	2011	2016	CVS	2019	2039
	WESTERVILLE	1993	FEE	25.4	222,077	80.0	KOHL'S	2016	2036	MARC'S	2015	2025	OFFICEMAX	2014	2024
	WICKLIFFE	1995	FEE	10.0	128,180	89.0	GABRIEL BROTHERS	2013	2028	BIG LOTS	2013		DOLLAR TREE	2014	2019
	WILLOUGHBY HILLS	1988	FEE	14.1	157,424	98.0	VF OUTLET	2012	2022	MARCS DRUGS	2012	2017
OKLAHOMA
	OKLAHOMA CITY	1997	FEE	9.8	103,027	100.0	ACADEMY SPORTS & OUTDOORS	2014	2024
	OKLAHOMA CITY	1998	FEE	19.8	233,797	96.0	HOME DEPOT	2014	2044	GORDMANS	2013	2033	BEST BUY	2013	2023
OREGON
	ALBANY (10)	2006	JOINT VENTURE	3.8	22,700	100.0	GROCERY OUTLET	2016	2030
	ALBANY (3)	2006	FEE	13.3	109,891	78.0	RITE AID	2013	2053	DOLLAR TREE	2013	2023	AARON'S SALES & LEASING	2019	2024
	CANBY	2009	FEE	9.1	115,701	90.0	SAFEWAY	2023	2083	RITE AID	2014	2044	CANBY ACE HARDWARE	2015	2030
	CLACKAMAS (3)	2007	JOINT VENTURE	23.7	236,672	98.0	SPORTS AUTHORITY	2014	2034	NORDSTROM RACK	2013	2018	OLD NAVY	2010
	GRESHAM	2009	FEE	19.8	208,276	97.0	WILD OATS MARKETS	2020	2033	OFFICE DEPOT	2012	2017	BIG LOTS	2012	2017
	GRESHAM	2009	FEE	0.7	107,583	44.0	CASCADE ATHLETIC CLUB	2013	2018
	GRESHAM (3)	2006	FEE	25.6	264,765	91.0	MADRONA WATUMULL	2037	2087	PETSMART	2013	2028	ROSS DRESS FOR LESS	2018
	HILLSBORO (3)	2006	FEE	20.0	260,954	91.0	SAFEWAY	2014	2044	STAPLES	2013		RITE AID	2014	2044
	HILLSBORO (3)	2008	FEE	20.0	210,992	85.0	SAFEWAY	2010	2045	RITE AID	2010	2040	TRADER JOE'S	2017	2032
	MEDFORD (3)	2006	FEE	30.1	335,043	84.0	SEARS	2014	2044	TINSELTOWN	2017	2037	24 HOUR FITNESS	2015	2026
	MILWAUKIE (3)	2007	GROUND LEASE (2041)/JOINT VENTURE	16.3	185,859	94.0	ALBERTSONS	2013		RITE AID	2015		JO-ANN FABRICS	2013	2018
	PORTLAND (3)	2006	FEE	10.6	115,673	94.0	SAFEWAY	2017	2047	DOLLAR TREE	2012	2017
	SPRINGFIELD	2009	FEE	8.7	96,027	94.0	SAFEWAY	2013	2043
	TROUTDALE	2009	FEE	9.8	90,137	60.0	LAMBS THRIFTWAY	2021	2031
PENNSYLVANIA
	ARDMORE	2007	FEE	18.8	320,553	98.0	MACY'S	2012	2032	BANANA REPUBLIC	2010
	BLUE BELL	1996	FEE	17.7	120,211	100.0	KOHL'S	2016	2036	HOME GOODS	2013	2033
	BROOKHAVEN	2005	JOINT VENTURE	3.0	6,300	100.0
	CARLISLE (5)	2005	JOINT VENTURE	12.2	90,289	88.0	GIANT FOOD	2016	2046
	CHAMBERSBURG	2006	FEE	37.3	271,411	92.0	KOHL'S	2028	2058	GIANT FOOD	2027	2067	MICHAELS	2017	2037
	CHAMBERSBURG	2008	JOINT VENTURE	12.9	131,623	92.0	GIANT FOOD	2040	2040	WINE & SPIRITS SHOPPE	2011	2016
	CHIPPEWA	2000	FEE	22.4	215,206	100.0	KMART	2018	2068	HOME DEPOT	2018	2068
	EAGLEVILLE	2008	FEE	15.2	100,385	35.0	GENUARDI'S	2011	2026	DOLLAR TREE	2019	2029
	EAST NORRITON	1984	FEE	12.5	131,794	74.0	SHOPRITE	2022	2037	JO-ANN FABRICS	2012
	EAST STROUDSBURG	1973	FEE	15.3	168,218	100.0	KMART	2012	2022	WEIS MARKETS	2010
	EASTWICK	1997	FEE	3.4	36,511	100.0	MERCY HOSPITAL	2017	2022
	EXTON	1999	FEE	6.1	60,685	100.0	ACME MARKETS	2015	2045
	EXTON	1996	FEE	9.8	85,184	100.0	KOHL'S	2016	2036
	EXTON	2005	JOINT VENTURE	10.0	26,014	13.0
	FEASTERVILLE	1996	FEE	4.6	86,575	7.0
	GETTYSBURG	1986	FEE	2.4	14,584	100.0	RITE AID	2026	2046
	GREENSBURG (10)	2002	JOINT VENTURE	5.0	50,000	100.0	TJ MAXX	2020	2020	MICHAELS	2015	2020
	HAMBURG	2000	FEE	3.0	15,400	100.0	LEHIGH VALLEY HEALTH	2016	2026
	HARRISBURG	1972	FEE	17.0	175,917	100.0	GANDER MOUNTAIN	2013	2028	AMERICAN SIGNATURE	2022	2032	SUPERPETZ	2012	2021
	HAVERTOWN	1996	FEE	9.0	80,938	100.0	KOHL'S	2016	2036


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	HORSHAM (5)	2005	JOINT VENTURE	8.3	75,206	100.0	GIANT FOOD	2022	2052
	LANDSDALE	1996	GROUND LEASE (2037)	1.4	84,470	100.0	KOHL'S	2012
	MONROEVILLE (5)	2005	FEE	13.7	143,200	90.0	PETSMART	2019	2034	BED BATH & BEYOND	2020	2034	MICHAELS	2014	2029
	MONTGOMERY (4)	2002	FEE	45.0	257,565	88.0	GIANT FOOD	2020	2050	BED BATH & BEYOND	2016	2030	PETSMART	2021	2041
	MORRISVILLE	1996	FEE	14.4	2,437	0.0
	NEW KENSINGTON	1986	FEE	12.5	108,950	100.0	GIANT EAGLE	2016	2033
	PHILADELPHIA	1996	FEE	6.3	82,345	100.0	KOHL'S	2016	2036
	PHILADELPHIA	1996	GROUND LEASE (2010)	6.8	133,309	100.0	KMART	2010	2035
	PHILADELPHIA	2005	FEE	0.4	9,343	100.0
	PHILADELPHIA (10)	1998	JOINT VENTURE	15.2	75,303	100.0	NORTHEAST AUTO OUTLET	2015	2050
	PHILADELPHIA (10)	1995	JOINT VENTURE	22.6	332,583	98.0	TARGET	2030	2080	PATHMARK	2022	2047	PEP BOYS	2028	2038
	PHILADELPHIA (10) (12)	1983	JOINT VENTURE	8.1	213,444	88.0	JCPENNEY	2012	2037	TOYS R US	2012	2052
	PHILADELPHIA (10)	2006	JOINT VENTURE	18.0	294,309	95.0	SEARS	2019	2039
	PHILADELPHIA	2005	JOINT VENTURE	3.0	19,137	100.0	CVS	2034	2059
	PITTSBURGH	2004	GROUND LEASE (2095)	46.8	467,927	100.0
	PITTSBURGH (3)	2007	JOINT VENTURE	19.3	118,297	70.0	ECKERD	2013	2018
	PITTSBURGH (8)	2007	JOINT VENTURE	37.0	166,786	77.0	TJ MAXX	2010	2020	STAPLES	2015	2030	PETSMART	2015	2040
	RICHBORO (12)	1986	FEE	14.5	107,432	96.0	SUPER FRESH	2018	2058
	SCOTT TOWNSHIP	1999	GROUND LEASE (2052)	0.0	69,288	100.0	WAL-MART	2032	2052
	SHREWSBURY (8)	2004	JOINT VENTURE	21.2	94,706	97.0	GIANT FOOD	2023	2053
	SPRINGFIELD (12)	1983	FEE	19.7	165,732	84.0	GIANT FOOD	2030	2070	STAPLES	2013	2033
	UPPER DARBY	1996	JOINT VENTURE	16.3	28,102	100.0	THE PJA SCHOOL	2016	2026
	WEST MIFFLIN	1986	FEE	8.3	84,279	100.0	BIG LOTS	2012	2032
	WHITEHALL	1996	GROUND LEASE (2081)	6.0	84,524	100.0	KOHL'S	2016	2036
	WHITEHALL (10)	2005	JOINT VENTURE	15.1	151,418	97.0	GIANT FOOD	2014		JO-ANN FABRICS	2012		BARNES & NOBLE	2011
	YORK	1986	FEE	13.7	58,244	95.0	SAVE-A-LOT	2014	2029	ADVANCE AUTO PARTS	2012	2017	YALE ELECTRIC	2010	2011
	YORK	1986	FEE	3.3	35,500	100.0	GIANT FOOD	2012	2017
PUERTO RICO
	BAYAMON	2006	FEE	16.5	186,434	100.0	AMIGO SUPERMARKET	2027	2047	OFFICEMAX	2015	2030	CHUCK E CHEESE	2013	2023
	CAGUAS	2006	FEE	19.8	574,730	100.0	SAM'S CLUB	2019	2070	COSTCO	2026	2046	JCPENNEY	2020	2050
	CAROLINA	2006	FEE	28.2	570,610	100.0	KMART	2019	2069	HOME DEPOT	2026	2046	PUEBLO INTERNATIONAL	2015	2045
	MANATI	2006	FEE	6.7	69,640	95.0	GRANDE SUPERMARKET	2011
	MAYAGUEZ	1995	FEE	39.3	354,830	100.0	HOME DEPOT	2026	2046	SAM'S CLUB	2019	2069	CARIBBEAN CINEMA	2028	2038
	PONCE	2006	FEE	12.1	192,701	86.0	2000 CINEMA CORP.	2032	2052	SUPERMERCADOS MAXIMO	2026	2046	DAVID'S BRIDAL	2011	2021
	TRUJILLO ALTO	2006	GROUND LEASE (2054)	19.5	199,513	100.0	KMART	2014	2054	PUEBLO SUPERMARKET	2014	2024	FARMACIAS EL AMAL	2015
RHODE ISLAND
	CRANSTON	1998	FEE	11.0	129,907	93.0	BOB'S STORES	2013	2028	MARSHALLS	2011	2021	DOLLAR TREE	2013	2028
	PROVIDENCE (10)	2003	GROUND LEASE (2022)/JOINT VENTURE	17.0	71,735	95.0	STOP & SHOP	2022	2072
SOUTH CAROLINA
	CHARLESTON	1995	FEE	17.2	186,740	97.0	TJ MAXX	2014		OFFICE DEPOT	2011	2016	MARSHALLS	2011
	CHARLESTON (12)	1978	FEE	17.6	181,928	79.0	HARRIS TEETER	2029	2059	STEIN MART	2011	2016	WEST MARINE	2019	2029
	FLORENCE	1997	FEE	21.0	113,922	95.0	HAMRICKS	2011		STAPLES	2010	2035	HIBACHI GRILL	2019	2029
	GREENVILLE	1997	FEE	20.4	148,532	60.0	BABIES R US	2012	2022
	GREENVILLE	2009	FEE	31.8	295,928	82.0	INGLES MARKETS	2021	2076	TJ MAXX	2010	2025	ROSS DRESS FOR LESS	2012	2032
	NORTH CHARLESTON	1997	FEE	27.2	266,588	100.0	SPORTS AUTHORITY	2013	2033	BURKE'S OUTLET	2014	2029	MARSHALLS	2013
TENNESSEE
	CHATTANOOGA	1973	GROUND LEASE (2074)	7.6	50,588	65.0	SAVE-A-LOT	2014
	CHATTANOOGA (10)	2002	JOINT VENTURE	5.0	50,000	100.0	HOME GOODS	2010	2020	MICHAELS	2018	2037
	MADISON	1978	GROUND LEASE (2039)	14.5	175,593	99.0	OLD TIME POTTERY	2013	2023	WAL-MART	2014	2039
	MADISON	2004	FEE	25.4	240,318	91.0	JO-ANN FABRICS	2014	2024	SAM ASH	2014	2019	TJ MAXX	2015	2020
	MADISON (4)	1999	FEE	21.1	189,401	70.0	DICK'S SPORTING GOODS	2017	2032	BEST BUY	2014	2029	OLD NAVY	2011	2019
	MEMPHIS	2000	FEE	8.8	87,962	100.0	OLD TIME POTTERY	2010	2025
	MEMPHIS	1991	FEE	14.7	167,243	60.0	TOYS R US	2017	2042	KIDS R US	2019	2044
	MEMPHIS (4)	2001	FEE	3.9	40,000	100.0	BED BATH & BEYOND	2012	2027
	MEMPHIS (3)	2007	JOINT VENTURE	5.5	55,373	79.0
	NASHVILLE	1998	FEE	10.2	109,012	93.0	TREES N TRENDS	2013	2018	OAK FACTORY OUTLET	2012		OLD COUNTRY BUFFET	2011	2016
	NASHVILLE	1998	FEE	16.9	172,078	83.0	HHGREGG	2018	2028	ASHLEY FURNITURE	2012	2022	BED BATH & BEYOND	2013	2028
	NASHVILLE (4)	1999	JOINT VENTURE	9.3	99,909	57.0	BEST BUY	2014	2029


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

TEXAS
	ALLEN (10)	2006	JOINT VENTURE	2.1	21,162	100.0	CREME DE LA CREME	2026	2046
	AMARILLO (4)	1997	FEE	9.3	343,875	88.0	HOME DEPOT	2019	2069	KOHL'S	2025	2055	PETSMART	2015	2035
	AMARILLO (4)	2003	JOINT VENTURE	10.6	142,647	94.0	ROSS DRESS FOR LESS	2012	2037	BED BATH & BEYOND	2012	2032	JO-ANN FABRICS	2012	2032
	ARLINGTON	1997	FEE	8.0	96,127	100.0	HOBBY LOBBY	2013	2018
	AUSTIN	1998	FEE	15.4	157,852	95.0	HEB GROCERY	2011	2026	BROKERS NATIONAL LIFE	2013
	AUSTIN (10)	2003	JOINT VENTURE	10.8	108,028	100.0	FRY'S ELECTRONICS	2018	2048
	AUSTIN (4)	1998	FEE	18.2	191,760	45.0	BABIES R US	2012	2027	WORLD MARKET	2011	2026	MATTRESS FIRM	2015	2020
	AUSTIN (3) (12)	2007	JOINT VENTURE	21.4	213,853	100.0	BED BATH & BEYOND	2020	2040	BUY BUY BABY	2020	2040	ROSS DRESS FOR LESS	2013	2023
	AUSTIN (3)	2007	JOINT VENTURE	4.6	45,791	100.0	PRIMITIVES	2012	2017	JO-ANN FABRICS	2010
	BAYTOWN	1996	FEE	8.7	98,623	100.0	HOBBY LOBBY	2019	2029	ROSS DRESS FOR LESS	2012	2032
	BROWNSVILLE	2005	JOINT VENTURE	38.7	226,000	53.0	TJ MAXX	2016	2036	MICHAELS	2017	2032	PETSMART	2016	2041
	COLLEYVILLE (10)	2006	JOINT VENTURE	2.0	20,188	100.0	CREME DE LA CREME	2026	2046
	COPPELL (10)	2006	JOINT VENTURE	2.0	20,425	100.0	CREME DE LA CREME	2026	2046
	CORPUS CHRISTI	1997	GROUND LEASE (2065)	12.5	125,454	100.0	BEST BUY	2016	2030	ROSS DRESS FOR LESS	2011	2030	BED BATH & BEYOND	2018	2033
	DALLAS	1969	JOINT VENTURE	75.0	29,769	100.0	BIG TOWN BOWLANES	2022
	DALLAS (4)	1998	FEE	6.8	83,867	100.0	ROSS DRESS FOR LESS	2012	2017	OFFICEMAX	2014	2024	BIG LOTS	2012	2032
	DALLAS (3)	2007	JOINT VENTURE	12.1	171,988	85.0	CVS PHARMACY, INC.	2024	2054	ULTA 3	2014	2024
	EAST PLANO	1996	FEE	9.0	100,598	100.0	HOME DEPOT EXPO	2024	2054
	FORT WORTH	2003	JOINT VENTURE	45.5	290,949	95.0	MARSHALLS	2015	2035	ROSS DRESS FOR LESS	2017	2042	OFFICE DEPOT	2021	2041
	FRISCO	2006	JOINT VENTURE	38.7	215,000	90.0	HOBBY LOBBY / MARDELS	2028	2048	HEMISPHERES	2023	2038	SPROUTS FARMERS MARKET	2023	2043
	GRAND PRAIRIE	2006	JOINT VENTURE	72.6	213,954	98.0	24 HOUR FITNESS	2022	2047	ROSS DRESS FOR LESS	2019	2039	MARSHALLS	2017	2037
	HARRIS COUNTY (5)	2005	JOINT VENTURE	11.4	144,055	78.0	BEST BUY	2015	2035	BARNES & NOBLE	2014	2029	PETSMART	2019	2034
	HOUSTON	2004	FEE	8.0	113,831	51.0	PALAIS ROYAL	2017	2022
	HOUSTON	1996	FEE	8.2	96,500	100.0	BURLINGTON COAT FACTORY	2014	2034
	HOUSTON (5)	2006	FEE	32.0	350,836	97.0	MARSHALLS	2011	2026	BED BATH & BEYOND	2012	2032	OFFICEMAX	2014	2034
	HOUSTON (8)	2007	JOINT VENTURE	23.8	237,634	96.0	TJ MAXX	2015	2035	ROSS DRESS FOR LESS	2016	2036	BED BATH & BEYOND	2016	2041
	LEWISVILLE	1998	FEE	11.2	74,837	68.0	TALBOTS OUTLET	2012	2020	$6 FASHION OUTLETS	2013	2018
	LEWISVILLE	1998	FEE	7.6	123,560	95.0	BABIES R US	2012	2027	BED BATH & BEYOND	2018	2033	BROYHILL HOME COLLECTIONS	2015	2025
	LEWISVILLE	1998	FEE	9.4	93,668	97.0	FACTORY DIRECT FURNITURE	2019	2024	DSW SHOE WAREHOUSE	2018	2028	PETLAND	2019
	LUBBOCK	1998	FEE	9.6	108,326	83.0	PETSMART	2015	2040	OFFICEMAX	2014	2029	MICHAELS	2010	2025
	MESQUITE	1974	FEE	9.0	79,550	100.0	KROGER	2012	2037
	MESQUITE	2006	FEE	15.0	209,766	100.0	BEST BUY	2014	2024	ASHLEY FURNITURE	2012	2017	PETSMART	2010	2026
	N. BRAUNFELS	2003	JOINT VENTURE	8.6	86,479	100.0	KOHL'S	2014	2064
	NORTH CONROE (8)	2006	JOINT VENTURE	27.6	283,537	97.0	ASHLEY FURNITURE HOMESTORE	2024	2029	TJ MAXX	2016	2036	ROSS DRESS FOR LESS	2017	2037
	PASADENA (4)	1999	FEE	15.1	169,190	95.0	PETSMART	2015	2030	OFFICEMAX	2014	2029	MICHAELS	2014	2024
	PASADENA (4)	2001	FEE	24.6	240,907	99.0	BEST BUY	2012	2027	ROSS DRESS FOR LESS	2012	2032	MARSHALLS	2012	2027
	PLANO	2005	FEE	0.0	149,343	100.0	HOME DEPOT	2027	2057
	RICHARDSON (4)	1998	FEE	11.7	115,579	54.0	OFFICEMAX	2011	2026	FOX & HOUND	2012	2022
	SOUTHLAKE	2008	JOINT VENTURE	4.1	37,447	66.7
	TEMPLE (5)	2005	JOINT VENTURE	27.5	274,799	51.0	HOBBY LOBBY	2021	2036	ROSS DRESS FOR LESS	2012	2037	MARSHALLS	2011	2026
	WEBSTER	2006	FEE	40.0	408,899	93.0	HOBBY LOBBY	2017	2027	SPORTS AUTHORITY	2011	2021	BEL FURNITURE	2010	2015
UTAH
	OGDEN	1967	FEE	11.4	142,628	100.0	COSTCO	2033	2073
VERMONT
	MANCHESTER	2004	FEE	9.5	54,322	85.0	PRICE CHOPPERS	2011
VIRGINIA
	ALEXANDRIA	2005	JOINT VENTURE	3.4	28,800	100.0	THE ROOF CENTER	2014
	BURKE (6)	2004	GROUND LEASE (2076)/ JOINT VENTURE	12.5	124,148	97.0	SAFEWAY	2020	2050	CVS	2021	2041
	COLONIAL HEIGHTS	1999	FEE	6.1	60,909	100.0	ASHLEY HOME STORES	2018	2028	BOOKS-A-MILLION	2011
	DUMFRIES (8)	2005	JOINT VENTURE	0.0	1,702	100.0
	FAIRFAX (4)	1998	FEE	37.0	343,180	100.0	COSTCO	2011	2046	HOME DEPOT	2013	2033	SPORTS AUTHORITY	2013
	FAIRFAX (3)	2007	JOINT VENTURE	10.1	101,332	100.0	WALGREENS	2021	2041	TJ MAXX	2014	2024
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	4,842	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	32,000	100.0	BASSETT FURNITURE	2019	2039
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	2,454	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	3,650	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	4,261	100.0


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	3,000	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	10,578	100.0	CHUCK E CHEESE	2014	2024
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	10,002	100.0	CRACKER BARREL	2014	2034
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	8,000	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	5,126	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	6,818	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	4,800	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	2,909	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	6,000	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	11,097	100.0	NTB TIRES	2017	2037
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	7,200	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	8,027	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	6,100	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	5,540	100.0
	FREDERICKSBURG (8)	2005	FEE	1.8	7,241	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	3,076	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	5,892	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	5,020	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	7,256	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	4,828	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	3,000	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	33,179	0.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	1.1	3,822	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	1.2	3,028	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.9	4,352	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	7,000	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	1.1	10,125	100.0	CVS	2022	2042
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	10,125	100.0	CVS	2019	2039
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.6	2,170	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	7,200	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.0	1,762	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	1.5	7,993	100.0
	FREDERICKSBURG (8)	2005	JOINT VENTURE	0.8	10,125	100.0	SHONEY'S	2023
	HARRISONBURG (9)	2007	JOINT VENTURE	19.0	187,534	94.0	KOHL'S	2024	2064	MARTIN'S	2027	2067
	LEESBURG (3)	2007	JOINT VENTURE	27.9	316,586	100.0	SHOPPERS FOOD	2015	2060	STEIN MART	2011	2031	ROSS DRESS FOR LESS	2013	2023
	MANASSAS	1997	FEE	13.5	117,525	93.0	SUPER FRESH	2011	2026	JO-ANN FABRICS	2011
	MANASSAS (5)	2005	JOINT VENTURE	8.9	107,233	100.0	BURLINGTON COAT FACTORY	2014	2030	AUTOZONE	2010	2025
	PENTAGON CITY	2009	FEE	16.8	337,429	97.0	COSTCO	2014	2044	MARSHALLS	2015	2025	BEST BUY	2014	2024
	RICHMOND	1999	FEE	8.5	84,683	100.0	ROOMSTORE	2013	2023
	RICHMOND	1995	FEE	11.5	128,612	100.0	BURLINGTON COAT FACTORY	2010	2035
	RICHMOND (8)	2005	JOINT VENTURE	0.7	3,060	100.0
	ROANOKE	2004	FEE	7.7	81,789	58.0	DICK'S SPORTING GOODS	2019	2034
	ROANOKE (9)	2007	JOINT VENTURE	35.7	298,162	91.0	MICHAELS	2014	2019	MARSHALLS	2013	2033	ROSS DRESS FOR LESS	2016	2036
	STAFFORD (5)	2005	JOINT VENTURE	90.0	331,730	98.0	SHOPPERS FOOD	2023	2053	TJ MAXX	2016	2036	ROSS DRESS FOR LESS	2015	2035
	STAFFORD (8)	2005	JOINT VENTURE	1.2	4,211	100.0
	STAFFORD (8)	2005	JOINT VENTURE	0.0	4,400	100.0
	STAFFORD (8)	2005	JOINT VENTURE	0.0	7,310	100.0
	STAFFORD (8)	2005	JOINT VENTURE	9.9	101,042	100.0	GIANT FOOD	2027	2072	STAPLES	2017	2032	PETCO SUPPLIES & FISH	2012	2027
	STERLING	2008	FEE	38.1	361,043	84.0	TOYS R US	2012	2037	MICHAELS	2011	2026	OFFICE DEPOT	2011	2026
	STERLING (5)	2006	JOINT VENTURE	103.3	737,503	99.0	WAL-MART	2021	2091	LOWE'S HOME CENTER	2021	2061	SAM'S CLUB	2021	2091
	WOODBRIDGE (10)	1973	GROUND LEASE (2072)/JOINT VENTURE	19.6	186,079	76.0	REGENCY FURNITURE	2014		THE SALVATION ARMY	2014		WEDGEWOOD ANTIQUES	2010
	WOODBRIDGE (4) (12)	1998	FEE	324.0	493,193	100.0	SHOPPERS FOOD	2014	2044	DICK'S SPORTING GOODS	2019	2039	BEST BUY	2010	2025
WASHINGTON
	AUBURN	2007	FEE	13.7	171,032	99.0	ALBERTSONS	2018	2038	OFFICE DEPOT	2014	2019	RITE AID	2013	2028
	BELLEVUE (10) (12)	2004	JOINT VENTURE	41.6	435,953	76.0	TARGET	2012	2037	NORDSTROM RACK	2012	2032	SAFEWAY	2012	2027
	BELLINGHAM (4)	1998	FEE	20.0	188,885	99.0	MACY'S	2012	2022	BEST BUY	2017	2032	BED BATH & BEYOND	2012	2027
	BELLINGHAM (3)	2007	JOINT VENTURE	30.5	376,023	94.0	KMART	2014	2049	COST CUTTER	2014	2044	JO-ANN FABRICS	2010	2025
	FEDERAL WAY (4)	2000	JOINT VENTURE	17.8	200,126	86.0	QFC	2015	2045	JO-ANN FABRICS	2020	2030	BARNES & NOBLE	2011	2026


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	KENT (3)	2006	FEE	23.1	86,909	87.0	ROSS DRESS FOR LESS	2011	2026
	KENT (3)	2006	FEE	7.2	67,468	88.0	RITE AID	2015	2035
	LAKE STEVENS (3)	2006	FEE	18.6	195,932	98.0	SAFEWAY	2032	2077	SPORTS AUTHORITY	2020	2040	BRIDGES PETS, GIFTS & WATER	2024	2029
	MILL CREEK (3)	2006	FEE	12.4	113,641	91.0	SAFEWAY	2015	2045	PENNZOIL	2018
	OLYMPIA (3)	2007	JOINT VENTURE	15.0	167,117	83.0	ALBERTSONS	2013	2043	ROSS DRESS FOR LESS	2015
	OLYMPIA (3)	2006	FEE	6.7	69,212	80.0	BARNES & NOBLE	2015		PETCO	2013	2023	TRADER JOE'S	2019	2034
	SEATTLE (3)	2006	GROUND LEASE (2083)	3.2	146,819	81.0	SAFEWAY	2012	2037	PRUDENTIAL REALTY	2015	2020	BARTELL DRUGS	2012	2022
	SILVERDALE (3)	2006	GROUND LEASE (2014)	14.7	170,406	98.0	SAFEWAY	2024	2059	JO-ANN FABRICS	2012	2032	RITE AID	2011	2041
	SILVERDALE (3)	2006	FEE	5.1	67,287	80.0	ROSS DRESS FOR LESS	2016	2026
	SPOKANE (5)	2005	JOINT VENTURE	8.3	131,295	100.0	BED BATH & BEYOND	2011	2026	ROSS DRESS FOR LESS	2014	2019	RITE AID	2014	2039
	TACOMA (3)	2006	FEE	14.5	134,839	82.0	TJ MAXX	2019		OFFICE DEPOT	2012		PETSMART	2014	2034
	TUKWILA (4)	2003	JOINT VENTURE	45.9	459,071	97.0	THE BON MARCHE	2019		BEST BUY	2016	2031	SPORTS AUTHORITY	2014	2029
	VANCOUVER	2009	FEE	6.3	69,790	52.0	ACE HARDWARE	2011
WEST VIRGINIA
	CHARLES TOWN	1985	FEE	22.0	208,888	99.0	WAL-MART	2017	2047	STAPLES	2016
	HUNTINGTON	1991	FEE	19.5	2,400	100.0
	SOUTH CHARLESTON	1999	FEE	14.8	148,059	99.0	KROGER	2011	2041	TJ MAXX	2011	2021
CANADA
ALBERTA
	BRENTWOOD	2002	JOINT VENTURE	31.2	312,080	92.5	SEARS WHOLE HOME	2010	2020	BED BATH & BEYOND	2020	2035	CANADA SAFEWAY	2012	2027
	GRANDE PRAIRIE III	2002	JOINT VENTURE	6.3	63,413	100.0	MICHAELS	2011	2031	WINNERS (TJ MAXX)	2011	2026	JYSK LINEN	2012	2022
	SHAWNESSY CENTRE	2002	JOINT VENTURE	30.6	306,010	100.0	WINNERS	2015	2025	SPORT CHEK	2015	2025	BUSINESS DEPOT (STAPLES)	2013	2028
	SHOPPES @ SHAWNESSEY	2002	JOINT VENTURE	16.3	162,988	100.0	ZELLERS	2011	2096
	SOUTH EDMONTON COMMON	2002	JOINT VENTURE	42.9	428,745	100.0	THE BRICK	2021	2036	HOME OUTFITTERS	2016	2031	LONDON DRUGS	2020	2057
BRITISH COLUMBIA
	ABBOTSFORD	2002	JOINT VENTURE	22.0	219,688	99.0	ZELLERS	2052	2082	WINNERS (TJ MAXX)	2015	2030	PETSMART	2013	2033
	CLEARBROOK	2001	JOINT VENTURE	18.8	188,253	99.1	SAFEWAY	2012	2037	STAPLES	2012	2022
	LANGLEY GATE	2002	JOINT VENTURE	15.2	151,802	100.0	SEARS	2013	2018	WINNERS (TJ MAXX)	2012	2017	PETSMART	2014	2039
	LANGLEY POWER CENTER	2003	JOINT VENTURE	22.8	228,314	100.0	WINNERS (TJ MAXX)	2012	2027	MICHAELS	2011	2021	FUTURE SHOP (BEST BUY)	2012	2022
	MISSION	2001	JOINT VENTURE	27.1	271,462	98.9	SAVE ON FOODS	2018	2028	FAMOUS PLAYERS	2015	2030	LONDON DRUGS	2019	2021
	PRINCE GEORGE	2001	JOINT VENTURE	37.3	372,725	93.6	THE BAY	2013	2083	SAVE ON FOODS	2018	2028	LONDON DRUGS	2017	2027
	PRINCE GEORGE	2008	JOINT VENTURE	7.0	70,182	100.0	BRICK WAREHOUSE	2022
	STRAWBERRY HILL	2002	JOINT VENTURE	33.8	337,931	100.0	HOME DEPOT	2016	2041	CINEPLEX ODEON	2014	2024	WINNERS (TJ MAXX)	2015	2025
	SURREY	2001	JOINT VENTURE	17.1	170,725	91.4	CANADA SAFEWAY	2011	2061	LONDON DRUGS	2011	2021
	TILLICUM	2002	JOINT VENTURE	47.3	472,587	99.3	ZELLERS	2013	2098	SAFEWAY	2023	2053	FAMOUS PLAYERS	2019	2029
NOVA SCOTIA
	DARTMOUTH	2008	JOINT VENTURE	18.6	186,315	91.5	SOBEY'S	2039
	HALIFAX	2008	JOINT VENTURE	13.8	138,094	98.9	WAL-MART	2016	2041
ONTARIO
	404 TOWN CENTRE	2002	JOINT VENTURE	24.4	244,379	96.3	ZELLERS	2014	2024	A & P	2012	2027	NATIONAL GYM CLOTHING	2019	2024
	BELLEVILLE	2008	JOINT VENTURE	7.2	71,981	87.5	A&P	2014	2039
	BOULEVARD CENTRE III	2004	JOINT VENTURE	7.3	72,703	93.9	FOOD BASICS	2025	2055
	CHATHAM	2008	JOINT VENTURE	7.1	71,423	93.7	FOOD BASICS	2017	2037
	CLARKSON CROSSING	2004	JOINT VENTURE	21.3	213,051	99.4	CANADIAN TIRE	2023	2043	DOMINION	2023	2048
	DONALD PLAZA	2002	JOINT VENTURE	9.1	91,409	100.0	WINNERS (TJ MAXX)	2014	2024
	FERGUS	2008	JOINT VENTURE	10.6	105,955	100.0	ZELLERS	2022	2027
	GREEN LANE CENTRE	2003	JOINT VENTURE	16.0	160,195	100.0	BED BATH & BEYOND	2020	2035	MICHAELS	2013	2033	PETSMART	2014	2039
	HAWKESBURY	2008	JOINT VENTURE	5.5	54,950	100.0	PRICE CHOPPER	2016	2036
	HAWKESBURY	2008	JOINT VENTURE	1.7	17,032	100.0	PHARMAPRIX	2020	2040
	KENDALWOOD	2002	JOINT VENTURE	15.9	158,833	94.2	PRICE CHOPPER	2013	2038	VALUE VILLAGE	2013	2028	SHOPPERS DRUG MART	2011	2021
	LEASIDE	2002	JOINT VENTURE	13.3	133,035	100.0	CANADIAN TIRE	2011	2036	FUTURE SHOP (BEST BUY)	2011	2021	PETSMART	2012	2037
	LINCOLN FIELDS	2002	JOINT VENTURE	28.9	289,055	88.6	WAL MART	2015	2025	LOEB	2014	2024
	LONDON	2008	JOINT VENTURE	9.0	90,210	90.3	TALIZE	2015	2025	SHOPPERS DRUG MART	2020	2040
	MARKETPLACE TORONTO	2002	JOINT VENTURE	17.1	171,088	95.5	WINNERS (TJ MAXX)	2014	2029	MARK'S WORK WEARHOUSE	2015	2025	SEARS APPLIANCE	2015	2025
	OTTAWA	2008	JOINT VENTURE	12.7	127,270	100.0	METRO	2022	2042	BEST BUY	2013	2033	HOMESENSE	2019	2034
	RIOCAN GRAND PARK	2003	JOINT VENTURE	11.9	118,637	100.0	WINNERS (TJ MAXX)	2014	2029	BUSINESS DEPOT (STAPLES)	2011	2026	SHOPPERS DRUG MART	2018	2038
	SCARBOROUGH	2005	JOINT VENTURE	2.3	20,506	100.0	AGINCOURT NISSAN LIMITED	2020
	SCARBOROUGH	2005	JOINT VENTURE	1.8	13,433	100.0	MORNINGSIDE NISSAN LIMITED	2020
	SHOPPERS WORLD ALBION	2002	JOINT VENTURE	38.5	385,204	100.0	CANADIAN TIRE	2014	2029	FORTINO'S	2010	2030	I.C.U. THEATERS	2013


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	SHOPPERS WORLD DANFORTH	2002	JOINT VENTURE	32.6	325,798	100.0	ZELLERS	2014	2029	DOMINION	2018	2028	BUSINESS DEPOT (STAPLES)	2015	2030
	ST. LAURANT	2002	JOINT VENTURE	13.6	136,223	100.0	ZELLERS	2017	2046	LOEB	2013	2023
	SUDBURY	2002	JOINT VENTURE	23.4	234,299	100.0	FAMOUS PLAYERS	2019	2039	SEARS	2013	2023	BUSINESS DEPOT (STAPLES)	2014	2024
	SUDBURY	2004	JOINT VENTURE	16.9	169,498	94.1	WINNERS (TJ MAXX)	2015	2030	MICHAELS	2015	2035	PETSMART	2016	2031
	THICKSON RIDGE	2002	JOINT VENTURE	39.1	391,261	100.0	SEARS WHOLE HOME	2012	2022	HOME OUTFITTERS	2010	2025	WINNERS (TJ MAXX)	2013	2023
	TORONTO	2007	JOINT VENTURE	0.5	46,986	100.0	TRANSWORLD FINE CARS	2027
	WALKER PLACE	2002	JOINT VENTURE	7.0	69,857	100.0	PRICE CHOPPER	2016	2036
	WINDSOR	2007	JOINT VENTURE	6.6	58,147	100.0	PERFORMANCE FORD SALES, INC.	2027
PRINCE EDWARD ISLAND
	CHARLOTTETOWN	2002	JOINT VENTURE	39.3	393,456	97.8	ZELLERS	2019	2079	WEST ROYALTY FITNESS	2010	2015	WINNERS (TJ MAXX)	2015	2020
QUEBEC
	CHATEAUGUAY	2002	JOINT VENTURE	21.1	211,288	97.8	SUPER C	2013	2028	HART	2015	2025
	GATINEAU	2008	JOINT VENTURE	28.4	283,565	98.9	WAL-MART	2015	2035	CANADIAN TIRE	2015	2035	SUPER C	2017	2037
	GREENFIELD PARK	2002	JOINT VENTURE	36.9	369,103	100.0	GUZZO CINEMA	2019	2039	MAXI	2014	2034	WINNERS (TJ MAXX)	2011	2021
	JACQUES CARTIER	2002	JOINT VENTURE	21.6	216,116	94.2	GUZZO CINEMA	2010	2040	IGA	2012	2022	VALUE VILLAGE	2013	2028
	LAVAL	2008	JOINT VENTURE	11.6	116,147	100.0	ZELLERS	2028	2103
BRAZIL
	HORTOLANDIA (11)	2008	FEE	13.6	136,000	50.7	MAGAZINE LUIZA	2020
	RIO CLARO	2008	FEE	27.2	272,000	53.7	WAL-MART	2024
	VALINHOS (11)	2008	FEE	14.8	148,000	78.4	RUSSI GROCERY	2021
CHILE
	QUILICURA (11)	2008	JOINT VENTURE	0.8	8,000	75.0	EKONO	2029
	SANTIAGO	2007	JOINT VENTURE	2.8	27,632	87.6	OMESA SA	2015
	SANTIAGO	2007	JOINT VENTURE	5.1	51,378	81.3	CENCOSUD SUPERMERCADOS SA	2021		VALLET Y LECLER LTDA	2012
	SANTIAGO	2007	JOINT VENTURE	1.4	13,595	100.0	CRUZ VERDE SA	2017
	SANTIAGO	2007	JOINT VENTURE	0.7	6,652	100.0	D&S	2027
	SANTIAGO	2008	JOINT VENTURE	2.8	27,697	83.5	RENDIC HERMANOS S.A.	2014
	SANTIAGO	2008	JOINT VENTURE	0.9	9,045	70.2	EKONO	2027		CRUZ VERDE	2019
	SANTIAGO	2008	JOINT VENTURE	6.7	66,866	97.1	SAITEC S.A.	2027
	SANTIAGO	2008	JOINT VENTURE	3.3	33,144	94.0	CENCOSUD S.A.	2021		FARMACIAS AHUMADA	2011
	SANTIAGO	2009	JOINT VENTURE	0.3	2,985	100.0	CRUZ VERDE SA	2019
	SANTIAGO (11)	2008	JOINT VENTURE	2.7	27,000	18.5	MAICAO	2016
	VINA DEL MAR (11)	2008	JOINT VENTURE	26.8	268,000	78.0	LIDER	2040		SODIMAC	2040
MEXICO
BAJA CALIFORNIA
	MEXICALI	2006	FEE	12.1	121,239	99.6	CINEPOLIS	2020
	MEXICALI	2006	JOINT VENTURE	38.3	383,303	92.3	WAL-MART	2022
	ROSARITO	2007	JOINT VENTURE	41.4	499,138	70.7	HOME DEPOT	2023		CINEPOLIS	2023		WAL-MART	2022
	TIJUANA	2005	JOINT VENTURE	38.7	580,771	88.6	WAL-MART	2021		MM CINEMA	2016		COPELL	2016
	TIJUANA (11)	2007	JOINT VENTURE	12.3	193,115	68.1	COMERCIAL MEXICANA	2023
	TIJUANA (11)	2007	JOINT VENTURE	50.5	518,242	56.8	WAL-MART	2019		CINEPOLIS	2024
CAMPECHE
	CIUDAD DEL CARMEN (11)	2007	JOINT VENTURE	24.7	306,711	69.8	CHEDRAUI GROCERY	2024
CHIAPAS
	TAPACHULA (11)	2007	FEE	29.7	368,732	66.5	WAL-MART	2024
CHIHUAHUA
	JUAREZ	2003	JOINT VENTURE	24.1	241,105	85.9	SORIANA	2023	2038
	JUAREZ	2006	JOINT VENTURE	17.5	175,131	79.7	WAL-MART	2027
COAHUILA
	CIUDAD ACUNA	2007	FEE	3.2	31,699	95.6	COPPEL	2021
	SABINAS	2007	FEE	1.0	10,147	100.0	WALDO'S	2015
	SALTILLO	2005	FEE	25.8	443,133	84.4	HEB	2020
	SALTILLO PLAZA	2002	JOINT VENTURE	17.3	173,309	95.1	HEB	2042
DURANGO
	DURANGO	2007	FEE	1.2	11,911	100.0
HIDALGO
	PACHUCA	2005	JOINT VENTURE	13.7	201,925	71.7	HOME DEPOT	2021
	PACHUCA	2005	FEE	11.2	196,342	78.3	WAL-MART	2024


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

JALISCO
	GUADALAJARA	2005	JOINT VENTURE	13.0	129,705	85.5	WAL-MART	2026
	GUADALAJARA	2005	JOINT VENTURE	24.0	655,079	78.0	WAL-MART	2025		CINEPOLIS	2022
	GUADALAJARA (11)	2006	FEE	72.0	720,164	49.9	WAL-MART	2021		CINEPOLIS	2024
	LAGOS DE MORENO	2007	FEE	1.6	15,645	100.0
	PUERTO VALLARTA	2006	JOINT VENTURE	8.8	87,547	99.2	SORIANA	2021
MEXICO
	HUEHUETOCA	2004	JOINT VENTURE	17.0	170,494	91.5	WAL-MART	2014
	OJO DE AUGUA (11)	2008	FEE	23.0	229,945	82.8	CHEDRAUI GROCERY	2023
	TECAMAC	2006	JOINT VENTURE	19.9	198,959	71.0	WAL-MART	2023
MEXICO CITY
	INTERLOMAS	2007	JOINT VENTURE	24.7	247,058	89.3	GAMEWORKS	2011		ZARA	2018
	IXTAPALUCA	2007	FEE	1.4	13,702	100.0
	TLALNEPANTLA	2005	JOINT VENTURE	14.7	398,911	92.0	WAL-MART	2026
MORELOS
	CUAUTLA (11)	2006	JOINT VENTURE	59.4	594,421	56.5	WAL-MART	2023
NAYARIT
	NEUVO VALLARTA (11)	2007	FEE	19.7	280,729	49.7	WAL-MART	2019
NUEVO LEON
	ESCOBEDO	2006	JOINT VENTURE	34.8	347,607	68.5	HEB	2042
	MONTERREY	2002	JOINT VENTURE	27.3	272,523	95.3	HEB	2042
	MONTERREY	2006	FEE	38.1	381,077	76.8	HEB	2047
	MONTERREY (11)	2008	FEE	18.3	183,296	39.1	HEB	2029
OAXACA
	TUXTEPEC	2005	JOINT VENTURE	9.7	96,919	95.0	WAL-MART	2025
	TUXTEPEC	2007	JOINT VENTURE	10.0	136,576	44.5	MM CINEMA	2018
QUINTANA ROO
	CANCUN	2007	FEE	28.4	284,495	97.1	SUBURBIA	2025		CINEPOLIS	2021
	CANCUN (11)	2008	FEE	26.3	262,781	59.3	CHEDRAUI GROCERY	2023
SAN LUIS POTOSI
	SAN LUIS	2004	JOINT VENTURE	12.1	121,334	97.8	HEB	2019
SONORA
	HERMOSILLO (11)	2008	FEE	9.9	521,763	44.6	SEARS	2020	2050
	LOS MOCHIS (11)	2007	FEE	9.9	151,808	69.7	WAL-MART	2018
TAMAULIPAS
	ALTAMIRA	2007	FEE	2.4	24,479	100.0	FAMSA	2020
	MATAMOROS	2007	FEE	15.4	153,774	100.0	CINEPOLIS	2014		GIGANTE	2010		OFFICE DEPOT	2015
	MATAMOROS	2007	FEE	1.1	10,900	100.0	WALDOS	2012
	MATAMOROS	2007	FEE	1.1	10,835	100.0	WALDOS	2012
	NUEVO LAREDO	2007	FEE	0.9	8,565	100.0
	NUEVO LAREDO	2007	FEE	1.1	10,760	100.0	WALDOS	2012
	NUEVO LAREDO	2006	FEE	44.2	442,065	75.8	WAL-MART	2022	2047	HOME DEPOT	2028	2043	CINEPOLIS	2023
	REYNOSA	2004	JOINT VENTURE	37.5	374,567	97.3	HEB	2029
	REYNOSA	2007	FEE	11.5	115,093	100.0	GIGANTE	2012
	REYNOSA	2007	FEE	1.0	9,684	100.0
	REYNOSA	2007	FEE	1.8	17,603	91.9	WALDOS	2012
	RIO BRAVO	2007	FEE	1.0	9,673	100.0
	RIO BRAVO (11)	2008	FEE	22.6	225,960	41.4	HEB	2028
	TAMPICO	2007	FEE	1.6	16,162	100.0
VERACRUZ
	MINATITLAN	2007	FEE	2.0	19,847	100.0	WALDOS	2016
PERU
	LIMA (11)	2008	FEE	1.3	13,000	53.8

TOTAL 951 SHOPPING CENTER PROPERTY INTERESTS				14,984.7	137,565,207


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

OTHER PROPERTY INTERESTS
US PREFERRED EQUITY INVESTMENTS (RETAIL ASSETS ONLY)

ALASKA
	ANCHORAGE (12)	2006	JOINT VENTURE	5.9	85,356	58.6	BED, BATH & BEYOND	2018	2038
ARIZONA
	TUCSON	2006	JOINT VENTURE	57.3	514,989	90.5	LOEWS/CINEPLEX ODEON	2017	2037	BARNES & NOBLE	2012	2022	ROSS STORES INC	2013	2028
CALIFORNIA
	CHATSWORTH	2003	JOINT VENTURE	6.8	75,875	100.0	KAHOOTS	2014	2024	SMART & FINAL	2014	2034	TRADER JOE'S COMPANY	2014	2029
	HAWTHORNE	2004	JOINT VENTURE	0.5	21,507	100.0	OFFICE DEPOT	2019	2038
	MALIBU	2007	JOINT VENTURE	1.9	21,248	100.0
	MALIBU	2007	JOINT VENTURE	1.3	15,148	92.3
FLORIDA
	APOPKA	2007	JOINT VENTURE	7.9	71,490	97.1	WINN DIXIE	2018	2038
	CLEARWATER	2004	JOINT VENTURE	8.4	84,441	95.9	KASH N KARRY	2014	2034	WALGREEN'S	2014
	DELRAY BEACH (12)	2007	JOINT VENTURE	18.0	113,175	69.7	PUBLIX SUPERMARKETS, INC.	2011	2021	DELRAY SQUARE CINEMAS	2011	2011
	DELTONA	2004	JOINT VENTURE	7.0	80,567	84.8	WINN DIXIE	2014	2029	PET SUPERMARKET	2014	2024
	LOXAHATCHEE	2003	JOINT VENTURE	8.5	75,194	95.2	WINN DIXIE	2019	2054
	MIAMI	2004	JOINT VENTURE	50.0	651,011	90.9	HOME DEPOT	2028	2058	TIGER DIRECT	2020	2020	AMC CINEMA	m/t/m
	PEMBROKE PINES	2008	JOINT VENTURE	29.2	273,459	83.5	K-MART	2019	2069	FOOD LION	2014	2034	STANLEY KAPLAN	2020	2030
	SARASOTA	2005	JOINT VENTURE	12.6	148,348	89.8	OFFICE DEPOT	2015	2025	PETSMART	2013	2033	JO-ANN FABRIC	2013	2018
	SPRING HILL	2003	JOINT VENTURE	7.3	69,917	92.6	WINN DIXIE	2010	2035
	TAMPA	2004	JOINT VENTURE	11.4	100,538	100.0	KASH N KARRY	2015	2035	US POSTAL SERVICE	2010		TRANSPORTER PC USA	2016	2023
	WELLINGTON	2002	JOINT VENTURE	18.7	171,955	83.1	ACE HARDWARE	2018	2033	BEALL'S	2018	2033	WALGREEN'S	2029
GEORGIA
	MOULTRIE	2006	JOINT VENTURE	22.4	192,664	97.1	WAL MART	2017	2047
ILLINOIS
	LANSING	2005	JOINT VENTURE	52.8	320,331	86.8	WAL-MART	2020	2070	OFFICE DEPOT	2012	2037	CITI TRENDS INC	2011	2020
IOWA
	WEST DES MOINES	2006	JOINT VENTURE	7.6	53,423	70.7
KENTUCKY
	LOUISVILLE	2006	JOINT VENTURE	36.3	151,369	77.2	TOYS R US	2011	2046	TJ MAXX	2011	2021	PETSMART	2018	2028
LOUISIANA
	LAFAYETTE	2007	JOINT VENTURE	12.9	29,405	92.1
	LAKE CHARLES	2007	JOINT VENTURE	17.3	126,601	98.8	MARSHALL'S	2012	2027	ROSS STORES INC	2014	2029	BED, BATH & BEYOND	2014	2034
	SHREVEPORT	2005	JOINT VENTURE	18.4	93,669	97.0	OFFICE MAX	2012	2032	BARNES & NOBLE	2013	2028	OLD NAVY	2012	2012
	SHREVEPORT	2006	JOINT VENTURE	8.4	78,591	89.2	MICHAELS	2014	2034	DOLLAR TREE	2015	2025
MASSACHUSETTS
	HAVERHILL	2006	JOINT VENTURE	6.9	63,203	97.1	CVS	2012	2017
	CAMBRIDGE	2006	JOINT VENTURE	1.1	37,765	63.1
MISSISSIPPI
	RIDGELAND	2005	JOINT VENTURE	3.3	41,759	70.0
	RIDGELAND	2005	JOINT VENTURE	3.8	64,184	74.1	PARTY CITY	2014	2019	PIER 1 IMPORTS	2012	2017
	RIDGELAND	2005	JOINT VENTURE	6.0	81,626	100.0	ACADEMY SPORTS	2020	2030
NEW HAMPSHIRE
	LANCASTER	2006	JOINT VENTURE	10.8	50,080	100.0	SHAW'S SUPERMARKET	2018	2048
	LITTLETON	2006	JOINT VENTURE	43.0	34,583	100.0	STAPLES	2015	2020
	NEWPORT	2006	JOINT VENTURE	20.0	116,828	94.5	OCEAN STATE JOB LOT	2011	2031	SHAW'S SUPERMARKET	2015	2031
	WOODSVILLE	2006	JOINT VENTURE	1.7	11,180	100.0	RITE AID	2017	2042
	WOODSVILLE	2006	JOINT VENTURE	3.5	39,000	100.0	SHAW'S SUPERMARKET	2015	2030
NEW JERSEY
	WHITING	2007	JOINT VENTURE	26.7	99,798	93.3	STOP 'N SHOP	2026	2046
NEW YORK
	PORT JEFFERSON	2007	JOINT VENTURE	7.0	65,083	92.0	GIUNTA'S MEAT FARM SUPERMARKET	2011	2016
TENNESSEE
	COOKEVILLE	2007	JOINT VENTURE	37.6	211,483	75.9	FOOD LION	2028	2048	TJ MAXX	2014	2034	BOOK A MILLION	2017	2037


LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED	OWNERSHIP INTEREST/ (EXPIRATION)(2)	LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

TEXAS
	AUSTIN	2006	JOINT VENTURE	19.8	207,578	97.7	ACADEMY SPORTS	2012	2022	PACIFIC RESOURCES ASSOC.	2011	2031	GOLD'S TEXAS HOLDINGS	2017	2022
	AUSTIN	2006	JOINT VENTURE	10.9	131,039	96.9	24 HOUR FITNESS	2024	2034	GAITTLAND	2011	2026	DOLLAR TREE	2011	2025
	AUSTIN	2004	JOINT VENTURE	20.0	97,845	96.8	OSHMAN'S	2014	2029	BED BATH & BEYOND	2014	2029
	AUSTIN	2005	JOINT VENTURE	15.6	178,700	73.8	GOLD'S TEXAS HOLDINGS, L.P.	2014	2019	MONARCH EVENTS	2017	2027	HEB GROCERY COMPANY	2011	2013
	AUSTIN	2006	JOINT VENTURE	4.2	40,000	100.0	DAVE AND BUSTERS	2019	2034
	AUSTIN	2006	JOINT VENTURE	10.2	88,829	100.0	BARNES & NOBLE	2014	2029	PETCO	2011	2021
	AUSTIN	2006	JOINT VENTURE	4.8	55,659	92.8	CONN'S ELECTRIC	2010	2020
	CARROLLTON	2006	JOINT VENTURE	2.0	18,740	85.5
	GEORGETOWN	2005	JOINT VENTURE	12.1	115,416	87.1	DOLLAR TREE	2010	2025	GEORGETOWN FITNESS	2014	2014	CVS	2014	2019
	KILLEEN (11)	2006	JOINT VENTURE	3.0	14,576	100.0
	LAKE JACKSON (11)	2006	JOINT VENTURE	8.0	28,919	100.0
	RICHARDSON	2007	JOINT VENTURE	4.8	52,039	74.2
	SOUTHLAKE	2005	JOINT VENTURE	15.1	132,609	92.9	HOBBY LOBBY	2021	2031

CANADA PREFERRED EQUITY INVESTMENTS (RETAIL ASSETS ONLY)
ALBERTA
	CALGARY	2005	JOINT VENTURE	0.3	6,308	100.0
	CALGARY	2004	JOINT VENTURE	9.0	172,032	83.1	WINNERS APPAREL LTD.	2012	2022	DOLLAR GIANT STORE	2016	2026	WHOLESALE SPORTS	2010	none
	CALGARY	2004	JOINT VENTURE	10.0	127,777	100.0	BEST BUY CANADA LTD.	2014	2034	WINNERS MERCHANTS INT. LP	2014	2025	NOVA SCOTIA COMPANY	2015	2035
	EDMONTON (12)	2007	JOINT VENTURE	17.9	257,109	76.4	T & T SUPERMARKET	2024	2044	LONDON DRUGS LTD.	2015	2035	BED BATH & BEYOND	2020	2040
	HINTON	2004	JOINT VENTURE	18.5	137,382	83.4	WAL-MART CANADA CORP.	2011	2036	CANADA SAFEWAY	2010	2045
	LETHBRIDGE	2005	JOINT VENTURE	0.3	7,226	100.0
	LETHBRIDGE	2005	JOINT VENTURE	0.2	4,000	100.0
	LETHBRIDGE	2006	JOINT VENTURE	25.6	382,025	97.7	ZELLERS	2023	2078	CANADIAN TIRE	2024	2029	SAVE ON FOOD & DRUGS	2011	2031
BRITISH COLUMBIA
	100 MILE HOUSE	2004	JOINT VENTURE	7.2	69,051	97.7	SAVE ON FOOD & DRUGS	2015	2035	D&W MANAGEMENT	2013	2018
	BURNABY	2005	JOINT VENTURE	0.6	8,788	100.0
	COURTENAY	2005	JOINT VENTURE	0.3	4,024	100.0
	GIBSONS	2004	JOINT VENTURE	10.3	141,514	78.7	LONDON DRUGS LTD.	2021	2031	SUPER VALU	2012	2012	CHEVRON CANADA LTD.	2017	2022
	KAMLOOPS (11)	2005	JOINT VENTURE	9.7	126,152	100.0	WINNERS	2016	2031	JYSK	2016	2034	BANK OF MONTREAL	2017	2032
	LANGLEY	2004	JOINT VENTURE	7.6	34,832	88.3
	PORT ALBERNI	2004	JOINT VENTURE	2.5	34,518	100.0	BUY-LOW FOODS	2012	2027
	PRINCE GEORGE	2004	JOINT VENTURE	8.0	83,405	100.0	SAVE ON FOOD & DRUGS	2011	2033	SHOPPERS REALTY INC.	2014	2044
	SURREY	2004	JOINT VENTURE	8.0	104,198	96.5	SAFEWAY STORE #184	2012	2033	NEW HOLLYWOOD THEATRE	2013	2023
	TRAIL	2004	JOINT VENTURE	15.9	182,000	91.9	ZELLERS	2014	2019	EXTRA FOODS	2014	2044
	VANCOUVER	2004	JOINT VENTURE	3.0	35,956	96.5
	WESTBANK	2004	JOINT VENTURE	9.7	111,610	97.5	SAVE ON FOOD & DRUGS	2017	2037	SHOPPER'S DRUGMART	2015	2045	G&G HARDWARE	2011	2021
	WESTBANK (11)	2006	JOINT VENTURE	25.9	48,212	100.0	STAPLES	2022	2037
MANITOBA
	WINNIPEG	2005	JOINT VENTURE	0.4	4,200	100.0
NEW BRUNSWICK
	FREDERICTON	2005	JOINT VENTURE	0.6	6,742	100.0
	MONCTON	2005	JOINT VENTURE	0.4	4,655	100.0
NEWFOUNDLAND
	ST. JOHN'S	2006	JOINT VENTURE	25.8	423,038	71.7	CONVERGYS CALL CENTRE	2016	2019	HART	2018	2043	LABELS	2018	2027
ONTARIO
	BARRIE	2005	JOINT VENTURE	1.1	4,748	100.0
	BARRIE	2005	JOINT VENTURE	1.6	1,680	100.0
	BARRIE	2005	JOINT VENTURE	1.6	6,897	76.1
	BRANTFORD	2005	JOINT VENTURE	0.8	12,894	58.0
	BURLINGTON	2005	JOINT VENTURE	0.8	9,126	100.0
	CAMBRIDGE	2005	JOINT VENTURE	1.3	15,730	77.0
	CORNWALL	2005	JOINT VENTURE	0.3	4,000	100.0
	GUELPH	2005	JOINT VENTURE	0.8	3,600	100.0


LOCATION		YEAR DEVELOPED OR ACQUIRED		OWNERSHIP INTEREST/ (EXPIRATION)(2)		LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	MAJOR LEASES
LOCATION		YEAR DEVELOPED OR ACQUIRED		OWNERSHIP INTEREST/ (EXPIRATION)(2)		LAND AREA (ACRES)	LEASABLE AREA (SQ. FT.)	PERCENT LEASED (1)	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION	TENANT NAME	LEASE EXPIRATION	OPTION EXPIRATION

	HAMILTON	2005		JOINT VENTURE		0.3	6,500	100.0
	HAMILTON	2005		JOINT VENTURE		0.5	10,441	88.3
	HAMILTON	2005		JOINT VENTURE		0.3	4,125	100.0
	KITCHENER	2006		JOINT VENTURE		2.0	13,450	100.0
	KITCHENER	2006		JOINT VENTURE		5.0	66,747	89.2	SOBEY'S	2012	2027
	LONDON	2005		JOINT VENTURE		0.4	8,152	0.0
	LONDON	2005		JOINT VENTURE		0.6	5,700	100.0
	LONDON	2004		JOINT VENTURE		6.9	86,612	94.5	EMPIRE THEATRES	2015	2035
	MILTON (11)	2007		JOINT VENTURE		36.5	-	0.0
	MISSISSAUGA	2005		JOINT VENTURE		1.8	31,091	100.0	ESTATE HARDWOOD	2010	2015
	NORTH BAY	2005		JOINT VENTURE		0.5	6,666	100.0
	OTTAWA	2005		JOINT VENTURE		0.3	4,448	100.0
	OTTAWA	2007		JOINT VENTURE		1.5	26,530	73.0
	OTTAWA	2007		JOINT VENTURE		5.0	46,400	100.0
	OTTAWA	2007		JOINT VENTURE		2.6	39,840	83.4	ORMES FURNITURE	2010	2015
	OTTAWA	2007		JOINT VENTURE		9.1	3,400	100.0
	OTTAWA	2007		JOINT VENTURE		0.6	11,133	57.6
	OTTAWA	2007		JOINT VENTURE		2.7	31,001	100.0	LOEB CANADA INC	2012	2027
	OTTAWA	2007		JOINT VENTURE		1.1	12,287	100.0
	OTTAWA	2007		JOINT VENTURE		0.2	11,265	100.0
	ST. CATHERINES	2005		JOINT VENTURE		3.0	38,934	92.7
	ST. CATHERINES	2005		JOINT VENTURE		0.3	5,418	100.0
	ST. THOMAS	2005		JOINT VENTURE		0.2	3,595	100.0
	SUDBURY	2005		JOINT VENTURE		0.6	9,643	100.0
	SUDBURY	2006		JOINT VENTURE		5.4	40,128	100.0	VALUE VILLAGE	2011	2026	LIQUIDATION WORLD	2012	2012
	WATERLOO	2005		JOINT VENTURE		0.6	5,274	100.0
	WATERLOO (11)	2005		JOINT VENTURE		10.0	46,495	100.0	SHOPPER'S DRUG MART	2022	2037	MARK'S WORK WEARHOUSE	2018	2028
QUEBEC
	ALMA	2004		JOINT VENTURE		36.1	321,822	96.2	ZELLERS	2014	2094	SEARS	2011	2026	IGA	2028	2035
	CHANDLER	2004		JOINT VENTURE		20.1	116,533	97.4	HART STORES	2014	2024	MCDONALD'S	2015	2025	METRO	2015	2020
	GASPE	2004		JOINT VENTURE		15.2	142,662	97.4	CANADIAN TIRE	2021	2046	SOBEYS STORES LTD	2015	2030	HART STORES	2011	2021
	JONQUIERE	2004		JOINT VENTURE		25.2	247,788	93.9	ZELLERS	2014	2094	SUPER C GROCERIES	2010	2020	ROSSY	2016	2019
	LAMALBAIE	2006		JOINT VENTURE		9.2	117,422	92.0	HART STORES	2010	2010	METRO RICHELIEU	2016	2026	CANADIAN TIRE	2013	2013
	LAURIER STATION	2006		JOINT VENTURE		3.2	37,408	99.3	PROVIGO	2010		MAGASIN'S KORVETTE	2014	2019
	MONTREAL (11)	2006		JOINT VENTURE		232.0	573,237	100.0	ZELLERS	2026	2056	THE BRICK	2026	2036	TOYS R US	2021	2041
	ROBERVAL	2004		JOINT VENTURE		3.7	126,514	95.3	IGA	2021	2046	ROSSY	2015	2015
	SAGUENAY	2004		JOINT VENTURE		13.5	227,813	90.6	ZELLERS	2013	2013	CLEMENT LTEE	2018		L'AUBAINERIE CONCEPT	2016	2026
	ST. AUGUSTIN-DE-DESMAURES	2006		JOINT VENTURE		4.7	52,705	96.7	PROVIGO	2014	2024
	ST. JEROME	2007		JOINT VENTURE		6.0	82,391	98.8	MAXI (PROVIGO)	2012	2022	PHARMACIE BRUNET	2013	2023	DOLLARAMA	2010	2010
	STE. EUSTACHE	2005		JOINT VENTURE		6.6	69,104	85.3	MAXI (PROVIGO)	2022	2042	SHOPPERS DRUG MART	2023	2033
	STE. EUSTACHE	2005		JOINT VENTURE		2.4	69,104	85.3
	VICTORIAVILLE	2008		JOINT VENTURE		30.8	373,358	64.7	CANADIAN TIRE	2015	2035	METRO	2023		ROSSY	2018

	TOTAL 125 PREFERRED EQUITY PROPERTY INTERESTS (RETAIL ASSETS ONLY)					1,463.4	11,407,357

OTHER REAL ESTATEMENT INVESTMENTS

	RETAIL STORE LEASES (13)		1995/1997		LEASEHOLD	-	1,464,894	92.6

	AI PORTFOLIO (VARIOUS CITIES)		2005		JOINT VENTURE	213.2	9,308,353	85.8
	NON-RETAIL 259 ASSETS		VARIOUS		VARIOUS	209.2	9,131,500	100.0
	OTHER 36 PROPERTY INTERESTS		VARIOUS		VARIOUS	52.2	2,276,961	100.0

	GRAND TOTAL 1464 PROPERTY INTERESTS (14)					16,922.2	171,154,272


(1)	PERCENT LEASED INFORMATION AS OF DECEMBER 31, 2009.
(2)	THE TERM "JOINT VENTURE" INDICATES THAT THE COMPANY OWNS THE PROPERTY IN CONJUNCTION WITH ONE OR MORE JOINT VENTURE PARTNERS. THE DATE INDICATED IS THE EXPIRATION DATE OF ANY GROUND LEASE AFTER GIVING AFFECT TO ALL RENEWAL PERIODS.
(3)	DENOTES PROPERTY INTEREST IN KIMPRU.
(4)	DENOTES PROPERTY INTEREST IN KIMCO INCOME REIT ("KIR").
(5)	DENOTES PROPERTY INTEREST IN UBS.
(6)	DENOTES PROPERTY INTEREST IN KIMCO INCOME FUND I.
(7)	DENOTES PROPERTY INTEREST IN KIMCO RETAIL OPPORTUNITY PORTFOLIO ("KROP").
(8)	DENOTES PROPERTY INTEREST IN OTHER INSTITUTIONAL PROGRAMS.
(9)	DENOTES PROPERTY INTEREST IN SEB IMMOBILIEN
(10)	DENOTES PROPERTY INTEREST IN OTHER US JOINT VENTURES
(11)	DENOTES GROUND-UP DEVELOPMENT PROJECT. THIS INCLUDES PROPERTIES THAT ARE CURRENTLY UNDER CONSTRUCTION AND COMPLETED PROJECTS AWAITING STABILIZATION. THE SQUARE FOOTAGE SHOWN REPRESENTS THE COMPLETED LEASEABLE AREA.
(12)	DENOTES REDEVELOPMENT PROJECT.
(13)	THE COMPANY HOLDS INTERESTS IN 16 RETAIL STORE LEASES RELATED TO THE ANCHOR STORE PREMISES IN NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS.
(14)	DOES NOT INCLUDE 49 NEWKIRK PROPERTIES CONSISTING OF 2.5 MILLION SQUARE FEET, 402 NET LEASED PROPERTIES WITH 2.3 MILLION SQUARE FEET AND 1.0 MILLION SQUARE FEET OF PROJECTED LEASEABLE AREA RELATED TO THE PREFERRED EQUITY GROUND-UP DEVELOPMENT PROJECTS.

Executive Officers of the Registrant

The following table sets forth information with respect to the executive officers of the Company as of February 26, 2010.


Name	Age	Position	Since

Milton Cooper	80	Executive Chairman of the Board of Directors	1991

David B. Henry	60	Chief Executive Officer,	2009
		President,	2008
		Vice Chairman of the Board of Directors and Chief Investment Officer	2001

David Lukes	40	Executive Vice President -	2008
		Chief Operating Officer

Michael V. Pappagallo	50	Chief Administrative Officer	2008
		Executive Vice President -	2005
		Chief Financial Officer	1997

Glenn G. Cohen	46	Senior Vice President -
		Chief Accounting Officer	2008
		and Treasurer	1997

The executive officers of the Company serve in their respective capacities for approximately one-year terms and are subject to re-election by the Board of Directors, generally at the time of the Annual Meeting of the Board of Directors following the Annual Meeting of Stockholders.

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information The following sets forth the common stock offerings completed by the Company during the three-year period ended December 31, 2009. The Company’s common stock (“Common Stock”) was sold for cash at the following offering price per share:


Offering Date		Offering Price
September 2008	$	37.10
April 2009	$	7.10
December 2009	$	12.50

The table below sets forth, for the quarterly periods indicated, the high and low sales prices per share reported on the NYSE Composite Tape and declared dividends per share for the Company’s common stock. The Company’s common stock is traded on the NYSE under the trading symbol "KIM".


	Stock Price
Period	High	Low	Dividends
2008:
First Quarter	$40.18	$29.00	$0.40
Second Quarter	$42.30	$34.20	$0.40
Third Quarter	$47.80	$29.54	$0.44
Fourth Quarter	$37.06	$9.56	$0.44 (a)

2009:
First Quarter	$20.90	$ 6.33	$0.44
Second Quarter	$12.98	$ 7.03	$0.06
Third Quarter	$15.87	$ 8.16	$0.06
Fourth Quarter	$14.22	$11.54	$0.16 (b)

(a) Paid on January 15, 2009, to stockholders of record on January 2, 2009.

(b) Paid on January 15, 2010, to stockholders of record on January 4, 2010.

Holders The number of holders of record of the Company's common stock, par value $0.01 per share, was 3,342 as of January 31, 2010.

Dividends Since the IPO, the Company has paid regular quarterly dividends to its stockholders. While the Company intends to continue paying regular quarterly dividends, future dividend declarations will be at the discretion of the Board of Directors and will depend on the actual cash flow of the Company, its financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as they monitor sources of capital and evaluate the impact of the economy on operating fundamentals. The Company is required by the Internal Revenue Code of 1986, as amended, to distribute at least 90% of its REIT taxable income. The actual cash flow available to pay dividends will be affected by a number of factors, including the revenues received from rental proper ties, the operating expenses of the Company, the interest expense on its borrowings, the ability of lessees to meet their obligations to the Company, the ability to refinance near-term debt maturities and any unanticipated capital expenditures.

The Company has determined that the $1.00 dividend per common share paid during 2009 represented 72% ordinary income and a 28% return of capital to its stockholders. The $1.64 dividend per common share paid during 2008 represented 69% ordinary income, 19% in capital gains and a 12% return of capital to its stockholders.

In addition to its Common Stock offerings, the Company has capitalized the growth in its business through the issuance of unsecured fixed and floating-rate medium-term notes, underwritten bonds, mortgage debt and construction loans, convertible preferred stock and perpetual preferred stock. Borrowings under the Company's revolving credit facilities have also been an

interim source of funds to both finance the purchase of properties and other investments and meet any short-term working capital requirements. The various instruments governing the Company's issuance of its unsecured public debt, bank debt, mortgage debt and preferred stock impose certain restrictions on the Company with regard to dividends, voting, liquidation

and other preferential rights available to the holders of such instruments. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Notes 11 and 17 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.

The Company does not believe that the preferential rights available to the holders of its Class F Preferred Stock and Class G Preferred Stock, the financial covenants contained in its public bond indentures, as amended, or its revolving credit agreements will have an adverse impact on the Company's ability to pay dividends in the normal course to its common stockholders or to distribute amounts necessary to maintain its qualification as a REIT.

The Company maintains a dividend reinvestment and direct stock purchase plan (the "Plan") pursuant to which common and preferred stockholders and other interested investors may elect to automatically reinvest their dividends to purchase shares of the Company’s common stock or, through optional cash payments, purchase shares of the Company’s common stock. The Company may, from time-to-time, either (i) purchase shares of its common stock in the open market or (ii) issue new shares of its common stock for the purpose of fulfilling its obligations under the Plan.

Total Stockholder Return Performance The following performance chart compares, over the five years ended December 31, 2009, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500 Index and the cumulative total return of the NAREIT Equity REIT Total Return Index (the "NAREIT Equity Index") prepared and published by the National Association of Real Estate Investment Trusts ("NAREIT"). Equity real estate investment trusts are defined as those which derive more than 75% of their income from equity investments in real estate assets. The NAREIT Equity Index includes all tax qualified equity real estate investment trusts listed on the New York Stock Exchange, American Stock Exchange or the NASDAQ National Market System. Stockholder return performance, presented quarterly for the five years ended December 31, 2009, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.

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Item 6. Selected Financial Data

The following table sets forth selected, historical, consolidated financial data for the Company and should be read in conjunction with the Consolidated Financial Statements of the Company and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this annual report on Form 10-K.

The Company believes that the book value of its real estate assets, which reflects the historical costs of such real estate assets less accumulated depreciation, is not indicative of the current market value of its properties. Historical operating results are not necessarily indicative of future operating performance.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


		Year Ended December 31,
		2009		2008		2007
Cash flow from operating activities:
Net income	$	6,061	$	276,404	$	486,896
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		227,776		206,518		191,270
Extraordinary item		-		-		(54,340)
Loss on operating properties held for sale/sold/transferred		285		598		1,832
Impairment charges		175,087		147,529		8,500
Gain on sale of development properties		(5,751)		(36,565)		(40,099)
Gain on sale/transfer of operating properties		(4,666)		(21,800)		(9,800)
Equity in income of joint ventures, net		(6,309)		(132,208)		(173,363)
Income from other real estate investments		(30,039)		(79,099)		(64,046)
Distributions from joint ventures		136,697		261,993		403,032
Cash retained from excess tax benefits		-		(1,958)		(2,471)
Change in accounts and notes receivable		(19,878)		(9,704)		(4,876)
Change in accounts payable and accrued expenses		4,101		(1,983)		1,361
Change in other operating assets and liabilities		(79,782)		(42,126)		(77,907)
Net cash flow provided by operating activities		403,582		567,599		665,989
Cash flow from investing activities:
Acquisition of and improvements to operating real estate		(374,501)		(266,198)		(1,077,202)
Acquisition of and improvements to real estate under development		(143,283)		(388,991)		(640,934)
Investment in marketable securities		-		(263,985)		(55,235)
Proceeds from sale of marketable securities		80,586		52,427		35,525
Proceeds from transferred operating/development properties		-		32,400		69,869
Investments and advances to real estate joint ventures		(109,941)		(219,913)		(413,172)
Reimbursements of advances to real estate joint ventures		99,573		118,742		293,537
Other real estate investments		(12,447)		(77,455)		(192,890)
Reimbursements of advances to other real estate investments		18,232		71,762		87,925
Investment in mortgage loans receivable		(7,657)		(68,908)		(97,592)
Collection of mortgage loans receivable		48,403		54,717		94,720
Other investments		(4,247)		(25,466)		(26,688)
Reimbursements of other investments		4,935		23,254		55,361
Proceeds from sale of operating properties		34,825		120,729		59,450
Proceeds from sale of development properties		22,286		55,535		299,715
Net cash flow used for investing activities		(343,236)		(781,350)		(1,507,611)
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(437,710)		(88,841)		(82,337)
Principal payments on rental property debt		(16,978)		(14,047)		(14,014)
Principal payments on construction loan financings		(255,512)		(30,814)		(78,295)
Proceeds from mortgage/construction loan financings		433,221		76,025		413,488
Borrowings under revolving unsecured credit facilities		351,880		812,329		627,369
Repayment of borrowings under unsecured revolving credit facilities		(928,572)		(281,056)		(343,553)
Proceeds from issuance of unsecured term loan/notes		520,000		-		300,000
Repayment of unsecured term loan/notes		(428,701)		(125,000)		(250,000)
Financing origination costs		(13,730)		(3,300)		(10,819)
Redemption of noncontrolling interests		(31,783)		(66,803)		(80,972)
Dividends paid		(331,024)		(469,024)		(384,502)
Cash retained from excess tax benefits		-		1,958		2,471
Proceeds from issuance of stock		1,064,444		451,002		485,220
Net cash flow (used for) provided by financing activities		(74,465)		262,429		584,056
Change in cash and cash equivalents		(14,119)		48,678		(257,566)
Cash and cash equivalents, beginning of year		136,177		87,499		345,065
Cash and cash equivalents, end of year	$	122,058	$	136,177	$	87,499
Interest paid during the period (net of capitalized interest of $21,465, $28,753, and $25,505 respectively)	$	204,672	$	217,629	$	215,121
Income taxes paid during the period	$	4,773	$	29,652	$	14,292

The accompanying notes are an integral part of these consolidated financial statements.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts relating to the number of buildings, square footage, tenant and occupancy data and estimated project costs are unaudited.

1. Summary of Significant Accounting Policies:

Business

Kimco Realty Corporation (the "Company" or "Kimco"), its subsidiaries, affiliates and related real estate joint ventures are engaged principally in the operation of neighborhood and community shopping centers which are anchored generally by discount department stores, supermarkets or drugstores. The Company also provides property management services for shopping centers owned by affiliated entities, various real estate joint ventures and unaffiliated third parties.

Additionally, in connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust ("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code, as amended (the "Code"), subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries, has been engaged in various retail real estate related opportunities including (i) ground-up development projects through its wholly-owned taxable REIT subsidiaries(“TRS”), which were primarily engaged in the ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) retail real estate advisory and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers and (iii) acting as an agent or principal in connection with tax deferred exchange transactions.

The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property and a large tenant base. At December 31, 2009, the Company's single largest neighborhood and community shopping center accounted for only 1.2% of the Company's annualized base rental revenues and only 1.0% of the Company’s total shopping center gross leasable area ("GLA"). At December 31, 2009, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart, and Kohl’s which represented approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

The principal business of the Company and its consolidated subsidiaries is the ownership, development, management and operation of retail shopping centers, including complementary services that capitalize on the Company’s established retail real estate expertise. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Principles of Consolidation and Estimates

The accompanying Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the “Company”), its subsidiaries, all of which are wholly-owned, and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, including the assessment of impairments, equity method investments, marketable securities and other investments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable and the realizability of deferred tax assets. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements.

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the prope rty.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the sales price, net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property.

Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed i s received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. The Company expenses transaction costs associated with business combinations in the period incurred.

In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument. Unit discounts and premiums are amortized into noncontrolling interest in income, net over the period from the date of issuance to the earliest redemption date of the units.

The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:


Buildings and building improvements		15 to 50 years
Fixtures, leasehold and tenant improvements		Terms of leases or useful
(including certain identified intangible assets)		lives, whichever is shorter

Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.

Real Estate Under Development

Real estate under development represents both the ground-up development of neighborhood and community shopping center projects which may be subsequently sold upon completion and projects which the Company may hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity. If, in management’s opinion, the net sales price of assets he ld for resale or the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property.

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company’s exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. The Company, on a selective basis, obtains unsecured financing for certain joint ventures. These unsecured financings are guaranteed by the Company with guarantees from the joint ventur e partners for their proportionate amounts of any guaranty payment the Company is obligated to make.

To recognize the character of distributions from equity investees the Company looks at the nature of the cash distribution to determine the proper character of cash flow distributions as either returns on investment, which would be included in operating activities or returns of investment, which would be included in investing activities.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property.

Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to developers and owners of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other real estate investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Loan receivables are recorded at stated principal amounts net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. The Company evaluates the collectability of both interest and principal on each loan to determine whether it is impaired. A loan is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considere d to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the value of the underlying collateral if the loan is collateralized. Interest income on performing loans is accrued as earned. Interest income on impaired loans is recognized on a cash basis.

Cash and Cash Equivalents

Cash and cash equivalents (demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less) includes tenants' security deposits, escrowed funds and other restricted deposits approximating $18.3 million and $12.5 million for the years ended December 31, 2009 and 2008, respectively.

Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities

The Company classifies its existing marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income ("OCI"). Gains or losses on securities sold are based on the specific identification method.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity, it is not more likely than not that the Company will be required to sell the debt security before its anticipated recovery and the Company expects to recover the security’s entire amortized cost basis even if the entity does not intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Debt securities which contain conversion features generally are classified as available-for-sale.

On a continuous basis, management assesses whether there are any indicators that the value of the Company’s marketable securities may be impaired. A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security.

Deferred Leasing and Financing Costs

Costs incurred in obtaining tenant leases and long-term financing, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized over the terms of the related leases or debt agreements, as applicable. Such capitalized costs include salaries and related costs of personnel directly involved in successful leasing efforts.

Revenue Recognition and Accounts Receivable

Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as earned.

Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a partial noncontrolling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest.

Gains and losses from the sale of depreciated operating property and ground-up development projects are generally recognized using the full accrual method in accordance with the FASB’s real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met.

Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASB’s real estate sales guidance.

The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings is directly affected by management’s estimate of the collectability of accounts receivable.

Income Taxes

The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

In connection with the RMA, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.

The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.

Foreign Currency Translation and Transactions

Assets and liabilities of the Company’s foreign operations are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in OCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is included in the caption Other income, net in the Consolidated Statements of Operations.

Derivative/Financial Instruments

The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are c onsidered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB (see Note 17).

Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Company’s common stock ("Common Stock") and provide the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. The Company typically has the option to settle redemption amounts in cash or Common Stock for its convertible units. The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accor dance with the Distinguishing Liabilities from Equity guidance issued by the FASB.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented on the Company’s Consolidated Statements of Operations.

Earnings Per Share

The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):


		2009		2008		2007
Computation of Basic (Loss)/Income Per Share:
Income from continuing operations before extraordinary gain	$	2,086	$	248,625	$	390,534
Total net gain on transfer or sale of operating properties, net of tax		3,867		1,782		2,708
Net income attributable to noncontrolling interests		(10,003)		(26,502)		(44,066)
Discontinued operations attributable to noncontrolling interests		-		1,281		5,740
Extraordinary gain attributable to noncontrolling interests		-		-		4,075
Preferred stock dividends		(47,288)		(47,288)		(19,659)
(Loss)/income from continuing operations before extraordinary gain available to common shareholders		(51,338)		177,898		339,332
Income from discontinued operations attributable to the Company		108		24,716		33,574
Extraordinary gain		-		-		50,265
Net (loss)/income attributable to the Company’s common shareholders	$	(51,230)	$	202,614	$	423,171
Weighted average common shares Outstanding		350,077		257,811		252,129

Basic (Loss)/Income Per Share attributable to the Company:
(Loss)/income from continuing operations before extraordinary gain	$	(0.15)	$	0.69	$	1.35
Income from discontinued operations		-		0.10		0.13
Extraordinary gain		-		-		0.20
Net (loss)/income	$	(0.15)	$	0.79	$	1.68

Computation of Diluted (Loss)/Income Per Share:
(Loss)/income from continuing operations before extraordinary gain available to common shareholders	$	(51,338)	$	177,898	$	339,332
Distributions on convertible units (a)		-		18		-
Income from continuing operations before extraordinary gain available to the Company’s common shareholders		(51,338)		177,916		339,332
Income from discontinued operations attributable to the Company		108		24,716		33,574
Extraordinary gain		-		-		50,265
Net (Loss)/income before extraordinary gain attributable to the Company’s common shareholders	$	(51,230)	$	202,632	$	423,171
Weighted average common shares outstanding – basic		350,077		257,811		252,129
Effect of dilutive securities: Stock options		-		999		4,929
Assumed conversion of convertible units (a)		-		33		-
Shares for diluted earnings per common share		350,077		258,843		257,058

Diluted (Loss)/Income Per Share attributable to the Company:
(Loss)/income from continuing operations	$	(0.15)	$	0.69	$	1.32
Income from discontinued operations		-		0.09		0.13
Extraordinary gain		-		-		0.20
Net (loss)/income	$	(0.15)	$	0.78	$	1.65

(a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations before extraordinary gain per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

In addition, there were approximately 15,870,967, 13,731,767, and 3,017,400, stock options that were anti-dilutive as of December 31, 2009, 2008 and 2007, respectively.

Stock Compensation

The Company maintains an equity participation plan (the “Plan”) pursuant to which a maximum of 47,000,000 shares of the Company’s common stock may be issued for qualified and non-qualified options and restricted stock grants. Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant or ratably over four years. In addition, the Plan provides for the granting of certain options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for stock options in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the statement of operations over the service period based on their fair values. Fair value is determined using the Black-Scholes option pricing formula, intended to estimate the fair value of the awards at the grant date. (See footnote 22 for additional disclosure on the assumptions and methodology.)

New Accounting Pronouncements

In June 2009, the FASB issued guidance (the “Codification”) which established the FASB’s ASC as the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009. On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting guidance. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the Codification during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing in this annual report on Form 10-K.

In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospec tively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. As of December 31, 2009 the adoption of this guidance has not had a material effect on the Company’s financial position or results of operations.

In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. As of December 31, 2009 the adoption of this guidance has not had a material effect on the Company’s results of operations or financial position.

In December 2007, the FASB issued further Consolidations guidance, which establishes accounting and reporting standards that require the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parent’s equity; the amount of consolidated net earnings attributable to the parent and to the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations; changes in a parent’s ownership interest while the parent

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

retains its controlling financial interest in its subsidiary be accounted for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008. As required, the Company has retrospectively applied the presentation to its prior year balances in its Consolidated Financial Statements. The adoption of this guidance resulted in the recording of approximately $8.0 million in income on the Company’s Statement of Operations for th e year ended December 31, 2009 as a result of remeasuring the Company’s equity interests to fair value, in entities where there was a change in control.

In March 2008, the FASB issued Derivatives and Hedging guidance, which amends and expands the previous disclosure requirements to require qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. This guidance is to be applied prospectively for the first annual reporting period beginning on or after November 15, 2008, with early application encouraged. This guidance also encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this guidance did not have a material impact on the Company’s disclosures.

In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In June 2008, the FASB issued additional Earnings Per Share guidance, which classifies unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities and requires them to be included in the computation of earnings per share pursuant to the two-class method. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008. All prior-period earnings per share data presented are to be adjusted retrospectively. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In November 2008, the FASB issued Investments-Equity Method and Joint Ventures guidance that clarifies the accounting for certain transactions and impairment considerations involving equity method investments. This guidance applies to all investments accounted for under the equity method. It was effective for fiscal years and interim periods beginning on or after December 15, 2008. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly. Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. This guidance was effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In April 2009, the FASB issued Financial Instruments guidance, which amends previous guidance to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. It also requires those disclosures in summarized financial information at interim reporting periods. This guidance is effective for interim reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Company’s disclosures.

In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

In June 2009, the FASB issued Transfers and Servicing guidance, which amends the previous derecognition guidance and eliminates the exemption from consolidation for qualifying special-purpose entities. This guidance is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. This guidance will be effective for the Company beginning in fiscal 2010. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations.

In June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for the Company beginning in fiscal 2010. The Company is currently assessing its joint venture investments to determine the impact the adoption of this guidance will have on the Company’s financial position and results of operations however, the Company does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations.

During January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation guidance, which amends and clarifies that the decrease in ownership guidance provided in the Consolidation guidance does not apply to sales of in substance real estate. This update clarifies that an entity should apply the FASB’s real estate sales guidance to such transactions. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations.

Reclassifications

Certain reclassifications have been made to 2007 and 2008 to (i) reflects a reclass of tax provisions and tax benefits from gain on sale of development properties and impairments to benefit from income taxes, net (ii) reflect a reclass of amortization of software development costs to depreciation and amortization from general and administrative expense and (iii) reflect a reclass of lender improvement escrow balances to other assets from accounts and notes receivable, to conform to the 2009 presentation.

2. Impairments:

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2008 and 2009, economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets. Increases in capitalization rates, discount rates and vacancies as well as deterioration of real estate market fundamentals impacted net operating income and leasing which further contributed to declines in real estate markets in general.

As a result of the volatility and declining market conditions described above, as well as the Company’s strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during 2009, aggregating approximately $175.1 million, before income tax benefit of approximately $22.5 million and noncontrolling interests of approximately $1.2 million. The Company recognized non-cash impairment charges during 2008, aggregating approximately $147.5 million, before income tax benefit of approximately $31.1 million and noncontrolling interest of approximately $1.6 million. The Company recognized non-cash impairment charges during 2007, aggregating approximately $13.8 million, before income tax benefit of approximately $5.5 million. Details of these non-cash impairment charges are as follows (in thousands):


		2009		2008		2007
Impairment of property carrying values	$	50,000	$	-	$	-
Real estate under development		2,100		13,613		8,500
Investments in other real estate investments		49,279		-		-
Marketable securities and other investments		30,050		118,416		5,296
Investments in real estate joint ventures		43,658		15,500		-
Total impairment charges	$	175,087	$	147,529	$	13,796

In addition to the impairment charges above, the Company recognized impairment charges during 2009 and 2008 of approximately $38.7 million, before an income tax benefit of approximately $11.0 million, and $11.2 million, before an income tax benefit of approximately $4.5 million, respectively, relating to certain properties held by four unconsolidated joint ventures in which the Company holds noncontrolling interests ranging from 15% to 45%. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Operations.

The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 6, 8, 9, 10, and 11).

3. Real Estate:

The Company’s components of Rental property consist of the following (in thousands):


		December 31,
		2009		2008
Land	$	1,831,374	$	1,394,460
Undeveloped Land		106,054		1,185
Buildings and improvements
Buildings		4,411,565		3,847,544
Building improvements		1,103,798		692,040
Tenant improvements		669,540		633,883
Fixtures and leasehold improvements		48,008		35,377
Other rental property (1)		246,217		245,452
		8,416,556		6,849,941
Accumulated depreciation and amortization		(1,343,148)		(1,159,664)
Total	$	7,073,408	$	5,690,277

(1) At December 31, 2009 and 2008, Other rental property consisted of intangible assets including $162,477 and $161,556 respectively, of in-place leases, $21,851 and $22,400 respectively, of tenant relationships, and $61,889 and $61,496 respectively, of above-market leases.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

In addition, at December 31, 2009 and 2008, the Company had intangible liabilities relating to below-market leases from property acquisitions of approximately $196.2 million and $171.4 million, respectively. These amounts are included in the caption Other liabilities in the Company’s Consolidated Balance Sheets. The estimated amortization expense associated with the Company’s intangible assets for the future five years are as follows (in millions): 2010, $14.9; 2011, $12.3; 2012, $8.1; 2013, $5.0; and 2014, $2.2.

4. Property Acquisitions, Developments and Other Investments:

Operating property acquisitions, ground-up development costs and other investments have been funded principally through the application of proceeds from the Company's public equity and unsecured debt issuances, proceeds from mortgage and construction financings, availability under the Company’s revolving lines of credit and issuance of various partnership units.

Operating Properties

Acquisition of Operating Properties –

During the year ended December 31, 2009, the Company acquired, in separate transactions, 33 operating properties, comprising an aggregate 6.8 million square feet of a GLA, for an aggregate purchase price of approximately $955.4 million including the assumption of approximately $577.6 million of non-recourse mortgage debt encumbering 21 of the properties and $50.0 million in preferred stock. Details of these transactions are as follows (in thousands):


				Purchase Price
Property Name	Location	Month Acquired		Cash/Net Assets and Liabilities		Debt/ Preferred Stock Assumed		Total	GLA
Novato Fair	Novato, CA	Jul-09 (1)	$	9,902	$	13,524	$	23,426	125
Canby Square	Canby, OR	Oct-09 (2)		7,052		-		7,052	116
Garrison Square	Vancouver, WA	Oct-09 (2)		3,535		-		3,535	70
Oregon Trail Center	Gresham, OR	Oct-09 (2)		18,135		-		18,135	208
Pioneer Plaza	Springfield, OR	Oct-09 (2)		9,823		-		9,823	96
Powell Valley Junction	Gresham, OR	Oct-09 (2)		5,062		-		5,062	107
Troutdale Market	Troutdale, OR	Oct-09 (2)		4,809		-		4,809	90
Angels Camp	Angels Camp, CA	Nov-09 (2)		6,801		-		6,801	78
Albany Plaza	Albany, OR	Nov-09 (2)		6,075		-		6,075	110
Elverta Crossing	Antelope, CA	Nov-09 (2)		8,765		-		8,765	120
Park Place	Vallejo, CA	Nov-09 (2)		15,655		-		15,655	151
Medford, Center	Medford, OR	Nov-09 (2)		21,158		-		21,158	335
PL Retail, LLC Acquisition	Various	Nov-09 (3)		210,994		614,081		825,075	5,160
	Total Acquisitions		$	327,766	$	627,605	$	955,371	6,766

(1)

The Company acquired this property from a joint venture in which the Company had a 10% noncontrolling ownership interest. This transaction resulted in a gain of approximately $0.3 million as a result of remeasuring the Company’s 10% noncontrolling equity interest to fair value.

(2)

The Company acquired this property from a joint venture in which the Company had a 15% noncontrolling ownership interest. This transaction resulted in a gain of approximately $0.1 million as a result of remeasuring the Company’s 15% noncontrolling equity interest to fair value.

(3)

The Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, in which the Company held a 15% noncontrolling interest prior to this transaction. The 21 shopping centers comprise approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1). The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLC’s gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of per petual preferred stock. The purchase price includes approximately $20 million for the purchase of development rights for one shopping center. Subsequent to the acquisition of these properties, the Company repaid an aggregate of approximately $269 million of the non-recourse mortgage debt which encumbered 10 properties. This transaction resulted in a gain of approximately $7.6 million as a result of remeasuring the Company’s 15% noncontrolling equity interest to fair value.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During the year ended December 31, 2008, the Company acquired, in separate transactions, 10 operating properties, comprising an aggregate 1.2 million square feet of a GLA, for an aggregate purchase price of approximately $215.9 million including the assumption of approximately $96.2 million of non-recourse mortgage debt encumbering four of the properties. Details of these transactions are as follows (in thousands):


				Purchase Price
Property Name	Location	Month Acquired		Cash		Debt Assumed		Total	GLA

U.S. Acquisitions:
108 West Germania	Chicago, IL	Jan-08	$	9,250	$	-	$	9,250	41
1429 Walnut St	Philadelphia, PA	Jan-08		22,100		6,400		28,500	76
168 North Michigan Ave	Chicago, IL	Jan-08 (1)		13,000		-		13,000	74
118 Market St	Philadelphia, PA	Feb-08 (1)		600		-		600	1
Alison Building	Philadelphia, PA	Apr-08 (1)		15,875		-		15,875	58
Lorden Plaza	Milford, NH	Apr-08		5,650		26,000		31,650	149
East Windsor Village	East Windsor, NJ	May-08 (2)		10,370		19,780		30,150	249
Potomac Run Plaza	Sterling, VA	Sep-08 (5)		21,430		44,046		65,476	361
				98,275		96,226		194,501	1,009
Latin American Acquisitions:
Valinhos	Valinhos, Brazil	Jun-08 (3)		17,384		-		17,384	121
Vicuna Mackenna	Santiago, Chile	Aug-08 (4)		4,025		-		4,025	26
	Total Acquisitions		$	119,684	$	96,226	$	215,910	1,156

(1)

Property is scheduled for redevelopment.

(2)

The Company acquired this property from a joint venture in which the Company had an approximate 15% noncontrolling ownership interest.

(3)

The Company provided $12.2 million as part of its 70% economic interest in this newly formed joint venture for the acquisition of this operating property and land parcel. The Company has determined, under the provisions of the FASB’s Consolidation guidance, that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.

(4)

The Company provided a $3.0 million equity investment to a newly formed joint venture in which the Company has a 75% economic interest for the acquisition of this operating property and has determined under the provisions of the FASB’s Consolidation guidance that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.

(5)

The Company acquired this property from a joint venture in which the Company holds a 20% noncontrolling interest.

The aggregate purchase price of the above mentioned 2009 and 2008 properties have been allocated to the tangible and intangible assets and liabilities of the properties in accordance with the FASB’s Business Combinations guidance, at the date of acquisition, based on evaluation of information and estimates available at such date. As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation on a retrospective basis. The allocations are finalized no later than twelve months from the acquisition date. The total aggregate fair value was allocated as follows (in thousands):


		2009		2008
Land	$	317,052	$	55,323
Buildings		383,666		121,927
Below Market Rents		(52,982)		(8,926)
Above Market Rents		38,681		2,167
In-Place Leases		34,042		6,879
Other Intangibles		12,602		2,739
Building Improvements		182,318		28,589
Tenant Improvements		27,664		7,147
Mortgage Fair Value Adjustment		1,670		65
Other Assets		20,088		-
Other Liabilities		(9,430)		-
	$	955,371	$	215,910

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Included within the Company’s consolidated operating properties are 12 consolidated entities that are VIEs and for which the Company is the primary beneficiary. All of these entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on behalf of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity's expected losses, rec eive a majority of the entity's expected residual returns, or both.

At December 31, 2009, total assets of these VIEs were approximately $1.0 billion and total liabilities were approximately $542.1 million, including $363.4 million of non-recourse mortgage debt. The classification of these assets is primarily within real estate and the classification of liabilities are primarily within mortgages payable and noncontrolling interests in the Company’s Consolidated Balance Sheets.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. Four of these entities are encumbered by third party non-recourse mortgage debt aggregating approximately $363.4 million. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.

Included within the VIEs noted above is a joint venture investment which, during 2009, the Company provided a capital contribution to and another joint venture investment for which the Company entered into an amendment to its LLC agreement. These events were both considered reconsideration events under FASB’s Consolidation guidance. Such reconsideration determined that these two joint ventures were now VIEs and that the Company is the primary beneficiary of each joint venture.

Ground-Up Development -

During 2009, the Company expended approximately $9.9 million to purchase its partners noncontrolling partnership interests in five of its former merchant building projects. Since there was no change in control, these transactions resulted in an adjustment to the Company’s Paid-in capital of approximately $7.2 million.

Long-term Investment Projects -

During 2009, the Company acquired a land parcel located in Rio Claro, Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million). This parcel will be developed into a 48,000 square foot retail shopping center. Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2008, the Company acquired (i) 5 land parcels located throughout Mexico for an aggregate purchase price of approximately 368.2 million Mexican Pesos (“MXP”) (approximately USD $33.3 million), (ii) one land parcel located in Lima, Peru for a purchase price of approximately 1.9 million Peruvian Nuevo Sol (“PEN”) (approximately USD $0.7 million), (iii) two land parcels located in Chile for a purchase price of approximately 7.9 billion CLP (approximately USD $16.1 million) and (iv) one land parcel located in Hortolandia, Brazil for a purchase price of approximately 7.4 BRL (approximately USD $3.2 million). These nine land parcels will be developed into retail centers aggregating approximately 1.7 million square feet of gross leasable area with a total estimated aggregate project cost of approximately USD $195.5 million.

During 2008, the Company acquired, through an unconsolidated joint venture investment, 11 land parcels, in separate transactions, located in various cities throughout Mexico for an aggregate purchase price of approximately 554.9 million MXP (approximately USD $48.5 million) which will be held for investment or possible future development.

Additionally, during 2008, the Company acquired, through an existing consolidated joint venture, a redevelopment property in Bronx, NY, for a purchase price of approximately $5.2 million. The property will be redeveloped into a retail center with a total estimated project cost of approximately $17.7 million.

Included within the Company’s ground-up development projects at December 31, 2009 are 10 consolidated entities that are VIEs and for which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments. The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both.

At December 31, 2009, total assets of these VIEs were approximately $276.3 million and total liabilities were approximately $32.7 million. The classification of these assets is primarily within real estate and the classification of liabilities are primarily within accounts payable and accrued expenses in the Company’s Consolidated Balance Sheets.

The majority of the projected development costs to be funded to these VIEs, aggregating approximately $41.1 million, will be funded with capital contributions from the Company and when contractually obligated by the outside partner. The Company has not provided financial support to the VIE that it was not previously contractually required to provide.

Also included within the Company’s ground-up developments at December 31, 2009, are 10 unconsolidated joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment. These entities were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that Company would receive less than a majority of the entity's expected losses, receive less than a majority of the entity's expected residual returns, or both.

The Company’s aggregate investment in these VIEs was approximately $153.9 million as of December 31, 2009, which is included in Real estate under development in the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be $230.6 million, which primarily represents the Company’s current investment and estimated future funding commitments. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Kimsouth -

On May 12, 2006, the Company acquired an additional 48% interest in Kimsouth Realty Inc. (“Kimsouth”), a joint venture investment in which the Company had previously held a 44.5% noncontrolling interest, for approximately $22.9 million. As a result of this transaction, the Company’s total ownership increased to 92.5% and the Company became the controlling shareholder. The Company commenced consolidation of Kimsouth upon the closing date. The acquisition of the additional 48% ownership interest has been accounted for as a step acquisition with the purchase price being allocated to the identified assets and liabilities of Kimsouth. As of May 12, 2006, Kimsouth consisted of five properties, all of which have been subsequently sold and/or transferred.

As of May 12, 2006, Kimsouth had approximately $133.0 million of NOL carryforwards, which could be utilized to offset future taxable income of Kimsouth. The Company evaluated the need for a valuation allowance based on projected taxable income and determined that a valuation allowance of approximately $34.2 million was required. As such, a purchase price adjustment of $17.5 million was recorded. As of December 31, 2008, Kimsouth had fully utilized its NOLs. (See Note 22 for additional information).

During 2009, the Company acquired the remaining 7.5% interest in Kimsouth for approximately $5.5 million. Since there was no change in control, this transaction resulted in an adjustment to the Company’s Additional paid in capital of approximately $3.9 million.

During June 2006, Kimsouth contributed approximately $51.0 million, of which $47.2 million or 92.5% was provided by the Company, to fund its 15% noncontrolling interest in a newly formed joint venture with an investment group to acquire a portion of Albertson’s Inc. To maximize investment returns, the investment group’s strategy with respect to this joint venture, includes refinancing, selling selected stores and the enhancement of operations at the remaining stores. Kimsouth accounts for this investment under the equity method of accounting. During 2007, this joint venture completed the disposition of certain operating stores and a refinancing of the remaining assets in the joint venture. As a result of these transactions, Kimsouth received a cash distribution of approximately $148.6 million. Kimsouth had a remaining capital commitment obligation to fund up to an additional $15.0 million for general purposes. ;This amount was included in Other liabilities in the Consolidated Balance Sheets. During March 2008, the Albertson’s partnership agreement was amended to release the Company of its remaining capital commitment obligation, as a result the Company recognized pre-tax income of $15.0 million from cash received in excess of the Company’s investment.

During 2008, the Albertson’s joint venture disposed of 121 operating properties for an aggregate sales price of approximately $564.0 million, resulting in a gain of approximately $552.3 million, of which Kimsouth’s share was approximately $73.1 million. During 2008, Kimsouth recognized equity in income from the Albertson’s joint venture of approximately $64.4 million before income taxes, including the $73.1 million of gain and $15.0 million from cash received in excess of the Company’s investment. As a result of these transactions, Kimsouth fully reduced its deferred tax asset valuation allowance and utilized all of its remaining NOL carryforwards, which provided a tax benefit of approximately $3.1 million.

Additionally, during 2008, the Albertson’s joint venture acquired six operating properties and four leasehold properties for approximately $26.0 million, including the assumption of approximately $5.8 million in non-recourse mortgage debt encumbering one of the properties.

During the year ended December 31, 2007, Kimsouth’s income from the Albertson’s joint venture aggregated approximately $49.6 million, net of income tax. This amount includes (i) an operating loss of approximately $15.1 million, net of an income tax benefit of approximately $10.1 million, (ii) distribution in excess of Kimsouth’s investment of approximately $10.4 million, net of income tax expense of approximately $6.9 million, and (iii) an extraordinary gain of approximately $54.3 million, net of income tax expense of approximately $36.2 million, resulting from purchase price allocation adjustments as determined in accordance with the FASB’s Business Combination guidance. In accordance with the FASB’s Equity Method and Joint Venture guidance, the Company has classified its 15% share of the extraordinary gain, net of income taxes, as a separate component on the Company’s Consolidated Statements of Operations.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2007, Kimsouth sold its remaining property for an aggregate sales price of approximately $9.1 million. This sale resulted in a gain of approximately $7.9 million, net of income taxes.

5. Dispositions of Real Estate:

Operating Real Estate -

During 2009, the Company disposed of, in separate transactions, portions of six operating properties and one land parcel for an aggregate sales price of approximately $28.9 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012. The Company evaluated these transactions pursuant to the FASB’s real estate sales guidance. These seven transactions resulted in the Company’s recognition of an aggregate net gain of approximately $4.1 million, net of income tax of $0.2 million.

Additionally, during 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation. This profit participation has been recorded as Income from other real estate investments in the Company’s Consolidated Statements of Operations.

During 2009, FNC Realty Corporation (“FNC”), a consolidated entity in which the Company holds a 53% controlling ownership interest, disposed of two properties, in separate transactions, for an aggregate sales price of approximately $2.4 million. These transactions resulted in an aggregate pre-tax profit of approximately $0.9 million, before noncontrolling interest of $0.5 million. This income has been recorded as Income from other real estate investments in the Company’s Consolidated Statements of Operations.

During 2008, FNC disposed of a property for a sales price of approximately $3.3 million. This transaction resulted in a pre-tax profit of approximately $2.1 million, before noncontrolling interest of $1.0 million. This income has been recorded as Income from other real estate investments in the Company’s Consolidated Statements of Operations.

During 2008, the Company disposed of seven operating properties and a portion of four operating properties, in separate transactions, for an aggregate sales price of approximately $73.0 million, which resulted in an aggregate gain of approximately $20.0 million. In addition, the Company partially recognized deferred gains of approximately $1.2 million on three properties relating to their transfer and partial sale in connection with the Kimco Income Fund II transaction described below.

During 2007, the Company transferred 11 operating properties to a wholly-owned consolidated entity, Kimco Income Fund II (“KIF II”), for an aggregate purchase price of approximately $278.2 million, including non-recourse mortgage debt of $180.9 million, encumbering 11 of the properties. During 2008, the Company transferred an additional three properties for $73.9 million, including $50.6 million in non-recourse mortgage debt. During 2008 the Company sold a 26.4% noncontrolling ownership interest in the entity to third parties for approximately $32.5 million, which approximated the Company’s cost. The Company continues to consolidate this entity.

Additionally, during 2008, the Company disposed of an operating property for approximately $21.4 million. The Company provided seller financing for approximately $3.6 million, which bears interest at 10% per annum and is scheduled to mature on May 1, 2011. Due to the terms of this financing, the Company has deferred its gain of $3.7 million from this sale.

Additionally, during 2008, a consolidated joint venture in which the Company had a preferred equity investment disposed of a property for a sales price of approximately $35.0 million. As a result of this capital transaction, the Company received approximately $3.5 million of profit participation, before noncontrolling interest of approximately $1.1 million. This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Company’s Consolidated Statements of Operations.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2007, the Company (i) disposed of six operating properties and completed partial sales of three operating properties, in separate transactions, for an aggregate sales price of approximately $40.0 million, which resulted in an aggregate net gain of approximately $6.4 million, after income taxes of approximately $1.6 million, and (ii) transferred one operating property, which was acquired in the first quarter of 2007, to a joint venture in which the Company holds a 15% noncontrolling ownership interest for an aggregate price of approximately $4.5 million, which represented the net book value.

During 2007, FNC disposed of, in separate transactions, seven properties and completed the partial sale of an additional property for an aggregate sales price of $10.4 million. These transactions resulted in pre-tax profits of approximately $4.7 million, before noncontrolling interest of $3.3 million.

Additionally, during 2007, two consolidated joint ventures in which the Company had preferred equity investments disposed of, in separate transactions, their respective properties for an aggregate sales price of approximately $66.5 million. As a result of these capital transactions, the Company received approximately $22.1 million of profit participation, before noncontrolling interest of approximately $5.6 million. This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Company’s Consolidated Statements of Operations.

Ground-up Development –

During 2008, the Company sold, in separate transactions, (i) two completed merchant building projects, (ii) 21 out-parcels, (iii) a partial sale of one project and (iv) a partnership interest in one project for aggregate proceeds of approximately $73.5 million and received approximately $4.1 million of proceeds from completed earn-out requirements on three previously sold merchant building projects. These sales resulted in gains of approximately $36.6 million, before income taxes of $14.6 million.

During 2007, the Company sold, in separate transactions, (i) four of its recently completed merchant building projects, (ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land and (iv) completed partial sales of two projects, for an aggregate total proceeds of approximately $310.5 million and received approximately $3.3 million of proceeds from completed earn-out requirements on previously sold projects. These sales resulted in pre-tax gains of approximately $40.1 million, before income taxes of $16.0 million.

6. Adjustment of Property Carrying Values:

Impairments -

During 2009, as part of the Company’s ongoing impairment assessment, the Company determined that there were certain redevelopment mixed-use properties with estimated recoverable values that would not exceed their estimated costs. As a result, the Company recorded an aggregate impairment of property carrying values of approximately $50.0 million, representing the excess of the carrying values of 10 properties, primarily located in Philadelphia, Chicago, New York and Boston, over their estimated fair values.

Additionally, during 2009, the Company determined that there was one ground-up development project with an estimated recoverable value that would not exceed its estimated cost. As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimated fair value.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2008, the Company had determined that for two of its ground-up development projects, located in Middleburg, FL and Miramar, FL, the estimated recoverable value will not exceed their estimated cost. As a result, the Company recorded an aggregate pre-tax adjustment of property carrying value on these projects of $7.9 million, representing the excess of the carrying values of the projects over their estimated fair values.

During 2007, the Company’s recorded an aggregate pre-tax adjustment of property carrying value for two of its ground-up development projects, located in Jacksonville, FL and Anchorage, AK, of $8.5 million, representing the excess of the carrying values of the projects over their estimated fair values.

These impairments were primarily due to declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery. The Company’s estimated fair values were based upon projected operating cash flows (discounted and unleveraged) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. Capitalization rates and discount rates utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

7. Discontinued Operations and Assets Held for Sale:

The Company reports as discontinued operations assets held-for-sale as of the end of the current period and assets sold during the period. All results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Operations under the caption Discontinued operations. This has resulted in certain reclassifications of 2009, 2008 and 2007 financial statement amounts.

The components of Income from discontinued operations for each of the three years in the period ended December 31, 2009, are shown below. These include the results of operations through the date of each respective sale for properties sold during 2009, 2008 and 2007(in thousands):


		2009		2008		2007
Discontinued operations:
Revenues from rental property	$	47	$	6,316	$	11,468
Rental property expenses		(46)		(1,031)		(3,783)
Depreciation and amortization		(48)		(2,208)		(3,207)
Interest expense		-		(116)		(597)
(Loss)/income from other real estate Investments		(9)		3,451		34,740
Other (expense)/income, net		(116)		165		(3,013)

(Loss)/income from discontinued operating properties		(172)		6,577		35,608

Provision for income taxes		(235)		-		-

Loss on operating properties held for sale/sold		(174)		(598)		(1,832)

Gain on disposition of operating Properties		689		20,018		5,538

Income from discontinued operations		108		25,997		39,314

Net income attributable to noncontrolling interests		-		(1,281)		(5,740)
Income from discontinued operations attributable to the Company	$	108	$	24,716	$	33,574

During 2008, the Company classified as held-for-sale four shopping center properties comprising approximately 0.2 million square feet of GLA. The book value of each of these properties, aggregating approximately $16.2 million, net of accumulated depreciation of approximately $11.3 million, did not exceed each of their estimated fair value. As a result, no adjustment of property carrying value had been recorded. The Company’s determination of the fair value for these properties, aggregating approximately $28.6 million, was based upon executed contracts of sale with third parties less estimated selling costs. During 2009 and 2008, the Company reclassified one property previously classified as held-for-sale into held-for-use and completed the sale of three of these properties.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2007, the Company classified as held-for-sale ten shopping center properties comprising approximately 0.6 million square feet of GLA. The book value of each of these properties, aggregating approximately $80.7 million, net of accumulated depreciation of approximately $4.9 million, did not exceed each of their estimated fair values. As a result, no adjustment of property carrying value had been recorded. The Company’s determination of the fair value for each of these properties, aggregating approximately $116.8 million, was based primarily upon executed contracts of sale with third parties less estimated selling costs. During 2008 and 2007, the Company completed the sale of seven of these properties and reclassified three properties as held-for-use.

8. Investment and Advances in Real Estate Joint Ventures:

Kimco Prudential Joint Ventures ("KimPru") -

On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (“Pan Pacific”), which had a total transaction value of approximately $4.1 billion, including Pan Pacific’s outstanding debt totaling approximately $1.1 billion. As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada.

Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (“PREI”) through three separate accounts managed by PREI. In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a newly obtained $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts. PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios. The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting. In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.

During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009. This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million. During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010. Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obl igated to make. As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million. This outstanding balance is anticipated to be repaid with proceeds from property sales and partner capital contributions.

During 2009, KimPru sold 22 operating properties for an aggregate sales price of approximately $214.0 million, comprised of (i) 11 operating properties sold to the Company for an aggregate sales price of approximately $106.9 million. These sales resulted in an aggregate net gain of approximately $0.9 million of which the Company’s share was approximately $0.1 million and (ii) 11 operating properties and its interest in an unconsolidated joint venture, sold in separate transactions, for an aggregate sales price of approximately $107.1 million. These sales resulted in an aggregate net loss of approximately $0.1 million. Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility.

During 2008, KimPru sold four operating properties for an aggregate sales price of approximately $45.3 million. Proceeds from this property sale were used to repay a portion of the outstanding balance on the $1.2 billion credit facility.

During 2007, KimPru sold, in separate transactions, 27 operating properties, two of which were sold to the Company and one development property in separate transactions, for an aggregate sales price of approximately $517.0 million. These sales resulted in an aggregate loss of approximately $2.8 million, of which the Company’s share was approximately $0.4 million.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2009, KimPru (i) repaid approximately $52.4 million of non-recourse mortgage debt which bore interest at rates ranging from 4.92% to 8.30% and was scheduled to mature in 2009, (ii) refinanced an aggregate $46.5 million in mortgage debt encumbering four properties, which bore interest at a rate of 7.10% and matured during 2009, with $48.0 million in mortgage debt which bears interest at a rate of 7.875% and is scheduled to mature in 2016 and (iii) obtained new mortgages encumbering three properties aggregating approximately $33.0 million which bear interest at a rate of LIBOR plus 5.75% and are scheduled to mature in 2012. Proceeds from these mortgages were used to repay a portion of the outstanding balance on the $650.0 million credit facility.

During 2009, the Company recognized non-cash impairment charges of $28.5 million, against the carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.

In addition to the impairment charges above, KimPru recognized impairment charges during 2009 of approximately $223.1 million relating to (i) certain properties held by an unconsolidated joint venture within the KimPru joint venture based on estimated sales prices and (ii) a writedown against the carrying value of an unconsolidated joint venture, reflecting an other-than-temporary decline in the fair value of its investment resulting from a decline in the real estate markets. The Company’s share of these impairment charges were approximately $33.4 million, before income tax benefits of approximately $11.0 million, which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Operations.

During 2008, the Company recognized non-cash impairment charges of $15.5 million, against its carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a significant decline in the real estate markets during 2008.

In addition to the impairment charges above, KimPru recognized impairment charges during 2008 of approximately $74.6 million, of which the Company’s share was $11.2 million, before an income tax benefit of approximately $4.5 million, relating to certain properties held by an unconsolidated joint venture within the KimPru joint venture that are deemed held-for-sale or were transitioned from held-for-sale to held-for-use properties.

During January 2007, the Company and PREI entered into a new joint venture in which the Company holds a 15% noncontrolling interest (“KimPru II”), which acquired 16 operating properties, aggregating 3.3 million square feet of GLA, for an aggregate purchase price of approximately $822.5 million, including the assumption of approximately $487.0 million in non-recourse mortgage debt. Six of these properties were transferred from a joint venture in which the Company held a 5% noncontrolling ownership interest. One of the properties was transferred from a joint venture in which the Company held a 30% noncontrolling ownership interest. As a result of this transaction, the Company recognized profit participation of approximately $3.7 million and recognized its share of the gain. The Company accounts for its investment in KimPru II under the equity method of accounting. In addition, the Company manages the portfolios and ea rns acquisition fees, leasing commissions, property management fees and construction management fees.

During June 2009, the Company recognized a non-cash impairment charge of $4.0 million, against the carrying value of KimPru II. This impairment reflects an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.

In addition to the impairment charges above, during 2009, KimPru II recognized non-cash impairment charges relating to two properties aggregating approximately $11.4 million based on estimated sales price. The Company’s share of these impairment charges were approximately $1.7 million, which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Operations. These operating properties were sold, in separate transactions, during 2009 for an aggregate sales price of approximately $43.5 million, which resulted in no gain or loss.

The Company’s estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As of December 31, 2009, the KimPru and KimPru II portfolios were comprised of 97 shopping center properties aggregating approximately 16.3 million square feet of GLA located in 12 states.

For the year ended December 31, 2009, two of the ventures within KimPru (PRK Holdings I LLC and PRK Holdings II LLC) are considered significant subsidiaries of the Company based upon reaching certain income thresholds per the Securities and Exchange Commission’s (“SEC”) Regulation S-X Rule 3-09. The Company’s equity in income from each of these ventures for the year ended December 31, 2009, exceeded 20% of the Company’s income from continuing operations, as such the Company has included audited financial statements of these ventures as Exhibit 99.3 and Exhibit 99.4 to this annual report on Form 10-K. Additionally, the Company’s equity in income from KimPru II for the year ended December 31, 2009, exceeded 10% of the Company’s income from continuing operations, as such the Company is providing summarized financial information for KimPru II as follows (in millions):


		KimPru II
		December 31,
		2009		2008
Assets:
Real estate, net	$	731.3	$	797.5
Other assets		22.6		23.7
	$	753.9	$	821.2
Liabilities and Members' Capital:
Notes payable	$	-	$	-
Mortgages payable		442.8		481.9
Other liabilities		9.6		10.9
Noncontrolling interests		-		-
Members' capital		301.5		328.4
	$	753.9	$	821.2


		KimPru II
		December 31,
		2009		2008		2007
Revenues from rental properties	$	69.6	$	73.6	$	65.7

Operating expenses		(18.8)		(19.5)		(17.5)
Interest expense		(24.8)		(25.0)		(24.4)
Depreciation and amortization		(23.2)		(26.5)		(18.2)
Impairments		(11.4)		-		-
Other income/(expense), net		11.0		0.1		0.4
		(67.2)		(70.9)		(59.7)
(Loss)/income from continuing operations		2.4		2.7		6.0
Discontinued operations:
(Loss)/income from discontinued operations		(7.0)		0.2		0.3
Loss on disposition of properties		(4.5)		-		-
Net (loss)/income	$	(9.1)	$	2.9	$	6.3

Kimco Income Operating Partnership, L.P. ("KIR") -

The Company holds a 45% noncontrolling limited partnership interest in KIR and has a master management agreement whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2009, KIR repaid three maturing non-recourse mortgages aggregating approximately $40.3 million, which bore interest at 7.57%. KIR also obtained five new non-recourse mortgages on four previously unencumbered properties aggregating approximately $45.9 million bearing interest at rates ranging from 6.30% to 7.25% with maturity dates ranging from 2012 to 2019.

In addition, during 2009, KIR refinanced approximately $27.2 million of mortgage debt encumbering one property, which bore interest at a rate of 8.3% and matured during 2009, with new mortgage debt of approximately $27.5 million which bears interest at 7.25% and is scheduled to mature in 2014.

During 2008, KIR repaid 16 non-recourse mortgages aggregating approximately $209.6 million, which were scheduled to mature in 2008 and bore interest at rates ranging from 6.57% to 7.28%. Proceeds from eight individual non-recourse mortgages obtained during 2008, aggregating approximately $218.3 million, bearing interest at rates ranging from 6.0% to 6.5% with maturity dates ranging from 2015 to 2018 were used to fund these repayments.

During 2008, KIR disposed of one operating property for a sales price of approximately $1.9 million. This sale resulted in an aggregate loss of approximately $0.6 million of which the Company’s share was approximately $0.3 million.

During 2007, KIR disposed of three operating properties, in separate transactions, for an aggregate sales price of approximately $149.3 million. These sales resulted in an aggregate gain of approximately $46.0 million of which the Company’s share was approximately $20.7 million.

During 2009, KIR recognized an impairment charge relating to one property of approximately $5.0 million. The Company’s share of this impairment charge was approximately $2.3 million which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Operations. This operating property is currently in foreclosure proceedings with the third party mortgage lender.

KIR’s estimated fair value relating to the impairment assessment above was based upon a discounted cash flow model that include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective property.

As of December 31, 2009, the KIR portfolio was comprised of 62 shopping center properties aggregating approximately 13.1 million square feet of GLA located in 18 states.

For the year ended December 31, 2009, KIR is considered a significant subsidiary of the Company based upon reaching certain income thresholds per the SEC Regulation S-X Rule 3-09. The Company’s equity in income from KIR for the year ended December 31, 2009, exceeded 20% of the Company’s income from continuing operations, as such the Company has included audited financial statements of KIR as Exhibit 99.2 to this annual report on Form 10-K.

RioCan Investments -

During October 2001, the Company formed three joint ventures (collectively, the "RioCan Ventures") with RioCan Real Estate Investment Trust ("RioCan"), in which the Company has 50% noncontrolling interests, to acquire retail properties and development projects in Canada. The acquisition and development projects are to be sourced and managed by RioCan and are subject to review and approval by a joint oversight committee consisting of RioCan management and the Company’s management personnel. Capital contributions will only be required as suitable opportunities arise and are agreed to by the Company and RioCan.

During 2009, the RioCan Ventures refinanced approximately $30.3 million in mortgage debt with approximately $46.1 million in mortgage debt which bears interest at rates ranging from 5.90% to 6.82% and maturity dates ranging from five years to ten years.

Additionally, during June 2008, the RioCan Ventures, through a newly formed joint venture, acquired 10 operating properties, aggregating 1.1 million square feet of GLA, for an aggregate purchase price of approximately $153.4 million, including the assumption of approximately $81.1 million in non-recourse mortgage debt.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As of December 31, 2009, the RioCan Ventures, were comprised of 45 operating properties and one joint venture investment consisting of approximately 9.3 million square feet of GLA.

The Company’s equity in income from the Riocan Ventures for the year ended December 31, 2009, exceeded 10% of the Company’s income from continuing operations, as such the Company is providing summarized financial information for the RioCan Ventures as follows (in millions):


		December 31,
		2009		2009
Assets:
Real estate, net	$	1,137.4	$	993.5
Other assets		24.3		24.3
	$	1,161.7	$	1,017.8
Liabilities and Members' Capital:
Mortgages payable	$	899.4	$	767.8
Other liabilities		16.4		14.0
Members' capital		245.9		236.0
	$	1,161.7	$	1,017.8


		December 31,
		2009		2008		2007
Revenues from rental properties	$	175.6	$	179.7	$	170.6

Operating expenses		(65.1)		(64.4)		(60.4)
Interest expense		(47.5)		(47.3)		(42.7)
Depreciation and amortization		(31.4)		(28.5)		(26.0)
Other income, net		-		0.6		0.5
		(144.0)		(139.6)		(128.6)
Net income	$	31.6	$	40.1	$	42.0

Kimco / G.E. Joint Venture ("KROP")

During 2001, the Company formed Kimco Retail Opportunity Portfolio ("KROP") with GE Capital Real Estate ("GECRE"), in which the Company has a 20% noncontrolling interest and manages the portfolio. During August 2006, the Company and GECRE agreed to market for sale the properties within the KROP venture.

During 2009, KROP recognized an impairment charge relating to one property of approximately $2.2 million based on the estimated fair value. The Company’s share of this impairment charge was approximately $1.0 million which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Operations. This operating property was foreclosed on by the third party mortgage lender in exchange for forgiveness of the outstanding debt, this transaction resulted in no gain or loss.

KROP’s estimated fair value relating to the impairment assessment above was based upon a discounted cash flow model that include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective property.

During 2008, KROP transferred an operating property to the Company for a sales price of approximately $65.5 million, including the assumption of approximately $44.0 million in non-recourse mortgage debt. This sale resulted in a gain of $15.0 million of which the Company’s share was approximately $3.0 million. As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2007, KROP sold seven operating properties for an aggregate sales price of approximately $162.9 million. These sales resulted in an aggregate gain of $43.1 million of which the Company’s share was approximately $8.6 million.

During 2007, KROP transferred ten operating properties for an aggregate sales price of approximately $267.8 million, including approximately $111.6 million of non-recourse mortgage debt, to a new joint venture in which the Company holds a 15% noncontrolling ownership interest. As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties. The Company manages this joint venture and accounts for this investment under the equity method of accounting.

Additionally, during 2007, KROP sold four operating properties to the Company for an aggregate sales price of approximately $89.1 million, including the assumption of $41.9 million in non-recourse mortgage debt. The Company’s share of the gains related to these transactions has been deferred.

As of December 31, 2009, the KROP portfolio was comprised of two operating properties aggregating approximately 0.1 million square feet of GLA located in two states.

The Company’s equity in income from KROP for the year ended December 31, 2007, exceeded 10% of the Company’s income from continuing operations; as such the Company is providing summarized financial information for KROP as follows (in millions):


		December 31,
		2009		2008
Assets:
Real estate, net	$	67.4	$	83.5
Other assets		7.6		5.5
	$	75.0	$	89.0
Liabilities and Members' Capital:
Mortgages payable	$	56.4	$	68.4
Other liabilities		0.7		1.4
Noncontrolling interests		4.2		3.9
Members' capital		13.7		15.3
	$	75.0	$	89.0


		December 31,
		2009		2008		2007
Revenues from rental properties	$	69.6	$	73.6	$	65.7
Operating expenses		(18.8)		(19.5)		(17.5)
Interest expense		(24.8)		(25.0)		(24.4)
Depreciation and amortization		(23.2)		(26.5)		(18.2)
Impairments of real estate		(11.2)		-		-
Other income, net		10.8		0.1		0.4
		(67.2)		(70.9)		(59.7)
Income from continuing operations		2.4		2.7		6.0
Discontinued operations:
(Loss)/income from discontinued operations		(7.0)		0.2		0.3
Loss on disposition of properties		(4.5)		-		-
Net (loss)/income	$	(9.1)	$	2.9	$	6.3

PL Retail -

During December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC ("PL Retail"), in which the Company had a 15% noncontrolling interest and managed the portfolio. In connection with this transaction, PL Retail had acquired 33 operating properties aggregating approximately 7.6 million square feet of GLA located in ten states.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During November 2009, the 85% owner in PL Retail sold its interest to the Company. At the time of the transaction, PL Retail indirectly owned through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest just prior to this transaction. The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLC’s gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock. This transfer resulted in an aggregate net gain of approximately $57.5 million of which the Company’s share was approximately $8.6 million. As a result of this transaction the Company now consolidates this entity.

During 2009, prior to the Company acquiring PL Retail, PL Retail refinanced an aggregate $118.6 million in mortgage debt, which bore interest at rates ranging from 8.18% to 10.18% and matured during 2009, with $131.5 million in mortgage debt which bears interest at rates ranging from LIBOR plus 400 basis points to 7.70% and maturity dates ranging from 2014 to 2016.

Additionally, during 2009, prior to the Company acquiring PL Retail, PL Retail recognized a non-cash impairment charge of approximately $2.6 million relating to a property held-for-sale based on its estimated sales price. The Company’s share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Operations. PL Retail, subsequently sold this property for a sales price of $104.0 million which resulted in a loss of approximately $1.1 million, of which the Company’s share was approximately $0.2 million. Proceeds from this sale were used to partially pay down the outstanding balance on PL Retail’s revolving credit facility described below.

During 2007, PL Retail sold one operating property for a sales price of $40.1 million which resulted in a gain of approximately $13.5 million, of which the Company’s share was approximately $2.0 million. Proceeds from this sale were used to partially pay down the outstanding balance on PL Retail’s revolving credit facility described below.

PL Retail had a $39.5 million unsecured revolving credit facility, which bore interest at LIBOR plus 400 basis points, with a LIBOR floor of 1.5%,and was scheduled to mature in February 2010. This facility was guaranteed by the Company and the joint venture partner had guaranteed reimbursement to the Company of 85% of any guaranty payment the Company was obligated to make. During 2009, the joint venture fully repaid the outstanding balance and terminated this credit facility utilizing proceeds from the property sale transactions described above.

The Company’s equity in income from PL Retail for the period from January 1, 2009 through the transaction date of November 4, 2009, exceeded 10% of the Company’s income from continuing operations; as such the Company is providing summarized financial information for PL Retail as follows (in millions):


		December 31,
		2009		2008
Assets:
Real estate, net	$	-	$	861.8
Other Assets		-		117.3
	$	-	$	979.1
Liabilities and Members' Capital:
Notes payable	$	-	$	35.6
Mortgages payable		-		649.0
Other liabilities		-		10.6
Noncontrolling interests		-		56.9
Members' capital		-		227.0
	$	-	$	979.1

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


		December 31,
		2009		2008		2007
Revenues from rental properties	$	58.6	$	83.1	$	87.2

Operating expenses		(20.7)		(23.9)		(26.1)
Interest expense		(27.0)		(30.2)		(37.1)
Depreciation and amortization		(19.7)		(23.4)		(22.8)
Impairments of real estate		(2.6)		-		-
Other (expense)/income, net		(0.1)		1.2		1.7
		(70.1)		(76.3)		(84.3)
(Loss)/income from continuing operations		(11.5)		6.8		2.9
Discontinued operations:
Income from discontinued operations		18.9		0.3		1.1
Gain on disposition of properties		57.5		-		13.5
Net income	$	64.9	$	7.1	$	17.5

InTown Suites –

During June 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc, which holds 138 extended stay residential properties (“InTown Suites”). This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with a fixed interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, with two one-year extension options, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay. The outstanding balance on the three-year unsecured credit facility was $147.5 million as of December 31, 2008.

For the year ended December 31, 2009, InTown Suites is considered a significant subsidiary of the Company based upon reaching certain income thresholds per the SEC Regulation S-X Rule 3-09. The Company’s equity in income from InTown Suites for the year ended December 31, 2009, exceeded 20% of the Company’s income from continuing operations, as such the Company has included audited financial statements of InTown Suites as Exhibit 99.1 to this annual report of Form 10-K.

Kimco/UBS Joint Ventures ("KUBS") -

The Company has joint venture investments with UBS Wealth Management North American Property Fund Limited ("UBS"), in which the Company has noncontrolling interests ranging from 15% to 20%. These joint ventures, (collectively "KUBS"), were established to acquire high quality retail properties primarily financed through the use of individual non-recourse mortgages. Capital contributions are only required as suitable opportunities arise and are agreed to by the Company and UBS. The Company manages the properties.

During 2009, KUBS refinanced $7.4 million in mortgage debt encumbering one property, which bore interest at a rate of 4.74% and matured during 2009, with $6.0 million in mortgage debt which bears interest at a rate of 6.64% and is scheduled to mature in 2014.

As of December 31, 2009, the KUBS portfolio was comprised of 43 operating properties aggregating approximately 6.2 million square feet of GLA located in 12 states.

Other Real Estate Joint Ventures –

The Company and its subsidiaries have investments in and advances to various other real estate joint ventures. These joint ventures are engaged primarily in the operation and development of shopping centers which are either owned or held under long-term operating leases.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through a joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million. The Company accounts for its investment in this joint venture under the equity method of accounting. The Company’s aggregate investment resulting from this transaction was approximately $0.4 million.

During 2009, a joint venture in which the Company held a 10% noncontrolling interest sold an operating property to the Company for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. This sale resulted in a gain of approximately $3.4 million at the joint venture level of which the Company’s share of the gain was approximately $0.3 million. As a result of this transaction, the Company recognized a gain of approximately $0.3 million related to a change in control and remeasuring the Company’s 10% noncontrolling equity interest to fair value, the Company now consolidates this entity.

During 2009, a joint venture in which the Company had a noncontrolling interest refinanced approximately $13.2 million in mortgage debt encumbering one property, which bore interest at a rate of 4.00% and matured during 2009, with $13.6 million in mortgage debt which bears interest at a rate of LIBOR plus 350 basis points and is scheduled to mature in 2012.

Also during 2009, a joint venture in which the Company has a 50% noncontrolling ownership interest obtained a new three-year $53.0 million loan which bears interest at a rate of 7.85%. Proceeds from this mortgage and an additional $15.0 million capital contribution from the partners were used to repay $68.0 million in mortgage debt, which was scheduled to mature in 2009 and bore interest at a rate of LIBOR plus 1.16%. This mortgage is jointly and severally guaranteed by the Company and the other 50% noncontrolling ownership interest holder. As of December 31, 2009, the outstanding balance on this loan was $52.8 million.

Additionally during 2009, a joint venture in which the Company has a 30% noncontrolling ownership interest obtained a new $59.0 million three-year mortgage loan, which bears interest at a rate of LIBOR plus 350 basis points. The Company and the holder of the remaining 70% ownership interest guarantee, jointly and severally, up to $10.0 million of this mortgage. As of December 31, 2009, the outstanding balance on this loan was $59.0 million.

During June 2009, the Company recognized non-cash impairment charges of approximately $12.2 million, against the carrying value of its investments in six joint ventures, reflecting an other-than-temporary decline in the fair value of these investments resulting from a further decline in the real estate markets. Estimated fair values were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated fair value debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

During 2008, the Company acquired nine operating properties, one leasehold interest and two land parcels through joint ventures in which the Company has noncontrolling interests for an aggregate purchase price of approximately $62.2 million including the assumption of approximately $20.6 million of non-recourse mortgage debt encumbering two of the properties. The Company accounts for its investment in these joint ventures under the equity method of accounting. The Company’s aggregate investment resulting from these transactions was approximately $32.3 million. Details of these transactions are as follows (in thousands):

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


				Purchase Price
Property Name	Location	Month Acquired		Cash		Debt		Total
InTown Suites (2 extended stay residential properties, 299 units)	Houston,TX	Feb-08	$	8,750	$	-	$	8,750

American Industries (land parcel)	Chihuahua,Mexico	Feb-08		1,933		-		1,933

American Industries	Monterrey,Mexico	Apr-08		8,700		-		8,700

Little Ferry(leasehold interest)	LittleFerry,NJ	June-08		5,000		-		5,000

Tacoma Plaza	Dartmouth,Canada	Sept-08		8,714		9,026		17,740

American Industries (land parcel)	SanLuisPotosi,Mexico	Sept-08		224		-		224

River Point Shopping Center	BritishColumbia,Canada	Nov-08		4,486		11,606		16,092

Patio-Portfolio II (4 properties)	Santiago,Chile	Nov-08		3,810		-		3,810
	Total Acquisitions		$	41,617	$	20,632	$	62,249

In addition, during 2008, two joint venture investments in which the Company holds a 50% interest in each obtained individual non-recourse mortgages totaling $77.0 million. These mortgages have interest rates ranging from 6.38% to 6.47% and maturities ranging from 2018 to 2019. Proceeds from these mortgages were used to retire $36.0 million of mortgage debt encumbering two properties held by the joint ventures.

The Company’s equity in income for the year ended December 31, 2009, from a joint venture that holds an operating property in Tustin, CA, in which the Company holds a noncontrolling interest (“Tustin”) exceeded 10% of the Company’s income from continuing operations), as such the Company is providing summarized financial information for this investment below (in millions):


		Tustin
		December 31,
		2009		2008
Assets:
Real estate, net	$	187.2	$	195.8
Other assets		13.6		13.9
	$	200.8	$	209.7
Liabilities and Members’ Capital:
Mortgages Payable	$	206.0	$	206.0
Other liabilities		2.8		3.3
Members’ (deficit)/capital		(8.0)		0.4
	$	200.8	$	209.7

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


		Tustin
		December 31,
		2009		2008		2007
Revenues from rental properties	$	22.6	$	21.8	$	3.7

Operating expenses		(6.5)		(8.0)		(1.8)
Interest expense		(14.0)		(15.3)		(3.6)
Depreciation and amortization		(10.4)		(10.6)		(3.3)
Other (expense)/income, net		(0.1)		4.3		4.4
		(31.0)		(29.6)		(4.3)
Net loss	$	(8.4)	$	(7.8)	$	(0.6)

Summarized financial information for real estate joint ventures (excluding the seven discussed above, which are presented separately) is as follows (in millions):


		December 31,
		2009		2008
Assets:
Real estate, net	$	4,725.2	$	4,739.5
Other assets		333.9		267.1
	$	5,059.1	$	5,006.6
Liabilities and Partners’/Members’ Capital:
Notes payable	$	88.3	$	137.1
Mortgages payable		2,862.6		2,842.2
Construction loans		109.0		119.6
Other liabilities		146.2		149.0
Noncontrolling interests		1.6		1.0
Partners’/Members’ capital		1,851.4		1,757.7
	$	5,059.1	$	5,006.6


		Year Ended December 31,
		2009		2008		2007
Revenues from rental property	$	588.8	$	586.4	$	558.3
Operating expenses		(191.9)		(190.7)		(184.5)
Interest expense		(166.8)		(180.4)		(174.9)
Depreciation and amortization		(164.5)		(162.4)		(144.4)
Other expense, net		(36.6)		(27.0)		(14.7)
		(559.8)		(560.5)		(518.5)
Income from continuing operations		29.0		25.9		39.8
Discontinued Operations:
Income from discontinued operations		2.1		-		0.1
Gain on dispositions of properties		7.8		13.4		104.9
Net income	$	38.9	$	39.3	$	144.8

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling approximately $25.5 million and $9.7 million at December 31, 2009 and 2008, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2009 and 2008, the Company’s carrying value in these investments approximated $1.1 billion and $1.2 billion, respectively.

9. Other Real Estate Investments:

Preferred Equity Capital -

The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties. During 2009, the Company provided, in separate transactions, an aggregate of approximately $0.4 million in investment capital to developers and owners of two real estate properties. During 2008, the Company provided, in separate transactions, an aggregate of approximately $51.9 million in investment capital to developers and owners of 28 real estate properties. As of December 31, 2009, the Company’s net investment under the Preferred Equity program was approximately $520.8 million relating to 615 properties, including 402 net lease properties described below. For the years ended December 31, 2009, 2008 and 2007, the Company earned approximately $30.4 million, including $2.5 million of profit participation earned from five capital transactions, $66.8 million, including $24.6 million of profit participation earn ed from five capital transactions, and $67.1 million, including $30.5 million of profit participation earned from 18 capital transactions, respectively, from its preferred equity investments.

Included in the capital transactions described above for the year ended December 31, 2008, was the sale of the Company’s preferred equity investment in an operating property to its partner for approximately $29.5 million. The Company provided seller financing to the partner for approximately CAD $24.0 million (approximately USD $23.5 million), which bears interest at a rate of 8.5% per annum and has a maturity date of June 2013. The Company evaluated this transaction pursuant to the provisions of the FASB’s real estate sales guidance and accordingly, recognized profit participation of approximately $10.8 million.

Two of the capital transactions described above for the year ended December 31, 2007, were the result of the transfer of two operating properties, in separate transactions, to a joint venture in which the Company holds a 15% noncontrolling interest for an aggregate price of approximately $40.6 million, including the assumption of approximately $26.6 million in non-recourse debt. These sales resulted in an aggregate profit participation of approximately $1.4 million.

Also, included in the capital transactions described above for the year ended December 31, 2007, was the transfer of an operating property to the Company for approximately $4.5 million, including the assumption of $3.1 million in non-recourse mortgage debt. As a result of the Company’s acquisition of this property, the Company did not recognize any profit participation.

During 2007, the Company invested approximately $81.7 million of preferred equity capital in an entity which was comprised of 403 net leased properties which consist of 30 master leased pools with each pool leased to individual corporate operators (“USRA Venture”). Each master leased pool is accounted for as a direct financing lease. These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores. The Company determined that this entity was a VIE, based on the fact that certain non-equity holders have the right to receive expected residual returns from this entity. The Company also determined that it was not the primary beneficiary of this VIE based on the fact that the Company is in a preferred position and would not absorb a majority of expected losses, nor would receive a majority of the entities expected residual returns. As of December 31, 2009, these properties were encumbered by third party loans aggregating approximately $418.5 million with interest rates ranging from 5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from two years to 13 years. The Company’s investment in this VIE as of December 31, 2009 was $102.4 million. The Company has not provided financial support to the VIE that it was not previously contractually required to provide.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s equity in income from the USRA Venture for the year ended December 31, 2009, exceeded 10% of the Company’s income from continuing operations, as such the Company is providing summarized financial information for the investment as follows (in millions):


		2009		2008
Assets:
Investment in direct financing leases, net	$	701.1	$	668.6

Liabilities and Members’ Capital:
Mortgages payable, including fair market value of debt of $85 million	$	503.5	$	521.4
Members’ capital		197.6		147.2
	$	701.1	$	668.6


		Year Ended December 31,
		2009		2008		2007
Interest income from direct financing leases	$	52.6	$	52.6	$	25.8

Interest expense		(31.9)		(32.9)		(16.8)
Impairment (a)		(20.0)		-		-
Other expense, net		(0.1)		(0.1)		(0.1)
		(52.0)		(33.0)		(16.9)
Net Income	$	0.6	$	19.6	$	8.9

(a) Represents impairments on two master lease pools due to decline in fair market value.

During 2009, the Company recognized non-cash impairment charges of $49.2 million, primarily against the carrying value of 16 preferred equity investments, which hold 29 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a decline in the real estate markets.

The Company’s estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

The Company’s equity in income from three of its preferred equity investments for the year ended December 31, 2009, exceeded 10% of the Company’s income from continuing operations, as such the Company is providing summarized financial information for the investments as follows (in millions):


		MBC(a)				Foothills(b)				Delray & JCC(c)
						December 31,
		2009		2008		2009		2008		2009		2008
Assets:
Real estate, net	$	-	$	55.6	$	93.1	$	95.9	$	21.3	$	31.2
Other assets		-		3.7		4.6		5.5		0.6		0.7
	$	-	$	59.3	$	97.7	$	101.4	$	21.9		31.9

Liabilities and Members’ Capital:
Mortgages payable	$	-	$	50.7	$	81.0	$	81.0	$	25.0	$	25.0
Other liabilities		-		1.2		2.3		3.1		0.9		0.3
Members’ capital		-		7.4		14.4		17.3		(4.0)		6.6
	$	-	$	59.3	$	97.7	$	101.4	$	21.9	$	31.9

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


		MBC (a)						Foothills (b)						Delray & JCC (c)
		Year Ended December 31,
		2009		2008		2007		2009		2008		2007		2009		2008		2007
Revenues from Rental Property	$	6.9	$	7.3	$	7.8	$	13.3	$	14.0	$	13.4	$	1.4	$	1.4	$	0.6
Operating expenses		(3.4)		(3.0)		(3.2)		(6.0)		(5.8)		(6.0)		(0.9)		(1.1)		(0.3)
Interest expense		(2.3)		(2.7)		(2.8)		(5.0)		(5.0)		(5.0)		(1.2)		(1.4)		(0.6)
Depreciation and amortization		(2.5)		(2.3)		(3.6)		(4.6)		(4.0)		(4.4)		(0.7)		(0.8)		(0.1)
Other, net		(0.2)		0.1		0.3		-		-		0.2		-		-		-
		(8.4)		(7.9)		(9.3)		(15.6)		(14.8)		(15.2)		(2.8)		(3.3)		(1.0)
Net loss	$	(1.5)	$	(0.6)	$	(1.5)	$	(2.3)	$	(0.8)	$	(1.8)	$	(1.4)	$	(1.9)	$	(0.4)

(a)

Represents a preferred equity investment which holds three operating properties in Boston, MA. The Company sold its interest in this preferred equity joint venture during 2009, as such the result from operations are for the period the investment was held.

(b)

Represents a preferred equity investment which holds an operating property in Tucson, AZ.

(c)

Represents a preferred equity investment which holds two properties in Delray Beach, FL.

Summarized financial information relating to the Company’s preferred equity investments (excluding the investments presented separately above) is as follows (in millions):


		December 31,
		2009		2008
Assets:
Real estate, net	$	1,886.5	$	1,829.6
Other assets		155.0		112.8
	$	2,041.5	$	1,942.4
Liabilities and Partners’/Members’ Capital:
Notes and mortgages payable	$	1,511.8	$	1,411.2
Other liabilities		64.8		60.6
Partners’/Members’ capital		464.9		470.6
	$	2,041.5	$	1,942.4


		Year Ended December 31,
		2009		2008		2007
Revenues from rental property	$	237.7	$	238.0	$	218.7
Operating expenses		(86.4)		(90.1)		(77.9)
Interest expense		(72.1)		(78.1)		(82.2)
Depreciation and amortization		(59.9)		(56.6)		(52.1)
Other expense, net		(9.3)		(1.7)		(1.6)
		(227.7)		(226.5)		(213.8)
Gain on disposition of properties		1.6		8.5		90.5
Net income	$	11.6	$	20.0	$	95.4

In addition to the net leased portfolio VIE discussed above, the Company’s preferred equity investments include two additional investments that are VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment. These entities were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company is in a preferred position and would not absorb a majority of expected losses, nor would it receive a majorit y of the entity's expected residual returns.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s aggregate investment in these VIEs was approximately $3.0 million as of December 31, 2009, which is included in Other real estate investments in the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be $5.5 million, which primarily represents the Company’s current investment and estimated future funding commitments. One of these entities is encumbered by third party debt aggregating $0.9 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. All future costs of development will be funded with capital contributions from the Company and the outside partners in accordance with their respective ownership percentages.

The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital. As of December 31, 2009 and 2008, the Company’s invested capital in its preferred equity investments approximated $520.8 million and $534.0 million, respectively.

Other -

During 2008, the Company sold its 18.7% interest in a real estate company located in Mexico for approximately $23.2 million resulting in a gain of approximately $7.2 million.

Investment in Retail Store Leases -

The Company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers. These premises have been sublet to retailers who lease the stores pursuant to net lease agreements. Income from the investment in these retail store leases during the years ended December 31, 2009, 2008 and 2007, was approximately $0.8 million, $2.7 million and $1.2 million, respectively. These amounts represent sublease revenues during the years ended December 31, 2009, 2008 and 2007, of approximately $5.2 million, $7.1 million and $7.7 million, respectively, less related expenses of $4.4 million, $4.4 million and $5.1 million, respectively. The Company's future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases, assuming no new or renegotiated leases are executed for such premises, for future yea rs are as follows (in millions): 2010, $6.0 and $3.7; 2011, $4.9 and $3.7; 2012, $3.8 and $2.9; 2013, $3.0 and $2.1; 2014, $1.8 and $1.2 and thereafter, $2.6 and $1.4, respectively.

Leveraged Lease -

During June 2002, the Company acquired a 90% equity participation interest in an existing leveraged lease of 30 properties. The properties are leased under a long-term bond-type net lease whose primary term expires in 2016, with the lessee having certain renewal option rights. The Company’s cash equity investment was approximately $4.0 million. This equity investment is reported as a net investment in leveraged lease in accordance with the FASB’s Lease guidance.

From 2002 to 2008, 18 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $31.2 million.

As of December 31, 2009, the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $38.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease.

As an equity participant in the leveraged lease, the Company has no recourse obligation for principal or interest payments on the debt, which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease. Accordingly, this obligation has been offset against the related net rental receivable under the lease.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

At December 31, 2009 and 2008, the Company’s net investment in the leveraged lease consisted of the following (in millions):


		2009		2008
Remaining net rentals	$	44.1	$	53.8
Estimated unguaranteed residual value		31.7		31.7
Non-recourse mortgage debt		(34.5)		(38.5)
Unearned and deferred income		(37.0)		(43.0)
Net investment in leveraged lease	$	4.3	$	4.0

10. Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2009, see Financial Statement Schedule IV included in this annual report on Form 10-K.

The following table reconciles mortgage loans and other financing receivables from January 1, 2007 to December 31, 2009 (in thousands):


		2009		2008		2007
Balance at January 1	$	181,992	$	153,847	$	162,669

Additions:
New mortgage loans		8,316		86,247		62,362
Additions under existing mortgage loans		707		8,268		38,122
Foreign currency translation		6,324		-		-
Capitalized loan costs		60		605		675
Amortization of loan discounts		247		247		271

Deductions:
Collections of principal		(43,578)		(48,633)		(105,277)
Loan foreclosures		(17,312)		-		-
Loan impairments		(3,800)		-		-
Charge off/foreign currency translation		-		(15,630)		(1,837)
Amortization of loan premiums		(1,024)		(2,279)		(2,298)
Amortization of loan costs		(600)		(680)		(840)
Balance at December 31	$	131,332	$	181,992	$	153,847

As noted in the table above, during 2009, the Company recognized non-cash impairment charges of approximately $3.8 million, against the carrying value of two mortgage loans. Approximately $3.5 million of the $3.8 million of impairment charges was related to a mortgage receivable that was in default. The Company began foreclosure proceedings on the underlying property during June 2009 and the process was completed in the fourth quarter 2009. This impairment charge reflects the decrease in the estimated fair values of the real estate collateral.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

11. Marketable Securities:

The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2009 and 2008, are as follows (in thousands):


		December 31, 2009
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Equity and debt securities	$	182,826	$	4,896	$	$(21,629)	$	166,093
Held-to-maturity:
Other debt securities		43,500		1,454		(7,042)		37,912
Total marketable securities	$	226,326	$	6,350	$	(28,671)	$	204,005


		December 31, 2008
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available-for-sale:
Equity and debt securities	$	220,560	$	122	$	(60,518)	$	160,164
Held-to-maturity:
Other debt securities		98,010		2,177		(41,565)		58,622
Total marketable securities	$	$ 318,570	$	2,299	$	(102,083)	$	218,786

During February 2008, the Company acquired an aggregate $190 million Australian denominated (“AUD”) (approximately $170.1 million USD) convertible notes issued by a subsidiary of Valad Property Group (“Valad”), a publicly traded Australian company listed on the Australian stock exchange that is a diversified, property fund manager, investor, developer and property investment banker with property investments in Australia, Europe and Asia. The notes are guaranteed by Valad and bear interest at 9.5% payable semi-annually in arrears. The notes are repayable after five years with an option for Valad to extend up to 18 months, subject to certain interest rate and conversion price resets. The notes are convertible any time into publicly traded Valad securities at a price of AUD$1.33.

In accordance with the FASB’s Derivative and Hedging guidance, the Company has bifurcated the conversion option within the Valad convertible notes and has separately accounted for this option as an embedded derivative. The original host instrument is classified as an available-for-sale security at fair value and is included in Marketable securities on the Company’s Consolidated Balance Sheets with changes in the fair value recorded through Stockholders’ equity as a component of other comprehensive income. At December 31, 2009 and 2008, the Company had an unrealized loss associated with these notes of approximately $21.6 million and $46.0 million, respectively. Interest payments on the notes are current and all amounts due in accordance with contractual terms are considered probable by the Company. The Company has the intent and ability to hold the notes to recover its investment, which may be to its mat urity and therefore, does not believe that the decline in value at December 31, 2009, is other-than-temporary. The embedded derivative is recorded at fair value and is included in Other assets on the Company’s Consolidated Balance Sheets with changes in fair value recognized in the Company’s Consolidated Statements of Operations. The value attributed to the embedded convertible option was approximately AUD $14.3 million, (approximately USD $13.8 million). As a result of the fair value remeasurement of this derivative instrument during 2009 and 2008, there was an AUD $1.4 million (approximately USD $1.6 million) and an AUD $5.5 million (approximately USD $5.9 million), respectively, unrealized increase in the fair value of the convertible option. This unrealized increase is included in Other expense, net on the Company’s Consolidated Statements of Operations.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

For marketable debt securities, the Company assesses current interest payments and the probability of the issuer’s ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASB’s Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the security’s entire amortized cost basis even if the entity does not intend to sell.

During 2009, 2008 and 2007, the Company recorded non-cash impairment charges of approximately $26.1 million, $118.4 million and $5.3 million, respectively, before income tax benefits of approximately $0 million, $25.7 million and $2.1 million, respectively, due to the decline in value of certain marketable equity and other investments that were deemed to be other-than-temporary. These impairments were a result of the deterioration of the equity markets for these securities during 2009, 2008 and 2007 and the uncertainty of their future recoverability. Market value for these equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period. Details of these impairment charges are as follows (in millions):


		For the year ended December 31,
		2009		2008		2007
Valad	$	-	$	45.5	$	-
Six Flags, including bonds		7.7		-		-
Innvest		-		24.2		-
Plazacorp		5.3		-		-
Cost method investments		3.0		17.7		-
Sears		-		8.8		-
Lexington		-		7.5		-
Winthrop		-		5.4		-
Capital & Regional		3.7		-		-
Other		6.4		9.3		5.3
	$	26.1	$	118.4	$	5.3

At December 31, 2009, the Company’s investment in marketable securities was approximately $209.6 million which includes an aggregate unrealized loss of approximately $21.6 million relating to the Valad marketable debt securities. At December 31, 2009 there were no unrealized losses relating to marketable equity securities. The Company does not believe that the declines in value of any of its remaining securities with unrealized losses are other-than-temporary at December 31, 2009.

For each of the equity securities in the Company’s portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.

During 2009, the Company received approximately $79.8 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $8.5 million and gross realizable losses of approximately $2.6 million from sales of marketable securities during 2009.

During 2008, the Company received approximately $50.3 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $15.9 million and gross realizable losses of approximately $1.9 million from its marketable securities during 2008.

During 2007, the Company received approximately $32.7 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $11.5 million from sales of marketable securities during 2007.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As of December 31, 2009, the contractual maturities of Other debt securities classified as held-to-maturity are as follows: within one year, $ 1.1 million; after one year through five years, $16.2 million; after five years through 10 years, $ 11.3 million; and after 10 years, $ 14.9 million. Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties.

12. Notes Payable:

Medium Term Notes –

The Company has implemented a medium-term notes ("MTN") program pursuant to which it may, from time to time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities.

During the year ended December 31, 2009, the Company repaid (i) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (ii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009.

During the year ended December 31, 2008, the Company repaid its $100.0 million 3.95% Medium Term Notes, which matured on August 5, 2008 and its $25.0 million 7.2% Senior Notes, which matured on September 15, 2008.

Additionally during 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million. These transactions resulted in an aggregate gain of approximately $2.4 million.

As of December 31, 2009, a total principal amount of approximately $1.1 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to six years as of December 31, 2009, and bear interest at rates ranging from 4.62% to 5.98%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

As of December 31, 2008, a total principal amount of approximately $1.2 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to seven years as of December 31, 2009, and bear interest at rates ranging from 4.62% to 7.56%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

Senior Unsecured Notes –

During 2009, the Company repaid its $130.0 million 6.875% senior notes, which matured on February 10, 2009.

As of December 31, 2009, the Company had a total principal amount of approximately $1.3 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from nine months to nine years as of December 31, 2009, and bear interest at rates ranging from 4.70% to 7.95%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears.

As of December 31, 2008, the Company had a total principal amount of approximately $1.2 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from one month to eight years as of December 31, 2008, and bear interest at rates ranging from 4.70% to 7.95%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The scheduled maturities of all unsecured notes payable as of December 31, 2009, were approximately as follows (in millions): 2010, $223.7; 2011, $481.7; 2012, $215.9; 2013, $542.8; 2014, $295.3; and thereafter, $1,240.9.

During September 2009, the Company entered into a fifth supplemental indenture, under the indenture governing its Medium Term Notes and Senior Notes, which included the financial covenants for future offerings under this indenture that were removed by the fourth supplemental indenture.

In accordance with the terms of the Indenture, as amended, pursuant to which the Company's Senior Unsecured Notes, except for the $300.0 million issued during April 2007 under the fourth supplemental indenture, have been issued, the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios, (c) certain asset to debt ratios and (d) restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations.

Credit Facilities –

During October 2007, the Company established a new $1.5 billion unsecured U.S. revolving credit facility (the "U.S. Credit Facility") with a group of banks, which is scheduled to expire in October 2011. The Company has a one-year extension option related to this facility. This credit facility has made available funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Company’s institutional management programs, (iii) development and redevelopment costs, and (iv) any short-term working capital requirements. Interest on borrowings under the U.S. Credit Facility accrues at LIBOR plus 0.425% and fluctuates in accordance with changes in the Company’s senior debt ratings. As part of this U.S. Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $750.0 million of its requested borrowings to the bank group. This compe titive bid option provides the Company the opportunity to obtain pricing below the currently stated spread. A facility fee of 0.15% per annum is payable quarterly in arrears. As part of the U.S. Credit Facility, the Company has a $200.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt, and (ii) minimum interest and fixed coverage ratios. As of December 31, 2009, there was $139.5 million outstanding and $22.5 million appropriated letters of credit under this credit facility.

The Company also has a three-year CAD $250.0 million unsecured credit facility with a group of banks. This facility bears interest at a rate of CDOR plus 0.425%, subject to change in accordance with the Company’s senior debt ratings and is scheduled to mature March 2011 with an additional one year extension option. A facility fee of 0.15% per annum is payable quarterly in arrears. This facility also permits U.S. dollar denominated borrowings. Proceeds from this facility are used for general corporate purposes, including the funding of Canadian denominated investments. As of December 31, 2009, there was no outstanding balance under this credit facility. There are approximately CAD $67.4 million (approximately USD $64.0 million) appropriated for letters of credit under this credit facility at December 31, 2009 (see Note 21, Commitments and Contingencies). The Canadian facility covenants are the same as th e U.S. Credit Facility covenants described above.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During March 2008, the Company obtained a MXP 1.0 billion term loan, which bears interest at a rate of 8.58%, subject to change in accordance with the Company’s senior debt ratings, and is scheduled to mature in March 2013. The Company utilized proceeds from this term loan to fully repay the outstanding balance of a MXP 500.0 million unsecured revolving credit facility, which had been terminated by the Company. Remaining proceeds from this term loan were used for funding MXP denominated investments. As of December 31, 2009, the outstanding balance on this term loan was MXP 1.0 billion (approximately USD $76.6 million).

13. Mortgages Payable:

During 2009, the Company (i) obtained 21 new non-recourse mortgages aggregating approximately $400.2 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from five months to six years (ii) assumed approximately $579.2 million of individual non-recourse mortgage debt relating to the acquisition of 22 operating properties, including approximately $1.6 million of fair value debt adjustments and (iii) paid off approximately $437.7 million of individual non-recourse mortgage debt that encumbered 24 operating properties.

During 2008, the Company (i) obtained an aggregate of approximately $16.7 million of non-recourse mortgage debt on three operating properties, (ii) assumed approximately $101.1 million of individual non-recourse mortgage debt relating to the acquisition of five operating properties, including approximately $0.8 million of fair value debt adjustments and (iii) paid off approximately $73.4 million of individual non-recourse mortgage debt that encumbered 11 operating properties.

Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2031. Interest rates range from LIBOR plus 1.40% (1.65% at December 31, 2009) to 10.50% (weighted-average interest rate of 5.99% as of December 31, 2009). The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $3.0 million, as of December 31, 2009, were approximately as follows (in millions): 2010, $152.7; 2011, $77.6; 2012, $241.0; 2013, $192.8; 2014, $249.4; and thereafter, $471.8.

14. Construction Loans Payable:

During 2009, the Company fully repaid nine construction loans aggregating approximately $212.2 million. As of December 31, 2009, total loan commitments on the Company’s four remaining construction loans aggregated approximately $69.7 million of which approximately $45.8 million has been funded. These loans have scheduled maturities ranging from 11 months to 56 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.13% to 4.50% at December 31, 2009. These construction loans are collateralized by the respective projects and associated tenants’ leases. The scheduled maturities of all construction loans payable as of December 31, 2009, were approximately as follows (in millions): 2010, $3.4; 2011, $26.8; 2012, $13.6; 2013, $0 and 2014, $2.0.

During 2008, the Company obtained construction financing on three merchant building projects with total loan commitment amounts up to $35.4 million, of which $8.7 million was outstanding as of December 31, 2008. As of December 31, 2008, total loan commitments on the Company’s 16 outstanding construction loans aggregated approximately $364.2 million of which approximately $268.3 million has been funded. These loans have scheduled maturities ranging from two months to 42 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 1.81% to 3.19% at December 31, 2008. These construction loans are collateralized by the respective projects and associated tenants’ leases.

15. Noncontrolling Interests:

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Consolidated Statements of Operations.

During 2006, the Company acquired seven shopping center properties located throughout Puerto Rico. The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, the assumption of approximately $131.2 million of non-recourse debt and $116.3 million in cash. Noncontrolling interests related to these acquisitions was approximately $233.0 million of units, including premiums of approximately $13.5 million and a fair market value adjustment of approximately $15.1 million (the "Units"). The Company is restricted from disposing of these assets, other than through a tax free transaction until November 2015.

The Units consisted of (i) approximately 81.8 million Preferred A Units par value $1.00 per unit, which pay the holder a return of 7.0% per annum on the Preferred A Par Value and are redeemable for cash by the holder at any time after one year or callable by the Company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% increase, (ii) 2,000 Class A Preferred Units, par value $10,000 per unit, which pay the holder a return equal to LIBOR plus 2.0% per annum on the Class A Preferred Par Value and are redeemable for cash by the holder at any time after November 30, 2010, (iii) 2,627 Class B-1 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-1 Preferred Par Value and are redeemable by the holder at any time after November 30, 2010, for cash or at the Company’s option, shares of the Company’s c ommon stock, equal to the Cash Redemption Amount, as defined, (iv) 5,673 Class B-2 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-2 Preferred par value and are redeemable for cash by the holder at any time after November 30, 2010, and (v) 640,001 Class C DownReit Units, valued at an issuance price of $30.52 per unit which pay the holder a return at a rate equal to the Company’s common stock dividend and are redeemable by the holder at any time after November 30, 2010, for cash or at the Company’s option, shares of the Company’s common stock equal to the Class C Cash Amount, as defined.

The following units have been redeemed as of December 31, 2009:


Type	Units Redeemed	Par Value Redeemed (in millions)	Redemption Type
Preferred A Units	2.2 million	$2.2	Cash
Class A Preferred Units	2,000	$20.0	Cash
Class B-1 Preferred Units	2,438	$24.4	Cash
Class B-2 Preferred Units	5,057	$50.6	Cash/Charitable Contribution
Class C DownReit Units	61,804	$1.9	Cash

Noncontrolling interest relating to these units was $113.1 million and $129.8 million as of December 31, 2009 and 2008, respectively.

During 2006, the Company acquired two shopping center properties located in Bay Shore and Centereach, NY. Included in Noncontrolling interests was approximately $41.6 million, including a discount of $0.3 million and a fair market value adjustment of $3.8 million, in redeemable units (the "Redeemable Units"), issued by the Company in connection with these transactions. The properties were acquired through the issuance of $24.2 million of Redeemable Units, which are redeemable at the option of the holder; approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse debt. The Redeemable Units consist of (i) 13,963 Class A Units, par value $1,000 per unit, which pay the holder a return of 5% per annum of the Class A par value and are redeemable for cash by the holder at any time after April 3, 2011, or callable by the Company any time after April 3, 2016, and (ii) 647,758 C lass B Units, valued at an issuance price of $37.24 per unit, which pay the holder a return at a rate equal to the Company’s common stock dividend and are redeemable by the holder at any time after April 3, 2007, for cash or at the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

option of the Company for Common Stock at a ratio of 1:1, or callable by the Company any time after April 3, 2026. The Company is restricted from disposing of these assets, other than through a tax free transaction, until April 2016 and April 2026 for the Centereach, NY, and Bay Shore, NY, assets, respectively.

During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed by the holder in cash at the option of the Company. Noncontrolling interest relating to the units was $40.3 million and $40.5 million as of December 31, 2009 and 2008, respectively.

Noncontrolling interests also includes 138,015 convertible units issued during 2006, by the Company, which are valued at approximately $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are redeemable at the option of the holder after one year for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock. The Company is restricted from disposing of these assets, other than through a tax free transaction, until January 2017.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the year ended December 31, 2009 and December 31, 2008 (amounts in thousands):


		2009		2008
Balance at January 1,	$	115,853	$	173,592
Unit redemptions		(14,889)		(55,110)
Fair market value amortization		(571)		(2,524)
Other		(89)		(105)
Balance at December 31,	$	100,304	$	115,853

16. Fair Value Disclosure of Financial Instruments:

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are reflected. The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities. The fair values for marketable securities are based on published or securities dealers’ estimated market values. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):


		December 31,
		2009				2008
		Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value

Marketable Securities	$	209,593	$	204,006	$	258,174	$	218,786
Notes Payable	$	3,000,303	$	3,099,139	$	3,440,819	$	2,766,187
Mortgages Payable	$	1,388,259	$	1,377,224	$	847,491	$	838,503
Construction Payable	$	45,821	$	44,725	$	268,337	$	262,485
Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 – 2027)	$	2,768	$	5,256	$	2,895	$	5,444

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including: available for sale securities, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

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As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Available for sale securities are measured at fair value using quoted market prices and are classified within Level 1 of the valuation hierarchy.

The Company has an investment in convertible notes for which it separately accounts for the conversion option as an embedded derivative. The convertible notes and conversion option are measured at fair value using widely accepted valuation techniques including pricing models. These models reflect the contractual terms of the convertible notes, including the term to maturity, and uses observable market-based inputs, including interest rate curves, implied volatilities, stock price, dividend yields and foreign exchange rates. Based on these inputs the Company has determined that its convertible notes and conversion option valuations are classified within Level 2 of the fair value hierarchy.

The Company uses interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Based on these inputs the Company has determined that its interest rate swap valuations are classified within Level 2 of the fair value hierarchy.

To comply with the FASB’s Fair Value Measurements and Disclosures guidance, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. The credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2009, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2009 and 2008, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and liabilities measured at fair value on a recurring basis at December 31, 2009 and 2008 (in thousands):


		Balance at December 31,2009		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	25,812	$	25,812	$	-	$	-
Convertible notes	$	140,281	$	-	$	140,281	$	-
Conversion option	$	9,095	$	-	$	9,095	$	-
Liabilities:
Interest rate swaps	$	150	$	-	$	150	$	-

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


		Balance at December 31,2008		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	46,452	$	46,452	$	-	$	-
Convertible notes	$	113,713	$	-	$	113,713	$	-
Conversion option	$	6,063	$	-	$	6,063	$	-
Liabilities:
Interest rate swaps	$	734	$	-	$	734	$	-

Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2009 are as follows (in thousands):


		Balance at December 31, 2009		Level 1		Level 2		Level 3
Assets:
Investments and advances in real estate joint ventures	$	177,037	$	-	$	-	$	177,037
Real estate under development/ redevelopment	$	89,939	$	-	$	-	$	89,939
Other real estate investments	$	43,383	$	-	$	-	$	43,383

During 2009, the Company recognized non-cash impairment charges of approximately $145.0 million relating to investments in real estate joint ventures, real estate under development, and other real estate investments.

During 2008, the Company recognized non-recurring non-cash impairment charges of $15.5 million against the carrying value of its investment in its unconsolidated joint ventures with PREI, KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during 2008.

The Company’s estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Based on these inputs the Company determined that its valuation in these investments were classified within Level 3 of the fair value hierarchy.

17. Financial Instruments - Derivatives and Hedging:

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives.

Cash Flow Hedges of Interest Rate Risk -

The Company, from time to time, hedges the future cash flows of its floating-rate debt instruments to reduce exposure to interest rate risk principally through interest rate swaps and interest rate caps with major financial institutions. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2009, the Company had no hedge ineffectiveness.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During 2010, the Company estimates that an additional $0.4 million will be reclassified as an increase to interest expense.

As of December 31, 2009, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:


Interest Rate Derivates	Number of Instruments	Notional
Interest Rate Caps	2	$ 83.1 million
Interest Rate Swaps	2	$ 23.6 million

The fair value of these derivative financial instruments classified as asset derivatives was $0.4 million and $0 for December 31, 2009 and 2008, respectively. The fair value of these derivative financial instruments classified as liability derivatives was $(0.5) million and $(0.8) million for December 31, 2009 and 2008, respectively.

Credit-risk-related Contingent Features –

The Company has agreements with one of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.

The Company has an agreement with a derivative counterparty that incorporates the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

18.

Preferred Stock, Common Stock and Convertible Unit Transactions –

During September 2008, the Company completed a primary public stock offering of 11,500,000 shares of the Company’s common stock. The net proceeds from this sale of common stock, totaling approximately $409.4 million (after related transaction costs of $0.6 million) were used to partially repay the outstanding balance under the Company’s U.S. revolving credit facility.

During October 2007, the Company issued 18,400,000 Depositary Shares (the "Class G Depositary Shares"), after the exercise of an over-allotment option, each representing a one-hundredth fractional interest in a share of the Company’s 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class G Preferred Stock"). Dividends on the Class G Depositary Shares are cumulative and payable quarterly in arrears at the rate of 7.75% per annum based on the $25.00 per share initial offering price, or $1.9375 per annum. The Class G Depositary Shares are redeemable, in whole or part, for cash on or after October 10, 2012, at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon. The Class G Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. The Class G Prefe rred Stock (represented by the Class G Depositary Shares outstanding) ranks pari passu with the Company’s Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During June 2003, the Company issued 7,000,000 Depositary Shares (the "Class F Depositary Shares"), each such Class F Depositary Share representing a one-tenth fractional interest of a share of the Company’s 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class F Preferred Stock"). Dividends on the Class F Depositary Shares are cumulative and payable quarterly in arrears at the rate of 6.65% per annum based on the $25.00 per share initial offering price, or $1.6625 per annum. The Class F Depositary Shares are redeemable, in whole or part, for cash on or after June 5, 2008, at the option of the Company, at a redemption price of $25.00 per Depositary Share, plus any accrued and unpaid dividends thereon. The Class F Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. The Class F Preferred Stock (represented by the Class F Depositary Shares outstanding) ranks pari passu with the Company’s Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

Voting Rights - As to any matter on which the Class F Preferred Stock may vote, including any action by written consent, each share of Class F Preferred Stock shall be entitled to 10 votes, each of which 10 votes may be directed separately by the holder thereof. With respect to each share of Preferred Stock, the holder thereof may designate up to 10 proxies, with each such proxy having the right to vote a whole number of votes (totaling 10 votes per share of Class F Preferred Stock). As a result, each Class F Depositary Share is entitled to one vote.

As to any matter on which the Class G Preferred Stock may vote, including any actions by written consent, each share of the Class G Preferred Stock shall be entitled to 100 votes, each of which 100 votes may be directed separately by the holder thereof. With respect to each share of Class G Preferred Stock, the holder thereof may designate up to 100 proxies, with each such proxy having the right to vote a whole number of votes (totaling 100 votes per share of Class G Preferred Stock). As a result, each Class G Depositary Share is entitled to one vote.

Liquidation Rights - In the event of any liquidation, dissolution or winding up of the affairs of the Company, the Preferred Stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $250.00 Class F Preferred per share and $2,500.00 Class G Preferred per share ($25.00 per Class F and Class G Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the Preferred Stock as to liquidation rights.

During October 2002, the Company acquired an interest in a shopping center property located in Daly City, CA, valued at $80.0 million, through the issuance of approximately 4.8 million Convertible Units which are convertible at a ratio of 1:1 into the Company’s common stock. The unit holder has the right to convert the Convertible Units at any time after one year. In addition, the Company has the right to mandatorily require a conversion after ten years. If at the time of conversion the common stock price for the 20 previous trading days is less than $16.785 per share, the unit holder would be entitled to additional shares; however, the maximum number of additional shares is limited to 503,932 based upon a floor Common Stock price of $15.180. The Company has the option to settle the conversion in cash. Dividends on the Convertible Units are paid quarterly at the rate of the Company’s common stock dividend mult iplied by 1.1057. During 2008, all of these Convertible Units were redeemed. The Company elected to redeem these Convertible Units, at a ratio of 1:1, for 4.8 million shares of Common Stock, of which 1.0 million shares were valued at $17.26 per share and 3.8 million shares were valued at $15.02 per share.

During March 2006, the shareholders of Atlantic Realty Trust ("Atlantic Realty") approved the proposed merger with the Company and the closing occurred on March 31, 2006. As consideration for this transaction, the Company issued Atlantic Realty shareholders 1,274,420 shares of Common Stock, excluding 201,930 shares of Common Stock that were to be received by the Company and 546,580 shares of Common Stock that were to be received by the Company’s wholly owned TRS, at a price of $40.41 per share. During December 2008, the Company purchased the 546,580 shares from its TRS for a purchase price of $17.69 per share. The 546,580 shares had a carry-over basis from the Atlantic Realty share price of $17.10 per share. These shares are no longer considered issued.

During 2006, the Company acquired interests in seven shopping center properties located throughout Puerto Rico. The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, approximately $131.2 million of non-recourse debt and $116.3 million in cash.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The convertible units consist of (i) 2,627 Class B-1 Preferred Units, par value $10,000 per unit and 640,001 Class C DownREIT Units, valued at an issuance price of $30.52 per unit. Both the Class B-1 Units and the Class C DownREIT Units are redeemable by the holder at any time after November 30, 2010, for cash, or at the Company’s option, shares of the Company’s common stock. During 2007 - 2009, 2,438 units, or $24.4 million, of the Class B-1 Preferred Units were redeemed and 61,804 units, or $1.9 million, of the Class C DownREIT Units were redeemed under the Loan provision of the Agreement. The Company opted to settle these units in cash.

The number of shares of Common Stock issued upon conversion of the Class B-1 Preferred Units would be equal to the Class B-1 Cash Redemption Amount, as defined, which ranges from $6,000 to $14,000 per Class B-1 Preferred Unit depending on the Common Stock’s Adjusted Current Trading Price, as defined, divided by the average daily market price for the 20 consecutive trading days immediately preceding the redemption date.

Prior to January 1, 2009, the number of shares of Common Stock issued upon conversion of the Class C DownREIT Units would be equal to the Class C Cash Amount which equals the number of Class C DownREIT Units being redeemed, multiplied by the Adjusted Current Trading Price, as defined. After January 1, 2009, if the Adjusted Current Trading Price is greater than $36.62 then the Class C Cash Amount shall be an amount equal to the Adjusted Current Trading Price per Class C DownREIT Unit. If the Adjusted Current Trading Price is greater than $24.41 but less than $36.62, then the Class C Cash Amount shall be an amount equal to $30.51 per Class C DownREIT Unit, or is less than $24.41, then the Class C Cash Amount shall be an amount per Class C DownREIT Unit equal to the Adjusted Current Trading Price multiplied by 1.25.

During April 2006, the Company acquired interests in two shopping center properties, located in Bay Shore and Centereach, NY, valued at an aggregate $61.6 million. The properties were acquired through the issuance of units from a consolidated subsidiary and consist of approximately $24.2 million of Redeemable Units, which are redeemable at the option of the holder, approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse mortgage debt. The Company has the option to settle the redemption of the $24.2 million redeemable units with Common Stock, at a ratio of 1:1 or in cash. From 2007 - 2009, 30,000 units, or $1.1 million par value, of the Redeemable Units were redeemed by the holder. The Company opted to settle these units in cash.

During June 2006, the Company acquired an interest in an office property, located in Albany, NY, valued at approximately $39.9 million. The property was acquired through the issuance of approximately $5.0 million of redeemable units from a consolidated subsidiary, which are redeemable at the option of the holder after one year, and the assumption of approximately $34.9 million of non-recourse mortgage debt. The Company has the option to settle the redemption with Common Stock, at a ratio of 1:1 or in cash.

The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2009, is approximately $21.3 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in Common Stock, the unit holders would receive approximately 1.6 million shares of Common Stock.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

19. Supplemental Schedule of Non-Cash Investing/Financing Activities:

The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2009, 2008 and 2007 (in thousands):


		2009		2008		2007
Acquisition of real estate interests by assumption of debt	$	577,604	$	96,226	$	82,614
Exchange of DownREIT units for Common Stock	$	-	$	80,000	$	-
Disposition/transfer of real estate interest by origination of mortgage debt	$	-	$	27,175	$	-
Acquisition of real estate interests through proceeds held in escrow	$	-	$	-	$	68,031
Issuance of Restricted Common Stock	$	3,415	$	1,405	$	-
Proceeds held in escrow through sale of real estate interest	$	-	$	11,195	$	-
Disposition of real estate through the issuance of an unsecured obligation	$	1,366	$	6,265	$	-
Investment in real estate joint venture by contribution of property	$	-	$	-	$	740

Deconsolidation of Joint Venture:
Decrease in real estate and other assets	$	-	$	55,453	$	113,074
Decrease in noncontrolling interest, construction loan and other liabilities	$	-	$	55,453	$	113,074

Declaration of dividends paid in succeeding period	$	76,707	$	131,097	$	112,052

Consolidation of Joint Ventures:
Increase in real estate and other assets	$	47,368	$	68,360	$	-
Increase in mortgage payable	$	35,104	$	-	$	-

20. Transactions with Related Parties:

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers.

Ripco Real Estate Corp. was formed in 1991 and employs approximately 40 professionals and serves numerous retailers, REITS and developers. Ripco’s business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohls and many others, providing real estate brokerage services and principal real estate investing. Mr. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Mr. Milton Cooper, Executive Chairman of the Board of Directors of the Company. During 2009 and 2008, the Company paid brokerage commissions of $0.7 million and $0.5 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. The Company believes that the brokerage commissions paid were at or below the customary rates for such leasing services.

Additionally, the Company has the following joint venture investments with Ripco. During 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company and Ripco each hold 50% noncontrolling interests. The Company accounts for its investment in these joint ventures under the equity method of accounting. As of December 31, 2009, these joint ventures hold three individual one-year loans aggregating $17.3 million which are scheduled to mature in 2010 and bear interest at rates of LIBOR plus 2.75%. These loans are jointly and severally guaranteed by the Company and the joint venture partner.

Reference is made to Note 8 for additional information regarding transactions with related parties.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

21. Commitments and Contingencies:

Operations -

The Company and its subsidiaries are primarily engaged in the operation of shopping centers which are either owned or held under long-term leases which expire at various dates through 2095. The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised approximately 99% of total revenues from rental property for each of the three years ended December 31, 2009, 2008 and 2007.

The future minimum revenues from rental property under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are approximately as follows (in millions): 2010, $609.4; 2011, $583.3; 2012, $535.5; 2013, $474.2; 2014, $402.4 and thereafter; $1,845.2.

Minimum rental payments under the terms of all non-cancelable operating leases pertaining to the Company’s shopping center portfolio for future years are approximately as follows (in millions): 2010, $13.2; 2011, $10.5; 2012, $9.3; 2013, $8.7; 2014, $8.1 and thereafter, $169.2.

Uncertain Tax Positions -

In June 2006, the FASB issued further guidance relating to income taxes which clarified the accounting for uncertainty in income taxes recognized in a company’s financial statements. The interpretation prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company does not have any material unrecognized tax benefits as of December 31, 2009.

Captive Insurance -

In October 2007, the Company formed a wholly-owned captive insurance company, Kimco Insurance Company, Inc., ("KIC"), which provides general liability insurance coverage for all losses below the deductible under our third-party policy. The Company entered into the Insurance Captive as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate, like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms.

Guarantees -

During June 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc. This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with a fixed interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, with two one-year extension options, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay. The outstanding balance on the three-year unsecured credit facility was $147.5 million as of December 31, 2009. The joint venture obtained an interest rate swap at 5.37% on $128.0 million of this debt. The swap is designated as a cash flow hedge and is deemed highly effective; as such adjustments to the swaps fair value are recorded in other comprehensive income at the joint venture level.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During November 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, to acquire a property in Houston, Texas. This investment was funded with a $24.5 million unsecured credit facility scheduled to mature in November 2009, with a six-month extension option which was exercised during 2009 and thus the maturity date is now April 2010, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company. The outstanding balance on this credit facility as of December 31, 2009 was $24.5 million.

During April 2007, the Company entered into a joint venture, in which the Company has a 50% noncontrolling ownership interest to acquire a property in Visalia, CA. Subsequent to this acquisition the joint venture obtained a $6.0 million three-year promissory note which bears interest at LIBOR plus 0.75% and has an extension option of two-years. This loan is jointly and severally guaranteed by the Company and the joint venture partner. As of December 31, 2009, the outstanding balance on this loan was $6.0 million.

During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009. This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million. During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010. Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make. As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million.

During 2006, an entity in which the Company has a preferred equity investment, located in Montreal, Canada, obtained a construction loan, which is collateralized by the respective land and project improvements. Additionally, the Company has provided a partial guaranty to the lender of up to CAD $45 million (approximately USD $42.7 million) and the developer partner has provided an indemnity to the Company for 25% of all payments the Company is obligated to pay. As of December 31, 2009, there was CAD $99.8 million (approximately USD $94.8 million) outstanding on this construction loan.

Additionally, the RioCan Ventures have a CAD $7.0 million (approximately USD $6.6 million) letter of credit facility. This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $4.9 million (approximately USD $4.6 million) outstanding as of December 31, 2009, relating to various development projects.

Additionally, during 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company holds 50% noncontrolling interests. Subsequent to these acquisitions, the joint ventures obtained four individual loans aggregating $20.4 million with interest rates ranging from LIBOR plus 1.00% to LIBOR plus 3.50%. During 2007, one of these properties was sold for a sales price of approximately $10.5 million, including the pay down of $5.0 million of debt. During 2008, one of the loans was increased by $2.0 million. During 2009 these loans were extended to mature in 2010 at an interest rate of LIBOR plus 2.75%. As of December 31, 2009, there was an aggregate of $17.3 million outstanding on these loans. These loans are jointly and severally guaranteed by the Company and the joint venture partner.

During 2009, a joint venture in which the Company has a 50% noncontrolling ownership interest obtained a new three-year $53.0 million loan which bears interest at a rate of 7.85%. Proceeds from this mortgage and an additional $15.0 million capital contribution from the partners were used to repay $68.0 million in mortgage debt, which was scheduled to mature in 2009 and bore interest at a rate of LIBOR plus 1.16%. This mortgage is jointly and severally guaranteed by the Company and the joint venture partner. As of December 31, 2009, the outstanding balance on this loan was $52.8 million.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company evaluated these guarantees in connection with the provisions of the FASB’s Guarantees guidance and determined that the impact did not have a material effect on the Company’s financial position or results of operations.

Letters of Credit -

The Company has issued letters of credit in connection with the completion and repayment guarantees for construction loans encumbering certain of the Company’s ground-up development projects and guaranty of payment related to the Company’s insurance program. These letters of credit aggregate approximately $23.9 million.

During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $62.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (“CRA”). The letter of credit has been issued under the Company’s CAD $250 million credit facility. The dispute is in regards to three of the Company’s wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate. However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed. As such, the Company issued its letter of credit as required by the governing law. The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.

Other -

In connection with the construction of its development projects and related infrastructure, certain public agencies require performance and surety bonds be posted to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2009, there were approximately $52.8 million bonds outstanding.

The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company.

22. Incentive Plans:

The Company maintains a stock option plan (the "Plan") pursuant to which a maximum of 47,000,000 shares of the Company’s common stock may be issued for qualified and non-qualified options. Options granted under the Plan generally vest ratably over a three to five-year term, expire ten years from the date of grant and are exercisable at the market price on the date of grant, unless otherwise determined by the Board at its sole discretion. In addition, the Plan provides for the granting of certain options to each of the Company’s non-employee directors (the "Independent Directors") and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for stock options in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the statement of operations over the service period based on their fair values.

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula. The assumption for expected volatility has a significant affect on the grant date fair value. Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure. The more significant assumptions underlying the determination of fair values for options granted during 2009, 2008 and 2007 were as follows:

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued


		Year Ended December 31,
		2009		2008		2007
Weighted average fair value of options granted	$	3.16	$	5.73	$	7.41
Weighted average risk-free interest rates		2.54%		3.13%		4.50%
Weighted average expected option lives (in years)		6.25		6.38		6.50
Weighted average expected volatility		45.81%		26.16%		19.01%
Weighted average expected dividend yield		5.48%		4.33%		3.77%

Information with respect to stock options under the Plan for the years ended December 31, 2009, 2008, and 2007 are as follows:


	Shares		Weighted-Average Exercise Price Per Share		Aggregate Intrinsic value (in millions)
Options outstanding, January 1, 2007	14,793,593	$	25.93	$	281.4
Exercised	(1,884,421)	$	20.22
Granted	2,971,900	$	41.41
Forfeited	(257,618)	$	35.87
Options outstanding, December 31, 2007	15,623,454	$	29.39	$	133.7
Exercised	(1,862,209)	$	20.59
Granted	2,903,475	$	37.29
Forfeited	(400,898)	$	38.64
Options outstanding, December 31, 2008	16,263,822	$	31.58	$	7.6
Exercised	(116,418)	$	12.79
Granted	1,746,000	$	11.58
Forfeited	(332,483)	$	33.57
Options outstanding, December 31, 2009	17,560,921	$	29.69	$	3.4
Options exercisable (fully vested)-		$
December 31, 2007	9,307,184	$	23.10	$	123.8
December 31, 2008	9,011,677	$	26.00	$	7.6
December 31, 2009	10,869,336	$	28.36	$	0.0

The exercise prices for options outstanding as of December 31, 2009, range from $7.22 to $53.14 per share. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2009, was approximately 6.3 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2009, was approximately 5.8 years. Options to purchase 2,989,805, 5,031,718, and 2,996,321, shares of the Company’s common stock were available for issuance under the Plan at December 31, 2009, 2008 and 2007, respectively. As of December 31, 2009, the Company had 6,691,585 options expected to vest, with a weighted-average exercise price per share of $31.87 and an aggregate intrinsic value of $3.4 million.

Cash received from options exercised under the Plan was approximately $1.5 million, $38.3 million, and $38.1 million, for the years ended December 31, 2009, 2008 and 2007, respectively. The total intrinsic value of options exercised during 2009, 2008 and 2007 was approximately $0.2 million, $35.0 million, and $54.4 million, respectively.

The Company recognized stock options expense of $11.3 million, $12.3 million, and $12.2 million for the years ended December 31, 2009, 2008 and 2007, respectively. As of December 31, 2009, the Company had $21.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Company’s Plan. That cost is expected to be recognized over a weighted average period of approximately 2.3 years.

136

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $170,000), is fully vested and funded as of December 31, 2009. The Company contributions to the plan were approximately $1.8 million, $1.5 million and $1.5 million for the years ended December 31, 2009, 2008 and 2007, respectively.

Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009. Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $3.6 million for severance costs associated with employee terminations during 2009.

23. Income Taxes:

The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes.

Reconciliation between GAAP Net Income and Federal Taxable Income:

The following table reconciles GAAP net (loss)/income to taxable income for the years ended December 31, 2009, 2008 and 2007 (in thousands):


		2009 (Estimated)		2008 (Actual)		2007 (Actual)
GAAP net (loss)/income	$	(3,942)	$	249,902	$	442,830
Less: GAAP net loss/(income) of taxable REIT subsidiaries		67,843		(9,002)		(98,542)
GAAP net income from REIT operations (a)		63,901		240,900		344,288
Net book depreciation in excess of tax depreciation		24,261		19,249		31,963
Deferred/prepaid/above and below market rents, net		(18,967)		(17,521)		(12,879)
Book/tax differences from non-qualified stock options		12,107		(15,994)		(26,210)
Book/tax differences from investments in real estate joint ventures		55,101		55,047		5,740
Book/tax difference on sale of property		(13,478)		5,617		(8,788)
Valuation adjustment of foreign currency contracts		-		(35)		308
Book adjustment to property carrying values and marketable equity securities		122,903		71,638		-
Other book/tax differences, net		1,312		10,769		23,911
Adjusted taxable income subject to 90% dividend requirements	$	247,140	$	369,670	$	358,333

Certain amounts in the prior periods have been reclassified to conform to the current year presentation.

(a) All adjustments to "GAAP net (loss)/income from REIT operations" are net of amounts attributable to noncontrolling interest and taxable REIT subsidiaries.

137

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Reconciliation between Cash Dividends Paid and Dividends Paid Deductions (in thousands):

For the years ended December 31, 2009, 2008 and 2007 cash dividends paid exceeded the dividends paid deduction and amounted to $ 331,025, $469,024, and $384,502, respectively.

Characterization of Distributions:

The following characterizes distributions paid for the years ended December 31, 2009, 2008 and 2007, (in thousands):


		2009			2008			2007
Preferred F Dividends
Ordinary income	$	11,638	100%	$	9,079	78%	$	7,123	61%
Capital gain		-	-%		2,559	22%		4,515	39%
	$	11,638	100%	$	11,638	100%	$	11,638	100%
Preferred G Dividends
Ordinary income	$	35,650	100%	$	28,197	78%	$	-	-
Capital gain		-	-%		7,948	22%		-	-
	$	35,650	100%	$	36,145	100%	$	-	-
Common Dividends
Ordinary income	$	204,291	72%	$	290,656	69%	$	207,587	56%
Capital gain		-	-%		80,036	19%		131,558	35%
Return of capital		79,446	28%		50,549	12%		33,719	9%
	$	283,737	100%	$	421,241	100%	$	372,864	100%

Total dividends distributed	$	331,025		$	469,024		$	384,502

Taxable REIT Subsidiaries ("TRS"):

The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC, and Blue Ridge Real Estate Company/Big Boulder Corporation.

Income taxes have been provided for on the asset and liability method as required by the FASB’s Income Tax guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities.

The Company’s taxable income for book purposes and provision for income taxes relating to the Company’s TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2009, 2008, and 2007, are summarized as follows (in thousands):


		2009		2008		2007
(Loss)/income before income taxes	$	(104,231)	$	(3,972)	$	109,057
Benefit/(provision) for income taxes:
Federal		35,254		11,026		(6,565)
State and local		1,133		1,948		(3,950)
Total tax benefit/(provision)		36,387		12,974		(10,515)
GAAP net (loss)/income from taxable REIT subsidiaries	$	(67,844)	$	9,002	$	98,542

138

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s deferred tax assets and liabilities at December 31, 2009 and 2008, were as follows (in thousands):


		2009		2008
Deferred tax assets:
Operating losses	$	55,613	$	48,863
Tax/GAAP basis differences		72,023		71,747
Tax credit carryforwards		6,319		-
Valuation allowance		(33,783)		(33,783)
Total deferred tax assets		100,172		86,827
Deferred tax liabilities		(13,833)		(2,656)
Net deferred tax assets	$	86,339	$	84,171

As of December 31, 2009, the Company had net deferred tax assets of approximately $86.3 million. This net deferred tax asset includes approximately $12.0 million for the tax effect of net operating losses, (“NOL”) after the impact of a valuation allowance of $33.8 million, relating to FNC, a consolidated entity in which the Company has a 53% ownership interest. The partial valuation allowance on the FNC deferred tax asset primarily results from current projected taxable income, being more likely than not, insufficient to utilize the full amount of the deferred tax asset. The Company’s remaining net deferred tax asset of approximately $74.3 million primarily relates to KRS and consists of (i) $13.8 million in deferred tax liabilities, (ii) $9.8 million in NOL carry forwards that expire in 2029, (iii) $6.3 million in tax credit carry forwards, $4.0 million of which expire in 2029 and $2.3 million that do not expire and (iv) $72.0 million primarily relating to differences in GAAP book basis and tax basis of accounting for (i) real estate assets (ii) real estate joint ventures, (iii) other real estate investments, and (iv) asset impairments charges that have been recorded for book purposes but not yet recognized for tax purposes and (v) other miscellaneous deductible temporary differences.

As of December 31, 2009, the Company determined that no valuation allowance was needed against the $74.3 million net deferred tax asset within KRS. This determination was based upon the Company’s analysis of both positive evidence, which includes future projected income for KRS and negative evidence, which consists of a three year cumulative pre-tax book loss of approximately $23.0 million for KRS. The cumulative loss was primarily the result of significant impairment charges taken by KRS during 2009 and 2008 of approximately $91.7 million and approximately $82.2 million, respectively. KRS has a strong earnings history exclusive of the impairment charges. Since 2001, KRS has produced substantial taxable income in each year through 2008. Over the prior three years (2006 through 2008) KRS generated approximately $69.3 million of taxable income, before net operating loss carryovers.

KRS activities primarily consisted of a merchant building business for the ground-up development of shopping center properties and subsequent sale upon completion and investments which include redevelopment properties and joint venture investments including KRS’s investment in the Albertson’s joint venture. During 2009, the Company changed its merchant building strategy from a sale upon completion strategy to a long-term hold strategy for its remaining merchant building projects.

To determine future projected income the Company scheduled KRS’s pre-tax book income and taxable income over a twenty year period taking into account its continuing operations (“core earnings”). Core earnings consist of estimated net operating income for properties currently in service and generating rental income from existing tenants. Major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past two years. To allow the forecast to remain objective and verifiable, no income growth was forecasted for any other aspect of KRS’s continuing business activities including its investment in the Albertson’s joint venture. The Company also included future known events in its projected income forecast such as the maturity of certain mortgages and construction loans which will significantly reduce the amount of interest expense incurred in future years. Additionally, the Company h as also committed to certain actions which will result in reducing leverage at KRS. With the Company’s change in its merchant building strategy, future business operations at KRS will not support its current capital structure which consists of approximately $564 million of intercompany loans the Company has made to KRS to fund its merchant building operation. KRS incurred approximately $32.1 million of interest expense related to the intercompany financing during 2009. The Company will recapitalize a significant portion of the debt to reflect KRS’s ongoing business activities. The twenty year taxable income estimate reduces intercompany interest in accordance with this plan.

139

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company’s projection of KRS’s future taxable income, utilizing the assumptions above with respect to core earnings and reductions in interest expense due to debt maturities and the Company’s recapitalization plans generates approximately $205.2 million in future taxable income, which is sufficient to fully utilize KRS’s $74.3 million net deferred tax asset. As a result of this analysis the Company has determined it is more likely than not that KRS’s net deferred tax asset of $74.3 million will be realized and therefore, no valuation allowance is needed at December 31, 2009. If future income projections do not occur as forecasted or the Company incurs additional impairment losses, the Company will reevaluate the need for a valuation allowance.

Deferred tax assets and deferred tax liabilities are included in the caption Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 2009 and 2008. Operating losses and the valuation allowance are primarily due to the Company’s consolidation of FNC for accounting and reporting purposes. At December 31, 2009, FNC had approximately $117.5 million of NOL carryforwards that expire from 2022 through 2025, with a tax value of approximately $45.8 million. At December 31, 2008, FNC had approximately $125.3 million of NOL carry forwards, with a tax value of approximately $48.9 million. A valuation allowance of $33.8 million has been established for a portion of these deferred tax assets.

(Benefit)/provision differ from the amount computed by applying the statutory federal income tax rate to taxable income before income taxes were as follows (in thousands):


		2009		2008		2007
Federal (benefit)/provision at statutory tax rate (35%)	$	(36,481)	$	(1,390)	$	38,170
State and local taxes, net of federal (benefit)/provision		(6,775)		(258)		7,089
Other		6,869		(8,283)		(3,552)
Valuation allowance decrease		-		(3,043)		(31,192)
	$	(36,387)	$	(12,974)	$	10,515

24. Supplemental Financial Information:

The following represents the results of operations, expressed in thousands except per share amounts, for each quarter during the years 2009 and 2008:


		2009 (Unaudited)
		Mar. 31		June 30		Sept. 30		Dec. 31
Revenues from rental property(1)	$	193,895	$	189,285	$	191,885	$	211,822

Net income/(loss) attributable to the Company	$	38,424	$	(134,651)	$	40,108	$	52,177

Net income/(loss) per common share:
Basic	$	0.10	$	(0.40)	$	0.07	$	0.11
Diluted	$	0.10	$	(0.40)	$	0.07	$	0.11


		2008 (Unaudited)
		Mar. 31		June 30		Sept. 30		Dec. 31
Revenues from rental property(1)	$	188,794	$	182,970	$	189,951	$	196,989

Net income/(loss) attributable to the Company	$	98,467	$	94,374	$	108,584(a)	$	(51,523)(a)

Net income/(loss) per common share:
Basic	$	0.34	$	0.33	$	0.38	$	(0.24)
Diluted	$	0.34	$	0.32	$	0.37	$	(0.24)

(1) All periods have been adjusted to reflect the impact of operating properties sold during 2009 and 2008 and properties classified as held for sale as of December 31, 2009, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Operations.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

(a) Out-of-Period Adjustment - During the fourth quarter of 2008, the Company identified an out-of-period adjustment in its consolidated financial statements for the year ended December 31, 2008. This adjustment related to the accounting for cash distributions received in excess of the Company’s carrying value of its investment in an unconsolidated joint venture. During the third quarter of 2008, the Company recorded as income approximately $8.5 million from cash distributions received in excess of the Company’s carrying value of its investment resulting from mortgage refinancing proceeds from one of its unconsolidated joint ventures. The Company recorded the $8.5 million as income as the Company had no guaranteed obligations or was otherwise committed to provide further financial support to the joint venture. It was determined in the fourth quarter of 2008, that although the Company in substanc e does not have any further obligations, in form, the Company is the general partner in this joint venture and does have a legal obligation relating to the partnership. As such, the Company should not have recognized the $8.5 million as income in the third quarter. The Company has reversed this amount from income in the fourth quarter of 2008. As a result of this out-of-period adjustment, net income was overstated by $8.5 million in the third quarter of 2008 and understated by $8.5 million in the fourth quarter of 2008, but correctly stated for the year ended December 31, 2008. The Company concluded that the $8.5 million adjustment was not material to the quarter ended September 30, 2008 or the quarter ended December 31, 2008. As such, this adjustment was recorded in the Company’s Consolidated Statements of Income for the three months ended December 31, 2008, rather than restating the third quarter 2008 period.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of approximately $12.2 million and $9.0 million of billed accounts receivable and $10.1 million and $13.3 million for accrued unbilled common area maintenance and real estate recoveries at December 31, 2009 and 2008, respectively.

25. Pro Forma Financial Information (Unaudited):

As discussed in Notes 5, 6 and 7, the Company and certain of its subsidiaries acquired and disposed of interests in certain operating properties during 2009. The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Operations for the years ended December 31, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year.

The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of operations for future periods. (Amounts presented in millions, except per share figures.)


		Year ended December 31,
		2009		2008
Revenues from rental property	$	864.0	$	853.5
Net income	$	22.4	$	274.1
Net (loss)/income attributable to the Company’s common shareholders	$	(34.9)	$	201.6

Net (loss)/income attributable to the Company’s common shareholders per common share:
Basic	$	(0.10)	$	0.78
Diluted	$	(0.10)	$	0.78

141

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SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For Years Ended December 31, 2009, 2008 and 2007

(in thousands)


		Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts		Deductions		Balance at end of period
Year Ended December 31, 2009
Allowance for uncollectable accounts	$	9,000	$	4,579	$	-	$	(1,379)	$	12,200

Allowance for deferred tax asset	$	33,783	$	34,800	$	(34,800)	$	-	$	33,783

Year Ended December 31, 2008
Allowance for uncollectable accounts	$	9,000	$	3,066	$	-	$	(3,066)	$	9,000

Allowance for deferred tax asset	$	36,826	$	-	$	(3,043)	$	-	$	33,783

Year Ended December 31, 2007
Allowance for uncollectable accounts	$	8,500	$	614	$	-	$	(114)	$	9,000

Allowance for deferred tax asset	$	68,018	$	-	$	(31,192)	$	-	$	36,826

142

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2009


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

KDI-GLENN SQUARE	3,306,779	-	43,597,134	3,306,779	43,597,134	46,903,913	-	46,903,913		2006(C)
KDI-THE GROVE	18,951,763	6,403,809	29,794,616	16,395,647	38,754,541	55,150,188	-	55,150,188		2007(C)
KDI-CHANDLER AUTO MALLS	9,318,595	-	(4,464,073)	4,550,435	304,087	4,854,522	-	4,854,522		2004(C)
DEV- EL MIRAGE	6,786,441	503,987	118,664	6,786,441	622,650	7,409,091	-	7,409,091		2008 (C)
TALAVI TOWN CENTER	8,046,677	17,337,326	-	8,046,677	17,337,326	25,384,003	6,299,843	19,084,160		2007(A)
KIMCO MESA 679, INC. AZ	2,915,000	11,686,291	1,743,958	2,915,000	13,430,249	16,345,249	4,053,990	12,291,259		1998(A)
MESA PAVILLIONS	6,060,019	35,496,381	-	6,060,019	35,496,381	41,556,400	260,473	41,295,927		2009(A)
MESA RIVERVIEW	15,000,000	-	134,342,773	307,992	149,034,781	149,342,773	11,318,376	138,024,398		2005(C)
KDI-ANA MARIANA POWER CENTER	30,043,645	-	3,187,331	30,131,356	3,099,620	33,230,976	-	33,230,976		2006(C)
METRO SQUARE	4,101,017	16,410,632	603,390	4,101,017	17,014,022	21,115,039	5,482,522	15,632,516		1998(A)
HAYDEN PLAZA NORTH	2,015,726	4,126,509	5,463,097	2,015,726	9,589,606	11,605,332	2,547,014	9,058,318		1998(A)
PHOENIX, COSTCO	5,324,501	21,269,943	948,347	4,577,869	22,964,922	27,542,791	4,353,382	23,189,409		1998(A)
PHOENIX	2,450,341	9,802,046	781,721	2,450,341	10,583,767	13,034,108	3,466,377	9,567,731		1997(A)
PINACLE PEAK- N. CANYON RANCH	1,228,000	11,323,430	-	1,228,000	11,323,430	12,551,430	114,547	12,436,882	4,270,646	2009(A)
KDI-ASANTE RETAIL CENTER	8,702,635	3,405,683	2,868,485	11,039,472	3,937,331	14,976,803	-	14,976,803		2004(C)
DEV-SURPRISE II	4,138,760	94,572	1,035	4,138,760	95,607	4,234,367	-	4,234,367		2008(C)
ALHAMBRA, COSTCO	4,995,639	19,982,557	42,891	4,995,639	20,025,448	25,021,087	6,014,748	19,006,340		1998(A)
ANGEL'S CAMP TOWN CENTER	1,000,000	6,050,548	-	1,000,000	6,050,548	7,050,548	21,083	7,029,465		2009(A)
MADISON PLAZA	5,874,396	23,476,190	309,125	5,874,396	23,785,316	29,659,711	7,077,597	22,582,115		1998(A)
CHULA VISTA, COSTCO	6,460,743	25,863,153	11,674,917	6,460,743	37,538,070	43,998,813	9,079,551	34,919,263		1998(A)
CORONA HILLS, COSTCO	13,360,965	53,373,453	4,748,464	13,360,965	58,121,917	71,482,882	16,554,982	54,927,899		1998(A)
EAST AVENUE MARKET PLACE	1,360,457	3,055,127	248,550	1,360,457	3,303,677	4,664,134	1,769,879	2,894,255	1,993,088	2006(A)
LABAND VILLAGE SC	5,600,000	13,289,347	37,761	5,605,237	13,321,871	18,927,108	2,794,477	16,132,632	8,773,354	2008(A)
CUPERTINO VILLAGE	19,886,099	46,534,919	5,509,724	19,886,099	52,044,643	71,930,742	12,135,834	59,794,908	35,838,431	2006(A)
CHICO CROSSROADS	9,975,810	30,534,524	(135,630)	9,985,652	30,389,052	40,374,704	3,780,385	36,594,320	25,372,802	2008(A)
CORONA HILLS MARKETPLACE	9,727,446	24,778,390	19,164	9,727,446	24,797,554	34,525,000	3,335,186	31,189,815		2007(A)
ELK GROVE VILLAGE	1,770,000	7,470,136	679,860	1,770,000	8,149,995	9,919,995	3,881,399	6,038,595	2,102,797	2006(A)
WATERMAN PLAZA	784,851	1,762,508	(110,571)	784,851	1,651,937	2,436,788	783,518	1,653,269	1,437,850	2006(A)
RIVER PARK SHOPPING CENTER	4,324,000	19,740,801	-	4,324,000	19,740,801	24,064,801	122,085	23,942,716		2009(A)
GOLD COUNTRY CENTER	3,272,212	7,864,878	27,686	3,276,290	7,888,486	11,164,776	1,243,868	9,920,908	7,144,447	2008(A)
LA MIRADA THEATRE CENTER	8,816,741	35,259,965	(7,643,343)	6,888,680	29,544,684	36,433,363	8,632,660	27,800,704		1998(A)
YOSEMITE NORTH SHOPPING CTR	2,120,247	4,761,355	564,711	2,120,247	5,326,066	7,446,312	2,810,196	4,636,116		2006(A)
RALEY'S UNION SQUARE	1,185,909	2,663,149	(135,873)	1,185,909	2,527,276	3,713,186	1,187,882	2,525,303		2006(A)

143


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

NOVATO FAIR S.C.	9,259,778	15,527,128	-	9,259,778	15,527,128	24,786,906	316,653	24,470,253	13,319,837	2009(A)
SOUTH NAPA MARKET PLACE	1,100,000	22,159,086	6,838,973	1,100,000	28,998,059	30,098,059	5,998,584	24,099,474		2006(A)
PLAZA DI NORTHRIDGE	12,900,000	40,574,842	3,847,930	12,900,000	44,422,772	57,322,772	8,729,190	48,593,582	27,516,779	2005(A)
POWAY CITY CENTRE	5,854,585	13,792,470	7,701,699	7,247,814	20,100,941	27,348,754	3,657,681	23,691,074		2005(A)
REDWOOD CITY	2,552,000	6,965,158	-	2,552,000	6,965,158	9,517,158	30,558	9,486,600	5,628,061	2009(A)
STANFORD RANCH	11,159,665	20,072,454	-	11,159,665	20,072,454	31,232,119	225,816	31,006,303		2009(A)
RANCHO SAN DIEGO	4,655,250	19,777,030	-	4,655,250	19,777,030	24,432,280	82,591	24,349,689		2009(A)
NORTH POINT PLAZA	1,299,733	2,918,760	246,929	1,299,733	3,165,689	4,465,422	1,693,569	2,771,853		2006(A)
RED BLUFF SHOPPING CTR	1,410,936	3,168,485	(125,876)	1,410,936	3,042,609	4,453,546	1,415,594	3,037,951		2006(A)
TYLER STREET	3,020,883	7,811,339	27,444	3,024,927	7,834,739	10,859,666	2,013,435	8,846,232	6,877,365	2008(A)
THE CENTRE	3,403,724	13,625,899	309,621	3,403,724	13,935,520	17,339,244	3,618,924	13,720,321		1999(A)
SANTA ANA, HOME DEPOT	4,592,364	18,345,257	-	4,592,364	18,345,257	22,937,622	5,483,496	17,454,125		1998(A)
SAN DIEGO/4649&4605 MORENA BLV	16,092,000	20,319,048	-	16,092,000	20,319,048	36,411,048	139,843	36,271,205		2009(A)
SAN/DIEGO CARMEL MOUNTAIN	5,322,600	10,693,729	-	5,322,600	10,693,729	16,016,329	81,385	15,934,944		2009(A)
TOWNE CENTER EAST	8,233,500	29,258,874	-	8,233,500	29,258,874	37,492,374	232,554	37,259,820		2009(A)
FULTON MARKET PLACE	2,966,018	6,920,710	895,059	2,966,018	7,815,768	10,781,787	1,894,712	8,887,074		2005(A)
MARIGOLD SC	15,300,000	25,563,978	3,382,397	15,300,000	28,946,375	44,246,375	7,777,147	36,469,228	16,440,435	2005(A)
ELVERTA CROSSING	3,520,333	5,567,041	-	3,520,333	5,567,041	9,087,374	73,031	9,014,342		2009(A)
BLACK MOUNTAIN VILLAGE	4,678,015	11,913,344	-	4,678,015	11,913,344	16,591,359	2,399,764	14,191,595		2007(A)
REDHAWK TOWN CENTER-RETAIL	12,390,464	25,200,417	-	12,390,464	25,200,417	37,590,881	93,891	37,496,990	25,394,012	2009(A)
TRUCKEE CROSSROADS	2,140,000	8,255,753	477,340	2,140,000	8,733,093	10,873,093	4,493,076	6,380,017	3,828,814	2006(A)
PARK PLACE	7,871,396	7,783,604	-	7,871,396	7,783,604	15,655,000	67,638	15,587,362		2009(A)
WESTLAKE SHOPPING CENTER	16,174,307	64,818,562	91,280,161	16,174,307	156,098,723	172,273,029	16,782,188	155,490,841		2002(A)
VILLAGE ON THE PARK	2,194,463	8,885,987	5,571,062	2,194,463	14,457,049	16,651,512	3,240,567	13,410,946		1998(A)
AURORA QUINCY	1,148,317	4,608,249	394,461	1,148,317	5,002,710	6,151,027	1,466,408	4,684,620		1998(A)
AURORA EAST BANK	1,500,568	6,180,103	585,526	1,500,568	6,765,629	8,266,197	2,057,260	6,208,937		1998(A)
SPRING CREEK COLORADO	1,423,260	5,718,813	1,292,298	1,423,260	7,011,111	8,434,371	1,787,798	6,646,573		1998(A)
DENVER WEST 38TH STREET	161,167	646,983	-	161,167	646,983	808,150	197,668	610,482		1998(A)
ENGLEWOOD PHAR MOR	805,837	3,232,650	208,712	805,837	3,441,362	4,247,199	1,029,953	3,217,246		1998(A)
FORT COLLINS	1,253,497	7,625,278	1,599,608	1,253,497	9,224,886	10,478,382	2,001,066	8,477,316	2,393,975	2000(A)
HERITAGE WEST	1,526,576	6,124,074	168,345	1,526,576	6,292,419	7,818,995	1,914,420	5,904,575		1998(A)
WEST FARM SHOPPING CENTER	5,805,969	23,348,024	661,091	5,805,969	24,009,115	29,815,084	7,027,226	22,787,857		1998(A)
FARMINGTON PLAZA	433,713	1,211,800	185,657	433,713	1,397,457	1,831,170	85,456	1,745,714	387,559	2005(A)
N.HAVEN, HOME DEPOT	7,704,968	30,797,640	708,642	7,704,968	31,506,282	39,211,250	9,234,037	29,977,213		1998(A)
WATERBURY	2,253,078	9,017,012	701,706	2,253,078	9,718,718	11,971,796	3,853,474	8,118,322		1993(A)
DOVER	122,741	66,738	5,001,096	3,024,375	2,166,201	5,190,575	2,221	5,188,354		2003(A)

144


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

ELSMERE	-	3,185,642	79,886	-	3,265,528	3,265,528	3,185,642	79,886		1979(C)
ALTAMONTE SPRINGS	770,893	3,083,574	(1,338,860)	538,796	1,976,811	2,515,607	703,383	1,812,224		1995(A)
AUBURNDALE	751,315	-	-	751,315	-	751,315	-	751,315		2009(A)
BOCA RATON	573,875	2,295,501	1,710,546	733,875	3,846,047	4,579,922	1,690,729	2,889,193		1992(A)
BAYSHORE GARDENS, BRADENTON FL	2,901,000	11,738,955	772,764	2,901,000	12,511,719	15,412,719	3,743,079	11,669,640		1998(A)
BRADENTON PLAZA	527,026	765,252	138,607	527,026	903,859	1,430,885	59,851	1,371,033		2005(A)
SHOPPES @ MT. CARMEL	204,432	817,730	-	204,432	817,730	1,022,162	-	1,022,162		2009(A)
CORAL SPRINGS	710,000	2,842,907	3,340,370	710,000	6,183,277	6,893,277	2,126,308	4,766,969		1994(A)
CORAL SPRINGS	1,649,000	6,626,301	424,821	1,649,000	7,051,122	8,700,122	2,155,026	6,545,095		1997(A)
CURLEW CROSSING S.C.	5,315,955	12,529,467	1,305,120	5,315,955	13,834,588	19,150,542	2,107,469	17,043,073		2005(A)
CLEARWATER FL	3,627,946	918,466	(269,494)	2,174,938	2,101,980	4,276,918	97,247	4,179,671		2007(A)
EAST ORLANDO	491,676	1,440,000	2,623,006	1,007,882	3,546,801	4,554,682	2,106,695	2,447,988		1971(C)
FERN PARK	225,000	902,000	5,742,149	225,000	6,644,149	6,869,149	2,392,964	4,476,186		1968(C)
FT.LAUDERDALE/CYPRESS CREEK	14,258,760	30,926,973	-	14,258,760	30,926,973	45,185,733	219,794	44,965,939	23,939,627	2009(A)
OAKWOOD PLAZA NORTH	49,195,823	90,116,635	-	49,195,823	90,116,635	139,312,457	542,048	138,770,409	63,348,528	2009(A)
OAKWOOD BUSINESS CTR-BLDG 1	6,792,500	21,747,460	-	6,792,500	21,747,460	28,539,960	152,872	28,387,088	14,388,083	2009(A)
REGENCY PLAZA	2,410,000	9,671,160	505,091	2,410,000	10,176,252	12,586,252	2,692,102	9,894,150		1999(A)
SHOPPES AT AMELIA CONCOURSE	7,600,000	-	8,506,779	1,138,216	14,968,563	16,106,779	176,021	15,930,758		2003(C)
AVENUES WALKS	26,984,546	-	49,260,726	33,225,306	43,019,966	76,245,272	-	76,245,272		2005(C)
BEACHES & HODGES	1,033,058	-	-	1,033,058	-	1,033,058	-	1,033,058		2009(A)
KISSIMMEE	1,328,536	5,296,652	(3,817,265)	1,328,536	1,479,387	2,807,923	462,939	2,344,984		1996(A)
LAUDERDALE LAKES	342,420	2,416,645	3,254,181	342,420	5,670,825	6,013,246	3,948,998	2,064,248		1968(C)
MERCHANTS WALK	2,580,816	10,366,090	995,118	2,580,816	11,361,208	13,942,025	2,557,609	11,384,415		2001(A)
LARGO	293,686	792,119	1,620,990	293,686	2,413,109	2,706,795	1,810,770	896,024		1968(C)
LEESBURG	-	171,636	193,651	-	365,287	365,287	295,355	69,932		1969(C)
LARGO EAST BAY	2,832,296	11,329,185	1,788,569	2,832,296	13,117,754	15,950,050	6,680,825	9,269,225		1992(A)
LAUDERHILL	1,002,733	2,602,415	12,482,981	1,774,443	14,313,686	16,088,129	7,939,694	8,148,435		1974(C)
THE GROVES	1,676,082	6,533,681	944,919	2,606,246	6,548,436	9,154,682	1,222,989	7,931,694		2006(A)
LAKE WALES	601,052	-	-	601,052	-	601,052	-	601,052		2009(A)
MELBOURNE	-	1,754,000	3,197,405	-	4,951,405	4,951,405	2,655,509	2,295,896		1968(C)
GROVE GATE	365,893	1,049,172	1,207,100	365,893	2,256,272	2,622,165	1,802,214	819,951		1968(C)
NORTH MIAMI	732,914	4,080,460	10,842,470	732,914	14,922,930	15,655,844	6,981,731	8,674,113	6,465,368	1985(A)
MILLER ROAD	1,138,082	4,552,327	1,892,708	1,138,082	6,445,036	7,583,117	5,218,869	2,364,249		1986(A)
MARGATE	2,948,530	11,754,120	3,854,412	2,948,530	15,608,532	18,557,062	6,021,782	12,535,280		1993(A)
MT. DORA	1,011,000	4,062,890	423,237	1,011,000	4,486,127	5,497,127	1,336,490	4,160,637		1997(A)
KENDALE LAKES PLAZA	18,491,461	42,266,218	-	18,491,461	42,266,218	60,757,679	304,987	60,452,692	29,317,365	2009(A)

145


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

PLANTATION CROSSING	7,524,800	-	10,624,342	7,153,784	10,995,358	18,149,142	188,581	17,960,561		2005(C)
MILTON, FL	1,275,593	-	-	1,275,593	-	1,275,593	-	1,275,593		2007(A)
FLAGLER PARK	26,162,980	80,737,041	1,120,061	26,162,980	81,857,103	108,020,083	7,819,035	100,201,048	26,607,475	2007(A)
ORLANDO	923,956	3,646,904	3,094,131	1,172,119	6,492,872	7,664,991	2,030,012	5,634,979		1995(A)
SODO S.C.	-	68,139,271	4,471,685	-	72,610,955	72,610,955	1,812,738	70,798,217		2008(A)
RENAISSANCE CENTER	9,104,379	36,540,873	5,089,416	9,122,758	41,611,911	50,734,668	13,851,509	36,883,159		1998(A)
SAND LAKE	3,092,706	12,370,824	1,865,205	3,092,706	14,236,029	17,328,735	5,571,122	11,757,613		1994(A)
ORLANDO	560,800	2,268,112	3,203,429	580,030	5,452,310	6,032,341	1,673,300	4,359,041		1996(A)
OCALA	1,980,000	7,927,484	8,619,799	1,980,000	16,547,283	18,527,283	4,030,886	14,496,397		1997(A)
MILLENIA PLAZA PHASE II	7,711,000	24,141,292	-	7,711,000	24,141,292	31,852,292	275,346	31,576,946		2009(A)
POMPANO BEACH	97,169	874,442	1,847,034	97,169	2,721,476	2,818,645	1,718,854	1,099,791		1968(C)
GONZALEZ	1,620,203	-	706,016	1,620,203	706,016	2,326,219	-	2,326,219		2007(A)
PALM BEACH GARDENS	2,764,953	11,059,812	-	2,764,953	11,059,812	13,824,765	55,299	13,769,466		2009(A)
ST. PETERSBURG	-	917,360	1,266,811	-	2,184,171	2,184,171	931,666	1,252,505		1968(C)
TUTTLE BEE SARASOTA	254,961	828,465	1,781,105	254,961	2,609,570	2,864,531	1,932,113	932,418		2008(A)
SOUTH EAST SARASOTA	1,283,400	5,133,544	3,362,344	1,399,525	8,379,763	9,779,288	4,113,104	5,666,184		1989(A)
SANFORD	1,832,732	9,523,261	6,133,970	1,832,732	15,657,230	17,489,963	8,096,913	9,393,050		1989(A)
STUART	2,109,677	8,415,323	892,381	2,109,677	9,307,704	11,417,381	3,600,275	7,817,105		1994(A)
SOUTH MIAMI	1,280,440	5,133,825	2,840,969	1,280,440	7,974,794	9,255,234	2,725,353	6,529,881		1995(A)
TAMPA	5,220,445	16,884,228	2,137,734	5,220,445	19,021,961	24,242,407	5,259,416	18,982,990		1997(A)
VILLAGE COMMONS S.C.	2,192,331	8,774,158	1,206,732	2,192,331	9,980,890	12,173,221	2,684,811	9,488,410		1998(A)
MISSION BELL SHOPPING CENTER	5,056,426	11,843,119	8,685,244	5,067,033	20,517,756	25,584,790	3,702,376	21,882,413		2004(A)
WEST PALM BEACH	550,896	2,298,964	1,374,874	550,896	3,673,838	4,224,734	1,129,755	3,094,979		1995(A)
THE SHOPS AT WEST MELBOURNE	2,200,000	8,829,541	4,631,249	2,200,000	13,460,790	15,660,790	3,901,304	11,759,486		1998(A)
CROSS COUNTRY PLAZA	16,510,000	24,684,530	-	16,510,000	24,684,530	41,194,530	141,648	41,052,882		2009(A)
AUGUSTA	1,482,564	5,928,122	2,338,310	1,482,564	8,266,432	9,748,996	2,667,350	7,081,646		1995(A)
MARKET AT HAYNES BRIDGE	4,880,659	21,549,424	714,463	4,887,862	22,256,684	27,144,546	3,006,438	24,138,109	15,723,103	2008(A)
EMBRY VILLAGE	18,147,054	33,009,514	165,831	18,158,524	33,163,875	51,322,399	3,579,353	47,743,046	31,081,683	2008(A)
SAVANNAH	2,052,270	8,232,978	1,406,024	2,052,270	9,639,002	11,691,272	4,050,396	7,640,876		1993(A)
SAVANNAH	652,255	2,616,522	4,943,932	652,255	7,560,454	8,212,709	1,213,807	6,998,902		1995(A)
CHATHAM PLAZA	13,390,238	35,115,882	688,756	13,401,262	35,793,613	49,194,876	3,879,995	45,314,880	29,779,657	2008(A)
KIHEI CENTER	3,406,707	7,663,360	598,386	3,406,707	8,261,745	11,668,453	4,447,029	7,221,424		2006(A)
CLIVE	500,525	2,002,101	-	500,525	2,002,101	2,502,626	714,425	1,788,200		1996(A)
KDI-METRO CROSSING	3,013,647	-	27,756,535	2,239,755	28,530,427	30,770,182	-	30,770,182		2006(C)
SOUTHDALE SHOPPING CENTER	1,720,330	6,916,294	3,268,308	1,720,330	10,184,602	11,904,932	2,338,627	9,566,305	2,370,165	1999(A)
DES MOINES	500,525	2,559,019	37,079	500,525	2,596,098	3,096,623	903,953	2,192,670		1996(A)

146


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

DUBUQUE	-	2,152,476	10,848	-	2,163,324	2,163,324	673,361	1,489,964		1997(A)
WATERLOO	500,525	2,002,101	2,869,100	500,525	4,871,201	5,371,726	1,969,660	3,402,066		1996(A)
NAMPA (HORSHAM) FUTURE DEV.	6,501,240	-	11,559,108	10,729,939	7,330,409	18,060,348	-	18,060,348		2005(C)
AURORA, N. LAKE	2,059,908	9,531,721	308,208	2,059,908	9,839,929	11,899,837	2,826,761	9,073,076		1998(A)
BLOOMINGTON	805,521	2,222,353	4,229,780	805,521	6,452,133	7,257,654	3,589,526	3,668,128		1972(C)
BELLEVILLE S.C.	-	5,372,253	1,247,058	1,161,195	5,458,116	6,619,311	1,574,916	5,044,395		1998(A)
BRADLEY	500,422	2,001,687	424,877	500,422	2,426,564	2,926,986	838,216	2,088,770		1996(A)
CALUMET CITY	1,479,217	8,815,760	13,397,758	1,479,216	22,213,519	23,692,735	4,209,670	19,483,065		1997(A)
COUNTRYSIDE	-	4,770,671	(4,531,252)	95,647	143,772	239,419	66,854	172,565		1997(A)
CHICAGO	-	2,687,046	684,690	-	3,371,736	3,371,736	1,027,398	2,344,338		1997(A)
CHAMPAIGN, NEIL ST.	230,519	1,285,460	725,493	230,519	2,010,953	2,241,472	479,404	1,762,068		1998(A)
ELSTON	1,010,374	5,692,212	-	1,010,374	5,692,212	6,702,586	1,654,042	5,048,544		1997(A)
S. CICERO	-	1,541,560	149,202	-	1,690,762	1,690,762	609,171	1,081,591		1997(A)
CRYSTAL LAKE, NW HWY	179,964	1,025,811	246,869	180,269	1,272,375	1,452,644	327,298	1,125,346		1998(A)
108 WEST GERMANIA PLACE	2,393,894	7,366,681	506,886	2,393,894	7,873,567	10,267,461	-	10,267,461		2008 (A)
168 NORTH MICHIGAN AVENUE	3,373,318	10,119,953	(5,881,761)	3,373,318	4,238,191	7,611,509	-	7,611,509		2008 (A)
BUTTERFIELD SQUARE	1,601,960	6,637,926	(3,588,725)	1,182,677	3,468,484	4,651,161	996,526	3,654,635		1998(A)
DOWNERS PARK PLAZA	2,510,455	10,164,494	2,895,423	2,510,455	13,059,918	15,570,373	3,150,284	12,420,089		1999(A)
DOWNER GROVE	811,778	4,322,956	1,740,669	811,778	6,063,624	6,875,403	1,795,549	5,079,854		1997(A)
ELGIN	842,555	2,108,674	1,542,689	527,168	3,966,749	4,493,918	2,730,287	1,763,631		1972(C)
FOREST PARK	-	2,335,884	-	-	2,335,884	2,335,884	734,205	1,601,679		1997(A)
FAIRVIEW HTS, BELLVILLE RD.	-	11,866,880	1,906,567	-	13,773,447	13,773,447	3,830,506	9,942,941		1998(A)
GENEVA	500,422	12,917,712	33,551	500,422	12,951,263	13,451,685	3,917,589	9,534,096		1996(A)
LAKE ZURICH PLAZA	1,890,319	2,384,921	-	1,890,319	2,384,921	4,275,240	46,319	4,228,921		2005(A)
MATTERSON	950,515	6,292,319	10,527,541	950,514	16,819,861	17,770,375	4,374,251	13,396,123		1997(A)
MT. PROSPECT	1,017,345	6,572,176	3,555,566	1,017,345	10,127,741	11,145,087	3,107,087	8,038,000		1997(A)
MUNDELEIN, S. LAKE	1,127,720	5,826,129	77,350	1,129,634	5,901,565	7,031,199	1,733,268	5,297,931		1998(A)
NORRIDGE	-	2,918,315	-	-	2,918,315	2,918,315	911,659	2,006,656		1997(A)
NAPERVILLE	669,483	4,464,998	80,672	669,483	4,545,670	5,215,153	1,375,403	3,839,751		1997(A)
OTTAWA	137,775	784,269	700,540	137,775	1,484,809	1,622,584	1,008,678	613,906		2008(A)
MARKETPLACE OF OAKLAWN	-	730,213	-	-	730,213	730,213	-	730,213		1998(A)
ORLAND PARK, S. HARLEM	476,972	2,764,775	(2,694,903)	87,998	458,846	546,844	124,381	422,462		1998(A)
OAK LAWN	1,530,111	8,776,631	453,412	1,530,111	9,230,044	10,760,154	2,793,057	7,967,098	13,529,260	1997(A)
OAKBROOK TERRACE	1,527,188	8,679,108	2,984,607	1,527,188	11,663,715	13,190,903	3,152,747	10,038,155		1997(A)
PEORIA	-	5,081,290	2,403,560	-	7,484,850	7,484,850	2,121,346	5,363,504		1997(A)
FREESTATE BOWL	252,723	998,099	-	252,723	998,099	1,250,822	515,096	735,726		2003(A)

147


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

ROCKFORD CROSSING	4,575,990	11,654,022	(573,184)	4,581,005	11,075,822	15,656,827	797,294	14,859,533	11,036,975	2008(A)
ROUND LAKE BEACH PLAZA	790,129	1,634,148	534,312	790,129	2,168,460	2,958,589	135,857	2,822,732		2005(A)
SKOKIE	-	2,276,360	9,488,382	2,628,440	9,136,303	11,764,742	2,047,107	9,717,636	6,656,976	1997(A)
KRC STREAMWOOD	181,962	1,057,740	216,585	181,962	1,274,324	1,456,287	344,414	1,111,873		1998(A)
WOODGROVE FESTIVAL	5,049,149	20,822,993	2,761,340	5,049,149	23,584,333	28,633,482	6,799,965	21,833,517		1998(A)
WAUKEGAN PLAZA	349,409	883,975	2,276,671	349,409	3,160,646	3,510,055	27,704	3,482,351		2005(A)
PLAZA EAST	1,236,149	4,944,597	3,272,562	1,140,849	8,312,459	9,453,308	2,561,710	6,891,598		1995(A)
GREENWOOD	423,371	1,883,421	2,072,464	584,445	3,794,811	4,379,256	2,903,325	1,475,931		1970(C)
GRIFFITH	-	2,495,820	981,912	1,001,100	2,476,632	3,477,732	784,847	2,692,885		1997(A)
LAFAYETTE	230,402	1,305,943	169,272	230,402	1,475,215	1,705,617	1,368,518	337,099		1971(C)
LAFAYETTE	812,810	3,252,269	4,071,550	2,379,198	5,757,431	8,136,629	1,680,139	6,456,489		1997(A)
KRC MISHAWAKA 895	378,088	1,999,079	4,595,648	378,730	6,594,085	6,972,815	702,007	6,270,809		1998(A)
MERRILLVILLE PLAZA	197,415	765,630	387,603	197,415	1,153,233	1,350,648	16,289	1,334,359		2005(A)
SOUTH BEND, S. HIGH ST.	183,463	1,070,401	196,857	183,463	1,267,258	1,450,721	347,983	1,102,738		1998(A)
OVERLAND PARK	1,183,911	6,335,308	142,374	1,185,906	6,475,686	7,661,593	1,857,122	5,804,471		1998(A)
BELLEVUE	405,217	1,743,573	218,844	405,217	1,962,416	2,367,634	1,807,686	559,948		1976(A)
LEXINGTON	1,675,031	6,848,209	5,417,998	1,551,079	12,390,159	13,941,238	4,974,176	8,967,062		1993(A)
PADUCAH MALL, KY	-	924,085	-	-	924,085	924,085	360,535	563,550		1998(A)
HAMMOND AIR PLAZA	3,813,873	15,260,609	6,887,279	3,813,873	22,147,888	25,961,761	5,462,827	20,498,934		1997(A)
KIMCO HOUMA 274, LLC	1,980,000	7,945,784	629,628	1,980,000	8,575,412	10,555,412	2,158,995	8,396,417		1999(A)
CENTRE AT WESTBANK	9,554,230	24,401,082	(276,588)	9,562,645	24,116,080	33,678,724	2,088,031	31,590,693	20,537,853	2008(A)
LAFAYETTE	2,115,000	8,508,218	9,981,396	3,678,274	16,926,339	20,604,614	4,781,949	15,822,665		1997(A)
111-115 NEWBURY	3,551,989	10,819,763	(4,768,730)	3,551,989	6,051,032	9,603,021	-	9,603,021		2007(A)
493-495 COMMONWEALTH AVENUE	1,151,947	5,798,705	(5,624,239)	746,940	579,474	1,326,414	-	1,326,414		2008(A)
127-129 NEWBURY LLC	2,947,063	8,841,188	(4,903,955)	2,947,063	3,937,233	6,884,295	-	6,884,295		2007(A)
497 COMMONWEALTH AVE.	405,007	1,196,594	657,904	405,007	1,854,497	2,259,505	-	2,259,505		2008(A)
GREAT BARRINGTON	642,170	2,547,830	7,255,207	751,124	9,694,083	10,445,207	3,088,983	7,356,224		1994(A)
SHREWSBURY SHOPPING CENTER	1,284,168	5,284,853	4,625,463	1,284,168	9,910,316	11,194,483	2,210,436	8,984,047		2000(A)
WILDE LAKE	1,468,038	5,869,862	94,065	1,468,038	5,963,927	7,431,964	1,218,443	6,213,521		2002(A)
LYNX LANE	1,019,035	4,091,894	76,423	1,019,035	4,168,317	5,187,352	865,763	4,321,589		2002(A)
CLINTON BANK BUILDING	82,967	362,371	-	82,967	362,371	445,338	224,869	220,469		2003(A)
CLINTON BOWL	39,779	130,716	4,247	38,779	135,963	174,742	67,773	106,969		2003(A)
VILLAGES AT URBANA	3,190,074	6,067	10,505,444	4,828,774	8,872,812	13,701,585	261,339	13,440,246		2003(A)
GAITHERSBURG	244,890	6,787,534	230,545	244,890	7,018,079	7,262,969	1,816,166	5,446,803		1999(A)
HAGERSTOWN	541,389	2,165,555	3,380,081	541,389	5,545,637	6,087,025	2,855,561	3,231,464		1973(C)
SHAWAN PLAZA	4,466,000	20,222,367	10,378	4,466,000	20,232,745	24,698,745	5,575,773	19,122,972	10,845,082	2008(A)

148


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

LAUREL	349,562	1,398,250	1,030,202	349,562	2,428,452	2,778,014	1,098,041	1,679,973		1995(A)
LAUREL	274,580	1,100,968	283,421	274,580	1,384,389	1,658,969	1,381,615	277,354		1972(C)
LANDOVER CENTER	57,007	-	-	57,007	-	57,007	-	57,007		2003(A)
SOUTHWEST MIXED USE PROPERTY	403,034	1,325,126	306,510	361,035	1,673,635	2,034,670	745,403	1,289,267		2003(A)
NORTH EAST STATION	869,385	-	(869,343)	42	-	42	-	42		2008(A)
OWINGS MILLS PLAZA	303,911	1,370,221	(160,247)	303,911	1,209,973	1,513,885	16,283	1,497,602		2005(A)
PERRY HALL	3,339,309	12,377,339	841,621	3,339,309	13,218,960	16,558,269	3,626,088	12,932,181		2003(A)
TIMONIUM SHOPPING CENTER	6,000,000	24,282,998	15,838,033	7,331,195	38,789,836	46,121,031	11,675,294	34,445,737	7,141,515	2003(A)
WALDORF BOWL	225,099	739,362	84,327	235,099	813,688	1,048,787	292,234	756,553		2003(A)
WALDORF FIRESTONE	57,127	221,621	-	57,127	221,621	278,749	81,793	196,956		2003(A)
BANGOR, ME	403,833	1,622,331	93,752	403,833	1,716,083	2,119,916	351,343	1,768,574		2001(A)
MALLSIDE PLAZA	6,930,996	18,148,727	(81,583)	6,937,579	18,060,560	24,998,140	2,929,370	22,068,770	15,223,681	2008(A)
CLAWSON	1,624,771	6,578,142	8,569,423	1,624,771	15,147,565	16,772,336	3,883,619	12,888,717		1993(A)
WHITE LAKE	2,300,050	9,249,607	1,976,664	2,300,050	11,226,271	13,526,321	3,763,598	9,762,723		1996(A)
CANTON TWP PLAZA	163,740	926,150	5,249,730	163,740	6,175,879	6,339,620	263,091	6,076,528		2005(A)
CLINTON TWP PLAZA	175,515	714,279	1,205,884	116,067	1,979,611	2,095,678	284,462	1,811,216		2005(A)
DEARBORN HEIGHTS PLAZA	162,319	497,791	(189,266)	135,889	334,955	470,844	5,791	465,053		2005(A)
FARMINGTON	1,098,426	4,525,723	3,212,039	1,098,426	7,737,761	8,836,188	2,893,358	5,942,830		1993(A)
LIVONIA	178,785	925,818	1,160,112	178,785	2,085,930	2,264,715	1,007,967	1,256,747		1968(C)
MUSKEGON	391,500	958,500	825,035	391,500	1,783,535	2,175,035	1,564,863	610,172		1985(A)
OKEMOS PLAZA	166,706	591,193	1,957,007	166,706	2,548,199	2,714,906	43,537	2,671,369	505,360	2005(A)
TAYLOR	1,451,397	5,806,263	275,289	1,451,397	6,081,552	7,532,949	2,495,079	5,037,870		1993(A)
WALKER	3,682,478	14,730,060	2,073,718	3,682,478	16,803,778	20,486,256	6,618,768	13,867,488		1993(A)
EDEN PRAIRIE PLAZA	882,596	911,373	570,450	882,596	1,481,823	2,364,419	74,535	2,289,884		2005(A)
FOUNTAINS AT ARBOR LAKES	28,585,296	66,699,024	7,477,790	28,585,296	74,176,814	102,762,110	6,811,780	95,950,330		2006(A)
ROSEVILLE PLAZA	132,842	957,340	4,741,603	132,842	5,698,943	5,831,785	235,740	5,596,045		2005(A)
ST. PAUL PLAZA	699,916	623,966	172,627	699,916	796,593	1,496,509	36,094	1,460,415		2005(A)
CREVE COEUR, WOODCREST/OLIVE	1,044,598	5,475,623	615,905	960,814	6,175,312	7,136,126	1,802,729	5,333,397		1998(A)
CRYSTAL CITY, MI	-	234,378	-	-	234,378	234,378	67,287	167,091		1997(A)
INDEPENDENCE, NOLAND DR.	1,728,367	8,951,101	193,000	1,731,300	9,141,168	10,872,468	2,657,830	8,214,639		1998(A)
NORTH POINT SHOPPING CENTER	1,935,380	7,800,746	345,044	1,935,380	8,145,790	10,081,170	2,274,963	7,806,207		1998(A)
KIRKWOOD	-	9,704,005	11,444,242	-	21,148,247	21,148,247	7,895,134	13,253,114		1998(A)
KANSAS CITY	574,777	2,971,191	274,976	574,777	3,246,167	3,820,944	1,000,021	2,820,922		1997(A)
LEMAY	125,879	503,510	3,828,858	451,155	4,007,092	4,458,247	879,750	3,578,497		1974(C)
GRAVOIS	1,032,416	4,455,514	10,964,529	1,032,413	15,420,046	16,452,459	6,958,203	9,494,256		2008(A)
ST. CHARLES-UNDERDEVELOPED LAND, MO	431,960	-	758,854	431,960	758,855	1,190,814	171,191	1,019,623		1998(A)

149


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

SPRINGFIELD	2,745,595	10,985,778	6,270,097	2,904,022	17,097,448	20,001,470	5,606,035	14,395,435		1994(A)
KMART PARCEL	905,674	3,666,386	4,933,942	905,674	8,600,328	9,506,001	1,595,418	7,910,583	2,143,483	2002(A)
KRC ST. CHARLES	-	550,204	-	-	550,204	550,204	155,186	395,018		1998(A)
ST. LOUIS, CHRISTY BLVD.	809,087	4,430,514	2,047,226	809,087	6,477,740	7,286,827	1,686,984	5,599,843		1998(A)
OVERLAND	-	4,928,677	723,008	-	5,651,686	5,651,686	1,768,190	3,883,496		1997(A)
ST. LOUIS	-	5,756,736	849,684	-	6,606,420	6,606,420	2,072,851	4,533,569		1997(A)
ST. LOUIS	-	2,766,644	143,298	-	2,909,942	2,909,942	1,057,286	1,852,656		1997(A)
ST. PETERS	1,182,194	7,423,459	6,854,429	1,053,694	14,406,388	15,460,082	7,621,904	7,838,178		1997(A)
SPRINGFIELD,GLENSTONE AVE.	-	608,793	1,853,943	-	2,462,736	2,462,736	585,482	1,877,253		1998(A)
KDI-TURTLE CREEK	11,535,281	-	32,834,833	10,150,881	34,219,233	44,370,114	1,841,567	42,528,547		2004(C)
CHARLOTTE	919,251	3,570,981	1,108,884	919,251	4,679,865	5,599,116	1,693,650	3,905,467		2008(A)
CHARLOTTE	1,783,400	7,139,131	1,521,482	1,783,400	8,660,613	10,444,013	3,270,090	7,173,924		1993(A)
TYVOLA RD.	-	4,736,345	5,081,319	-	9,817,664	9,817,664	6,345,023	3,472,641		1986(A)
CROSSROADS PLAZA	767,864	3,098,881	34,566	767,864	3,133,447	3,901,310	786,438	3,114,872		2000(A)
KIMCO CARY 696, INC.	2,180,000	8,756,865	444,568	2,256,799	9,124,634	11,381,433	2,694,218	8,687,215		1998(A)
LONG CREEK S.C.	4,475,000	-	12,351,880	4,514,100	12,312,780	16,826,880	66,000	16,760,880	13,601,248	2008(A)
DURHAM	1,882,800	7,551,576	1,616,035	1,882,800	9,167,611	11,050,411	3,149,356	7,901,055		1996(A)
HILLSBOROUGH CROSSING	519,395	-	-	519,395	-	519,395	-	519,395		2003(A)
SHOPPES AT MIDWAY PLANTATION	6,681,212	-	18,541,575	5,403,673	19,819,114	25,222,787	988,032	24,234,755		2005(C)
PARK PLACE	5,461,478	16,163,494	47,281	5,467,809	16,204,446	21,672,255	1,487,646	20,184,609	13,821,500	2008(A)
MOORESVILLE CROSSING	12,013,727	30,604,173	(56,100)	11,625,801	30,935,999	42,561,800	2,493,006	40,068,794		2007(A)
RALEIGH	5,208,885	20,885,792	12,146,299	5,208,885	33,032,091	38,240,976	10,940,531	27,300,445		1993(A)
WAKEFIELD COMMONS II	6,506,450	-	(2,737,980)	2,357,636	1,410,834	3,768,470	96,471	3,671,999		2001(C)
WAKEFIELD CROSSINGS	3,413,932	-	(3,017,960)	336,236	59,737	395,973	-	395,973		2001(C)
EDGEWATER PLACE	3,150,000	-	10,179,620	3,062,768	10,266,852	13,329,620	587,451	12,742,170		2003(C)
WINSTON-SALEM	540,667	719,655	5,083,635	540,667	5,803,290	6,343,957	2,681,552	3,662,405	5,023,093	1969(C)
SORENSON PARK PLAZA	5,104,294	-	31,675,453	4,145,628	32,634,119	36,779,747	403,013	36,376,733		2005(C)
LORDEN PLAZA	8,872,529	22,548,382	105,870	8,881,003	22,645,777	31,526,781	1,436,535	30,090,245	23,950,390	2008(A)
NEW LONDON CENTER	4,323,827	10,088,930	1,221,595	4,323,827	11,310,525	15,634,352	1,775,590	13,858,762		2005(A)
ROCKINGHAM	2,660,915	10,643,660	11,653,575	3,148,715	21,809,435	24,958,150	7,260,476	17,697,673	18,471,058	2008(A)
BRIDGEWATER NJ	1,982,481	(3,666,959)	9,262,382	1,982,481	5,595,423	7,577,904	3,268,586	4,309,318		1998(C)
BAYONNE BROADWAY	1,434,737	3,347,719	2,825,469	1,434,737	6,173,188	7,607,924	917,897	6,690,027		2004(A)
BRICKTOWN PLAZA	344,884	1,008,941	(307,857)	344,884	701,084	1,045,968	3,895	1,042,073		2005(A)
BRIDGEWATER PLAZA	350,705	1,361,524	1,018,222	350,705	2,379,746	2,730,451	5,335	2,725,116		2005(A)
CHERRY HILL	2,417,583	6,364,094	1,581,275	2,417,583	7,945,370	10,362,952	5,387,078	4,975,874		1985(C)
MARLTON PIKE	-	4,318,534	51,482	-	4,370,016	4,370,016	1,482,434	2,887,582		1996(A)

150


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

CINNAMINSON	652,123	2,608,491	2,496,995	652,123	5,105,486	5,757,609	2,244,614	3,512,995		1996(A)
EASTWINDOR VILLAGE	9,335,011	23,777,978	-	9,335,011	23,777,978	33,112,989	1,139,938	31,973,051	19,320,501	2008(A)
HILLSBOROUGH	11,886,809	-	(6,880,755)	5,006,054	-	5,006,054	-	5,006,054		2001(C)
HOLMDEL TOWNE CENTER	10,824,624	43,301,494	4,523,264	10,824,624	47,824,758	58,649,382	8,300,916	50,348,466	26,961,764	2002(A)
HOLMDEL COMMONS	16,537,556	38,759,952	3,095,966	16,537,556	41,855,918	58,393,474	7,917,132	50,476,342	19,843,705	2004(A)
HOWELL PLAZA	311,384	1,143,159	4,733,041	311,384	5,876,200	6,187,584	170,811	6,016,774		2005(A)
KENVILLE PLAZA	385,907	1,209,864	94	385,907	1,209,958	1,595,865	89,481	1,506,384		2005(A)
STRAUSS DISCOUNT AUTO	1,225,294	91,203	1,552,740	1,228,794	1,640,443	2,869,237	281,604	2,587,633		2002(A)
MAPLE SHADE	-	9,970,131	-	-	9,970,131	9,970,131	91,581	9,878,549		2009(A)
NORTH BRUNSWICK	3,204,978	12,819,912	18,463,022	3,204,978	31,282,934	34,487,912	9,395,919	25,091,993	27,855,403	1994(A)
PISCATAWAY TOWN CENTER	3,851,839	15,410,851	521,195	3,851,839	15,932,046	19,783,885	4,722,970	15,060,915	11,239,793	1998(A)
RIDGEWOOD	450,000	2,106,566	1,015,675	450,000	3,122,241	3,572,241	1,073,236	2,499,005		1993(A)
SEA GIRT PLAZA	457,039	1,308,010	443,952	457,039	1,751,962	2,209,001	57,954	2,151,047		2005(A)
UNION CRESCENT	7,895,483	3,010,640	25,425,192	8,696,579	27,634,737	36,331,316	1,504,114	34,827,202		2007(A)
WESTMONT	601,655	2,404,604	9,374,724	601,655	11,779,328	12,380,983	3,785,321	8,595,661		1994(A)
WILLOWBROOK PLAZA	15,320,436	40,277,419	-	15,320,436	40,277,419	55,597,854	405,465	55,192,389		2009(A)
WEST LONG BRANCH PLAZA	64,976	1,700,782	256,257	64,976	1,957,039	2,022,015	8,624	2,013,391		2005(A)
SYCAMORE PLAZA	1,404,443	5,613,270	283,450	1,404,443	5,896,720	7,301,163	1,841,699	5,459,465		1998(A)
PLAZA PASEO DEL-NORTE	4,653,197	18,633,584	714,202	4,653,197	19,347,786	24,000,983	5,782,137	18,218,846		1998(A)
JUAN TABO, ALBUQUERQUE	1,141,200	4,566,817	328,487	1,141,200	4,895,304	6,036,504	1,451,062	4,585,442		1998(A)
DEV-WARM SPRINGS PROMENADE	7,226,363	19,028,180	-	7,226,363	19,028,180	26,254,543	2,312,168	23,942,376	14,959,962	2009(A)
COMP USA CENTER	2,581,908	5,798,092	(363,745)	2,581,908	5,434,347	8,016,255	2,577,525	5,438,730	3,225,359	2006(A)
DEL MONTE PLAZA	2,489,429	5,590,415	(235,545)	2,210,000	5,634,299	7,844,299	819,542	7,024,757	4,253,313	2006(A)
D'ANDREA MARKETPLACE	11,556,067	29,435,364	-	11,556,067	29,435,364	40,991,432	2,028,476	38,962,955	15,892,719	2007(A)
KEY BANK BUILDING	1,500,000	40,486,755	-	1,500,000	40,486,755	41,986,755	6,236,284	35,750,472	25,732,261	2006(A)
BRIDGEHAMPTON	1,811,752	3,107,232	23,857,741	1,858,188	26,918,536	28,776,725	13,150,784	15,625,941	34,776,896	1972(C)
TWO GUYS AUTO GLASS	105,497	436,714	-	105,497	436,714	542,211	75,630	466,580		2003(A)
GENOVESE DRUG STORE	564,097	2,268,768	-	564,097	2,268,768	2,832,865	393,347	2,439,518		2003(A)
KINGS HIGHWAY	2,743,820	6,811,268	1,338,513	2,743,820	8,149,781	10,893,601	1,585,440	9,308,161		2004(A)
HOMEPORT-RALPH AVENUE	4,414,466	11,339,857	3,155,773	4,414,467	14,495,630	18,910,097	2,143,421	16,766,676		2004(A)
BELLMORE	1,272,269	3,183,547	381,803	1,272,269	3,565,350	4,837,619	634,567	4,203,052	586,541	2004(A)
STRAUSS CASTLE HILL PLAZA	310,864	725,350	241,828	310,864	967,178	1,278,042	139,599	1,138,443		2005(A)
STRAUSS UTICA AVENUE	347,633	811,144	270,431	347,633	1,081,575	1,429,208	156,110	1,273,098		2005(A)
MARKET AT BAY SHORE	12,359,621	30,707,802	610,185	12,359,621	31,317,987	43,677,608	6,146,435	37,531,173		2006(A)
BARNES AVE & GUN HILL ROAD	6,795,371	-	(1,997,270)	4,798,101	-	4,798,101	-	4,798,101		2007(A)
231 STREET	3,565,239	-	-	3,565,239	-	3,565,239	-	3,565,239		2007(A)

151


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

5959 BROADWAY	6,035,726	-	1,014,372	6,035,726	1,014,372	7,050,098	1,011	7,049,086	4,875,000	2008(A)
KING KULLEN PLAZA	5,968,082	23,243,404	1,053,452	5,980,130	24,284,808	30,264,938	7,703,615	22,561,323		1998(A)
KDI-CENTRAL ISLIP TOWN CENTER	13,733,950	1,266,050	740,345	5,088,852	10,651,493	15,740,345	433,961	15,306,384	9,755,221	2004(C)
PATHMARK SC	6,714,664	17,359,161	526,939	6,714,664	17,886,100	24,600,764	2,208,406	22,392,357	7,031,792	2006(A)
BIRCHWOOD PLAZA COMMACK	3,630,000	4,774,791	167,672	3,630,000	4,942,463	8,572,463	652,989	7,919,474		2007(A)
ELMONT	3,011,658	7,606,066	2,204,704	3,011,658	9,810,769	12,822,428	1,685,665	11,136,762		2004(A)
FRANKLIN SQUARE	1,078,541	2,516,581	3,154,195	1,078,541	5,670,776	6,749,317	749,827	5,999,490		2004(A)
KISSENA BOULEVARD SC	11,610,000	2,933,487	1,519	11,610,000	2,935,006	14,545,006	594,446	13,950,559		2007(A)
HAMPTON BAYS	1,495,105	5,979,320	3,305,932	1,495,105	9,285,253	10,780,357	3,973,241	6,807,116		1989(A)
HICKSVILLE	3,542,739	8,266,375	1,247,458	3,542,739	9,513,833	13,056,572	1,649,896	11,406,676		2004(A)
100 WALT WHITMAN ROAD	5,300,000	8,167,577	12,968	5,300,000	8,180,545	13,480,545	1,080,091	12,400,454		2007(A)
BP AMOCO GAS STATION	1,110,593	-	539	1,110,593	539	1,111,131	-	1,111,131		2007(A)
STRAUSS LIBERTY AVENUE	305,969	713,927	238,695	305,969	952,623	1,258,591	136,753	1,121,838		2005(A)
BIRCHWOOD PLAZA (NORTH & SOUTH)	12,368,330	33,071,495	340,592	12,368,330	33,412,087	45,780,417	3,122,303	42,658,114	14,226,880	2007(A)
501 NORTH BROADWAY	-	1,175,543	607	-	1,176,150	1,176,150	343,707	832,443		2007(A)
MERRYLANE (P/L)	1,485,531	1,749	539	1,485,531	2,288	1,487,819	85	1,487,734		2007(A)
DOUGLASTON SHOPPING CENTER	3,277,254	13,161,218	3,635,904	3,277,253	16,797,122	20,074,375	2,389,682	17,684,693		2003(A)
STRAUSS MERRICK BLVD	450,582	1,051,359	351,513	450,582	1,402,872	1,853,454	202,485	1,650,969		2005(A)
MANHASSET VENTURE LLC	4,567,003	19,165,808	25,668,777	4,421,939	44,979,649	49,401,589	12,354,833	37,046,755	19,806,787	1999(A)
MASPETH QUEENS-DUANE READE	1,872,013	4,827,940	931,187	1,872,013	5,759,126	7,631,139	934,606	6,696,533		2004(A)
MASSAPEQUA	1,880,816	4,388,549	964,761	1,880,816	5,353,310	7,234,126	1,022,849	6,211,277		2004(A)
MINEOLA SC	4,150,000	7,520,692	(452,882)	4,150,000	7,067,811	11,217,811	915,361	10,302,450		2007(A)
BIRCHWOOD PARK DRIVE (LAND LOT)	3,507,162	4,126	782	3,507,406	4,665	3,512,071	199	3,511,872		2007(A)
367-369 BLEEKER STREET	1,425,000	4,958,097	(4,581,035)	368,147	1,433,915	1,802,062	135,226	1,666,836		2008(A)
SMITHTOWN PLAZA	3,528,000	10,877,736	-	3,528,000	10,877,736	14,405,736	49,424	14,356,313	6,695,135	2009(A)
4452 BROADWAY	12,412,724	-	-	12,412,724	-	12,412,724	-	12,412,724	8,700,000	2007(A)
92 PERRY STREET	2,106,250	6,318,750	(5,065,752)	516,876	2,842,372	3,359,248	283,039	3,076,209		2008(A)
82 CHRISTOPHER STREET	972,813	2,974,676	377,818	925,000	3,400,306	4,325,306	332,563	3,992,744	2,961,203	2005(A)
387 BLEEKER STREET	925,000	3,056,933	166,497	925,000	3,223,430	4,148,430	311,008	3,837,422	2,892,617	2008(A)
19 GREENWICH STREET	1,262,500	3,930,801	377,802	1,262,500	4,308,603	5,571,103	340,396	5,230,707	3,904,189	2006(A)
PREF. EQUITY 100 VANDAM	5,125,000	16,143,321	838,175	6,435,630	15,670,866	22,106,496	1,309,393	20,797,103	16,400,000	2006(A)
PREF. EQUITY-30 WEST 21ST STREET	6,250,000	21,974,274	12,029,912	6,250,000	34,004,186	40,254,186	14,982	40,239,204	20,713,296	2007(A)
AMERICAN MUFFLER SHOP	76,056	325,567	-	76,056	325,567	401,624	56,314	345,310		2003(A)
PLAINVIEW	263,693	584,031	9,795,918	263,693	10,379,949	10,643,642	4,550,793	6,092,848	14,035,344	1969(C)
POUGHKEEPSIE	876,548	4,695,659	12,696,051	876,548	17,391,710	18,268,258	7,594,585	10,673,673	15,896,109	1972(C)
STRAUSS JAMAICA AVENUE	1,109,714	2,589,333	596,178	1,109,714	3,185,511	4,295,225	457,224	3,838,001		2005(A)

152


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

SYOSSET, NY	106,655	76,197	1,551,676	106,655	1,627,873	1,734,528	873,484	861,044		1990(C)
STATEN ISLAND	2,280,000	9,027,951	5,267,676	2,280,000	14,295,627	16,575,627	7,981,050	8,594,577		1989(A)
STATEN ISLAND	2,940,000	11,811,964	1,112,357	3,148,424	12,715,896	15,864,321	3,888,244	11,976,077		1997(A)
STATEN ISLAND PLAZA	5,600,744	6,788,460	(3,162,827)	5,600,744	3,625,633	9,226,377	21,516	9,204,861		2005(A)
HYLAN PLAZA	28,723,536	38,232,267	33,513,862	28,723,536	71,746,129	100,469,665	15,921,483	84,548,182		2006(A)
STOP N SHOP STATEN ISLAND	4,558,592	10,441,408	155,848	4,558,592	10,597,256	15,155,848	2,422,696	12,733,152		2005(A)
WEST GATES	1,784,718	9,721,970	(3,333,127)	1,784,718	6,388,843	8,173,561	4,571,787	3,601,774		1993(A)
WHITE PLAINS	1,777,775	4,453,894	2,010,606	1,777,775	6,464,500	8,242,274	1,315,240	6,927,035	3,266,695	2004(A)
YONKERS	871,977	3,487,909	-	871,977	3,487,909	4,359,886	1,495,629	2,864,257		1998(A)
STRAUSS ROMAINE AVENUE	782,459	1,825,737	610,420	782,459	2,436,158	3,218,616	351,626	2,866,991		2005(A)
AKRON WATERLOO	437,277	1,912,222	4,131,997	437,277	6,044,219	6,481,496	2,770,012	3,711,484		1975(C)
WEST MARKET ST.	560,255	3,909,430	379,484	560,255	4,288,914	4,849,169	2,695,581	2,153,589		1999(A)
BARBERTON	505,590	1,948,135	3,443,425	505,590	5,391,561	5,897,150	3,372,182	2,524,969		1972(C)
BRUNSWICK	771,765	6,058,560	2,120,508	771,765	8,179,068	8,950,833	6,180,254	2,770,579		1975(C)
BEAVERCREEK	635,228	3,024,722	3,053,468	635,228	6,078,190	6,713,418	4,312,083	2,401,335		1986(A)
CANTON	792,985	1,459,031	4,721,075	792,985	6,180,106	6,973,091	4,581,752	2,391,340		1972(C)
CAMBRIDGE	-	1,848,195	1,016,068	473,060	2,391,204	2,864,263	2,064,072	800,191		1973(C)
MORSE RD.	835,386	2,097,600	2,793,362	835,386	4,890,963	5,726,348	3,013,303	2,713,045		1988(A)
HAMILTON RD.	856,178	2,195,520	3,844,830	856,178	6,040,351	6,896,528	3,598,271	3,298,258		1988(A)
OLENTANGY RIVER RD.	764,517	1,833,600	2,340,830	764,517	4,174,430	4,938,947	3,080,981	1,857,966		1988(A)
W. BROAD ST.	982,464	3,929,856	3,177,920	969,804	7,120,436	8,090,240	4,164,051	3,926,190		1988(A)
RIDGE ROAD	1,285,213	4,712,358	10,650,593	1,285,213	15,362,951	16,648,164	5,246,120	11,402,044		1992(A)
GLENWAY AVE	530,243	3,788,189	394,943	530,243	4,183,132	4,713,375	2,664,465	2,048,910		1999(A)
SPRINGDALE	3,205,653	14,619,732	4,814,341	3,205,653	19,434,073	22,639,726	10,144,752	12,494,974		1992(A)
GLENWAY CROSSING	699,359	3,112,047	1,247,339	699,359	4,359,386	5,058,745	942,783	4,115,962		2000(A)
HIGHLAND RIDGE PLAZA	1,540,000	6,178,398	918,079	1,540,000	7,096,477	8,636,477	1,677,025	6,959,451		1999(A)
HIGHLAND PLAZA	702,074	667,463	76,380	702,074	743,843	1,445,917	38,265	1,407,653		2005(A)
MONTGOMERY PLAZA	530,893	1,302,656	3,226,699	530,893	4,529,354	5,060,248	127,981	4,932,267		2005(A)
SHILOH SPRING RD.	-	1,735,836	3,416,292	1,105,183	4,046,946	5,152,128	2,677,802	2,474,326		1969(C)
OAKCREEK	1,245,870	4,339,637	4,168,866	1,149,622	8,604,751	9,754,373	5,657,994	4,096,379		1984(A)
SALEM AVE.	665,314	347,818	5,443,143	665,314	5,790,961	6,456,275	3,248,903	3,207,372		1988(A)
KETTERING	1,190,496	4,761,984	724,754	1,190,496	5,486,738	6,677,234	3,485,940	3,191,294		1988(A)
KENT, OH	6,254	3,028,914	-	6,254	3,028,914	3,035,168	1,674,918	1,360,250		1999(A)
KENT	2,261,530	-	-	2,261,530	-	2,261,530	-	2,261,530		1995(A)
MENTOR	503,981	2,455,926	2,258,691	371,295	4,847,303	5,218,598	2,724,245	2,494,353		1987(A)
MIDDLEBURG HEIGHTS	639,542	3,783,096	29,683	639,542	3,812,779	4,452,321	2,385,109	2,067,211		1999(A)

153


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

MENTOR ERIE COMMONS.	2,234,474	9,648,000	5,383,637	2,234,474	15,031,637	17,266,111	7,521,187	9,744,924		1988(A)
MALLWOODS CENTER	294,232	-	1,184,543	294,232	1,184,543	1,478,775	218,075	1,260,700		1999(C)
NORTH OLMSTED	626,818	3,712,045	35,000	626,818	3,747,045	4,373,862	2,288,657	2,085,205		1999(A)
ORANGE OHIO	3,783,875	-	(2,327,574)	921,704	534,597	1,456,301	-	1,456,301		2001(C)
UPPER ARLINGTON	504,256	2,198,476	8,993,673	1,255,544	10,440,861	11,696,405	6,768,267	4,928,138		2008(A)
WICKLIFFE	610,991	2,471,965	1,653,517	610,991	4,125,482	4,736,473	1,384,417	3,352,056		1995(A)
CHARDON ROAD	481,167	5,947,751	2,530,446	481,167	8,478,196	8,959,364	4,273,484	4,685,880		1999(A)
WESTERVILLE	1,050,431	4,201,616	8,178,028	1,050,431	12,379,644	13,430,075	5,903,826	7,526,249		1988(A)
EDMOND	477,036	3,591,493	77,650	477,036	3,669,143	4,146,179	1,100,534	3,045,645		1997(A)
CENTENNIAL PLAZA	4,650,634	18,604,307	1,218,705	4,650,634	19,823,012	24,473,646	6,261,359	18,212,288		1998(A)
ALBANY PLAZA	2,654,000	3,644,257	-	2,654,000	3,644,257	6,298,257	28,042	6,270,215		2009(A)
CANBY SQUARE SHOPPING CENTER	2,727,000	4,584,680	-	2,727,000	4,584,680	7,311,680	58,342	7,253,338		2009(A)
OREGON TRAIL CENTER	5,802,422	12,627,204	-	5,802,422	12,627,204	18,429,626	296,038	18,133,588		2009(A)
POWELL VALLEY JUNCTION	5,062,500	-	-	5,062,500	-	5,062,500	-	5,062,500		2009(A)
MEDFORD CENTER	8,940,798	13,011,820	-	8,940,798	13,011,820	21,952,618	80,525	21,872,093		2009(A)
KDI-MCMINNVILLE	4,062,327	-	582,036	4,062,327	582,036	4,644,363	-	4,644,363		2006(C)
PIONEER PLAZA	952,740	9,853,910	-	952,740	9,853,910	10,806,650	213,224	10,593,426		2009(A)
TROUTDALE MARKET	1,931,559	3,054,561	-	1,931,559	3,054,561	4,986,120	31,893	4,954,227		2009(A)
ALLEGHENY	-	30,061,177	59,094	-	30,120,271	30,120,271	4,413,513	25,706,758		2004(A)
SUBURBAN SQUARE	70,679,871	166,351,381	4,447,067	71,279,871	170,198,448	241,478,319	17,376,255	224,102,065	99,381,253	2007(A)
CHIPPEWA	2,881,525	11,526,101	153,289	2,881,525	11,679,391	14,560,916	2,993,647	11,567,269	8,237,055	2000(A)
BROOKHAVEN PLAZA	254,694	973,318	(61,414)	254,694	911,903	1,166,598	15,662	1,150,936		2005(A)
CARNEGIE	-	3,298,908	17,747	-	3,316,655	3,316,655	850,425	2,466,231		1999(A)
CENTER SQUARE	731,888	2,927,551	1,263,404	731,888	4,190,956	4,922,843	1,675,200	3,247,643		1996(A)
WAYNE PLAZA	6,127,623	15,605,012	45,325	6,133,670	15,644,291	21,777,961	852,410	20,925,551	14,288,894	2008(A)
CHAMBERSBURG CROSSING	9,090,288	-	25,256,477	8,790,288	25,556,477	34,346,766	1,424,224	32,922,541		2006(C)
EAST STROUDSBURG	1,050,000	2,372,628	1,243,804	1,050,000	3,616,432	4,666,432	2,877,180	1,789,252		1973(C)
RIDGE PIKE PLAZA	1,525,337	4,251,732	(4,108)	1,525,337	4,247,624	5,772,961	471,029	5,301,932		2008(A)
EXTON	176,666	4,895,360	-	176,666	4,895,360	5,072,026	1,255,221	3,816,806		1999(A)
EXTON	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,000,873	2,658,566		1996(A)
EASTWICK	889,001	2,762,888	3,074,728	889,001	5,837,616	6,726,617	1,821,968	4,904,650	4,418,757	1997(A)
EXTON PLAZA	294,378	1,404,778	694,534	294,378	2,099,311	2,393,690	56,779	2,336,911		2005(A)
FEASTERVILLE	520,521	2,082,083	38,691	520,521	2,120,774	2,641,295	711,758	1,929,537		1996(A)
GETTYSBURG	74,626	671,630	101,519	74,626	773,149	847,775	747,973	99,802		1986(A)
HARRISBURG, PA	452,888	6,665,238	3,968,043	452,888	10,633,280	11,086,168	6,197,160	4,889,008		2002(A)
HAMBURG	439,232	-	2,023,428	494,982	1,967,677	2,462,660	391,692	2,070,968	2,284,736	2000(C)

154


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

HAVERTOWN	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,000,873	2,658,566		1996(A)
NORRISTOWN	686,134	2,664,535	3,355,299	774,084	5,931,884	6,705,968	3,916,253	2,789,715		1984(A)
NEW KENSINGTON	521,945	2,548,322	676,040	521,945	3,224,362	3,746,307	2,868,827	877,480		1986(A)
PHILADELPHIA	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,000,873	2,658,566		1996(A)
GALLERY, PHILADELPHIA PA	-	-	42,000	-	42,000	42,000	12,385	29,615		1996(A)
PHILADELPHIA PLAZA	209,197	1,373,843	16,952	209,197	1,390,795	1,599,992	22,949	1,577,043		2005(A)
STRAUSS WASHINGTON AVENUE	424,659	990,872	468,821	424,659	1,459,693	1,884,352	210,746	1,673,606		2005(A)
35 NORTH 3RD LLC	451,789	3,089,294	(1,191,893)	451,789	1,897,401	2,349,189	-	2,349,189		2007(A)
1628 WALNUT STREET	912,686	2,747,260	108,543	912,686	2,855,803	3,768,489	-	3,768,489		2007(A)
1701 WALNUT STREET	3,066,099	9,558,521	(4,249,579)	3,066,099	5,308,942	8,375,041	-	8,375,041		2007(A)
120-122 MARKET STREET	752,309	2,707,474	(1,950,272)	912,076	597,435	1,509,510	-	1,509,510		2007(A)
242-244 MARKET STREET	704,263	2,117,182	58,456	704,263	2,175,638	2,879,900	-	2,879,900		2007(A)
1401 WALNUT ST LOWER ESTATE - UNIT A	-	7,001,199	13,910	-	7,015,109	7,015,109	632,199	6,382,910		2008(A)
1401 WALNUT ST LOWER ESTATE	-	32,081,992	(413,640)	-	31,668,353	31,668,353	1,531,716	30,136,637		2008(A)
1831-33 CHESTNUT STREET	1,982,143	5,982,231	(764,763)	1,740,416	5,459,194	7,199,611	-	7,199,611		2007(A)
1429 WALNUT STREET-COMMERCIAL	5,881,640	17,796,661	866,836	5,881,640	18,663,498	24,545,137	826,504	23,718,634	6,949,950	2008(A)
1805 WALNUT STREET UNIT A	-	17,311,529	(6,331,646)	-	10,979,882	10,979,882	-	10,979,882		2008(A)
RICHBORO	788,761	3,155,044	11,871,207	976,439	14,838,573	15,815,012	7,544,216	8,270,796	9,787,572	1986(A)
SPRINGFIELD	919,998	4,981,589	3,212,822	919,998	8,194,411	9,114,409	5,362,388	3,752,021		1983(A)
UPPER DARBY	231,821	927,286	5,891,030	231,821	6,818,316	7,050,137	1,830,494	5,219,643	3,471,870	1996(A)
WEST MIFFLIN	1,468,341	-	-	1,468,341	-	1,468,341	-	1,468,341		1986(A)
WHITEHALL	-	5,195,577	-	-	5,195,577	5,195,577	1,776,266	3,419,311		1996(A)
E. PROSPECT ST.	604,826	2,755,314	1,038,043	604,826	3,793,357	4,398,183	3,053,453	1,344,730		1986(A)
W. MARKET ST.	188,562	1,158,307	-	188,562	1,158,307	1,346,869	1,158,307	188,562		1986(A)
REXVILLE TOWN CENTER	24,872,982	48,688,161	6,105,746	25,678,064	53,988,824	79,666,889	10,189,062	69,477,826	40,930,702	2006(A)
PLAZA CENTRO - COSTCO	3,627,973	10,752,213	1,558,140	3,866,206	12,072,120	15,938,326	3,738,730	12,199,596		2006(A)
PLAZA CENTRO - MALL	19,873,263	58,719,179	5,923,896	19,408,112	65,108,226	84,516,337	19,725,949	64,790,388		2006(A)
PLAZA CENTRO - RETAIL	5,935,566	16,509,748	2,504,870	6,026,070	18,924,114	24,950,184	5,748,772	19,201,412		2006(A)
PLAZA CENTRO - SAM'S CLUB	6,643,224	20,224,758	2,364,615	6,520,090	22,712,507	29,232,597	12,821,297	16,411,300		2006(A)
LOS COLOBOS - BUILDERS SQUARE	4,404,593	9,627,903	1,400,417	4,461,145	10,971,769	15,432,914	3,586,011	11,846,903		2006(A)
LOS COLOBOS - KMART	4,594,944	10,120,147	764,093	4,402,338	11,076,846	15,479,183	3,743,524	11,735,660		2006(A)
LOS COLOBOS I	12,890,882	26,046,669	3,188,857	13,613,375	28,513,033	42,126,408	7,675,922	34,450,486		2006(A)
LOS COLOBOS II	14,893,698	30,680,556	3,288,418	15,142,301	33,720,372	48,862,673	9,164,048	39,698,624		2006(A)
WESTERN PLAZA - MAYAQUEZ ONE	10,857,773	12,252,522	1,320,305	11,241,993	13,188,607	24,430,600	3,458,171	20,972,429		2006(A)
WESTERN PLAZA - MAYAGUEZ TWO	16,874,345	19,911,045	1,683,825	16,872,647	21,596,567	38,469,215	5,674,791	32,794,424		2006(A)
MANATI VILLA MARIA SC	2,781,447	5,673,119	420,013	2,606,588	6,267,991	8,874,579	3,289,277	5,585,302		2006(A)

155


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

PONCE TOWN CENTER	14,432,778	28,448,754	3,511,527	14,903,024	31,490,035	46,393,059	4,660,111	41,732,948	23,857,532	2006(A)
TRUJILLO ALTO PLAZA	12,053,673	24,445,858	3,184,847	12,289,288	27,395,091	39,684,379	9,584,641	30,099,738		2006(A)
MARSHALL PLAZA, CRANSTON RI	1,886,600	7,575,302	1,690,274	1,886,600	9,265,576	11,152,176	2,850,605	8,301,571		1998(A)
CHARLESTON	730,164	3,132,092	17,494,613	730,164	20,626,705	21,356,869	4,105,183	17,251,686		1978(C)
CHARLESTON	1,744,430	6,986,094	4,248,185	1,744,430	11,234,279	12,978,709	3,741,326	9,237,383		1995(A)
FLORENCE	1,465,661	6,011,013	249,832	1,465,661	6,260,845	7,726,506	1,936,917	5,789,589		1997(A)
GREENVILLE	2,209,812	8,850,864	713,887	2,209,811	9,564,752	11,774,563	2,918,422	8,856,141		1997(A)
CHERRYDALE POINT	5,801,948	32,036,659	-	5,801,948	32,036,659	37,838,608	183,471	37,655,136	37,053,135	2009(A)
NORTH CHARLESTON	744,093	2,974,990	257,733	744,093	3,232,723	3,976,815	804,047	3,172,768	1,494,869	2000(A)
N. CHARLESTON	2,965,748	11,895,294	1,779,697	2,965,748	13,674,991	16,640,739	3,959,447	12,681,292		1997(A)
MADISON	-	4,133,904	2,753,590	-	6,887,494	6,887,494	5,081,202	1,806,292		1978(C)
HICKORY RIDGE COMMONS	596,347	2,545,033	21,750	596,347	2,566,783	3,163,130	624,464	2,538,667		2000(A)
TROLLEY STATION	3,303,682	13,218,740	81,521	3,303,682	13,300,261	16,603,943	3,829,571	12,774,372	9,108,615	1998(A)
RIVERGATE STATION	7,135,070	19,091,078	1,908,926	7,135,070	21,000,004	28,135,074	5,116,104	23,018,970	14,158,564	2004(A)
MARKET PLACE AT RIVERGATE	2,574,635	10,339,449	1,188,353	2,574,635	11,527,802	14,102,437	3,441,009	10,661,428		1998(A)
RIVERGATE, TN	3,038,561	12,157,408	4,512,454	3,038,561	16,669,861	19,708,423	4,323,517	15,384,905		1998(A)
CENTER OF THE HILLS, TX	2,923,585	11,706,145	1,012,556	2,923,585	12,718,701	15,642,286	3,766,887	11,875,399	10,334,642	2008(A)
ARLINGTON	3,160,203	2,285,378	-	3,160,203	2,285,378	5,445,582	712,393	4,733,189		1997(A)
DOWLEN CENTER	2,244,581	-	(801,691)	484,828	958,062	1,442,890	-	1,442,890		2002(C)
BURLESON	9,974,390	810,314	(9,405,246)	1,373,692	5,767	1,379,459	-	1,379,459		2000(C)
BAYTOWN	500,422	2,431,651	755,982	500,422	3,187,633	3,688,055	938,408	2,749,647		1996(A)
LAS TIENDAS PLAZA	8,678,107	-	23,919,064	7,943,925	24,653,246	32,597,171	482,961	32,114,210		2005(C)
CORPUS CHRISTI, TX	-	944,562	3,208,000	-	4,152,562	4,152,562	894,172	3,258,389		1997(A)
DALLAS	1,299,632	5,168,727	7,497,651	1,299,632	12,666,378	13,966,010	9,913,487	4,052,523		1969(C)
MONTGOMERY PLAZA	6,203,205	-	44,484,558	6,203,205	44,484,558	50,687,763	3,885,950	46,801,812		2003(C)
PRESTON LEBANON CROSSING	13,552,180	-	27,279,295	12,163,694	28,667,781	40,831,475	-	40,831,475		2006(C)
KDI-LAKE PRAIRIE TOWN CROSSING	7,897,491	-	23,912,299	6,783,464	25,026,326	31,809,789	389,959	31,419,830	26,834,817	2006(C)
CENTER AT BAYBROOK	6,941,017	27,727,491	4,557,283	7,063,186	32,162,604	39,225,791	8,708,377	30,517,414		1998(A)
HARRIS COUNTY	1,843,000	7,372,420	1,517,404	2,003,260	8,729,564	10,732,824	2,616,096	8,116,728		1997(A)
CYPRESS TOWNE CENTER	6,033,932	-	(1,612,669)	2,251,666	2,169,596	4,421,263	-	4,421,263		2003(C)
SHOPS AT VISTA RIDGE	3,257,199	13,029,416	373,296	3,257,199	13,402,711	16,659,911	4,048,463	12,611,447	5,962,511	1998(A)
VISTA RIDGE PLAZA	2,926,495	11,716,483	2,209,345	2,926,495	13,925,829	16,852,323	4,063,943	12,788,380	5,962,511	1998(A)
VISTA RIDGE PHASE II	2,276,575	9,106,300	632,572	2,276,575	9,738,872	12,015,447	2,663,677	9,351,771	5,962,511	1998(A)
SOUTH PLAINES PLAZA, TX	1,890,000	7,555,099	33,159	1,890,000	7,588,258	9,478,258	2,347,593	7,130,665		1998(A)
MESQUITE	520,340	2,081,356	897,593	520,340	2,978,950	3,499,289	1,078,251	2,421,038		1995(A)
MESQUITE TOWN CENTER	3,757,324	15,061,644	1,887,197	3,757,324	16,948,841	20,706,165	5,105,770	15,600,395		1998(A)

156


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

NEW BRAUNSFELS	840,000	3,360,000	-	840,000	3,360,000	4,200,000	561,121	3,638,879		2003(A)
KDI-HARMON TOWNE CROSSING	7,815,750	187,300	(1,887,488)	5,736,003	379,559	6,115,562	-	6,115,562	3,421,331	2007(C)
PARKER PLAZA	7,846,946	-	-	7,846,946	-	7,846,946	-	7,846,946		2005(C)
PLANO	500,414	2,830,835	-	500,414	2,830,835	3,331,249	956,272	2,374,977		1996(A)
SOUTHLAKE OAKS	3,011,260	7,703,844	(162,151)	3,016,617	7,536,336	10,552,953	1,660,700	8,892,254	6,409,971	2008(A)
WEST OAKS	500,422	2,001,687	26,291	500,422	2,027,978	2,528,400	718,438	1,809,962		1996(A)
OGDEN	213,818	855,275	4,279,007	850,699	4,497,401	5,348,100	1,701,110	3,646,990		1967(C)
PENTAGON CENTRE	50,308,686	66,719,570	-	50,308,686	66,719,570	117,028,256	431,083	116,597,173	83,169,235	2009(A)
COLONIAL HEIGHTS	125,376	3,476,073	190,178	125,376	3,666,251	3,791,627	918,519	2,873,108		1999(A)
OLD TOWN VILLAGE	4,500,000	41,569,735	(2,317,143)	4,500,000	39,252,591	43,752,591	-	43,752,591		2007(A)
MANASSAS	1,788,750	7,162,661	360,474	1,788,750	7,523,135	9,311,885	2,380,999	6,930,886		1997(A)
RICHMOND	82,544	2,289,288	280,600	82,544	2,569,889	2,652,432	514,366	2,138,066		1999(A)
RICHMOND	670,500	2,751,375	-	670,500	2,751,375	3,421,875	1,029,649	2,392,225		1995(A)
VALLEY VIEW SHOPPING CENTER	3,440,018	8,054,004	93,452	3,440,018	8,147,456	11,587,475	1,178,869	10,408,606		2004(A)
POTOMAC RUN PLAZA	27,369,515	48,451,209	(1,327,115)	27,369,515	47,124,094	74,493,609	3,475,395	71,018,214	43,810,133	2008(A)
MANCHESTER SHOPPING CENTER	2,722,461	6,403,866	639,555	2,722,461	7,043,421	9,765,882	1,893,248	7,872,635		2004(A)
AUBURN NORTH	7,785,841	18,157,625	60,221	7,785,841	18,217,846	26,003,688	2,909,825	23,093,863		2007(A)
GARRISON SQUARE	1,582,500	2,082,412	-	1,582,500	2,082,412	3,664,912	79,427	3,585,485		2009(A)
CHARLES TOWN	602,000	3,725,871	11,081,315	602,000	14,807,186	15,409,186	7,590,580	7,818,606		1985(A)
RIVERWALK PLAZA	2,708,290	10,841,674	324,415	2,708,290	11,166,089	13,874,379	3,090,177	10,784,202		1999(A)
BLUE RIDGE	12,346,900	71,529,796	1,288,106	16,931,146	68,233,656	85,164,802	12,656,377	72,508,425	16,751,644	2005(A)
BRAZIL - VALINHOS	5,204,507	14,997,200	17,960,449	3,393,217	34,768,939	38,162,156	(22,826)	38,184,982		2008 (C)
BRAZIL - HORTOLANDIA	2,281,541	-	1,175,636	2,950,195	506,982	3,457,177	2,116	3,455,061		2008 (C)
BRAZIL - RIO CLARO	1,300,000	-	4,503,495	1,754,318	4,049,177	5,803,495	-	5,803,495		2009 (C)
CHILE- VINA DEL MAR	11,096,948	720,781	4,968,235	14,703,361	2,082,603	16,785,964	-	16,785,964		2008 (C)
CHILE - VICUNA MACKENA	362,556	5,205,439	(645,396)	59,697	4,862,902	4,922,599	-	4,922,599		2008 (C)
CHILE - EKONO	414,730	-	628,106	430,103	612,733	1,042,836	12,296	1,030,540		2008 (C)
PERU- LIMA	811,916	-	1,902,522	899,413	1,815,025	2,714,438	-	2,714,438		2008 (C)
MEXICO-GIGANTE ACQ	7,568,417	19,878,026	(4,065,808)	5,749,814	17,630,821	23,380,635	2,041,878	21,338,757		2007(A)
MEXICO- HERMOSILLO	11,424,531	-	23,512,926	11,594,254	23,343,203	34,937,457	-	34,937,457		2008 (C)
MEXICO-LINDAVISTA	19,352,453	-	23,194,492	15,782,070	26,764,875	42,546,945	816,038	41,730,907		2006(C)
MEXICO-MOTOROLA	47,272,528	-	41,678,493	38,799,415	50,151,606	88,951,021	-	88,951,021		2006(C)
MEXICO-MULTIPLAZA OJO DE AGUA	4,089,067	-	9,954,782	4,141,598	9,902,251	14,043,849	142,359	13,901,490		2008(A)
MEXICO-NON ADM GRAND PLZ CANCUN	13,976,402	30,219,719	(7,286,855)	3,401,420	33,507,846	36,909,266	2,868,534	34,040,732		2007(A)
MEXICO-NON ADM LAGO REAL	11,336,743	-	5,407,003	9,314,732	7,429,014	16,743,746	-	16,743,746		2007(A)
MEXICO-NON ADM LOS CABOS	10,873,070	1,257,517	8,422,291	8,908,688	11,644,190	20,552,878	446,650	20,106,228		2007(A)

157


	INITIAL COST
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)
PROPERTIES	LAND	BUILDING & IMPROVEMENT	SUBSEQUENT TO ACQUISITION	LAND	BUILDING & IMPROVEMENT	TOTAL	ACCUMULATED DEPRECIATION	TOTAL COST, NET OF ACCUMULATED DEPRECIATION	ENCUMBRANCES	DATE OF CONSTRUCTION(C) ACQUISITION(A)

MEXICO-NON BUS ADM-MULT.CANCUN	4,471,987	-	9,665,527	4,529,438	9,608,076	14,137,514	-	14,137,514		2008(A)
MEXICO-NUEVO LAREDO	10,627,540	-	18,685,609	8,518,878	20,794,271	29,313,149	1,315,844	27,997,305		2006(C)
MEXICO-PACHUCA WAL-MART	3,621,985	-	4,655,508	3,092,950	5,184,543	8,277,493	963,277	7,314,216		2005(C)
MEXICO-PLAZA CENTENARIO	3,388,861	-	3,812,529	2,635,086	4,566,304	7,201,390	1,996	7,199,394		2007(A)
MEXICO-PLAZA SAN JUAN	9,631,035	-	(904,627)	7,797,936	928,472	8,726,408	150,177	8,576,231		2006(C)
MEXICO-PLAZA SORIANA	2,639,975	346,945	200,042	2,326,404	860,558	3,186,962	-	3,186,962		2007(A)
MEXICO- RHODESIA	3,924,464	-	7,391,888	4,421,461	6,894,891	11,316,352	-	11,316,352		2009(C)
MEXICO-RIO BRAVO HEB	2,970,663	-	9,993,736	2,684,235	10,280,164	12,964,399	219,318	12,745,081		2008(A)
MEXICO-SALTILLO II	11,150,023	-	15,597,419	9,232,446	17,514,996	26,747,442	2,373,003	24,374,439		2005(C)
MEXICO-SAN PEDRO	3,309,654	13,238,616	(3,503,836)	3,373,264	9,671,170	13,044,434	2,384,729	10,659,705		2006(A)
MEXICO-TAPACHULA	13,716,428	-	15,909,025	10,783,208	18,842,245	29,625,453	89,225	29,536,228		2007(A)
MEXICO-WALDO ACQ	8,929,278	16,888,627	(4,625,997)	6,993,417	14,198,491	21,191,908	1,106,609	20,085,299		2007(A)
MEXICO - TIJUANA 2000	1,200,000	-	132,745	1,332,745	-	1,332,745	-	1,332,745		2009 (A)
BALANCE OF PORTFOLIO	133,248,688	4,492,127	3,389,727	3,981,205	137,149,338	141,130,542	27,647,728	113,482,815
TOTALS			1,757,647,776	2,060,641,516	6,821,699,983	8,882,341,499	1,343,148,498	7,539,193,001	1,434,080,071

158

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:


Buildings		15 to 50 years
Fixtures, building, leasehold and tenant improvements		Terms of leases or useful
(including certain identified intangible assets)		lives, whichever is shorter

The aggregate cost for Federal income tax purposes was approximately $7.6 billion at December 31, 2009.

The changes in total real estate assets for the years ended December 31, 2009, 2008 and 2007, are as follows:


	2009	2008	2007
Balance, beginning of period	7,818,916,120	7,325,034,819	6,001,319,025
Acquisitions	7,136,240	194,097,146	1,113,409,534
Improvements	243,347,237	242,545,745	497,102,382
Transfers from (to) unconsolidated joint ventures	933,714,955	194,579,632	67,572,307
Sales	(48,893,544)	(123,943,216)	(312,051,273)
Assets held for sale	-	(5,498,006)	(33,817,156)
Adjustment of fully depreciated assets	(19,779,509)	-	-
Adjustment of property carrying values	(52,100,000)	(7,900,000)	(8,500,000)
Balance, end of period	8,882,341,499	7,818,916,120	7,325,034,819

The changes in accumulated depreciation for the years ended December 31, 2008, 2007, 2006 are as follows:


	2009	2008	2007
Balance, beginning of period	1,159,664,489	977,443,829	806,670,237
Depreciation for year	209,999,870	187,779,442	171,109,963
Transfers from (to) unconsolidated joint ventures	1,727,895	2,899,587	8,358,844
Sales	(8,464,247)	(7,595,547)	(7,474,603)
Adjustment of fully depreciated assets	(19,779,509)	-	-
Assets held for sale	-	(862,822)	(1,220,612)
Balance, end of period	1,343,148,498	1,159,664,489	977,443,829

Reclassifications:

Certain Amounts in the Prior Period Have Been Reclassified in Order to Conform with the Current Period's Presentation.

159

KIMCO REALTY CORPORATION AND SUBSIDIARIES

Schedule IV - Mortgage Loans on Real Estate

As of December 31, 2009

(in thousands)


Type of Loan/Borrower	Description	Location (3)	Interest Accrual Rates	Interest Payment Rates	Final Maturity Date	Periodic Payment Terms (1)	Prior Liens	Face Amount of Mortgages or Maximum Available Credit (2)	Carrying Amount of Mortgages (2)(3)

Mortgage Loans:
Borrower A	Apartments	Montreal, Quebec	8.50%	8.50%	6/27/2013	I	$ -	$ 23,800	$ 22,394
Borrower B	Medical Center	Bayonne, NJ	Libor + 4%	Libor + 4%	4/17/2009	I	-	17,500	13,000
Borrower C	Medical Center	New York, NY	Libor + 3.25% or Prime +1.75%	Libor + 3.25% or Prime +1.75%	10/19/2012	I	-	18,000	9,000
Borrower D	Retail Development	Ontario, Canada	8.50%	8.50%	4/13/2010	I	-	16,906	15,910
Borrower E	Retail	Arboledas, Mexico	8.10%	8.10%	12/31/2012	I	-	13,000	6,063
Borrower F	Retail	Toronto, Canada	12.00%	12.00%	3/1/2010	I	-	7,590	5,969
Borrower G	Retail	Guadalajara, Mexico	12.00%	12.00%	9/1/2016	I	-	8,026	5,549
Borrower H	Retail	Miami, FL	7.57%	7.57%	6/1/2019	I	-	6,509	4,381
Borrower I	Retail	Guadalajara, Mexico	12.00%	12.00%	9/1/2016	I	-	5,307	4,162
Individually < 3%							-	46,195	37,007
								162,833	123,435
Lines of Credit:
Individually < 3%							-	7,067	3,604

Other:
Individually < 3%							-	8,959	4,038

Capitalized loan costs									255

Total								$ 178,859	$ 131,332

(1) I = Interest only

(2) The instruments actual cash flows are denominated in U.S. dollars, Canadian dollars and Mexican pesos as indicated by the geographic location above

(3) The aggregate cost for Federal income tax purposes is $131,332

The Company feels it is not practicable to estimate the fair value of each receivable as quoted market prices are not available. The cost of obtaining an independent valuation on these assets is deemed excessive considering the materiality of the total receivables.

For a reconciliation of mortgage and other financing receivables from January 1, 2007 to December 31, 2009 see Note 10 of the Notes to Consolidated Financial Statements included in this annual report of Form 10K.

160

EX-12.1 2 exh12_01.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1

Exhibit 12.1

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the year ended December 31, 2009


Pretax loss from continuing operations before adjustment for
noncontrolling interests or income loss from equity investees	$	(55,650,962)


Add:
Interest on indebtedness (excluding capitalized interest)		209,678,956
Amortization of debt related expenses		7,742,739
Portion of rents representative of the
interest factor		7,886,099
		169,656,832

Distributed income from equity investees		136,697,229

Pretax earnings from continuing operations, as adjusted	$	306,354,061


Fixed charges -
Interest on indebtedness (including capitalized interest)	$	231,143,601
Amortization of debt related expenses		4,069,225
Portion of rents representative of the
interest factor		7,886,099

Fixed charges	$	243,098,925

Ratio of earnings to fixed charges		1.26

161

EX-12.2 3 exh12_02.htm COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Exhibit 12.2

Exhibit 12.2

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

For the year ended December 31, 2009


Pretax loss from continuing operations before adjustment for
noncontrolling interests or income loss from equity investees	$	(55,650,962)


Add:
Interest on indebtedness (excluding capitalized interest)		209,678,956
Amortization of debt related expenses		7,742,739
Portion of rents representative of the
interest factor		7,886,099
		169,656,832

Distributed income from equity investees		136,697,229

Pretax earnings from continuing operations, as adjusted	$	306,354,061


Combined fixed charges and preferred stock dividends -
Interest on indebtedness (including capitalized interest)	$	231,143,601
Preferred dividend factor		47,287,500
Amortization of debt related expenses		4,069,225
Portion of rents representative of the
interest factor		7,886,099

Combined fixed charges and preferred stock dividends	$	290,386,425

Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends		1.05

162

EX-21.1 4 exh21_01.htm SUBSIDIARIES OF THE COMPANY Exhibit 21.1

Exhibit 21.1

SUBSIDIARY GUARANTY

44 PLAZA, INC.

1831 CHESTNUT RETAIL HOLDING, LLC

1831 CHESTNUT STREET RETAIL UNIT, LLC

AUK REALTY CORPORATION

BKS REALTY INC.

BRENDA PROPERTIES, INC.

CENTER SUN, LLC

CHERRY HILLVIEW, INC.

EAST END OPERATING CORP.

GC ACQUISITION CORP.

HAMBURG WELLNESS PARTNERS

HARVEST PROPERTIES CORP.

K & W INVESTORS, INC.

KCHGC, INC.

KB BIRMINGHAM 1035, INC.

KD HAZEL DELL 1031, INC.

KD LONGVIEW 1029, INC.

KIF I LP, INC.

KIGFRE HUB, INC.

KIMAPPLE NORTH HOLDINGS, INC.

KIMCADE, INC.

KIMCAL CORPORATION

KIMCARS INVESTMENT, INC.

KIMCOAST OF WARREN, INC.

KIMCO BBB 878A, INC.

KIMCO 118 O/P, INC.

KIMCO 120 O/P, INC.

KIMCO 129 FLORIDA, INC.

KIMCO 280 METRO, INC.

KIMCO 413B, INC.

KIMCO 420, INC.

KIMCO 632, INC.

KIMCO 1620, INC.

KIMCO ACADIANA 670, LLC

KIMCO ALBANY, INC.

KIMCO ALLEGHENY 1185 BUSINESS TRUST

KIMCO ALTAMONTE SPRINGS 636, INC.

KIMCO ANAHEIM, INC.

KIMCO ARAPAHOE, INC.

KIMCO ARBOR LAKES 1558, INC.

KIMCO AUBURN 1482A, INC.

KIMCO AUGUSTA 635, INC.

KIMCO AUSTIN, INC.

KIMCO AUSTIN 589, INC.

KIMCO AUTOVENTURE, INC.

KIMCO BANGOR 200, INC.

KIMCO BEAUMONT 1635, INC.

KIMCO BELAIR 1187, INC.

KIMCO BELLMORE 1135, INC.

KIMCO BIRCHWOOD, INC.

KIMCO BRADENTON 698, INC.

KIMCO BRAZIL INVESTMENT, INC.

KIMCO BT CORP.

KIMCO BUCKS 651 TRUST INC.

163

KIMCO BURLESON 496, INC.

KIMCO CARY 696, INC.

KIMCO CAMBRIDGE 242, INC.

KIMCO CANTON 182, INC.

KIMCO CANYON POINTE INC.

KIMCO CAPITAL CORP.

KIMCO CARROLLWOOD 664, INC.

KIMCO CENTRE AT WESTBANK INC.

KIMCO CHARLESTON 631, INC.

KIMCO CHARLOTTE 192, INC.

KIMCO CHATHAM PLAZA 1619, INC.

KIMCO CINNAMINSON 645, INC.

KIMCO CLAWSON 143, INC.

KIMCO COLUMBUS, INC.

KIMCO CONCOURSE, INC.

KIMCO CONROE MARKETPLACE 1555, INC.

KIMCO COPPERFIELD ACQUISITIONS, INC.

KIMCO COPPERFIELD 1122, INC.

KIMCO CORAL SPRINGS 623, INC.

KIMCO CORONA HILLS 1633, INC.

KIMCO CORSICA SQUARE 1571, INC.

KIMCO CRANSTON 691, INC.

KIMCO CRÈME ALLEN 1309, INC.

KIMCO CRÈME COLLEYVILLE 1308, INC.

KIMCO CRÈME LP BUSINESS TRUST

KIMCO CROSS CREEK 607, INC.

KIMCO CURLEW CROSSING 1186, INC.

KIMCO CUPERTINO VILLAGE 1344, INC.

KIMCO CYPRESS 1086B, INC.

KIMCO CYPRESS 1086C, INC.

KIMCO DELRAN, INC.

KIMCO DENVER 680, INC.

KIMCO DERBY, INC.

KIMCO DEV. OF MCINTOSH SARASOTA, INC.

KIMCO DEV. OF MENTOR, INC.

KIMCO DEV. OF MUSKEGON, INC.

KIMCO DEV. OF NEW KENSINGTON, INC.

KIMCO DEV. OF SEMINOLE SANFORD, INC.

KIMCO DEV. OF TYVOLA, INC.

KIMCO DOCSTONE 1295, INC.

KIMCO DOWNERS PARK 764, INC.

KIMCO DURHAM 639, INC.

KIMCO EAST BANK 689, INC.

KIMCO EAST RUTHERFORD 1395, INC.

KIMCO EL CAJON 1028, INC.

KIMCO EMBRY VILLAGE 1576, INC.

KIMCO CYPRESS 1086B, INC.

KIMCO EMPIRE HILLSBOROUGH 1191, INC.

KIMCO FARMINGTON 146, INC.

KIMCO FLAGLER 1589, INC.

KIMCO FLORENCE 646, INC.

KIMCO FLORIDA HOSPITALITY, INC.

KIMCO FOLSOM 1106, INC.

KIMCO FRANKLIN SQUARE 1136, INC.

KIMCO FREEPORT 1176, INC.

KIMCO GALLERY 660 TRUST

KIMCO GATES 149, INC.

KIMCO GERMANY HOLDINGS, INC.

KIMCO GUN HILL ROAD 1625, INC.

164

KIMCO GOVERNORS MARKETPLACE 317, INC.

KIMCO GREAT BARRINGTON 609, INC.

KIMCO GREEN ORCHARD 606, INC.

KIMCO GREENRIDGE 674A, INC.

KIMCO GREENVILLE 676, INC.

KIMCO GREENWICH STREET QRS, INC.

KIMCO GREENWOOD VILLAGE 1022, INC.

KIMCO HAMMOND AIRE 1183, INC.

KIMCO HAYDEN PLAZA 604, INC.

KIMCO HARSTON WOODS, INC.

KIMCO HFC INVESTMENT, INC.

KIMCO HOMDEL TOWNE CENTER 1007, INC.

KIMCO HOUMA 274, LLC

KIMCO HYANNIS 1114, INC.

KIMCO INCOME FUND I GP, INC.

KIMCO INCOME FUND II GP, INC.

KIMCO INTOWN CORP.

KIMCO JLP CALIFORNIA, INC.

KIMCO JUAN TABO PLAZA 591, INC.

KIMCO KENAI 1108, INC.

KIMCO KENT 637, INC.

KIMCO KISSIMMEE 613, INC.

KIMCO KML, INC.

KIMCO LAFAYETTE 670, INC.

KIMCO LAFAYETTE 671, INC.

KIMCO LAKELAND 123, INC.

KIMCO LAKEWOOD 684, INC.

KIMCO LANDMARK STATION 275, INC.

KIMCO LATIN AMERICA CORPORATION

KIMCO LARGO 139, INC.

KIMCO LARGO 196, INC.

KIMCO LARKFIELD 1341, INC.

KIMCO LAUREL, INC.

KIMCO LEXINGTON 140, INC.

KIMCO LINDA MAR 1115, INC.

KIMCO LITTLE FERRY 1646, INC.

KIMCO LIVONIA, INC.

KIMCO MALLSIDE PLAZA 1381, INC.

KIMCO MANASSAS 672, INC.

KIMCO MELBOURNE 616, INC.

KIMCO MANAGEMENT OF NEW JERSEY, INC.

KIMCO MANAGEMENT OF MARYLAND, INC.

KIMCO MANCHESTER 1120, INC.

KIMCO MAPLE HILL 138, INC.

KIMCO MAPLEWOOD 673, INC.

KIMCO MARANA 1024, INC.

KIMCO MASHPAUG TRUST

KIMCO MASHPAUG 1011, INC.

KIMCO MASSAPEQUA 1138, INC.

KIMCO MISSION BELL 1124, INC.

KIMCO MOORESVILLE CROSSING 1626, INC.

KIMCO MORGAN HILL 1032, INC.

KIMCO MT. DORA 677, INC.

KIMCO NAMPA 1142, INC.

KIMCO NB CORP.

KIMCO NJ, INC.

KIMCO NORTH BRUNSWICK 617, INC.

KIMCO NORTH HOLDINGS, INC.

KIMCO NORTH HOLDINGS II, INC.

165

KIMCO NORTH HOLDINGS III, INC.

KIMCO NORTH HOLDINGS IV, INC.

KIMCO NORTH HOLDINGS V, INC.

KIMCO NORTH HOLDINGS VI, INC.

KIMCO NORTH HOLDINGS VII, INC.

KIMCO NORTH HOLDINGS VIII, INC.

KIMCO NORTH HOLDINGS IX, INC.

KIMCO NORTH HOLDINGS XII, INC.

KIMCO NORTH HOLDINGS XIII, INC.

KIMCO NORTH HOLDINGS XIV, INC.

KIMCO NORTH HOLDINGS XV, INC.

KIMCO NORTH HOLDINGS XVI, INC.

KIMCO NORTH HOLDINGS XVII, INC.

KIMCO NORTH HOLDINGS XVIII, INC.

KIMCO NORTH HOLDINGS XIX, INC.

KIMCO NORTH HOLDINGS XX, INC.

KIMCO NOVATO FAIR 1036, INC.

KIMCO OAKLAND COMMONS 1111, INC.

KIMCO OCALA 665, INC.

KIMCO ONE CENTRE, INC.

KIMCO ONE FINANCIAL PLACE, INC.

KIMCO ORLANDO 638, INC.

KIMCO PACIFIC HOLDINGS, INC.

KIMCO PALM AIRE 1126, INC.

KIMCO PARTNERSHIP ACQUISITION, INC.

KIMCO PENN HOLDCO, INC.

KIMCO PEPPERTREE, INC.

KIMCO PERGAMENT, INC.

KIMCO PERRY STREET QRS, INC.

KIMCO PINEVILLE CENTRUM, INC.

KIMCO PINEVILLE 1033, INC.

KIMCO PL RETAIL, INC.

KIMCO PLANO INC.

KIMCO POTOSI, INC.

KIMCO POWAY CITY 1195, INC.

KIMCO PREFERRED INVESTOR I, INC.

KIMCO PREFERRED INVESTOR II, INC.

KIMCO PREFERRED INVESTOR III, INC.

KIMCO PREFERRED INVESTOR IV TRUST

KIMCO PREFERRED INVESTOR V, INC.

KIMCO PREFERRED INVESTOR VI, INC.

KIMCO PREFERRED INVESTOR VII, INC.

KIMCO PREFERRED INVESTOR VIII, INC.

KIMCO PREFERRED INVESTOR IX, INC.

KIMCO PREFERRED INVESTOR X, INC.

KIMCO PREFERRED INVESTOR XI, INC.

KIMCO PREFERRED INVESTOR XII, INC.

KIMCO PREFERRED INVESTOR XIII, INC.

KIMCO PREFERRED INVESTOR XIV, INC.

KIMCO PREFERRED INVESTOR XV, INC.

KIMCO PREFERRED INVESTOR XVI, INC.

KIMCO PREFERRED INVESTOR XVII, INC.

KIMCO PREFERRED INVESTOR XVIII, INC.

KIMCO PREFERRED INVESTOR XIX, INC.

KIMCO PREFERRED INVESTOR XX, INC.

KIMCO PREFERRED INVESTOR XXI TRUST

KIMCO PREFERRED INVESTOR XXII, INC.

KIMCO PREFERRED INVESTOR XXIII, INC.

KIMCO PREFERRED INVESTOR XXIV, INC.

166

KIMCO PREFERRED INVESTOR XXV, INC.

KIMCO PREFERRED INVESTOR XXVI, INC.

KIMCO PREFERRED INVESTOR XXVII, INC

KIMCO PREFERRED INVESTOR XXIX, INC.

KIMCO PREFERRED INVESTOR XXX TRUST

KIMCO PREFERRED INVESTOR XXXI, INC.

KIMCO PREFERRED INVESTOR XXXII, INC.

KIMCO PREFERRED INVESTOR XXXIII BUSINESS TRUST

KIMCO PREFERRED INVESTOR XXXIV, INC.

KIMCO PREFERRED INVESTOR XXXV, INC.

KIMCO PREFERRED INVESTOR XXXVI, INC.

KIMCO PREFERRED INVESTOR XXXVII, INC.

KIMCO PREFERRED INVESTOR XXXVIII, INC.

KIMCO PREFERRED INVESTOR XXXIX, INC.

KIMCO PREFERRED INVESTOR XLI, INC.

KIMCO PREFERRED INVESTOR XLII, INC.

KIMCO PREFERRED INVESTOR XLIII, INC.

KIMCO PREFERRED INVESTOR XLIV, INC.

KIMCO PREFERRED INVESTOR XLV, INC.

KIMCO PREFERRED INVESTOR XLVI, INC.

KIMCO PREFERRED INVESTOR XLVIII, INC.

KIMCO PREFERRED INVESTOR XLIX, INC.

KIMCO PREFERRED INVESTOR LIII, INC

KIMCO PREFERRED INVESTOR LIV, INC.

KIMCO PREFERRED INVESTOR LVI, INC.

KIMCO PREFERRED INVESTOR LIX, INC.

KIMCO PREFERRED INVESTOR LXII, INC.

KIMCO PREFERRED INVESTOR LXIII, INC.

KIMCO PREFERRED INVESTOR LXIV, INC.

KIMCO PREFERRED INVESTOR LXVI, INC.

KIMCO PREFERRED INVESTOR LXVII, INC.

KIMCO PREFERRED INVESTOR LXIX, INC.

KIMCO PREFERRED INVESTOR LXX , INC.

KIMCO PREFERRED INVESTOR LXXI, INC.

KIMCO PREFERRED INVESTOR LXXII, INC.

KIMCO PREFERRED INVESTOR LXXIV, INC.

KIMCO PREFERRED INVESTOR LXXIII, INC.

KIMCO PREFERRED INVESTOR LXXVI, INC.

KIMCO PREFERRED INVESTOR LXXVIII, INC.

KIMCO PREFERRED INVESTOR LXXIX, INC.

KIMCO PREFERRED LI HOTEL INVESTOR, INC.

KIMCO PREFERRED SNF, INC.

KIMCO PROPERTIES, INC.

KIMCO PROPS. NASHVILLE, INC.

KIMCO PURCHASING AGENCY CORPORATION

KIMCO RALEIGH 177, INC.

KIMCO RALPH’S CORNER 659 TRUST

KIMCO REALTY ADVISORS, INC.

KIMCO RICHMOND 800, INC.

KIMCO RIDGEWOOD 615, INC.

KIMCO RIVERS AVE. 622, INC.

KIMCO RIVERGATE 588, INC.

KIMCO RIVERGATE STATION GP, INC.

KIMCO RIVERGATE STATION 1118, INC.

KIMCO RIVERGATE STATION OUTPARCEL 1118A, INC.

KIMCO ROCKFORD CROSSING 1184, INC.

KIMCO SAND LAKE 618, INC.

KIMCO SANTEE 705, INC.

KIMCO SARASOTA 378, INC.

167

KIMCO SAVANNAH 185, INC.

KIMCO SCHAUMBURG, INC.

KIMCO SCOTTSDALE MALL 183, INC.

KIMCO SELECT INVESTMENTS, INC.

KIMCO SELECT PHILMED, INC.

KIMCO SEQUOIA INC.

KIMCO SHARONVILLE 276, INC.

KIMCO SHOPS AT THE POND 1117, INC.

KIMCO SOUTH MIAMI 634, INC.

KIMCO SOUTH PARKER 682, INC.

KIMCO SPRING CREEK 686, INC.

KIMCO ST. AUGUSTINE 1293, INC.

KIMCO STATEN ISLAND SS 1343, INC.

KIMCO STUART 619, INC.

KIMCO TALLAHASSEE 715, INC.

KIMCO TAMPA 470, INC.

KIMCO TANDEM INVESTMENT, INC.

KIMCO TEMPE 580A, INC.

KIMCO TEMPLE 1099, INC.

KIMCO TEXAS, INC.

KIMCO THEATRE L.P. CORP.

KIMCO TITLE CORPORATION

KIMCO TOWSON, INC.

KIMCO TUSTIN, INC.

KIMCO TUSTIN 1107, INC.

KIMCO TYLER STREET PLAZA 1374, INC.

KIMCO UNION CRESCENT, INC.

KIMCO WEST MELBOURNE 668, INC.

KIMCO WEST PALM BEACH 633, INC.

KIMCO WESTERVILLE 178, INC.

KIMCO WESTGATE PLAZA 1554, INC.

KIMCO WESTMONT 614, INC.

KIMCO WHITE LAKE 667, INC.

KIMCO WHITE PLAINS 1140, INC.

KIMCO WHITEHALL GP 1190 BUSINESS TRUST

KIMCO WHITEHALL LP 1190 BUSINESS TRUST

KIMCO WM148, INC.

KIMCO WS REALTY, INC.

KIMCO WOODFOREST 655, INC.

KIMCO VALDOSTA 1030, INC.

KIMCO VALENCIA 1023, INC.

KIMCO VALLEY VIEW 1123, INC.

KIMCO YONKERS 801, INC.

KIMCO YORKSHIRE 1294, INC.

KIMCO DEV. OF 31 SOUTH, INC.

KIMCO DEV. OF GASTONIA, INC.

KIMCO DEV. OF GIANTS TRUST

KIMCO DEV. OF GREENWOOD OP. INC.

KIMCO DEV. OF HAMPTON BAYS, INC.

KIMCO DEV. OF KETTERING, INC.

KIMCO DEV. OF WATERLOO AKRON, INC.

KIMCO OF CHERRY HILL, INC.

KIMCO OF HERMITAGE, INC.

KIMCO OF HUNTINGTON, INC.

KIMCO OF ILLINOIS, INC.

KIMCO OF MILLERODE, INC.

KIMCO OF NEW ENGLAND, INC.

KIMCO OF NEW YORK, INC.

KIMCO OF NORTH MIAMI, INC.

168

KIMCO OF OAKVIEW, INC.

KIMCO OF OHIO, INC.

KIMCO OF PENNSYLVANIA TRUST

KIMCO OF RACINE, INC.

KIMCO DEV. OF SPRINGBORO PIKE, INC.

KIMCO OF SPRINGFIELD, INC.

KIMCO OF SYOSSET, INC.

KIMCO OF TAMPA, INC.

KIMCO OF TENNESEE, INC.

KIMCO OF UTAH, INC.

KRC ACQUISITION CORP.

KRC ALTON 802, INC.

KRC ARLINGTON 866, INC.

KRC ARLINGTON HEIGHTS 896, INC.

KRC AZ PROPERTY MANAGEMENT, INC.

KRC BELLEVILLE 808, INC.

KRC BRIDGETON 875, INC.

KRC CAN RETAIL, INC.

KRC CANADA GP HOLDING, INC.

KRC CANADA HOLDING, INC.

KRC CARBONDALE 848, INC.

KRC CHAMPAIGN 870, INC.

KRC CHILE ACQUISITION CORP.

KRC CHRISTY 804, INC.

KRC CRESTHILL 868, INC.

KRC CRYSTAL CITY 850, INC.

KRC CRYSTAL LAKE 891, INC.

KRC CORPUS CHRISTI 878, INC.

KRC CREVE COEUR 830, INC.

KRC CRESTWOOD 887, INC.

KRC DECATUR 797, INC.

KRC DUBUQUE 847, INC.

KRC ELGIN 860, INC.

KRC FAIRVIEW HEIGHTS 881, INC.

KRC FOREST PARK 862, INC.

KRC HARRISBURG 193, INC.

KRC INDEPENDENCE 806, INC.

KRC KIRKWOOD 803, INC.

KRC LEMAY 834, INC.

KRC MACARTHUR BLVD. 799, INC.

KRC MEXICO ACQUISITION CORPORATION

KRC MISHAWAKA 895, INC.

KRC MUNDELIEN 874, INC.

KRC NEW LONDON 1345, INC.

KRC NORRIDGE 845, INC.

KRC ORLAND PARK 809, INC.

KRC OVERLAND PARK 805, INC.

KRC PADUCAH 795, INC.

KRC PA PROPERTY MANAGEMENT, INC.

KRC PROPERTY MANAGEMENT I, INC.

KRC ST. CHARLES 798, INC.

KRC STATE AVENUE 807, INC.

KRC SCHAUMBERG 855, INC.

KRC SOUTHBEND 883, INC.

KRC SPRINGFIELD 869, INC.

KRC STREAMWOOD 897, INC.

KRC WAKEGAN 886, INC.

KRCV CORP.

KRS SPECIALTY LEASING MIDWEST, INC.

169

KSI CONVENIENCE, LLC

KSI MORTGAGE INVESTMENT, LLC

KSI TRUST

KIMEAST, INC.

KIMEX INDUSTRIAL, INC.

KIMEX PACHUCA, INC.

KIMEX PUERTA DE HIERRO, INC.

KIMEX TRS INVESTMENT, INC.

KIMNET SILER QRS, INC.

KIMPT PERIMETER INVESTOR, INC.

KIMRAECO, INC.

KIMRED GROVE, INC.

KIMSCHOTT, INC.

KIMSCHOTT TYS-WEST, INC.

KIMSTRAUSS 184, INC.

KIMSWORTH INC.

KIMSWORTH OF ARIZONA, INC.

KIMSWORTH OF COLORADO, INC.

KIMSWORTH OF FLORIDA, INC.

KIMSWORTH OF GEORGIA, INC.

KIMSWORTH OF ILLINOIS, INC.

KIMSWORTH OF INDIANA, INC.

KIMSWORTH OF KANSAS, INC.

KIMSWORTH OF MICHIGAN, INC.

KIMSWORTH OF MINNESOTA, INC.

KIMSWORTH OF MISSOURI, INC.

KIMSWORTH OF NEBRASKA, INC.

KIMSWORTH OF NEW JERSEY, INC.

KIMSWORTH OF NEW MEXICO, INC.

KIMSWORTH OF OHIO, INC.

KIMSWORTH OF PENNSYLVANIA, INC.

KIMWEST SKYLINE 1296, INC.

KIMWEST YORKTOWN, INC.

KIMWEST 186, INC.

KIMZAY CORPORATION

KIMZAY GEORGIA, INC.

KIMZAY GREENWOOD, INC.

KIMZAY OF FLORIDA, INC.

KIMZAY OF ILLINOIS, INC.

KIMZAY WINSTON-SALEM, INC.

KUBS INCOME FUND I GP BUSINESS TRUST

KUBS INCOME FUND I LP BUSINESS TRUST

KWS 1012, INC.

MANHASSET VENTURE, LLC

MANMORT, INC.

MANETTO HILLS ASSOCIATES, INC.

MC KIM CORP.

MC MORT CORP.

MILMAR REALTY CORPORATION

NORBER TRUST

NYCBLK, INC.

OWL HOLDINGS, INC.

PASSIVE INVESTORS, INC.

PERMELYNN CORPORATION

PERMELYNN OF BRIDGEHAMPTON, INC.

PERMELYNN OF WESTCHESTER, INC.

POTOMAC RUN, LLC

RICH HILL, INC.

ROCKINGHAM OUTPARCEL INC.

170

ROCKINGHAM 620, INC.

SANNDREL INC.

SANNDREL OF HARRISBURG, INC.

SANNDREL OF PENNSYLVANIA TRUST

SANNDREL OF VIRGINIA, INC.

SI 1339, INC.

SP 255, INC.

ST. ANDREWS SHOPPING CENTER CORP. OF CHARLESTON

THE KIMCO CORPORATION

WALL REALTY INC.

WOODSO CORP.

171

EX-23.1 5 exh23_01.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Exhibit 23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (Nos. 333-158762, 333-133908, 333-115069, 333-144568, and 333-142192) and Form S-8 (Nos. 333-135087, 333-61323, 333-85659, 333-62626, and 333-152658) of Kimco Realty Corporation and subsidiaries of our reportdated February 26, 2010 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers

New York, NY

February 26, 2010

172

EX-23.2 6 exh23_02.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Exhibit 23.2

Exhibit 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (Nos. 333-158762, 333-133908, 333-115069, 333-144568, and 333-142192) and Form S-8 (Nos. 333-135087, 333-61323, 333-85659, 333-62626, and 333-152658) of Kimco Realty Corporation and its subsidiaries (the "Company") of our report dated January 29, 2010 relating to the financial statements of Intown Hospitality Investors, LP and Subsidiaries, which appears in the Company's Form 10-K dated February 26, 2010.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

173

EX-23.3 7 exh23_03.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Exhibit 23.3

Exhibit 23.3

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (Nos. 333-158762, 333-133908, 333-115069, 333-144568, and 333-142192) and Form S-8 (Nos. 333-135087, 333-61323, 333-85659, 333-62626, and 333-152658) of Kimco Realty Corporation and its subsidiaries (the "Company") of our report dated February 26, 2010 relating to the financial statements of Kimco Income Operating Partnership, L.P., which appears in the Company's Form 10-K dated February 26, 2010.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

174

EX-23.4 8 exh23_04.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Exhibit 23.4

Exhibit 23.4

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (Nos. 333-158762, 333-133908, 333-115069, 333-144568, and 333-142192) and Form S-8 (Nos. 333-135087, 333-61323, 333-85659, 333-62626, and 333-152658) of Kimco Realty Corporation and its subsidiaries (the "Company") of our report dated February 26, 2010 relating to the financial statements of PRK Holdings I LLC and Subsidiaries, which appears in the Company's Form 10-K dated February 26, 2010.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

175

EX-23.5 9 exh23_05.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Exhibit 23.5

Exhibit 23.5

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (Nos. 333-158762, 333-133908, 333-115069, 333-144568, and 333-142192) and Form S-8 (Nos. 333-135087, 333-61323, 333-85659, 333-62626, and 333-152658) of Kimco Realty Corporation and its subsidiaries (the "Company") of our report dated February 26, 2010 relating to the financial statements of PRK Holdings II LLC and Subsidiaries, which appears in the Company's Form 10-K dated February 26, 2010.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

176

EX-31.1 10 exh31_01.htm CERTIFICATION OF THE COMPANY???S CHIEF EXECUTIVE OFFICER Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David B. Henry certify that:

1. I have reviewed this report on Form 10-K of Kimco Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2010

/s/ David B. Henry

David B. Henry

Chief Executive Officer

177

EX-31.2 11 exh31_02.htm CERTIFICATION OF THE COMPANY???S CHIEF FINANCIAL OFFICER Exhibit 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael V. Pappagallo certify that:

1. I have reviewed this report on Form 10-K of Kimco Realty Corporation;

5. The registrant’s other certifying officer (s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2010

/s/ Michael V. Pappagallo

Michael V. Pappagallo

Chief Financial Officer

178

EX-32.1 12 exh32_01.htm CERTIFICATION OF THE COMPANY???S CEO AND CFO Exhibit 32.1

Exhibit 32.1

Section 906 Certification

Pursuant to 18 U.S.C. ss. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i) the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2009 (the “Report”) fully complies with the requirements of Section 13 (a) or Section 15 (d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 26, 2010

/s/ David B. Henry

David B. Henry

Chief Executive Officer

Date: February 26, 2010

/s/ Michael V. Pappagallo

Michael V. Pappagallo

Chief Financial Officer

179

EX-99.1 13 exh99_1.htm INTOWN HOSPITALITY INVESTORS LP AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS Exhibit 99.1

Exhibit 99.1

Intown Hospitality

Investors LP and

Subsidiaries

Consolidated Financial Statements

December 31, 2009, 2008 and

the period from January 8, 2007 (inception)

to December 31, 2007

180

Intown Hospitality Investors LP and Subsidiaries

Index

December 31, 2009, 2008 and 2007


	Page(s)

Report of Independent Registered Public Accounting Firm	182

Consolidated Financial Statements

Consolidated Balance Sheets	183


Consolidated Statements of Income (Loss)	184

Consolidated Statements of Comprehensive Loss	185

Consolidated Statements of Unitholders’ Equity	186

Consolidated Statements of Cash Flows	187

Notes to Consolidated Financial Statements	188-200

181

[exh99_1001.jpg]

PricewaterhouseCoopers LLP

10 Tenth Street

Suite 1400

Atlanta, GA 30309-3851

Telephone (678) 419-1000

Facsimile (678) 419-1239

Report of Independent Registered Public Accounting Firm

To the unitholders of Intown Hospitality Investors LP:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income (loss), comprehensive loss, unitholders’ equity and cash flows present fairly, in all material respects, the financial position of Intown Hospitality Investors LP and Subsidiaries at December 31, 2009 and 2008 and the results of their operations and their cash flows for the years ended December 31, 2009 and 2008 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial stat ements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers

January 29, 2010

182

Intown Hospitality Investors LP and Subsidiaries

Consolidated Balance Sheets

December 31, 2009 and 2008


		2009		2008
Assets
Real estate assets (Note 2)
Land	$	138,019,548	$	138,019,548
Building and improvements		649,136,901		645,592,815
Furniture, fixtures and equipment		28,019,849		24,809,234
Total real estate assets		815,176,298		808,421,597
Less: Accumulated depreciation		(67,848,565)		(40,012,263)
Real estate assets		747,327,733		768,409,334
Cash and cash equivalents		13,313,586		10,829,597
Cash held in escrow and restricted cash		9,180,420		9,770,630
Trade name		20,442,376		20,442,376
Other assets		3,243,699		3,602,257
Loan origination costs, net of accumulated amortization $3,541,245 and $2,267,131		3,455,532		4,698,146
Total assets	$	796,963,346	$	817,752,340
Liabilities and Unitholders' Equity
Mortgage notes payable (Note 5)	$	632,479,814	$	638,018,610
Accounts payable and other accrued expenses		14,603,524		15,002,207
Derivative instruments (Notes 6 and 7)		11,628,824		15,289,705
Deferred tax liability (Note 8)		2,462,850		2,818,049
Total liabilities		661,175,012		671,128,571
Noncontrolling interest		125,000		125,000
Unitholders' equity		135,663,334		146,498,769
Total equity		135,788,334		146,623,769
Total liabilities and unitholders' equity	$	796,963,346	$	817,752,340

The accompanying notes are an integral part of these financial statements.

183

Intown Hospitality Investors LP and Subsidiaries

Consolidated Statements of Income (Loss)

Years Ended December 31, 2009, 2008 and period

from January 8, 2007 (inception) to December 31, 2007


		2009		2008		2007*
Revenues
Room rental income	$	136,367,705	$	155,967,903	$	84,276,506
Other		2,270,757		2,458,399		1,397,494
Total revenues		138,638,462		158,426,302		85,674,000
Operating expenses
Salaries, wages and employment expense		28,893,780		29,256,754		16,130,857
Utilities		22,202,427		22,776,845		11,714,080
Property taxes		9,971,041		9,731,378		4,470,578
Maintenance and repairs		5,578,785		6,384,524		3,188,262
Other general and administrative		17,478,946		20,236,286		10,243,108
Depreciation		28,072,388		26,893,727		13,167,712
Total operating expenses		112,197,367		115,279,514		59,184,597
Operating income		26,441,095		43,146,788		26,489,403
Other expenses
Interest, net		35,573,846		37,541,553		21,724,267
Hedge break gain		-		-		(2,855,026)
Lease termination fee (Note 1)		-		1,046,686		-
Loss on disposal of real estate assets		355,079		362,274		44,190
Other (Note 10)		2,221,511		384,610		114,698
Total other expenses		38,150,436		39,335,123		19,028,129
(Loss)/income from continuing operations before income taxes		(11,709,341)		3,811,665		7,461,274
Provision for income taxes		140,803		3,198,283		208,209
(Loss)/income from continuing operations		(11,850,144)		613,382		7,253,065
Discontinued operations
Income from discontinued operations		-		110,552		90,974
Loss on disposal of operating properties		-		(662,162)		-
(Loss)/income from discontinued operations		-		(551,610)		90,974
Net (loss) income		(11,850,144)		61,772		7,344,039
Income attributable to the noncontrolling interest		15,625		15,191		100,000
Net (loss)/income attributable to unitholders	$	(11,865,769)	$	46,581	$	7,444,039

* Not covered by auditor’s opinion

The accompanying notes are an integral part of these financial statements.

184

Intown Hospitality Investors LP and Subsidiaries

Consolidated Statements of Comprehensive Loss

Years Ended December 31, 2009, 2008 and period

from January 8, 2007 (inception) to December 31, 2007


		2009		2008		2007*

Net (loss) income	$	(11,850,144)	$	61,772	$	7,344,039
Change in fair value of derivative instruments		3,660,881		(7,765,898)		(7,523,807)
Comprehensive loss		(8,189,263)		(7,704,126)		(179,768)
Comprehensive income attributable to the noncontrolling interest		15,625		15,191		100,000
Comprehensive loss attributal to unitholders	$	(8,204,888)	$	(7,719,317)	$	79,768

* Not covered by auditor’s opinion

The accompanying notes are an integral part of these financial statements.

185

Intown Hospitality Investors LP and Subsidiaries

Consolidated Statements of Unitholders’ Equity

Years Ended December 31, 2009, 2008 and
the period from January 8, 2007 (inception) to December 31, 2007


		Total Equity		Unitholder's Equity		Noncontrolling Interest		Accumulated other Comprehensive Loss

Balances at January 8, 2007*	$	-	$	-	$	-	$	-
Contributions*		163,271,353		163,146,353		125,000		-
Distributions*		(2,877,773)		(2,777,773)		(100,000)		-
Net income*		7,444,039		7,344,039		100,000		-
Change in fair value of interest rate cap and swap*		(7,523,807)		(7,523,807)		-		(7,523,807)
Comprehensive loss*		79,768		179,768		100,000		-
Balances at December 31, 2007		160,313,812		160,188,812		125,000		(7,523,807)
Contributions		8,774,014		8,774,014		-
Distributions		(14,759,931)		(14,744,740)		(15,191)
Net income		61,772		46,581		15,191
Change in fair value of interest rate cap and swap (Notes 6 and 7)		(7,765,898)		(7,765,898)		-		(7,765,898)
Comprehensive loss		(7,704,126)		(7,719,317)		15,191
Balances at December 31, 2008		146,623,769		146,498,769		125,000		(15,289,705)
Contributions		-		-		-
Distributions		(2,646,172)		(2,630,547)		(15,625)
Net (loss) income		(11,850,144)		(11,865,769)		15,625
Change in fair value of interest rate cap and swap (Notes 6 and 7)		3,660,881		3,660,881		-		3,660,881
Comprehensive loss		(8,189,263)		(8,204,888)		15,625
Balances at December 31, 2009	$	135,788,334	$	135,663,334	$	125,000	$	(11,628,824)

* Not covered by auditor’s opinion

The accompanying notes are an integral part of these financial statements.

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Consolidated Statements of Cash Flows

Years Ended December 31, 2009, 2008 and
the period from January 8, 2007 (inception) to December 31, 2007


		2009		2008		2007*
Cash flows from operating activities
Net (loss) income	$	(11,850,144)	$	61,772	$	7,344,039
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation		28,072,388		26,947,049		13,235,574
Deferred taxes		(347,415)		2,797,357		-
Amortization of loan origination cost and debt fair value adjustment included in interest expense		2,131,943		2,113,423		1,481,496
Loss on disposal of real estate assets		355,079		362,274		47,632
Loss on disposal of operating properties		-		662,162		-
Decrease in other assets		350,774		482,287		1,799,430
Decrease in accounts payable and accrued expenses		(398,683)		(885,761)		4,350,401
Net cash provided by operating activities		18,313,942		32,540,563		28,258,572
Cash flows from investing activities
Acquisition of Intown Suites Management, Inc.		-		(925,000)		(474,747,668)
Acquisition of Houston Properties		-		(8,826,381)		-
Acquisition of Project Montreal		-		-		(41,151,327)
Acquisition of Louisville Northeast		-		(35,991)		(3,142,509)
Additions to real estate assets - improvements		(7,345,866)		(16,600,082)		(12,022,497)
Decrease in cash held in escrow and restricted cash		590,210		4,328,705		(11,145,501)
Payments on note receivable, included in other assets		-		8,454		2,295
Net cash used in investing activities		(6,755,656)		(22,050,295)		(542,207,207)
Cash flows from financing activities
Proceeds from mortgage/notes payable		-		-		528,719,904
Repayments of notes payable		(6,396,625)		(6,016,006)		(155,878,140)
Payment of loan origination costs		(31,500)		-		(6,968,204)
Contributions from minority interest		-		125,000		-
Distribution to noncontrolling interest		(15,625)		(15,191)		-
Contributions from partners		-		8,774,014		163,146,353
Distributions to partners		(2,630,547)		(14,744,740)		(2,855,026)
Net cash used in financing activities		(9,074,297)		(11,876,923)		526,164,887
Net increase (decrease) in cash and cash equivalents		2,483,989		(1,386,655)		12,216,252
Cash and cash equivalents
Beginning of period		10,829,597		12,216,252		-
End of period	$	13,313,586	$	10,829,597	$	12,216,252
Supplemental non-cash investing and financing activities
Change in the fair market value of derivative instruments (Notes 6 and 7)	$	3,660,881	$	(7,765,898)	$	(7,546,554)
Supplemental cash flow information
Cash paid for income tax		604,161		120,291		-
Cash paid for interest		33,608,364		35,658,302		16,827,078

* Not covered by auditor’s opinion

The accompanying notes are an integral part of these financial statements.

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

* Amounts related to the period from January 8, 2007 (inception) to December 31, 2007 are not covered by auditor’s opinion

Organization and Operations

Intown Hospitality Investors, LP (“Investors”) (together with its subsidiaries the “Company”), a Delaware limited partnership, has a 100% interest in Intown Hospitality Corp (“Hospitality Corp”). Hospitality Corp is a real estate investment trust (REIT) that owns extended stay lodging facilities throughout the United States of America. As of December 31, 2009, the Company owned 138 hotels. The Company’s extended stay lodging facilities are concentrated in Texas and Georgia with 21.8 percent and 16.7 percent located in each state, respectively. The remaining properties are located in 19 other states.

The Company, operates, acquires, and owns Intown Suites, which are economy extended-stay lodging facilities. The Company's facilities are located in predominately retail-oriented locations proximate to or in major metropolitan areas. The Company offers a product designed to appeal to guests seeking conveniently located, safe, and furnished accommodations at substantially lower rates than most other extended-stay lodging alternatives. The product provides guests an affordable alternative to the nightly rates of hotels and the long-term commitments of apartment leases.

Formation – As of December 31, 2009, Investor’s general partner, Intown GP, LLC, a Delaware limited liability company, owned 2% of the limited partnership while the remaining interests were owned by its limited partners, Kimco Intown Corp., a Delaware Corporation (75%), Intown Holdings, LP, a Delaware limited partnership (22.5%), and Intown Investor, LLC, a Delaware limited liability company (0.5%). Investors and Hospitality Corp were formed January 8, 2007 for the purpose of entering into an agreement to purchase the stock of Intown Suites Management, Inc. Investors began operations with the stock acquisition of Intown Suites Management, Inc. on June 15, 2007.

On January 15, 2008, Hospitality Corp sold 125 Shares of 12.5% Series A Cumulative Non-Voting Preferred Stock for $1,000 each, which netted $79,620 after issuance cost. The additional shareholders allow Hospitality Corp to meet the Internal Revenue requirement that a REIT have at least 100 beneficial shareholders during the year. The interest is reflected as noncontrolling interest in the accompanying financial statements.

The financial statements included Intown Lessee Associates, LLC (“Lessee”), a consolidated Variable Interest Entity through November 30, 2008. The Lessee was the sole lessee and operator of the extended stay lodging facilities until December 1, 2008 when the lease was terminated. Hospitality Corp paid Lessee $1,046,686 to terminate the lease including closing proration of $296,686. The payment was recorded as an expense. The purchase price was allocated to the assets acquired and liabilities assumed. No intangible assets or liabilities were identified.

On December 1, 2008 after the lease termination with Lessee, Hospitality Corp began directly operating 129 of the 138 Intown locations and transferred 9 properties into 9 separate wholly owned taxable REIT subsidiaries ("TRS"), which are operated by an independent third party as Intown Suites. Housekeeping services to all 129 locations are provided through a wholly owned taxable REIT subsidiary (Intown Services).

During 2009, 6 properties were transferred from the TRS back to Hospitality Corp and 1 property was transferred from Hospitality Corp to the TRS. As a result of these transactions at December 31, 2009, Hospitality Corp directly operated 134 properties and 4 properties were operated by a third party manager as Intown Suites.

Limited Partnership Agreement of Investors – The partnership agreement provides, among other things, that (a) the general partner has the exclusive right and power to conduct the business affairs of the limited partnership, unless expressly designated otherwise in the agreement, (b) the general partner has the right and duty to manage the day-to-day business of the limited partnership and to implement the decisions made by the limited partnership, and (c) the liability of each limited partner shall be limited to the amount of its capital contributions and any distributions received, subject to the Delaware Revised Uniform Limited Partnership Act. Profits and losses of the limited partnership are to be allocated to the partners in accordance with the partnership agreement.

The limited partnership agreement will terminate upon the earliest of (a) the sale or disposition of all assets of the limited partnership and the receipt of all consideration, (b) the election or determination to dissolve the limited partnership, or (c) the occurrence of any bankruptcy event or other event that terminates the partnership of any partner, unless each of the remaining partners elects to continue the business and appoints a new partner.

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

The financial statements include the following wholly owned subsidiaries of Investors at December 31, 2009:


BEC Atlanta Gwinnett, LLC	Intown Properties V, LLC
BEC Charleston Central, LLC	Oxmoor
Intown Suites Columbia Northwest, LLC	Gwinnett Place
Intown Suites Lithia Springs, LLC	Northside Drive
Intown Suites Warner Robins, LLC	Columbus North
Intown Hospitality Corp.	Ashley Phosphate
Intown Hospitality Investors, LP	Intown Properties VI, LLC
Intown Mezz One, LLC	Indianapolis East
Intown Mezz Two, LLC	Jackson, MS
Intown Mezz Three, LLC	Hazelwood
Intown Mezz Four, LLC	St. Charles
Intown Mezz Five, LLC	Newport News North
Intown Mezz Six, LLC	Intown Suites Independence Boulevard, LLC
Intown Mezz Seven, LLC	Intown Suites Indianapolis North, LLC
Intown Properties I, LLC	Intown Suites Jana Lane, LP
Forest Park	Intown Suites Jonesboro, LLC
Roswell	Intown Suites Kennesaw, LLC
Dayton	Intown Suites Kieth Harrow, LP
Greenville South	Intown Suites Knoxville, LLC
North Dallas	Intown Suites Lamar Boulevard, LP
Intown Properties II, LLC	Intown Suites Lee Highway, LLC
Lilburn	Intown Suites Leon Valley, LP
Preston Hwy	Intown Suites Louisville Northeast, LLC
UNC	Intown Suites Louisville South, LLC.
Greenville North	Intown Suites Mableton, LLC
Chesapeake	Intown Suites Macon, LLC
Intown Properties IV, LLC	Intown Suites Major Boulevard, LLC
Douglasville	Intown Suites Management, Inc.
Indian Trail	Intown Suites McDowell Road, LLC
Indianapolis NW	Intown Suites Memphis Southeast, LLC
Mathews	Intown Suites Midlothian, LLC
Columbus East	Intown Suites Midvale, LLC
Intown Suites Military Trail, LLC	Intown Suites Colerain, LLC
Intown Suites Mills Road, LP	Intown Suites Commercial Boulevard, LLC
Intown Suites Mobile, LLC	Intown Suites Conyers, LLC
Intown Suites Mobile West, LLC	Intown Suites Coon Rapids, LLC
Intown Suites Montgomery, LLC	Intown Suites Dothan, LLC

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements


Intown Suites Nashville North, LLC	Intown Suites Downers Grove, LLC
Intown Suites Newport News, LLC	Intown Suites Dublin, LLC
Intown Suites North Charleston, LLC	Intown Suites Edmond, LLC
Intown Suites North Collins, LP	Intown Suites El Paso, LP
Intown Suites North Dallas, LP	Intown Suites Fairfield, LLC
Intown Suites Oak Village, LP	Intown Suites Gilbert, LLC
Intown Suites O’hare, LLC	Intown Suites GP Three, LLC
Intown Suites Orlando, LLC	Intown Suites GP Two, LLC
Intown Suites Orlando North, LLC	Intown Suites Greenwood, LLC
Intown Suites Orlando South, LLC	Intown Suites Group Two, LLC
Intown Suites Perdue Springs, LLC	Intown Suites Gunbarrel, LLC
Intown Suites Perrin Beitel LP	Intown Suites Hamilton Church, LLC
Intown Suites Piedmont, LLC	Intown Suites Culebra Road, LP
Intown Suites Pittsburgh, LLC	Intown Suites Hickory Hill, LLC
Intown Suites Pressley Road, LLC	Intown Suites Highway 121, LP
Intown Suites Raleigh, LLC	Intown Suites Highway 17, LLC
Intown Suites Rolling Creek, LP	Intown Suites Highway 2252, LP
Intown Suites Roosevelt Boulevard, LLC	Intown Suites Highway 290, LP
Intown Suites Rufe Snow, LP	Intown Suites Highway 6, LP
Intown Suites Albany, LLC	Intown Suites Huntsville, LLC
Intown Suites Albemarle Road, LLC	Intown Suites Hurstbourne Parkway, LLC
Intown Suites Albuquerque, LLC	Intown Suites Ina Road, LLC
Intown Suites Arlington, LP	Intown Suites Salt Lake South, LP
Intown Suites Arlington South, LP	Intown Suites San Pedro, LP
Intown Suites Athens, LLC	Intown Suites Sandy Springs, LLC
Intown Suites Atlantic Blvd, LLC	Intown Suites Savannah, LLC
Intown Suites Aurora, LLC	Intown Suites Sheridan, LLC
Intown Suites Bandera Road, LP	Intown Suites Southpark, LLC
Intown Suites Beach Boulevard, LLC	Intown Suites St .Johns, LLC
Intown Suites Bell Road, LLC	Intown Suites Stone Mountain, LLC
Intown Suites Bellevue, LLC	Intown Suites Stuebner, LP
Intown Suites Birmingham North, LLC	Intown Suites Trinity Mills, LP
Intown Suites Blanding Boulevard, LLC	Intown Suites Two Notch, LLC
Intown Suites Brandon, LLC	Intown Suites Valdosta, LLC
Intown Suites Broad River, LLC	Intown Suites Virginia Beach, LLC
Intown Suites Brook River, LP	Intown Suites Webster, LP
Intown Suites Buford Highway, LLC	Intown Suites West Oaks, LP
Intown Suites Burnsville, LLC	Intown Suites Woods Cross, LLC
Intown Suites Carrollton, LP	Intown Suites Woodstock, LLC
Intown Suites Chandler Boulevard, LLC	Intown Services Corp
Intown Suites Charlotte North, LLC	Intown Suites Houston Intercontinental, LLC
Intown Suites Chicago West, LLC	Intown Suites Houston Cy-Fair, LLC

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

The following subsidiaries, which were consolidated with the Lessee through FIN 46R through November 30, 2008, were wholly owned by Intown Hospitality after November 30, 2008 and, with the exception of Intown Lessee Services, LLC, were dissolved in 2009:


Intown Lessee Associates, LLC	IT Tenant RBS, LLC
Intown Lessee Services, LLC	IT Tenant RBS2, LLC
IT Tenant B1, LLC	IT Tenant Mont, LLC
IT Tenant B2, LLC	IT Louisville, LLC
IT Tenant B3, LLC	IT Tenant ORL, LLC
IT Tenant B4, LLC

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Investors, its wholly owned subsidiary, Hospitality Corp, and all of Hospitality Corp’s subsidiary companies as well as variable interests held in other entities during 2008.

The Company follows the authoritative guidance included in accounting principles generally accepted in the United States of America (“GAAP”) on accounting for consolidation of variable interest entities (VIEs). Such guidance applies to certain entities (called VIEs) in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. In the normal course of business, the Company enters into a variety of transactions with VIEs. The Company determines if it is the primary beneficiary of a VIE by performing a qualitative analysis of each VIE that includes a review of, among other factors, its capital structure, contractual terms, related party relationships, the Company’s fee arrangement and the design of the VIE. At December 31, 2008 and 2009 the Compan y held no interests in VIE'S.

Prior to December 1, 2008 the Company leased all of its properties to Lessee, which was owned by officers and directors of the Lessee. The Lessee did not have recourse to the Company. The Company held no direct economic interest in the Lessee either but if the Lessee defaulted on the leases the Company would be required by the lenders to step in and operate the hotels and assume the liabilities of the properties to continue operations. Since Lessee was thinly capitalized compared to the total size of the operations, the Company believed that the entity meet the criteria to be a variable interest entity and that it was the primary beneficiary of the entity. The consolidated balance sheet and statement of income reflect the consolidation of this entity into the Company as of and for the period from the formation of Lessee on April 25, 2007 through November 30, 2008. The lease was terminated on December 1, 2008 and the Le ssee was acquired by the Company.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. All significant intercompany accounts and transactions have been eliminated in consolidation.

Real Estate Investments and Intangible Assets

The Company follows GAAP to allocate the purchase price for acquisitions of operating properties. The Company’s methodology for this allocation includes estimating the fair value of the physical property, (land, building and improvements) and the fair values of intangible assets (trade name).

Real estate assets are stated at cost, less accumulated depreciation. The Company capitalizes costs of construction, property taxes, interest, and other miscellaneous items incurred during the development and construction period until the property becomes operational. Interest is capitalized to qualifying assets in an amount intended to represent the amount that could have theoretically been avoided during the development period if expenditures for the assets had not been made in accordance with GAAP. The Company did not capitalize any interest or property taxes in 2009 and 2008.

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

Depreciation is calculated using the straight-line method over the following estimated useful lives:


Buildings and improvements	15 to 40 years
Furniture, fixtures and equipment	3 to 10 years

Depreciation expense totaled $28,072,388 and $26,947,049 for 2009 and 2008, respectively.

Expenditures for rehabilitation and betterments are capitalized, whereas expenditures for maintenance, repairs, and replacement of minor furniture, fixtures, and equipment, which do not improve or extend the lives of the respective assets, are expensed as incurred.

In accounting for the impairment or disposal of long-lived assets, the Company reviews its real estate investments for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company determines whether impairment has occurred by comparing the property’s carrying value to an estimate of the future undiscounted cash flows. In the event impairment exists, assets are written down to their fair value. In management’s opinion, none of the Company's real estate assets were considered impaired as of December 31, 2009 and 2008.

The estimated value of the Tradename, Intown Suites, in the amount of $20,442,376 was determined based on relief-from-royalty method. The Tradename has an indefinite life and is not depreciable. The Tradename is assessed for impairment on annual basis. No impairment existed at December 31, 2009 and 2008. In connection with the acquisition of Intown Suites Management, the Company, assumed debt with a face amount of $278,625,817 at date of assumption was recorded at an estimated value of $271,367,991. The difference between the face and recorded amounts is amortized over the life of the debt of 6 years. The Company recognized amortization expense of $857,829 and $857,829 in 2009 and 2008, respectively.

Loan Origination Costs

Loan origination costs are amortized using the straight-line method, which approximates the interest method, over the lives of the respective loans. Amortization of loan origination cost totaled $1,274,114 and $1,255,594 in 2009 and 2008, respectively.

Revenue Recognition

Revenues are recognized when services are rendered. Room revenues are derived from guest room rental, whereas other revenue includes charges for telecommunication, vending and other miscellaneous revenue. Security deposits are recorded as a liability until forfeited or refunded.

Advertising Costs

The Company expenses advertising costs as incurred. Such amounts are included in other general and administrative expenses in the accompanying consolidated statements of income. Advertising expenses for 2009 and 2008 were $1,600,237and $1,288,998, respectively.

Income Taxes

Investors is not subject to federal taxation of its income and losses due to its current status as a partnership for tax purposes.

Lessee was not subject to federal taxation of its income and losses due to its current status as disregarded single member LLC which was disregarded for tax purposes. In 2009 Lessee was dissolved.

Hospitality Corp elected to be taxed as a Real Estate Investment Trust ("REIT") under the Internal Revenue Code of 1986, effective May 1, 2007. To qualify as a REIT, Hospitality Corp must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of Hospitality Corp's ordinary taxable income to its shareholders.

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

As a REIT, Hospitality Corp generally will not be subject to federal income tax on taxable income that it distributes to its shareholders. Hospitality Corp believes that it is organized and operates in such a manner as to qualify for treatment as a REIT and intends to continue to operate in the foreseeable future in such a manner that Hospitality Corp will remain qualified as a REIT for federal income tax purposes. If such requirements were not met, the income of Hospitality Corp could be subject to federal and state taxation.

As of December 31, 2009 and 2008, Hospitality Corp owned ten and five, respectively, taxable REIT subsidiaries ("TRS") subject to federal and state Income taxes. Additionally, the Company is subject to certain state and local taxes related to the operation in certain locations. Income taxes for these entities and specific operations have been provided for in the accompanying consolidated statements in accordance with generally accepted accounting principles which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects attributal to temporary differences and carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The e ffect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment dates. Deferred tax assets are reduced by the amount of tax benefits that are not expected to be realized.

Prior to 2009, the Company accrued for liabilities relating to uncertain tax positions only when such liabilities were probable and reasonably estimable. Effective January 1, 2009, the Company recognizes a tax benefit from an uncertain position only if it is more likely than not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If this threshold is met, the Company measures the tax benefit as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The adoption of this new policy had no effect on the Company's financial position or results of operations as of and for the year ended December 31, 2009.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and all highly liquid investments purchased with an original maturity of three months or less. As of December 31, 2009, the Company had a concentration of cash and cash equivalents held in demand deposit accounts. This amount exceeds the limit of the Federal Deposit Insurance Corporation. Management believes it mitigates this risk of loss by investing in or through major financial institutions (Wachovia, Wells Fargo, National City Bank and Bank of America).

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Financial Instruments

The Company considers the carrying amounts of its financial instruments, including cash and cash equivalents, certain other assets, accounts payable, and accrued liabilities, to approximate their fair market values due to their short maturities.

Acquisition and Purchase Price Allocation

Houston Intercontinental and Houston Cy-Fair were acquired on February 6, 2008 as part of a reverse 1031 transaction for $8,826,381, net of liabilities assumed and including legal costs paid outside of closing. The properties were held by a qualified intermediary as part of a Section 1031 transaction. Based on GAAP evaluation, it was determined that the entities are variable interest entities and the Company was the primary beneficiary. Accordingly, the entities were recorded on a consolidated basis from February 6, 2008 to July 15, 2008 and August 4, 2008, which are dates that the 1031 transactions were completed on Houston Intercontinental and Houston Cy-Fair, respectively.

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Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

The acquisition was accounted for as a purchase. The Company’s allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition was as follows:


Houston Intercontinental and Houston Cy-Fair
Land	$	1,600,000
Building and improvements		6,789,330
Furniture, fixtures and equipment		450,000
Total assets acquired		8,839,330
Liabilities assumed		12,949
Net assets acquired with cash	$	8,826,381

Discontinued Operations

On July 14, 2008, the Company sold one property (Mableton) for a sales price of approximately $1.9 million. The operating results of the property are included in income from discontinued operations for the year ended December 31, 2008 and the period ended December 31, 2007.

The combined operating income and loss on sale from the property are included in discontinued operations. The revenues from the property included in discontinued operations were $359,504 and $350,136 for year ended December 31, 2008 and the period ended December 31, 2007, respectively. The expenses from the property included in discontinued operations were $248,952 and $259,162 for year ended December 31, 2008 and the period ended December 31, 2007, respectively. The loss on sale from the property included in discontinued operations was $662,162 for year ended December 31, 2008.

Mortgage Notes Payable

As of December 31, 2009 and 2008, mortgage notes payable consist of the following:


		2009		2008
Note payable to a financial institution; interest at 5.1885% principal and interest payable in monthly installments of $208,469; due August 15, 2015	$	31,800,572	$	32,606,244
Note payable to a financial institution; interest at 5.3357% principal and interest payable in monthly installments of $1,365,751; due November 1, 2015		207,041,205		212,081,300
Note payable to a financial institution; interest at 5.7535% principal and interest payable in monthly installments of $132,157; due February 1, 2016		19,452,426		19,889,683
Note payable to a financial institution; interest at 5.75% interest only payable in monthly installments; due July 6, 2017		186,000,000		186,000,000
Note payable to a financial institution; interest at LIBOR + 1.25% interest only payable in monthly installments; due August 1, 2010.		40,744,000		40,744,000
Note payable to a financial institution; interest at LIBOR + 0.325% interest only payable in monthly installments; due June 28, 2010		128,000,000		128,000,000
Note payable to a financial institution; interest at LIBOR + 0.325% interest only payable in monthly installments; due June 28, 2010		19,500,000		19,500,000
Note payable to a financial institution; interest at 5.89% principal and interest payable in monthly installments of $34,749; due November 1, 2015		5,019,122		5,132,723
		637,557,325		643,953,950
Valuation adjustment resulting from Intown Suites Management Acquistion, net of accumulated amortization of $2,180,315 and $1,322,486, repectively		(5,077,511)		(5,935,340)
	$	632,479,814	$	638,018,610

Under the terms of the mortgage notes payable, cash of $3,778,499 at December 31, 2009, is held in escrow, of which approximately $764,368 is restricted for use for capital improvements and approximately $3,014,131 is restricted for payment of property taxes and insurance. Cash of approximately $4,496,943 at December 31, 2008, was held in escrow, of which approximately $2,035,689 was restricted for use for capital improvements and approximately $2,461,254 was restricted for payment of property taxes and insurance. At December 31, 2009, the Company also had cash of $5,401,921 held in escrow restricted for payments of mortgage payments and related escrows. At December 31, 2008, the Company also had cash of $5,273,687 held in escrow restricted for payments of mortgage payments and related escrows.

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Note to Consolidated Financial Statements

The mortgage notes payable described above contain various covenants, which among other things, provide for minimum debt service coverage ratios. The Company is in compliance with these debt covenants.

Future annual maturities of the mortgage notes payable as of December 31, 2009, are as follows:


2010	$	188,244,000
2011		-
2012		-
2013		-
2014		-
Thereafter		449,313,325
	$	637,557,325

The fair values of the Company's mortgage notes payable are estimated using a discounted cash flow analysis based on the Company's estimate of current borrowing rates for credit facilities with similar maturities. At December 31, 2009, the estimated fair market value of the Company's mortgage notes payable was $527,764,328.

Based on the current methodology used in determining the fair value of mortgage loans payable held by the Company, Management believes the fair values disclosed for all mortgage loans payable qualify as Level 3 fair value measurements under GAAP (see Note 7). A review of fair value hierarchy classifications is conducted on an annual basis, which may result in a reclassification of levels within the fair value hierarchy.

The Company’s $128,000,000 and $19,500,000 loans with JP Morgan are due on June 28, 2010. The loans have two consecutive one-year renewal options that management intends to exercise thus extending the loans potentially until June 28, 2012. These two loans are guaranteed by Kimco Realty Corporation (Kimco), the parent of Kimco Intown Corp. Kimco has to continue to guarantee both loans in order for the two consecutive one-year renewal options to be available to be exercised. Continuation of the Kimco guarantee is a condition for renewal. Although Kimco intends to continue the guarantee, if Kimco does not continue the guarantee upon maturity of the two loans, then Kimco would be required to repay any part of the loan not satisfied by the Company. Should Kimco choose not to extend the loan and the loan could not be repaid in full by the Company, Kimco would be required to pay the remaining loan a mount and the amount paid by Kimco would be treated as a special member loan.

The Company’s $40,744,000 loan agreement with Royal Bank of Scotland is due on August 1, 2010. The loan has two consecutive automatic one-year renewal options that management intends to exercise thus extending the loan potentially until August 1, 2012.

All of the Company's real estate assets and future rental revenues are pledged as collateral on the mortgage notes payable except for rental income from Louisville Northeast, Houston Cy-Fair and Houston Intercontinental.

Derivative Instruments

As required by GAAP, the Company expanded in 2009 the disclosure requirements related to derivative instruments, to provide users of financial statements with an enhanced understanding of the use of derivative instruments by the Company and how these derivatives affect the financial position, financial performance and cash flows of the Company. GAAP requires qualitative disclosures about the objectives and strategies for using derivative instruments, quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, as well as disclosures about credit-risk-related contingent features in derivative agreements.

The enhanced disclosure requirement for derivative instruments and related hedging activities effective in 2009 required by GAAP had no impact on the Consolidated Balance Sheet, Consolidated Statements of Income, Comprehensive Income (Loss) and Consolidated Statements of Unitholders’ Equity.

Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

195

Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings.

As required by GAAP, the Company records all derivatives on a separate line of the Consolidated Balance Sheets at fair value with changes in fair value reflected as net change in unrealized gains (losses) on derivatives within the Consolidated Statements of Comprehensive Loss.

The Company has two interest rate contracts, one swap and one cap with a notional/contractual amount totaling $168,744,000 and gross derivative liability of $11,628,824 at December 31, 2009. The change in fair value of these derivative instruments of $(3,660,881) and $7,765,898 in 2009 and 2008, respectively, is reported as a component of other comprehensive loss.

The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, the Company primarily uses interest rate caps and interest rate swaps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges involve the receipt of cash when interest rates exceed the rate at which interest is capped. During 2009 and 2008, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

The Company does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges. Further, the Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. As of December 31, 2009 and 2008, the Company had an interest rate swap and an interest rate cap related to a portion of the JP Morgan Loan and the RBS loan with terms as follows.


Product Type		Notional Value	Interest Rate	Effective Date	Maturity		December 31, 2009 Fair Value (in thousands)		December 31, 2008 Fair Value (in thousands)

Interest rate swap on LIBOR	$	128,000,000	5.4%	07/02/2007	06/28/2012	$	(11,629)	$	(15,290)

Interest rate cap on LIBOR	$	40,744,000	6.5%	07/11/2007	08/03/2009	$	-	$	-

Interest rate cap on LIBOR		40,744,000	6.5%	08/03/2009	08/02/2010	$	-	$	-
						$	(11,629)	$	(15,290)

Fair Value Measurements

On January 1, 2008, the Company adopted the authoritative guidance under GAAP for estimating the fair value of investments. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

196

Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals.

Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is minimal, if any, related market activity.

The Company has certain financial instruments (derivatives instruments, see Note 6) that must be measured under the fair value standard.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2009, aggregated by the level in the fair value hierarch within which those measurements fall (thousands):


		Balance at December 31, 2009		Level 1		Level 2		Level 3
Assets
Interest rate cap	$	-	$	-	$	-	$	-
Liabilities
Interest rate swap	$	11,629	$	-	$	11,629	$	-

The Company currently does not have any financial instruments other than its derivative instruments and notes payable (see Note 5) that must be measured under the new fair value standard. The fair values of notes payable are determined using current rates available to the Company for debt of the same terms and remaining maturities. Based on these inputs, the Company has determined that its notes payable valuations are classified within level 3 of the fair value hierarchy. Additionally, the Company currently does not have non-financial assets and non- financial liabilities that are required to be measured at fair value on a recurring basis.

197

Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

Income Taxes

Hospitality Corp elected to qualify as a REIT in accordance with the Internal Revenue Code ("Code") commencing with its first taxable year, which began May 1, 2007. To qualify, as a REIT, Hospitality Corp. must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders. It is management’s intention to adhere to these requirements and maintain Hospitality Corp’s REIT status. As a REIT, Hospitality Corp generally will not be subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. If Hospitality Corp fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable altern ative minimum tax) and may not be able to qualify as a REIT for subsequent taxable years. Even if Hospitality Corp qualifies for taxation as a REIT, it is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes.

Upon the conversion from C corporation status to REIT status, a built-in gain was created representing the excess of the fair market value over the tax basis of the entity's assets at the conversion, which will be subject to income tax if the assets are sold within 10 years after the conversion date. Hospitality Corp has not recorded any deferred tax related to potential built-in gains (approximately $286 million) because it intends to hold the acquired property for at least 10 years or utilize a tax deferral strategy (e.g., like-kind exchange) if an asset is sold earlier than 10 years in order to preclude the recognition of build-in gain tax.

Hospitality Corp is subject to federal, state and local income taxes on the income from its taxable REIT subsidiaries ("TRS"), which included Intown Services Corp, Intown Suites Atlantic Blvd, LLC, Intown Suites El Paso, LP, Intown Suites Mobile, LLC and Intown Suites Mobile West, LLC at December 31, 2009.

Provision for Income Taxes and Components of Deferred Taxes

The provision for income taxes is summarized as follows:


		2009		2008		2007

Current	$	488,218	$	400,926	$	208,209
Deferred		(347,415)		2,797,357		-
	$	140,803	$	3,198,283	$	208,209


		2009		2008		2007

TRS	$	(57,052)	$	2,843,519	$	-
Other state taxes attributable to the REIT		197,855		354,764		208,209
	$	140,803	$	3,198,283	$	208,209

Deferred taxes of $(347,415) and $2,797,357 in 2009 and 2008, respectively, relate to temporary differences, which existed upon the transfer of properties between the TRS and the REIT.

198

Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

Deferred tax assets and liabilities at December 31, 2009 and 2008 are summarized as follows:


		2009		2008

Deferred tax asset, included in other assets	$	12,908	$	20,692
Deferred tax liabilities		(2,462,850)		(2,818,049)
	$	(2,449,942)	$	(2,797,357)

Deferred tax liabilities primarily relate to differences between the recorded value of real estate assets transferred to the TRS and the tax basis of such assets.

Reconciliation of Net (Loss) Income to Adjusted Taxable Income (Loss) Subject to 90% Dividend Requirement


		2009 (Estimated)		2008 (Actual)		2007 (Actual)
Net (loss) income	$	(11,850,144)	$	61,772	$	7,444,039
Less: Net loss for Taxable REIT subsidiaries		(939,698)		(2,792,654)		-
Less: Net income for Intown Lessee Associates, LLC		-		3,371,000		(3174,314)
Less: Net loss Intown Hospitality Investors LP		(1,919,155)		(347,326)		2,775,037
Net loss for REIT operations		(8,991,291)		(169,248)		7,843,316
Net book depreciation in excess of tax depreciation		3,880,250		3,250,885		1,502,232
Deferred revenue		186,493		840,066		(1,191,232)
Straight-line Rent		-		2,509,246		(2,509,246)
Other book/tax differences, net		(372,256)		2,203,402		(1,096,505)
Adjusted taxable (loss) income subject to 90% dividend requirement	$	(5,296,804)	$	8,634,351	$	4,548,565

The taxable loss in the current year is not available in the future years to reduce the required dividend.

Hospitality Corp’s provision for income taxes relating to Hospitality Corp’s TRS for 2009 and from the date of formation of the TRS on December 1, 2008 to December 31, 2008 is summarized as follows:


		2009		2008

(Loss) income before income taxes	$	(996,750)	$	50,865
Less provision for income taxes
Current tax payable		290,363		46,162
Deferred		(347,415)		2,797,357
Total tax provision expense/(credit)		(57,052)		2,843,519
Net loss from taxable REIT subsidiaries	$	(939,698)	$	(2,792,654)

The difference between the amount of income tax that would result from applying the federal tax rate of 34% to income before income taxes of the TRS and the amount recorded in the financial statements primarily relates to deferred taxes established upon transfer of the properties between REIT and the TRS.

Commitments and Contingencies

The Company is involved in litigation and other legal proceedings arising in the course of its normal business activities. The Company believes that any liability resulting from these matters, after taking into consideration its insurance coverages and amounts recorded in the consolidated financial statements, will not have a material adverse effect on its consolidated financial position, cash flows or results of operations.

199

Intown Hospitality Investors, LP and Subsidiaries

Note to Consolidated Financial Statements

The Company is also party to certain operating leases with terms expiring through 2013. Future minimum payments required under operating leases as of December 31, 2009, are as follows:


Years Ending
2010	$	633,799
2011		183,857
2012		48,415
2013		4,035
2014		-
Total minimum lease payments under operating leases	$	870,106

Rent expense for 2009 and 2008 was $494,795 and $427,827, respectively.

10.

Related Party Transactions

In April 2009, the Company entered into an asset supervisory fee agreement with WHI Asset Management, LLC, an affiliate of the general partner. Total expense incurred for by the Company for the year ended December 31, 2009 was $1,811,577, which included a supplemental fee of $457,410 and is included in other expenses. At December 31, 2009, $457,410 payable to WHI Asset Management, LLC was included in accounts payable and other accrued expenses.

The general partner incurs travel costs while performing its role. For the year ended December 31, 2009 , the Company reimbursed the general partner $90,318, which is included in other expenses.

11.

Subsequent Events

The Company has performed an evaluation of subsequent events through January 29, 2010.

On January 1, 2010, 1 property (El Paso) was transferred from the independent third party back to Intown to operate upon Intown Suites El Paso, LP revoking its TRS election.

200

EX-99.2 14 exh99_2.htm KIMCO INCOME OPERATING PARTNERSHIP LP CONSOLIDATED FINANCIAL STATEMENTS Exhibit 99.2

Exhibit 99.2

Kimco Income Operating

Partnership, L.P.

Consolidated Financial Statements

As of December 31, 2009 and 2008

and for the years ended

December 31, 2009, 2008 and 2007

201

Kimco Income Operating Partnership L.P.

Contents

	Page(s)

Report of Independent Registered Public Accounting Firm	203

Consolidated Financial Statements

Consolidated Balance Sheets	204

Consolidated Statements of Income and Comprehensive Income	205

Consolidated Statements of Partners’ Capital	206

Consolidated Statements of Cash Flows	207

Notes to Consolidated Financial Statements.	208-218

202

Report of Independent Registered Public Accounting Firm

To the Partners of

Kimco Income Operating Partnership, L.P.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income and comprehensive income, partners’ capital, and cash flows present fairly, in all material respects, the financial position of Kimco Income Operating Partnership, L.P. and its subsidiaries (collectively, the “Partnership”) at December 31, 2009 and 2008, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2009 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversights Board (United States). Those standards requi re that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 2 to the consolidated financial statements, the Partnership changed the manner in which it accounts for noncontrolling interests in 2009.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

203

Kimco Income Operating Partnership, L.P.

Consolidated Balance Sheets

(in thousands)

		December 31, 2009		December 31, 2008
Assets:
Real estate
Rental property
Land	$	300,357	$	301,663
Buildings and improvements		1,280,465		1,274,714
		1,580,822		1,576,377
Less, accumulated depreciation and amortization		318,358		283,753
Real estate, net		1,262,464		1,292,624
Cash and cash equivalents		39,686		31,878
Marketable securities		1,119		1,353
Accounts receivable, net		33,911		29,528
Deferred charges and prepaid expenses, net		13,430		12,801
Mortgage escrows		20,136		17,823
Other assets		628		1,829
Total Assets	$	1,371,374	$	1,387,836

Liabilities and Partners' Capital:
Mortgages payable	$	991,526	$	1,000,953
Accounts payable and accrued expenses		21,594		21,056
Deferred rents		8,594		5,399
Other liabilities, net		3,818		4,340
Total Liabilities		1,025,532		1,031,748
Redeemable noncontrolling interests		8,346		8,346

Commitments and Contingencies

Limited partners		335,600		345,594
General partner		6		7
		335,606		345,601
Accumulated other comprehensive income		(534)		(300)
Total Partners' Capital		335,072		345,301
Noncontrolling interests		2,424		2,441
Total Partners' Capital		337,496		347,742

Total Liabilities and Partners' Capital	$	1,371,374	$	1,387,836

The accompanying notes are an integral part of these consolidated financial statements.

204

Kimco Income Operating Partnership, L.P.

Consolidated Statements of Income and Comprehensive Income

(in thousands)

		For the Years Ended December 31,
		2009		2008		2007
Revenues from rental property	$	198,980	$	204,465	$	209,729
Rental property expenses:
Rent		(55)		(50)		(50)
Real estate taxes		(31,789)		(30,696)		(31,059)
Operating and maintenance		(19,314)		(18,856)		(18,105)
Management fees		(4,570)		(4,691)		(4,719)
Impairment of property carrying values		(5,000)		-		-
Depreciation and amortization		(40,661)		(37,400)		(37,384)
General and administrative		(941)		(2,162)		(1,246)
Other income, net		12		804		1,185
Interest expense		(69,225)		(72,012)		(72,263)
Income from continuing operations		27,437		39,402		46,088

Discontinued operations:
Income from discontinued operations		-		2,672		2,225
(Loss) / gain on disposition of operating properties		-		(3,382)		46,030
(Loss) / income from discontinued operations		-		(710)		48,255

Net income		27,437		38,692		94,343
Net income attributable to noncontrolling interests		(865)		(896)		(885)
Net income attributable to the Partnership	$	26,572	$	37,796	$	93,458

Net income	$	27,437	$	38,692	$	94,343
Other comprehensive income:
Unrealized loss on marketable securities		(234)		(166)		(88)
Comprehensive income		27,203		38,526		94,255
Comprehensive income attributable to noncontrolling interests		(865)		(896)		(885)
Comprehensive income attributable to the Partnership	$	26,338	$	37,630	$	93,370

Limited Partners:
Income from continuing operations	$	26,570	$	38,503	$	45,200
(Loss) / income from discontinued operations		-		(710)		48,251
Net income attributable to the Partnership		26,570		37,793		93,451
Other comprehensive income		(234)		(166)		(88)
Comprehensive income attributable to the Limited partners	$	26,336	$	37,627	$	93,363

General Partner:
Income from continuing operations	$	2	$	3	$	3
(Loss) / income from discontinued operations		-		-		4
Net income attributable to the Partnership		2		3		7
Other comprehensive income		-		-		-
Comprehensive income attributable to the General partners	$	2	$	3	$	7

The accompanying notes are an integral part of these consolidated financial statements.

205

Kimco Income Operating Partnership, L.P.

Consolidated Statements of Partners' Capital

For the Years Ended December 31, 2009, 2008 and 2007

(in thousands)

		General Partner		Limited Partners		Partners' Capital		Noncontrolling Interests		Total Partners' Capital

Partners' capital as of January 1, 2007	$	11	$	395,489	$	395,500	$	2,438	$	397,938
Distributions		(10)		(130,902)		(130,912)		(195)		(131,107)
Net income		7		93,451		93,458		201		93,659
Other comprehensive income		-		(88)		(88)		-		(88)

Partners' capital as of December 31, 2007		8		357,950		357,958		2,444		360,402
Distributions		(4)		(50,283)		(50,287)		(213)		(50,500)
Net income		3		37,793		37,796		210		38,006
Other comprehensive income		-		(166)		(166)		-		(166)

Partners' capital as of December 31, 2008		7		345,294		345,301		2,441		347,742
Distributions		(3)		(36,564)		(36,567)		(200)		(36,767)
Net income		2		26,570		26,572		183		26,755
Other comprehensive income		-		(234)		(234)		-		(234)

Partners' capital as of December 31, 2009	$	6	$	335,066	$	335,072	$	2,424	$	337,496

The accompanying notes are an integral part of these consolidated financial statements.

206

Kimco Income Operating Partnership, L.P.

Consolidated Statements of Cash Flows

(in thousands)

		For the Years Ended December 31,
		2009		2008		2007

Cash flows from operating activities:
Net income	$	27,437	$	38,692	$	94,343
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization		41,633		37,508		39,276
Impairment charges		5,000		-		-
Loss / (gain) on disposition of property		-		3,382		(46,030)
Change in accounts receivable, net		(4,383)		(172)		(2,518)
Change in accounts payable and accrued expenses		538		(1,982)		475
Change in other operating assets and liabilities		(172)		4,865		(604)
Net cash flows provided by operating activities		70,053		82,293		84,942

Cash flows from investing activities:
Investment in marketable securities		-		(97)		(1,041)
Improvements to real estate		(14,440)		(8,452)		(7,758)
Dispositions of real estate		50		1,936		139,437
Net cash flows (used in) / provided by investing activities		(14,390)		(6,613)		130,638

Cash flows from financing activities:
Principal payments on mortgages payable		(15,616)		(20,443)		(17,326)
Repayment of mortgages payable		(67,211)		(215,536)		(79,190)
Distributions to partners		(36,567)		(50,287)		(130,912)
Distributions to noncontrolling interests		(882)		(899)		(879)
Proceeds from mortgages payable		72,421		218,250		34,500
Borrowings under notes payable		-		-		11,500
Repayments under notes payable		-		-		(25,500)
Net cash flows used in financing activities		(47,855)		(68,915)		(207,807)

Increase in cash and cash equivalents		7,808		6,765		7,773

Cash and cash equivalents, beginning of year		31,878		25,113		17,340
Cash and cash equivalents, end of year	$	39,686	$	31,878	$	25,113

Supplemental disclosure of cash flow information:
Interest paid during the year (net of capitalized interest of $45, $1 and $355, respectively).	$	67,702	$	70,873	$	75,555

The accompanying notes are an integral part of these consolidated financial statements.

207

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Formation and Business:

On October 26, 1998, Kimco Realty Corporation (“Kimco”) formed Kimco Income Operating Partnership, L.P., a Delaware limited partnership (“KIR” or the “Partnership”) in which Kimco held a 99.99% limited partnership interest and Kimco Income REIT, Inc. a Maryland trust, held a .01% general partnership interest (the “General Partner”). KIR was established for the purpose of investing in high quality retail properties financed primarily through the use of individual non-recourse mortgages. At the time of formation, Kimco contributed 19 property interests to KIR, each encumbered by an individual non-recourse mortgage.

On April 28, 1999, the partnership agreement was amended and restated (the “Partnership Agreement”) to, among other things, admit the New York State Common Retirement Fund (“NYSCRF”) as a limited partner and provide for the admission of other limited partners in the future. On the same date, Kimco entered into an agreement to sell a significant interest in KIR to the NYSCRF. Under the terms of the agreement, the agreed net equity value for the 19 shopping centers previously contributed to KIR by Kimco was approximately $107 million and Kimco agreed to subscribe for an additional $10 million for a total equity investment of $117 million. NYSCRF subscribed for up to $117 million of equity in KIR, all of which has been contributed.

The Partnership Agreement authorized the General Partner to obtain subscriptions for capital contributions from accredited investors, as defined, pursuant to subscription agreements.

During August 1999, KIR admitted three additional limited partners. Each new partner entered into a subscription agreement whereby they subscribed for an aggregate $35.0 million of equity in KIR, all of which has been contributed. Each partner was required to contribute an amount (the “Proportionate Amount”) equal to the product of (i) such partner’s Initial Commitment, as defined, and (ii) a fraction, the numerator of which is the amount the NYSCRF has contributed to the Partnership as of the date such partner enters into a Subscription Agreement with the Partnership, and the denominator of which equals $117 million, prior to the NYSCRF making any additional capital contributions in satisfaction of its Initial Commitment, as defined. After each partner that subscribes to a portion of the Initial Commitment has made a capital contribution equal to its Proportionate Amount, each limited partner shall fund its pro rata amount of the total amount req uested pursuant to a capital request by the General Partner. During 2000, the initial subscriptions totaling $269 million were funded.

During September 2000, an amendment to the original partnership agreement was finalized whereby four of the existing partners, including Kimco and NYSCRF, agreed to subscribe to an additional $300 million of equity in the partnership (the “Second Round Subscription Agreements”). Each limited partner shall fund its pro rata amount of the total amount requested pursuant to a capital request by the General Partner. Of the Second Round Subscriptions totaling $300 million, $150 million was subscribed to by NYSCRF, $130 million by Kimco and $20 million by two existing limited partners. Second Round Subscriptions totaling $201 million have been contributed. On February 17, 2004, an amendment to the Partnership was finalized whereby the partners agreed to cancel all of the remaining unfunded subscriptions. The amount of the cancelled unfunded subscriptions was $99 million.

On October 3, 2006, Kimco acquired Hanseatic Corporation’s 3.35% interest in KIR. On November 1, 2006, Kimco transferred 1.675% of its interest in KIR to NYSCRF.

Pursuant to the Partnership Agreement, the Partnership is obligated to distribute each quarter all Available Cash, as defined. Net income or loss and available cash shall be allocated to each partner in accordance with their respective percentage interests. For the years ended December 31, 2009, 2008, and 2007, KIR distributed approximately $36.6 million, $50.3 million and $130.9 million, respectively, of available cash to its partners.

KIR is engaged principally in the operation of neighborhood and community shopping centers, which are generally anchored by national discount department stores. As of December 31, 2009, KIR owned 62 property interests aggregating 13.0 million square feet of gross leasable area (“GLA” unaudited) located in 18 states.

208

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

2. Summary of Significant Accounting Policies:

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of KIR and all entities in which KIR has a controlling interest, including where KIR has been determined to be a primary beneficiary of a variable interest entity (“VIE”) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements with accounting principles generally accepted in the United States of America (“GAAP”) requires KIR’s management to use judgment in the application of accounting policies including making estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. Actual results may differ from such estimates. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the recoverability of trade accounts receivable. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

Real Estate

Upon acquisition of rental property, KIR estimates the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below market leases, in-place leases and tenant relationships) and assumed debt in accordance with the Business Combinations guidance of the FASB. Based on these estimates, KIR allocates the estimated fair value to the applicable assets and liabilities.

Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis. KIR expenses transaction costs associated with business combinations in the period incurred.

In allocating purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases are estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e.: expense recapture, base rental changes, etc.) measured over a period equal to the remaining term of the lease. The above-market or below-market leases are amortized to rental income over the estimated remaining term of the respective leases. The impact on rental income of the amortization of above-market leases was a decrease of $182,000 in each of the years ended December 31, 2009, 2008 and 2007. KIR’s above-market lease intangible is included in real estate on the Consolidated Balance Sheets. The impact on rental income of the amortization of below-market leases was an increase of $ 527,000, $528,000 and $533,000 for the years ended December 31, 2009, 2008 and 2007, respectively. KIR’s below-market lease intangible is included in other liabilities on the Consolidated Balance Sheets.

209

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

amortized over the non-cancelable term of the leases. Amortization of these assets are included in depreciation and amortization on the Consolidated Statements of Income and Comprehensive Income. The amortization of the in-place leases was $457,000 for the year ended December 31, 2009 and $531,000 for each of the years ended December 31, 2008 and 2007, respectively. The amortization of the tenant relationships was $328,000 for the year ended December 31, 2009 and $357,000 for each of the years ended December 31, 2008 and 2007, respectively. If a lease were to be terminated prior to its stated expiration, all unamortized intangibles relating to that lease would be written off.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings

39 years

Building, tenant and leasehold improvements and fixtures

(including identified intangible assets)

Terms of leases or useful lives, whichever is shorter

Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are reevaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful lives.

Real estate assets are stated at cost, less accumulated depreciation and amortization. If there is an event or a change in circumstances that indicates that the basis of a property (including any amortizable intangible assets or liabilities) may not be recoverable, then management will assess any impairment in value by making a comparison of (i) the current and projected operating cash flows (undiscounted and without interest charges) of the property over its estimated holding period and (ii) the net carrying amount of the property. If the current and projected operating cash flows (undiscounted and without interest charges) are less than the carrying value of the property, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property.

When a real estate asset is identified by management as held for sale, KIR ceases depreciation of the asset and estimates the sales price, net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property less costs to sell.

Cash and Cash Equivalents

Cash and cash equivalents consist of all demand deposits and short-term investments with original maturities of three months or less.

Marketable Equity Securities

KIR classifies its existing marketable equity securities as available-for-sale in accordance with the provisions of FASB’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value, with unrealized gains and losses reported in other comprehensive income. Gains and losses on securities sold are based on the specific identification method.

For each of the securities in KIR’s portfolio with unrealized losses, the underlying cause of the decline in value, the estimated recovery period and the severity and duration of the decline are reviewed. In this evaluation, consideration is given to the ability and intent to hold these investments for a reasonable period of time sufficient for the recovery of cost basis. For the year ended December 31, 2009, KIR recorded unrealized losses on marketable equity securities in the amount of $234,000. At December 31, 2009 the aggregate unrealized losses were $534,000 with an aggregate fair value of $1.1 million and a cost basis of $1.7 million. KIR does not believe that the decline in value of any of these securities is other-than-temporary at December 31, 2009.

210

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

Deferred Charges

Costs incurred in obtaining tenant leases and long-term financing are included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets and are amortized over the terms of the related leases or debt agreements, as applicable. Amortization of deferred leasing commissions was $1.3 million, $1.1 million and $1.0 million for the years ended December 31, 2009, 2008 and 2007, respectively, and are included in depreciation and amortization on the Consolidated Statements of Income and Comprehensive Income. Amortization of deferred long-term financing charges was $1.0 million, $1.5 million and $1.4 million for the years ended December 31, 2009, 2008 and 2007, respectively, and are included in interest expense on the Consolidated Statements of Income and Comprehensive Income.

Mortgage Escrows

Mortgage escrows include amounts on deposit with lenders in accordance with the terms of certain mortgage loan agreements.

Revenue Recognition and Accounts Receivable

Base rental revenue from rental property is recognized on a straight-line basis over the terms of the related leases. The impact of the straight-line rent adjustment increased revenue by $495,000 for the year ended December 31, 2009, decreased revenue by $787,000 for the year ended December 31, 2008 and increased revenue by $221,000 for the year ended December 31, 2007. Certain of these leases also provide for percentage rents based upon the level of tenant sales achieved. These percentage rents are recorded once the required level of sales are achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Partnership of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as recoverable operating expenses are incurred.

KIR makes estimates of the collectability of its accounts receivable related to base rents, expense reimbursements and other revenues. KIR analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. KIR’s reported net income is directly affected by management’s estimate of the collectability of accounts receivable. As of December 31, 2009 and 2008, KIR had $2.3 million and $1.3 million, respectively, as an allowance for doubtful accounts.

Gains and losses from sales of depreciated operating properties are generally recognized using the full accrual method pursuant to the FASB’s sale of real estate guidance, provided that various criteria relating to the terms of sale and subsequent involvement by KIR with the properties are met.

Income and Franchise Taxes

No provision has been made in the accompanying Consolidated Financial Statements for any federal taxes since each item of income, gain, loss, deduction, or credit is reportable by the partners. The Partnership incurs state franchise taxes relating to some of its rental properties. For December 31, 2009, 2008 and 2007 the amount paid for state franchise tax expense was $575,000, $804,000 and $244,000, respectively.

Noncontrolling Interests

Noncontrolling interests represent the portion of partners’ capital that KIR does not own in those entities it consolidates. Noncontrolling interests includes Class B and Class C partnership interests issued by consolidated subsidiaries of KIR in connection with certain property acquisitions. Class B partnership interests may not be purchased by the General Partner for a ten-year period (“Holding Period”) commencing with the execution of the Limited Partnership Agreement. The Class C units have a stated redemption value and provide the unit holders with agreed upon rates of returns during the holding period. Only Class C limited partners have the right to require KIR to redeem their partnership interests after the expiration of the holding period. KIR evaluates the terms of the partnership interests in accordance with the Distinguishing Liabilities from Equity guidance of the FASB.

211

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

KIR accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB. KIR presents its redeemable noncontrolling interests between the liabilities and partners’ capital sections on KIR’s Consolidated Balance Sheets. KIR presents its non-redeemable noncontrolling interests separately within the partners’ capital section on KIR’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to KIR and to the noncontrolling interests are presented on KIR’s Consolidated Statements of Income and Comprehensive Income.

The following table presents the change in the redemption value of the redeemable noncontrolling interests for the years ended December 31, 2009 and 2008 (amounts in thousands):

		2009		2008
Balance at January 1,	$	8,346	$	8,346
Distributions		(682)		(686)
Income		682		686
Balance at December 31,	$	8,346	$	8,346

Reclassifications

Certain reclassifications have been made to the 2007 and 2008 balances to conform to the 2009 presentation.

New Accounting Pronouncements

In June 2009, the FASB issued guidance which established the FASB ASC as the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009. On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. KIR adopted the guidance within GAAP during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing herein.

In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. The impact the adoption of the additional guidance will have on KIR’s financial position and results of operations will be dependent upon the volume of business combinations entered into by KIR. As of December 31, 2009 the adoption of this guidance has not had a material effect on KIR’s financial position or results of operations.

In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. As of December 31, 2009 the adoption of this guidance has not had a material effect on KIR’s results of operations or financial position.

212

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008. As required, KIR has retrospectively applied the presentation to its prior year balances in its Consolidated Financial Statements. The adoption of this guidance did not have a material impact on KIR’s financial position or results of operations.

In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly. Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. This guidance was effective for interim and annual reporting periods ending after June 15, 2009 , and shall be applied prospectively. The adoption of this guidance did not have a material impact on KIR’s financial position or results of operations.

In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in U.S. GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities. The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on KIR’s financial position or results of operations.

In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on KIR’s financial position or results of operations.

During June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for KIR beginning in fiscal 2010. KIR does not expect the adoption of this guidance to have a material impact on KIR’s financial position or results of operations.

During January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation guidance, which amends and clarifies that the decrease in ownership guidance provided in the Consolidation guidance does not apply to sales of in substance real estate. This update clarifies that an entity should apply the sale of real estate guidance to such transactions. KIR does not expect the adoption of this guidance to have a material impact on KIR’s financial position or results of operations.

213

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

3. Real Estate

KIR’s components of rental property consist of the following (in thousands):

		December 31, 2009		December 31, 2008
Land	$	300,357	$	301,663
Buildings		1,188,320		1,187,600
Building improvements		15,100		14,429
Tenant improvements		63,187		58,827
Fixtures and leasehold improvements		64		64
Other rental property (1)		13,794		13,794
		1,580,822		1,576,377
Accumulated depreciation and amortization		(318,358)		(283,753)
Total	$	1,262,464	$	1,292,624

(1) At December 31, 2009 and 2008, other rental property consisted of intangible assets including in-place leases of $6,629, tenant relationships of $4,578, and above-market leases of $2,587 (see Note 4).

During 2009, economic conditions had continued to experience volatility resulting in further declines in equity and real estate markets. Increases in capitalization rates, discount rates, vacancies and the deterioration of real estate fundamentals, impacting net operating income and leasing contributed to further declines in real estate markets in general. KIR recognized non-cash impairment charges during 2009 of $5.0 million related to The Piers Shopping Center located in Port Richey, Fl.

KIR will continue to assess any declines in value of its assets on an on-going basis. Based on these assessments, KIR may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 6 and 7).

During September 2008, KIR sold Shopko Shopping Center in West Wichita, KS for $1.85 million. In conjunction with the sale, a termination agreement was made with Shopko for $2.7 million, which was 53% of the net present value of the remaining obligation under the lease. Proceeds from the sale and the buyout were used to pay off the loan balance of $4.5 million.

During January 2007, KIR sold Yonkers Shopping Center in Yonkers, NY for $11.8 million and simultaneously repaid debt of $6.8 million, resulting in a gain of approximately $2.1 million which is included in gain on disposition of operating properties on the Consolidated Statements of Income and Comprehensive Income.

During June 2007, KIR sold Parkway Plaza in Norman, OK for $35.5 million resulting in a gain of approximately $9.7 million which is included in gain on disposition of operating properties on the Consolidated Statements of Income and Comprehensive Income. Simultaneously, with the sale, debt of $18.9 million was repaid.

During December 2007, KIR sold Fountains on the Lake in Stafford, TX for $102.0 million resulting in a gain of approximately $34.2 million which is included in gain on disposition of operating properties on the Consolidated Statements of Income and Comprehensive Income. Simultaneously, with the sale, debt of $42.1 million was repaid.

KIR reports as discontinued operations operating properties sold in the current period. All results of these discontinued operations are included as a separate component on the Consolidated Statements of Income and Comprehensive Income under income from discontinued operations. The components of income from discontinued operations for the years ended December 31, 2009, 2008 and 2007 are shown below (in thousands):

214

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

		2009		2008		2007
Discontinued operations:
Revenues from rental property	$	-	$	3,178	$	12,095
Rental property expenses		-		(190)		(3,002)
Income from rental property		-		2,988		9,093

Depreciation of rental property		-		(107)		(1,891)
Interest expense		-		(221)		(4,454)
Other income (expense)		-		12		(523)
Income from discontinued operations	$	-	$	$2,672	$	2,225

4. Intangible Assets and Liabilities:

Intangible assets and liabilities, included in real estate and other liabilities, respectively, are comprised of the following (in thousands):

		December 31, 2009		December 31, 2008
In-place leases (1)	$	6,629	$	6,629
Tenant related costs (1)		4,578		4,578
Above market leases (1)		2,587		2,587
Below market leases (2)		(7,490)		(7,490)
		6,304		6,304
Accumulated amortization		(4,209)		(3,769)
Total	$	2,095	$	2,535

(1) Included in real estate on Consolidated Balance Sheets

(2) Included in other liabilities on Consolidated Balance Sheets

The estimated amortization expense on these intangible assets and liabilities during the next five years are as follows (in thousands):

Year		In-Place Leases		Tenant Related Costs		Above Market Leases		Below Market Leases
2010:	$	457	$	328	$	182	$	(527)
2011:	$	457	$	328	$	182	$	(527)
2012:	$	457	$	328	$	182	$	(527)
2013:	$	457	$	328	$	182	$	(527)
2014:	$	349	$	250	$	139	$	(403)

5. Notes Payable:

During April 2005, KIR entered into a three year $30 million unsecured revolving credit facility which bears interest at LIBOR plus 1.40%. The facility was extended for one year in April 2008 and again in April 2009. In accordance with the terms of the original note, KIR paid an approximate $45,000 fee for each extension. At December 31, 2009 there was no outstanding balance on this facility.

6. Mortgages Payable:

During 2009, KIR (i) obtained an aggregate of approximately $73.4 million of non-recourse mortgage debt on six operating properties and (ii) paid off approximately $67.2 million of individual non-recourse mortgage debt that encumbered four operating properties.

215

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

During 2008, KIR (i) obtained an aggregate of approximately $218.3 million of non-recourse mortgage debt on eight operating properties and (ii) paid off approximately $215.5 million of individual non-recourse mortgage debt that encumbered 17 operating properties.

All mortgages, which are collateralized by the individual shopping center properties, are due in monthly installments of principal and interest or interest only. At December 31, 2009 and 2008, the weighted average interest rate each year for all fixed rate mortgage debt outstanding was 6.85% per annum. As of December 31, 2009, these loans have maturities ranging from 3 months to 25 years and interest rates ranging from 4.99% to 8.52%.

The maturities of all mortgages payable as of December 31, 2009, are approximately as follows (in millions):

2010:	$	112.3
2011:	$	209.7
2012:	$	230.9
2013:	$	114.7
2014:	$	27.4
Thereafter:	$	296.5

During February 2009, KIR Piers L.P., a wholly-owned subsidiary of KIR, ceased making the debt service payments related to the non-recourse mortgage on its shopping center located in Port Richey, FL. The remaining mortgage principal balance of approximately $6.7 million was due to mature in June 2009. As a result, the property was placed in receivership as of December 31, 2009. All cash receipts have been directed to the lender. During 2009, KIR recognized a $5.0 million non-cash impairment charge on KIR Piers L.P. (see Note 3).

Commencing October 2009, KIR Hickory Hollow L.P. (“Hickory Hollow”), a wholly-owned subsidiary of KIR, ceased making full debt service payments related to the non-recourse mortgage on its shopping center located in Nashville, TN. Hickory Hollow is making partial debt service payments equal to its monthly cash flow and has commenced negotiations with the lender to modify the terms of the existing mortgage agreement. The mortgage balance outstanding on this loan as of December 31, 2009 was approximately $7.9 million and is scheduled to mature in August 2010.

Commencing November 2009, KIR Middletown 041, LLC (“Middletown”), a wholly-owned subsidiary of KIR, ceased making full debt service payments related to the non-recourse mortgage on its shopping center located in Middletown, NY. Middletown is making partial debt service payments equal to its monthly cash flow and expects to negotiate with the lender to modify the terms of the existing mortgage agreement. The mortgage balance outstanding on this loan as of December 31, 2009 was approximately $6.8 million and is scheduled to mature in January 2011.

7. Fair Value Disclosure of Financial Instruments:

All financial instruments of KIR are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation are based upon an interpretation of available market information, and valuation methodologies, reasonably approximate their fair values except those listed below for which fair values are reflected. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities. The fair values for marketable equity securities are based on published or securities dealers’ estimated market values. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

The following are financial instruments for which KIR’s estimate of fair value differs from the carrying amounts (in thousands):

		Principal Amount		Fair Value
Mortgages payable as of December 31, 2009	$	991,526	$	988,431
Mortgages payable as of December 31, 2008	$	1,000,953	$	1,027,140

216

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

KIR has a financial instrument that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance. As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The table below presents KIR’s financial assets measured at fair value on a recurring basis as of December 31, 2009 and December 31, 2008, presented by the level in the fair value hierarchy within which those measurements fall (in thousands):

		Level 1		Level 2		Level 3
Marketable equity securities balance at December 31, 2009	$	1,119	$	-	$	-

		Level 1		Level 2		Level 3
Marketable equity securities balance at December 31, 2008	$	1,353	$	-	$	-

Assets measured at fair value on a non-recurring basis at December 31, 2009 are as follows (in thousands):

		Level 1		Level 2		Level 3
Real estate, net at December 31, 2009	$	-	$	-	$	2,923

During 2009, KIR recognized non-cash impairment charges of $5.0 million related to The Piers Shopping Center located in Port Richey, FL.

KIR’s estimated fair value relating to the impairment assessment was based upon a discounted cash flow model that included all estimated cash inflows and outflows over a specified holding period. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization and discount rates utilized in the model were based upon observable rates that KIR believes to be within a reasonable range of current market rates for the property. Based on these inputs, KIR determined that its valuation in this investment should be classified within Level 3 of the fair value hierarchy.

8. Transactions with Related Parties:

KIR has entered into a master management agreement (the “Management Agreement”) with Kimco whereby, Kimco will perform services for fees relating to the management, leasing, operation, supervision and maintenance of KIR’s real estate investments. The Management Agreement further provides for Kimco to provide certain administrative services for KIR, as defined, and receive reimbursement for such services. For the years ended December 31, 2009, 2008 and 2007, the Consolidated Financial Statements include management fees of $4.8 million, $5.0 million and $5.0 million, respectively, administrative fees and reimbursements of $1.2 million, $1.1 million and $1.6 million, respectively, and leasing commissions of $0.3 million, $0.2 million and $0.2 million, respectively.

9. Concentration of Credit Risk:

Financial instruments that potentially subject KIR to concentrations of credit risk consist primarily of cash investments in excess of insured amounts and tenant receivables.

Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. KIR believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured. Recoverability of investments is dependent upon the performance of the issuers.

217

KIMCO INCOME OPERATING PARTNERSHIP, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, (continued)

KIR performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits. Though these security deposits are insufficient to meet the terminal value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with replacing the tenants. At December 31, 2009, KIR’s five largest tenants, in terms of KIR’s percentage of annualized base rental revenue, include (unaudited):

Tenant Name		Percentage
Best Buy		4.6%
Home Depot		4.2%
Bed, Bath & Beyond		3.8%
Wal-Mart		3.0%
Kohl’s		2.8%

10. Commitments and Contingencies:

KIR is engaged in the ownership and operation of shopping centers. KIR leases premises in these centers to tenants pursuant to lease agreements, which provide for terms generally ranging from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants’ sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised substantially all of the revenues from rental property for the years ended December 31, 2009, 2008 and 2007.

The future minimum revenues to be received from rental property under the terms of all noncancellable tenant leases, in effect at December 31, 2009 are approximately as follows (in thousands):

2010:	$	149,800
2011:	$	134,200
2012:	$	112,600
2013:	$	95,800
2014:	$	77,000
Thereafter:	$	245,300

Minimum rental payments under the terms of the noncancellable operating ground lease in KIR’s portfolio for future years are approximately as follows (in thousands):

2010:	$	54.5
2011:	$	54.5
2012:	$	54.5
2013:	$	54.7
2014:	$	59.9
Thereafter:	$	569.3

11. Subsequent Events

KIR has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through February 26, 2010, the day the financial statements were issued.

During January 2010, KIR entered into a Purchase and Sale Agreement to sell Target Plaza, a 171,580 square foot shopping center located in Oxnard, CA., for approximately $14.9 million.

218

EX-99.3 15 exh99_3.htm PRK HOLDINGS I LLC AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS Exhibit 99.3

Exhibit 99.3

PRK Holdings I LLC

and Subsidiaries

Consolidated Financial Statements

As of December 31, 2009 and 2008

and for the years ended

December 31, 2009, 2008 and 2007

219

PRK Holdings I LLC and Subsidiaries

Contents


	Page(s)

Report of Independent Registered Public Accounting Firm	221

Consolidated Financial Statements

Consolidated Balance Sheets	222

Consolidated Statements of Income and Comprehensive Income	223

Consolidated Statements of Members’ Capital	224

Consolidated Statements of Cash Flows	225-226

Notes to Consolidated Financial Statements.	227-238

220

Report of Independent Registered Public Accounting Firm

To the Members of

PRK Holdings I LLC:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations and comprehensive income, members’ capital, and cash flows present fairly, in all material respects, the financial position of PRK Holdings I LLC and its subsidiaries (collectively, the “Company”) at December 31, 2009 and 2008, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2009, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

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PRK Holdings I LLC and Subsidiaries

Consolidated Balance Sheets

;

(in thousands)


		December 31, 2009		December 31, 2008
Assets
Land	$	244,521	$	247,617
Building and improvements		955,560		981,115
		1,200,081		1,228,732
Less: accumulated depreciation		(124,295)		(89,438)
Real estate, net		1,075,786		1,139,294

Investments in and advances to real estate joint ventures		10,680		37,915
Cash and cash equivalents		21,592		11,860
Accounts receivable, net		10,418		10,637
Intangible assets, net		25,284		38,174
Deferred charges and prepaid expenses, net		6,396		5,521
Other assets		5,787		4,078
Total assets	$	1,155,943	$	1,247,479

Liabilities and Members' Capital
Mortgages payable, including fair value adjustment of $610 and $1,391, respectively	$	630,835	$	649,128
Accounts payable and accrued expenses		5,818		5,734
Intangible liabilities, net		76,974		93,164
Other liabilities		5,842		4,390
Total liabilities		719,469		752,416

Commitments and contingencies

Members' capital		436,863		495,063
Accumulated other comprehensive income		(389)		-
Total members' capital		436,474		495,093

Total liabilities and members' capital	$	1,155,943	$	1,247,479

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Operations and Comprehensive Income

;

(in thousands)


		For the Years Ended December 31,
		2009		2008		2007
Revenues from rental property	$	92,114	$	100,244	$	88,759
Rental property expenses:
Real estate taxes		(10,170)		(11,925)		(8,524)
Operating and maintenance		(13,293)		(13,260)		(11,781)
Management fees		(4,134)		(4,610)		(4,297)

Interest expense		(34,538)		(34,997)		(28,632)
Other, net		(483)		514		(1,408)
Depreciation and amortization		(45,441)		(46,518)		(41,328)

Loss from continuing operations before equity in loss of real estate joint ventures		(15,945)		(10,552)		(7,211)

Equity in loss of real estate joint ventures		(97,974)		(35,642)		(6,544)

Loss from continuing operations		(113,919)		(46,194)		(13,755)

Discontinued operations:
Loss from discontinued operating properties	$	(505)	$	(361)	$	(339)
Loss on disposition of operating properties		(4,723)		-		-
Loss from discontinued operations		(5,228)		(361)		(339)

Net loss	$	(119,147)	$	(46,555)	$	(14,094)

Net loss	$	(119,147)	$	(46,555)	$	(14,094)
Other comprehensive income:
Unrealized loss on interstate swaps and caps		(389)		-		-

Comprehensive income	$	(119,536)	$	(46,555)	$	(14,094)

The accompanying notes are an integral part of these consolidated financial statements.

223

PRK Holdings I LLC and Subsidiaries

Consolidated Statements of Members’ Capital

;

(in thousands)


		Total		PR PK Member, LLC		Kimco PK LLC

Balance at January 1, 2007	$	594,557	$	505,374	$	89,183
Capital contributions		11,080		9,418		1,662
Distributions		(32,629)		(27,734)		(4,895)
Net loss		(14,094)		(11,980)		(2,114)

Balance at December 31, 2007		558,914		475,078		83,836
Capital contributions		11,916		10,129		1,787
Distributions		(29,212)		(24,831)		(4,381)
Net loss		(46,555)		(39,571)		(6,984)

Balance at December 31, 2008		495,063		420,805		74,258
Capital contributions		94,902		80,667		14,235
Distributions		(33,955)		(28,862)		(5,093)
Other comprehensive income		(389)		(331)		(58)
Net loss		(119,147)		(101,275)		(17,872)

Balance at December 31, 2009	$	436,474	$	371,004	$	65,470

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Cash Flows

;

(in thousands)


		For the Years Ended December 31,
		2009		2008		2007

Cash flows from operating activities:
Net loss	$	(119,147)	$	(46,555)	$	(14,094)

Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization		45,989		47,829		42,639
Loss on sale of operating properties		4,723		-		-
Amortization of above and below market lease intangibles		(8,789)		(10,372)		(9,025)
Equity in loss of real estate joint ventures		97,974		35,642		6,544
Distributions from real estate joint ventures		15,096		9,009		11,526
Change in accounts receivable, net		219		(1,193)		(7,564)
Change in prepaid expenses		195		(376)		(208)
Change in accounts payable and accrued expenses		84		559		1,567
Change in other operating assets and liabilities, net		(2,054)		(1,562)		588
Net cash flows provided by operating activities		34,290		32,981		31,973

Cash flows from investing activities:
Improvements to real estate		(1,209)		(3,234)		(2,193)
Reimbursements and advances from real estate joint ventures		9,725		-		-
Investments in and advances to real estate joint ventures		(95,559)		(14,211)		(9,868)
Proceeds from sale of operating properties		3,090		-		-
Net cash flows used in investing activities		(83,953)		(17,445)		(12,061)

Cash flows from financing activities:
Principal payments on rental property debt		(1,546)		(1,590)		(12,847)
Principal payments on debt, excluding normal amortization of rental property debt		(32,172)		-		-
Proceeds from mortgage financings		33,000		-		24,700
Deferred financing charges		(834)		10		(277)
Contributions from members		94,902		11,916		11,080
Distributions to members		(33,955)		(29,212)		(32,629)
Net cash flows provided by (used in) financing activities		59,395		(18,876)		(9,973)

Change in cash and cash equivalents		9,732		(3,340)		9,939

Cash and cash equivalents, beginning of year		11,860		15,200		5,261
Cash and cash equivalents, end of year	$	21,592	$	11,860	$	15,200

The accompanying notes are an integral part of these consolidated financial statements.

225

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Consolidated Statements of Cash Flows, continued

;

(in thousands)


		Year ended December 31,
		2009		2008		2007

Supplemental disclosure of cash flow information:
Interest paid	$	34,881	$	37,049	$	31,113

Supplemental disclosure of non cash activity related to the transfer of interest in three "Hold" properties directly to PRK I in 2007 via a deemed distribution. The remaining interest of these entities was distributed in 2008 via a deemed distribution. The 2007 adjustment also includes adjustment of the purchase price allocation and an elimination of intercompany interest payable:
Real estate, net		-		-	$	127,714
Investment in and advances to real estate joint ventures		-	$	(2,167)	$	(21,432)
Deferred charges and prepaid, net		-		-	$	238
Accounts receivable		-	$	784		-
Other assets		-	$	1,383	$	6,711
Mortgage payable		-		-	$	(97,100)
Accounts payable and accrued expenses		-		-	$	(4,115)
Other liabilities, net		-		-	$	(12,016)

Supplemental disclosure of non cash activity related to sale of operating properties in 2009
Purchaser's assumption of debt on disposition of real estate	$	(16,795)		-		-

The accompanying notes are an integral part of these consolidated financial statements.

226

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements

Formation and Business

In October 2006, PR I PK Member, LLC, a wholly owned subsidiary of the Prudential Property Investment Separate Account (“PRISA”), a separate account sponsored by The Prudential Insurance Company of America (“Prudential”), and two Kimco Realty Corporation wholly owned subsidiaries, Kimco PK LLC (“Kimco”) and KRC Property Management I, Inc. (“KRC”), (collectively the “Members”) formed PRK Holdings I LLC (“PRK I” or “the Company”), a Delaware limited liability company. PRK I was established for the sole purpose of acquiring, selling, owning, leasing, managing and operating retail properties, obtained through the Pan Pacific Retail Properties Inc. (“Pan”) Merger transaction, through its Subsidiaries as described below (the “Merger”).

On October 31, 2006 ("Inception"), the Company together with two other Kimco/Prudential joint ventures, completed the Merger with Pan, a Real Estate Investment Trust based in Vista, California, effectively acquiring all of Pan’s assets consisting of 138 retail properties, one medical office property and one development parcel, via the purchase of all issued and outstanding Pan common stock, for a total purchase price of approximately $4.1 billion, which consisted of: $1.3 billion of non-recourse new and assumed mortgage debt, a $1.2 billion term loan facility and $1.3 billion of capital contributions.

In connection with the foregoing transaction, the Company acquired the following interests: ownership interests in 29 retail properties, and equity interests in Pan and PK Sale LLC, (“PK Sale”) a newly formed Delaware limited liability company.

Equity Interests

The Company’s interests in Pan and PK Sale originally consisted of 100% of the economic interest in six designated retail properties, known as “Hold” properties and a 46.2921% pro-rata interest in 63 properties known as “Sell” properties. The Hold assets were financed with non-recourse mortgage debt, while the Sell assets were financed with the term loan facility. Kimco Realty Corporation is guarantor of all sums due on the term loan facility. The Members agree to indemnify Kimco Realty Corporation for their pro-rata share of any losses and or liabilities incurred, and have pledged their interests in Pan and PK Sale. All net proceeds generated from the disposition of Sell assets are to be used to pay down the term loan facility, until fully paid off (see footnote 4 for additional disclosure). At December 31, 2009, there were 11 assets within PK Sale for which the Company had a pro-rata interest of 46.2921% and three for which the Company had an economic interest of 100%. On December 31, 2007, Pan transferred its interest in three of the six “Hold” properties directly to PRK I via a deemed distribution.

LLC Agreement

In accordance with the Limited Liability Company Agreement (the “LLC Agreement”), generally, all capital contributions, distributions and the allocation of income and losses from operations are allocated pro-rata to the Members, in accordance to their capital interests. The Members’ capital interests in PRK I are 85%, 15% and 0% for PRISA, Kimco and KRC, respectively. KRC serves as the Company’s property manager and its interest in the Company is limited and equal to 2% of all Gross Property Rents, as defined in the LLC Agreement; it has no voting rights. Distributions to KRC are accounted for as management fee expense.

Distributions of Operating Cash Flow, as defined, are to be made monthly, as follows:

first, to repay any outstanding interest or principal obligation under any Special Loans and Default Contributions, as defined.

next, to KRC in an amount equal to 2% of all Gross Property Rents for the immediately preceding month, as defined.

next, to PRISA and Kimco in accordance with their Capital Interests, until the cumulative distributions received by PRISA are sufficient to provide PRISA with a 10% Internal Rate of Return (“IRR”), as defined.

last, to PRISA and Kimco in accordance with their Percentage Interests, as defined.

227

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Cash Flow generated as a result of the occurrence of a capital event, i.e. property sale or refinancing, are to be distributed as follows:

first, to PRISA and Kimco in accordance with their Capital Interests until PRISA’s Preferred Return Balance, as defined, equals $0.

next, to PRISA and Kimco in accordance with their Capital Interests in an amount equal to unreturned capital allocable to the respective property involved in the capital event.

last, 50% to PRISA and Kimco in accordance with their respective Percentage Interests, as defined and 50% to PRISA and Kimco in accordance with their Capital Interests, as defined.

As of December 31, 2009, the Company owns interests in 33 retail properties designated as Hold properties (30 consolidated and three accounted for under the equity method), aggregating 5.4 million square feet of gross leasable area (“GLA”), located in four states.

(Amounts relating to number of properties, square footage, tenant and occupancy data are unaudited.)

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of PRK I and all entities in which PRK I has a controlling financial interest or has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through February 26, 2010, the day the financial statements were issued.

Use of Estimates

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant assumptions and estimates relate to valuation of real estate and intangibles, depreciable lives, revenue recognition and the collectibility of tenant and other receivables (including estimated unbilled common area reimbursements and real estate taxes). Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

Real Estate

Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis.

In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases are estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the leases and management's estimate of the market lease rates and other lease provisions (i.e. expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the leases. The Company’s above-market lease intangible is included in intangible assets on the

228

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Consolidated Balance Sheets, while the below-market lease intangible is included in intangible liabilities on the Consolidated Balance Sheets; the capitalized costs of both are amortized to rental income over the estimated remaining term of the respective leases.

In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses and estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. In estimating the value of tenant relationships, management considers the nature and extent of the existing tenant relationship, the expectation of lease renewals, growth prospects, and tenant credit quality, among other factors. The value assigned to in-place leases and tenant relationships are amortized over the estimated remaining term of the leases and are included in depreciation and amortization on the Consolidated S tatement of Operations and Comprehensive Income. If a lease were to be terminated prior to its stated expiration, all unamortized costs relating to that lease would be written off. The Company’s net in-place lease intangible is included in intangible assets on the Consolidated Balance Sheets; no value was ascribed to the acquired tenant relationships.

The Company’s components of intangible assets and liabilities consisted of the following (in thousands):

		December 31, 2009		December 31, 2008
Intangible assets
In-place leases	$	40,148	$	41,976
Ground leases		101		101
Above-market leases		23,033		23,569
		63,282		65,646
Accumulated amortization		(37,998)		(27,472)
Intangible assets, net	$	25,284	$	38,174

Intangible liabilities
Below-market leases	$	(122,193)	$	(126,409)
Accumulated amortization		45,219		33,245
Intangible liabilities, net	$	(76,974)	$	(93,164)

The estimated income from amortization of these intangible assets and liabilites during the next five years is as follows (in thousands):

Years
2010	$	1,252
2011	$	3,045
2012	$	8,975
2013	$	9,108
2014	$	8,405

The impact on rental income from the amortization of above-market lease intangibles for the years ended December 31, 2009, 2008 and 2007 was a decrease of $4.2 million, $4.6 million and $4.8 million, respectively. The impact on rental

income from the amortization of below-market lease intangibles for the years ended December 31, 2009, 2008 and 2007 was an increase of $12.9 million, $15.0 million and $15.6 million, respectively.

Amortization of the in-place leases intangibles for the years ended December 31, 2009, 2008 and 2007 was $7.8 million, $8.2 million and $7.7 million, respectively; and are included in depreciation and amortization on the Consolidated Statements of Operations and Comprehensive Income.

229

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings

39 years to 50 years

Building, tenant and leasehold improvements and fixtures

(including identified intangible assets)

Terms of leases or useful lives, whichever is shorter

Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.

Investment in and Advances to Unconsolidated Joint Ventures

The Company accounts for its investments in and advances to unconsolidated joint ventures (Pan and PK Sale) under the equity method of accounting, as the Company exercises significant influence, but does not control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s joint ventures consist of co-investments with two other institutional partners, which are related parties, in neighborhood and community shopping center properties. These joint ventures obtained short term recourse third party financing on their properties, thus contractually not limiting the Company’s losses to the amount of its equity investment.

On a continuous basis, the Company assesses whether there are any indicators including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent an other-than-temporary impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Deferred Charges

Costs incurred in obtaining tenant leases and long-term financing are included in Deferred charges and prepaid expenses, net in the accompanying Consolidated Balance Sheets and are amortized over the terms of the related leases or debt agreements, as applicable. Unamortized costs are expensed when the associated tenant vacates the premises or debt is extinguished before maturity. At December 31, 2009 and 2008, deferred leasing commissions totaled $1.9 million and $1.1 million, respectively, related amortization totaled $0.4 million, $0.2 million, and $21,000 for the years ended December 31, 2009, 2008 and 2007, respectively. At December 31, 2009 and 2008, deferred long-term financing charges totaled $1.9 million and $1.1 million, respectively and related amortization of deferred long-term financing charges was $0.3 million, $0.2 million and $0.1 million for the years ended December 31, 2009, 2008 and 2007, respectively.

230

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Revenue Recognition and Accounts Receivable

Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. The impact of the straight line rent adjustment increased revenue by $0.8 million, $0.6 million and $2.7 million for the years ended December 31, 2009, 2008 and 2007, respectively. Certain of these leases also provide for percentage rents based upon the level of tenant sales achieved. These percentage rents are recorded once the required level of sales is achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as recoverable operating expenses as incurred.

The Company makes estimates of the uncollectibility of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad-debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. The Company’s reported net income is directly affected by management’s estimate of the collectability of accounts receivable. As of December 31, 2009 and 2008, the allowance for doubtful accounts was approximately $1.4 million and $0.3 million, respectively.

Income Taxes

No provision has been made for federal income taxes, since the Company’s operations are included in the tax returns of the Members.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash investments in excess of insured amounts, tenant receivables, and interest rate exposure.

Cash and cash equivalent balances are maintained with one financial institution and may exceed insurable amounts. The Company believes it mitigates risk by investing in a major financial institution and primarily in funds that are currently U.S. Federal government insured. Recoverability of investments is dependent upon the performance of the issuer.

The Company performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits. Though these security deposits are insufficient to meet the terminal value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with replacing the tenants. At December 31, 2009, the Company’s five largest tenants included Safeway, Ross, AMC, La Curacao, and CVS which represent approximately 4.2%, 2.8%, 2.3%, 2.0%, and 1.8%, respectively, of the Company’s annualized base rental revenues.

The Company measures its derivative instruments at fair value records them in the Consolidated Balance Sheets as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow he dges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance of the FASB’s ASC.

Reclassifications

Certain reclassifications have been made to the 2008 and 2007 balances to conform to the 2009 presentation.

231

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

New Accounting Pronouncements

In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. As of December 31, 2009 the adoption of this guidance has not had a material effect on the Company’s financial position or results of operations.

In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The adoption of this guidance did not ha ve a material impact on the Company’s financial position or results of operations.

232

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly. Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. This guidance was effective for interim and annual reporting periods ending after June 15, 2009 , and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

Real Estate

The Company’s components of Rental Property consist of the following

(in thousands):

		December 31, 2009		December 31, 2008
Land	$	244,521	$	247,617
Land improvements		112,082		115,249
Building and improvements
Buildings		478,494		492,050
Building improvements		256,145		263,141
Tenant improvements		108,839		110,675
		1,200,081		1,228,732

Accumulated depreciation		(124,295)		(89,438)

Real estate, net	$	1,075,786		1,139,294

233

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Investments in and Advances to Real Estate Joint Ventures

Summarized financial information for Pan and PK Sale real estate joint ventures, as of December 31, 2009 and 2008 and for the years ended December 31, 2009, 2008 and 2007 is as follows (in thousands):


		December 31, 2009						December 31, 2008
		Total		Pan Pacific Retail Properties, Inc.		PK Sale LLC		Total		Pan Pacific Retail Properties, Inc.		PK Sale LLC
Assets
Real estate, net	$	332,604	$	-	$	332,604	$	709,091	$	-	$	709,091
Real estate held for sale		78,495		-		78,495		90,834		-		90,834
Other assets		34,903		3,273		31,630		57,469		6,807		50,662
	$	446,002	$	3,273	$	$442,729	$	857,394	$	6,807	$	850,587
Liabilities and Equity
Mortgage and notes payable	$	452,089	$	-	$	452,089	$	807,361	$	-	$	807,361
Other liabilities		20,259		3,290		16,969		22,197		4,548		17,649
Equity		(26,346)		(17)		(26,329)		27,836		2,259		25,577
	$	446,002	$	3,273	$	442,729	$	857,394	$	6,807	$	850,587
Company’s investment balance	$	10,680	$	(1,208)	$	11,888	$	37,915	$	(855)	$	38,770

		For the year ended December 31,
		2009						2008						2007
		Total		Pan Pacific Retail Properties, Inc.		PK Sale LLC		Total		Pan Pacific Retail Properties, Inc		PK Sale LLC		Total		Pan Pacific Retail Properties, Inc.		PK Sale LLC
Revenues from rental property	$	31,032	$	73	$	30,959	$	39,510	$	3,830	$	35,680	$	72,367	$	39,540	$	32,827

Operating expenses		(9,164)		(89)		(9,075)		(11,307)		(790)		(10,517)		(14,680)		(7,191)		(7,489)
Interest		(18,470)		(39)		(18,431)		(34,685)		(691)		(33,994)		(73,091)		(11,561)		(61,530)
Depreciation and amortization		(12,245)		-		(12,245)		(17,651)		(2,189)		(15,462)		(37,508)		(23,595)		(13,913)
Impairment		(24,083)		-		(24,083)		(13,278)		-		(13,278)		-		-		-
Other income/(expense), net		1,548		94		1,454		679		(85)		764		10,379		8,715		1,664
		(62,414)		(34)		(62,380)		(76,242)		(3,755)		(72,487)		(114,900)		(33,632)		(81,268)
Income/(loss) from continuing operations		(31,382)		39		(31,421)		(36,732)		75		(36,807)		(42,533)		5,908		(48,441)

Discontinued operations:
Income/(loss) from discontinued operating properties		(158,007)		-		(158,007)		(42,439)		-		(42,439)		39,434		842		38,592
Gain (loss) on disposition of operating properties		3,109		-		3,109		(615)		-		(615)		(2,793)		-		(2,793)
Loss form discontinued operations		(154,898)		-		(154,898)		(43,054)		-		(43,054)		36,641		842		35,799

Net income/(loss)	$	(186,280)	$	39	$	(186,319)	$	(79,786)	$	75	$	(79,861)	$	(5,892)	$	6,750	$	(12,642)

Company’s share of net income/(loss)	$	(86,401)	$	19	$	(86,420)	$	(35,642)	$	61	$	(35,703)	$	(6,544)	$	(1,463)	$	(5,081)

PRK I's allocation of impairment charge of ($92,692), ($34,538) and ($6,480) for 2009, 2008, and 2007 respectively, are included in Equity in loss of real estate joint ventures in the Company Consolidated Statements of Operations and Comprehensive Income.

234

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

As discussed in Note 1, the properties owned by Pan and PK Sale ventures are designated as either Hold or Sell properties, based on the intent of the Members. The Hold assets were financed with new and assumed non-recourse mortgage debt that is payable monthly, with maturities ranging from 6 months to 7 years and interest rates ranging from 3.06% to 7.75%. The Sell assets were financed with a term loan facility. The term loan facility was refinanced in August 2008 as discussed below. Kimco Realty Corporation is guarantor of all sums due on the term loan facility. The Members agree to indemnify Kimco Realty Corporation for their proportionate share of any losses and or liabilities incurred, and have pledged their interests in Pan and PK Sale. All net proceeds generated from the disposition of Sell assets are to be used to pay down the term loan facility, until fully paid off.

Pan elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. As a REIT, Pan generally was not subject to corporate federal income tax (including alternative minimum tax) on net income that it distributed to its shareholders, provided that Pan satisfied certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income to its shareholders. The REIT held by Pan was liquidated on October 31, 2008.

During 2009, 2008 and 2007, assessments were made with respect to the classification and values of assets held by these real estate joint ventures. The joint ventures estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon rates that the joint ventures believe to be within a reasonable range of current market rates for each respective property. The result of analyzing the estimated fair values was to recognize impairment losses of $200.3 million, $74.6 million and $14.0 million for 2009, 2008 and 2007, respectively. The Company recognized an allocated share of the impairment loss in the amount of $92.7 million, $34.4 million and $6.5 million for 2009, 2008 and 2007, respectively. As of December 31, 2009, six assets were classified as held for use and eight assets were classified as held for sale.

During 2009, the Company recognized a non-cash impairment charge of $11.6 million against the carrying value of its investment in unconsolidated joint ventures reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during 2009. The Company’s estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property.

The preferred limited partnership units of KRC CT Acquisition Limited Partnership ("CTOP") are a component of PK Sale’s consolidated subsidiaries. These units have a stated redemption value and provide the unit holders various rates of return during the holding period. The unit holders have the right to redeem their units for cash at any time up to October, 31, 2011; at such time the Partnership may redeem all or any portion of the limited partner’s units. During December 2008, 10 of the 22 limited partners surrendered their units for a total redemption price of $9.5 million. As of December 31, 2009 the remaining noncontrolling interest was $7.8 million. The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the distinguishing liabilities from Equity guidance of the FASB ASC. The Company accounts and reports for noncontrolling inte rests in accordance with the Consolidation guidance issued by the FASB. As redemption of the units is not solely within the control of CTOP, these units are classified as a noncontrolling interest, which is reflected in Other liabilities in the PK Sale summarized financial information.

During August 2008, PK Sale entered into a new $650.0 million credit facility which bears interest at a rate of LIBOR plus 1.25% and was scheduled to mature in August 2009. This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million. Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the original $1.2 billion term loan facility, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. In August 2009, PK Sale exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010. As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million. This facility is guaranteed by Kimco Realty Corporation with a guarantee from Prudential to Kimco Realty Corporation for 85% of any guaranty payment Kimco Realty Corporation is obligated to make. Kimco Realty Corporation, as a guarantor, is subject to covenants as defined in the terms of the credit facility agreement.

235

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Discontinued Operations

The Company reports as discontinued operations, operating results of properties sold in the current period. The results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Operations and Comprehensive Income under the caption Discontinued operations. This reporting has resulted in certain reclassifications of the 2008 and 2007 financial statement amounts.

During 2009, the Company disposed of, in separate transactions, two operating properties for an aggregate sales price of approximately $20.5 million. The Company evaluated these transactions pursuant to the FASB’s real estate sales guidance. These two transactions resulted in the Company’s recognition of an aggregate net loss of approximately $4.7 million.

The components of income and expense relating to discontinued operations for the years ended December 31, 2009, 2008 and 2007 are shown below. These include the results of operations through the date of each respective sale for properties sold during 2009, 2008 and 2007 (in thousands):

		For the year ended December 31,
		2009		2008		2007
Discontinued operations:
Revenue from rental property	$	702	$	2,393	$	2,315
Operating expenses		(235)		(509)		(398)
Depreciation and amortization		(567)		(1,314)		(1,313)
Interest		(396)		(930)		(927)
Other expense, net		(9)		(1)		(15)
Loss from discontinued operating properties		(505)		(361)		(338)

Loss on disposition of properties		(4,723)		-		-

Loss from discontinued operations	$	$(5,228)	$	(361)	$	(338)

Mortgages Payable

All mortgages payable are collateralized by certain properties and are due in monthly installments of principal and/or interest.

At December 31, 2009 and 2008, the weighted average interest rate for all mortgage debt outstanding was 5.56% and 5.64%, respectively, with maturities ranging from six months to seven years and interest rates ranging from 3.06% to 7.75%.

During 2009, the Company refinanced $32.2 million in mortgage debt, which bore interest rates from 4.92% to 7.75%, with $33.0 million in mortgage debt which bears interest at LIBOR plus 5.75% and is scheduled to mature in 2012. At December 31, 2009 the rate was 6.75%. The Company sold two operating properties during 2009, and the buyers assumed an aggregate $16.8 million of individual non-recourse mortgage debt that had encumbered the two properties.

As of December 31, 2009, the scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $0.6 million, were as follows (in thousands):

2010	$	48,555
2011	$	14,475
2012	$	37,990
2013	$	-
2014	$	-
Thereafter	$	529,205

Total	$	630,225

236

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

Commitments and Contingencies

PRK I is engaged in the ownership and operation of shopping centers. PRK I leases premises in these centers to tenants pursuant to lease agreements, which provide for terms ranging generally from five to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised substantially all of the total revenues from rental property for the years ended December 31, 2009, 2008 and 2007.

As of December 31, 2009, the future minimum revenues from rental property under the terms of all noncancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are approximately as follows (in millions): 2010, $50.8; 2011, $42.8.; 2012, $33.0; 2013, $25.0; 2014, $18.8; and thereafter, $61.5.

As of December 31, 2009, the Company’s future ground rent expense obligations, under five ground lease agreements, with expirations ranging from 2013 to 2083, assuming no new or renegotiated lease terms are executed for such premises, for future years are approximately as follows (in thousands): 2010, $537; 2011, $537; 2012, $537; 2013, $517; 2014, $434; and thereafter, $13,220.

Related Party Transactions

Upon formation, the Company entered into an agreement with KRC, an affiliate of Kimco, whereby, KRC will perform services for fees relating to the management, leasing, operation, supervision and maintenance of the Company’s real estate investments. The management agreement further provides for KRC to receive construction management fees and reimbursement of general expenses, as defined. For the years ended December 31, 2009, 2008 and 2007, the Company incurred management fees of $4.1 million, $4.7 million and $4.3 million, respectively, to KRC based on 4% of Gross Income, as defined; 2% from each property and 2% as a Member distribution from the Company.

10.

Fair Value Disclosure of Financial Instruments

All financial instruments of PRK I are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values. The valuation method used to estimate fair value for fixed-rate and variable-rate debt of the Company is based on assumptions that include credit spreads, loan amounts and debt maturities. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of PRK I’s financial instruments. The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

		Carrying Value		Fair Value
Mortgages payable as of December 31, 2009	$	630,835	$	572,098
Mortgages payable as of December 31, 2008	$	649,128	$	619,412

The Company uses interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or) receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Based on these inputs the Company has determined that its interest rate swap valuations are classified within Level 2 of the fair value hierarchy.

237

PRK Holdings I LLC and Subsidiaries

Notes to Consolidated Financial Statements, continued

The table below presents the Company’s financial liabilities measured at fair value on a recurring basis as of December 31, 2009 for the two instruments, discussed in Note 11, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

		December 31, 3009		Level 1		Level 2		Level 3
Liabilities
Interest rate swaps and caps	$	248	$	-	$	248	$	-

The table below presents the Company’s financial assets measured at fair value on a nonrecurring basis as of December 31, 2009 (in thousands):

		December 31, 3009		Level 1		Level 2		Level 3
Assets:
Investments and advances in real estate joint ventures	$	10,680	$	-	$	-	$	10,680

11.

Financial Instruments – Derivatives and Hedging:

Cash Flow Hedges of Interest Rate Risk -

The Company, from time to time, hedges the future cash flows of its floating-rate debt instruments to reduce exposure to interest rate risk principally through interest rate swaps and interest rate caps with major financial institutions. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the twelve months ended December 31, 2009, the Company had no hedge ineffectiveness.

Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.

As of December 31, 2009, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivatives	Number of instruments	Notional
Interest rate cap	1	$ 33.0 million
Interest rate swap	1	$ 24.7 million

The net receipt-pay from this swap is recognized in current earnings through interest expense. For the years ended December 31, 2009, 2008 and 2007, the total interest expense was $0.4 million, $1.0 million and $1.0 million, respectively. Total interest swap paid/(received) for the years ended December 31, 2009, 2008 and 2007, was $0.4 million and $0.3 million and ($22,000), respectively.

238

EX-99.4 16 exh99_4.htm PRK HOLDINGS II LLC AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS Exhibit 99.4

Exhibit 99.4

PRK Holdings II LLC

and Subsidiaries

Consolidated Financial Statements

As of December 31, 2009 and 2008

and for the years ended

December 31, 2009, 2008 and 2007

239

PRK Holdings II LLC and Subsidiaries

Contents


	Page(s)

Report of Independent Registered Public Accounting Firm	241

Consolidated Financial Statements

Consolidated Balance Sheets	242

Consolidated Statements of Operationse	243

Consolidated Statements of Capital	244

Consolidated Statements of Cash Flows	245-246

Notes to Consolidated Financial Statements.	247-257

240

Report of Independent Registered Public Accounting Firm

To the Members of

PRK Holdings II LLC:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, capital, and cash flows present fairly, in all material respects, the financial position of PRK Holdings II LLC and its subsidiaries (collectively, the “Company”) at December 31, 2009 and 2008, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2009, conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of the statements in accordance with the standards of the Public Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of materia l misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for noncontrolling interests in 2009.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 26, 2010

241

PRK Holdings II LLC and Subsidiaries

Consolidated Balance Sheets

;

(in thousands)


		December 31, 2009		December 31, 2008
Assets
Land	$	269,883		270,000
Building and improvements		1,080,020		1,074,696
		1,349,903		1,344,696
Less: Accumulated depreciation		(141,315)		(99,013)
Real estate, net		1,208,588		1,245,683

Investments in and advances to real estate joint ventures		-		3,701
Cash and cash equivalents		10,359		10,774
Accounts receivable, net		13,231		12,661
Intangible assets, net		23,316		35,386
Deferred charges and prepaid expenses, net		6,507		5,280
Other assets		1,058		1,099
Total assets	$	1,263,059	$	1,314,584

Liabilities and Members' Capital
Mortgages payable, including fair value adjustment of $0 and $663, respectively	$	639,592		$652,049
Deficit in and advances to real estate joint ventures		37,786		-
Accounts payable and accrued expenses		10,201		9,033
Intangible liabilities, net		111,030		135,063
Other liabilities		6,581		4,522
Total liabilities		805,190		800,667

Commitments and contingencies

Members' capital		439,348		494,939
Noncontrolling interest		18,521		18,978
Total capital		457,869		513,917

Total liabilities and capital	$	1,263,059	$	1,314,584

The accompanying notes are an integral part of these consolidated financial statements.

242

PRK Holdings II LLC and Subsidiaries

Consolidated Statements of Operations

;

(in thousands)


		For the Years Ended December 31,
		2009		2008		2007
Revenues from rental property	$	103,898	$	104,928	$	86,135
Rental property expenses:
Real estate taxes		(11,779)		(13,832)		(7,841)
Operating and maintenance		(16,944)		(13,185)		(11,766)
Management fees		(4,053)		(4,422)		(4,069)

Interest expense		(36,493)		(35,211)		(29,916)
Other, net		17		918		(554)
Depreciation and amortization		(51,197)		(47,892)		(39,877)

Loss before equity in loss of real estate joint ventures		(16,551)		(8,696)		(7,888)

Equity in loss of real estate joint ventures		(93,727)		(35,870)		(5,918)

Net loss		(110,278)		(44,566)		(13,806)

Net income attributable to noncontrolling interests		110		554		162

Net loss attributable to the Company	$	(110,388)	$	(45,120)	$	(13,968)

The accompanying notes are an integral part of these consolidated financial statements.

243

PRK Holdings II LLC and Subsidiaries

Consolidated Statements of Capital

;

(in thousands)


		PR II PK Member, LLC		Kimco PK LLC		Total Members’ Capital		Noncontrolling Interest		Total Capital

Balance at January 1, 2007	$	491,390	$	86,715	$	578,105	$	19,410	$	597,515
Distributions		(9,144)		(1,614)		(10,758)		(627)		(11,385)
Net (loss)/income		(11,874)		(2,094)		(13,968)		162		(13,806)

Balance at December 31, 2007		470,372		83,007		553,379		18,945		572,324
Capital contributions		6,450		1,138		7,588		-		7,588
Distributions		(17,771)		(3,137)		(20,908)		(521)		(21,429)
Net (loss)/income		(38,352)		(6,768)		(45,120)		554		(44,566)

Balance at December 31, 2008		420,699		74,240		494,939		18,978		513,917
Capital contributions		66,135		11,671		77,806		-		77,806
Distributions		(19,558)		(3,451)		(23,009)		(567)		(23,576)
Net (loss)/income		(93,830)		(16,558)		(110,388)		110		(110,278)

Balance at December 31, 2009	$	373,446	$	65,902	$	439,348	$	18,521	$	457,869

The accompanying notes are an integral part of these consolidated financial statements.

244

PRK Holdings II LLC and Subsidiaries

Consolidated Statements of Cash Flows

;

(in thousands)

		For the Years Ended December 31,
		2009		2008		2007

Cash flows from operating activities:
Net loss	$	(110,278)	$	(44,566)	$	(13,806)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization		51,197		47,892		39,877
Amortization of lease intangibles		(20,544)		(16,961)		(11,156)
Equity in loss of real estate joint ventures		93,727		35,870		5,918
Distributions from real estate joint ventures		15,052		10,127		11,744
Change in accounts receivable, net		(570)		(3,176)		(7,281)
Change in prepaid expenses		240		(482)		285
Change in accounts payable and accrued expenses		1,168		1,738		1,325
Change in other operating assets and liabilities, net		100		195		959
Net cash flows provided by operating activities		30,092		30,637		27,865

Cash flows from investing activities:
Improvements to real estate		(5,207)		(6,231)		(2,187)
Reimbursements of advances from real estate joint ventures		9,575		-		-
Investments in and advances to real estate joint ventures		(76,867)		(9,949)		(7,011)
Net cash flows used in investing activities		(72,499)		(16,180)		(9,198)

Cash flows from financing activities:
Principal payments on rental property debt		(1,186)		(1,064)		(994)
Principal payments on debt, excluding normal amortization of rental property debt		(58,608)		-		-
Proceeds from mortgage financings		48,000		-		-
Financing origination costs		(444)		-		-
Distributions to noncontrolling interests		(567)		(521)		(627)
Capital contributions from members		77,806		7,588		-
Distributions to members		(23,009)		(20,908)		(10,758)
Net cash flows provided by (used in) financing activities		41,992		(14,905)		(12,379)

Change in cash and cash equivalents		(415)		(448)		6,288

Cash and cash equivalents, beginning of year		10,774		11,222		4,934
Cash and cash equivalents, end of year	$	10,359	$	10,774	$	11,222

Supplemental disclosure of cash flow information:
Interest paid	$	36,950	$	36,946	$	31,499

The accompanying notes are an integral part of these consolidated financial statements.

245

PRK Holdings II LLC and Subsidiaries

Consolidated Statements of Cash Flows, continued

;

(in thousands)

Supplemental disclosure of non cash activity: 2007 activity related to the December 31, 2007 transfer of interest in three "Hold" properties directly to PRKII via deemed distribution, adjustment of purchase price allocation, and elimination of intercompany interest payable. 2008 activity related to the September 30, 2008 transfer of interest of one "Hold" property and the remaining interest of the three previously distributed properties directly to PRKII via deemed distributions.

	Year ended December 31,
	2009		2008		2007

Real estate, net	-	$	59,370	$	188,222
Investment in and advances to real estate joint ventures	-	$	(46,808)	$	(53,627)
Cash and cash equivalents	-	$	2,201	$	-
Accounts receivable, net	-	$	1,051	$	-
Deferred charges and prepaid, net	-	$	355	$	351
Other assets	-	$	777	$	4,808
Mortgage payable	-	$	(15,973)	$	(95,250)
Accounts payable and accrued expenses	-	$	(86)	$	(4,082)
Other liabilities, net	-	$	(887)	$	(40,422)

The accompanying notes are an integral part of these consolidated financial statements.

246

PRK Holdings II LLC and Subsidiaries

Notes to Consolidated Financial Statements

Formation and Business

In October 2006, PR II PK Member, LLC, a wholly owned subsidiary of the Prudential Property Investment Separate Account (“PRISA 2”), a separate account sponsored by The Prudential Insurance Company of America (“Prudential”), and two Kimco Realty Corporation wholly owned subsidiaries, Kimco PK LLC (“Kimco”) and KRC Property Management I, Inc. (“KRC”), (collectively the “Members”) formed PRK Holdings II LLC (“PRK II” or “the Company”), a Delaware limited liability company. PRK II was established for the sole purpose of acquiring, selling, owning, leasing, managing and operating retail properties, obtained through the Pan Pacific Retail Properties Inc. (“Pan”) Merger transaction, through its Subsidiaries as described below (the “Merger”).

On October 31, 2006 ("Inception"), the Company together with two other Kimco/Prudential joint ventures, completed the Merger with Pan, a Real Estate Investment Trust based in Vista, California, effectively acquiring all of Pan’s assets consisting of 138 retail properties, 1 medical office property and 1 development parcel, via the purchase of all issued and outstanding Pan common stock, for a total purchase price of approximately $4.1 billion, which consisted of: $1.3 billion of non-recourse new and assumed mortgage debt, $1.2 billion of term loan facility and $1.3 billion of capital contributions.

In connection with the foregoing transaction, the Company acquired the following interests: ownership interests in 24 retail properties, and equity interests in Pan and PK Sale LLC, (“PK Sale”) a newly formed Delaware limited liability company.

Equity Interests

The Company’s interests in Pan and PK Sale originally consisted of 100% of the economic interest in eight designated retail properties, known as “Hold” properties and a 45.5763% pro-rata interest in 63 properties known as “Sell” properties. The Hold assets were financed with non-recourse mortgage debt, while the Sell assets were financed with the term loan facility. Kimco Realty Corporation is guarantor of all sums due on the term loan facility. The Members agree to indemnify Kimco Realty Corporation for their pro-rata share of any losses and or liabilities incurred, and have pledged their interests in Pan and PK Sale. All net proceeds generated from the disposition of Sell assets are to be used to pay down the term loan facility, until fully paid off (see Footnote 4 for additional disclosure). At December 31, 2009, there were 11 assets within PK Sale for which the Company had a pro-rata interest of 45.5763% and four fo r which the Company had an economic interest of 100%. On September 30, 2008, Pan transferred its interest in one “Hold” property directly to PRK II via a deemed distribution. On December 31, 2007, Pan transferred its interest in three “Hold” properties directly to PRK II via a deemed distribution.

LLC Agreement

In accordance with the Limited Liability Company Agreement (the “LLC Agreement”), generally, all capital contributions, distributions and the allocation of

income and losses from operations are allocated pro-rata to the Members, in accordance to their capital interests. The Members’ capital interests in PRK II are 85%, 15% and 0% for PRISA 2, Kimco and KRC, respectively. KRC serves as the Company’s property manager and its interest in the Company is limited and equal to 2% of all Gross Property Rents, as defined in the LLC Agreement; it has no voting rights. Distributions to KRC are accounted for as management fee expense.

Distributions of Operating Cash Flow, as defined, are to be made monthly, as follows:

first, to repay any outstanding interest or principal obligation under any Special Loans and Default Contributions, as defined.

next, to KRC in an amount equal to 2% of all Gross Property Rents for the immediately preceding month, as defined.

next, to PRISA 2 and Kimco in accordance with their Capital Interests, until the cumulative distributions received by PRISA 2 are sufficient to provide PRISA 2 with a 10% Internal Rate of Return (“IRR”), as defined.

last, to PRISA 2 and Kimco in accordance with their Percentage Interests, as defined.

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Notes to Consolidated Financial Statements, continued

Cash Flow generated as a result of the occurrence of a capital event, i.e. property sale or refinancing, are to be distributed as follows:

first, to PRISA 2 and Kimco in accordance with their Capital Interests until PRISA 2’s Preferred Return Balance, as defined, equals $0.

next, to PRISA 2 and Kimco in accordance with their Capital Interests in an amount equal to unreturned capital allocable to the respective property involved in the capital event.

last, 50% to PRISA 2 and Kimco in accordance with their respective Percentage Interests, as defined and 50% to PRISA 2 and Kimco in accordance with their Capital Interests, as defined.

As of December 31, 2009, the Company owns interests in 32 retail properties designated as Hold properties (28 consolidated and four accounted for under the equity method), aggregating 6.0 million square feet of gross leasable area (“GLA”), located in four states.

(Amounts relating to number of properties, square footage, tenant and occupancy data are unaudited.)

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of PRK II and all entities in which PRK II has a controlling financial interest or has been determined to be a primary beneficiary of a variable interest entity or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

Subsequent Events

Use of Estimates

Real Estate

Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis.

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Notes to Consolidated Financial Statements, continued

remaining term of the leases. The Company’s above-market lease intangible is included in intangible assets on the Consolidated Balance Sheets, while the below-market lease intangible is included in intangible liabilities on the Consolidated Balance Sheets; the capitalized costs of both are amortized to rental income over the estimated remaining term of the respective leases.

In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses and estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. In estimating the value of tenant relationships, management considers the nature and extent of the existing tenant relationship, the expectation of lease renewals, growth prospects, and tenant credit quality, among other factors. The value assigned to in-place leases and tenant relationships are amortized over the estimated remaining term of the leases and are included in depreciation and amortization on the Consolidated S tatement of Operations. If a lease were to be terminated prior to its stated expiration, all unamortized costs relating to that lease would be written off. The Company’s net in-place lease intangible is included in intangible assets on the Consolidated Balance Sheets; no value was ascribed to the acquired tenant relationships.

The Company’s components of intangible assets and liabilities consisted of the following (in thousands):

		December 31, 2009		December 31, 2008
Intangible assets
In-place leases	$	40,726	$	42,253
Above-market leases		17,655		18,199
		58,381		60,452
Accumulated amortization		(35,065)		(25,066)
Intangible assets, net	$	23,316	$	35,386

Intangible liabilities
Below-market leases	$	(176,037)	$	(182,900)
Accumulated amortization		65,007		47,837
Intangible liabilities, net	$	(111,030)	$	(135,063)

The estimated income from amortization of these intangible assets and liabilites during the next five years is as follows (in thousands):

Years
2010	$	2,105
2011	$	3,304
2012	$	8,700
2013	$	9,063
2014	$	9,102

The impact on rental income from the amortization of above-market lease intangibles for the years ended December 31, 2009, 2008 and 2007 was a decrease of $3.5 million, $3.5 million and $4.3 million, respectively. The impact on rental income from the amortization of below-market lease intangibles for the years ended December 31, 2009, 2008 and 2007 was an increase of $24.0 million, $20.8 million, and $22.7 million respectively.

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Notes to Consolidated Financial Statements, continued

Amortization of the in-place leases intangibles for the year ended December 31, 2009, 2008 and 2007, was $8.6 million, $7.6 million and $7.1 million, respectively; and is included in depreciation and amortization on the Consolidated Statements of Operations.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings

39 years to 50 years

Building, tenant and leasehold improvements and fixtures

(including identified intangible assets)

Terms of leases or useful lives, whichever is shorter

Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.

Real estate assets are stated at cost, less accumulated depreciation and amortization. If there is an event or a change in circumstances that indicates that the basis of a property (including any amortizable intangible assets) may not be recoverable, then management will assess any impairment in value by making a comparison of (i) the current and projected operating cash flows (undiscounted and without interest charges) of the property over its remaining useful life and (ii) the net carrying amount of the property. If the current and projected operating cash flows (undiscounted and without interest charges) are less than the carrying value of the property, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property.

Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s Consolidated Statements of Operations.

Investment in and Advances to Unconsolidated Joint Ventures

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Notes to Consolidated Financial Statements, continued

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Deferred Charges

Costs incurred in obtaining tenant leases and long-term financing are included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets and are amortized over the terms of the related leases or debt agreements, as applicable. Unamortized costs are expensed when the associated tenant vacates the premises or debt is extinguished before maturity. At December 31, 2009 and 2008, deferred leasing commissions totaled $2.5 million and $1.0 million, respectively and related amortization totaled $0.3 million, $0.2 million and $14,000 at December 31, 2009, 2008 and 2007, respectively. At December 31, 2009 and 2008, deferred long-term financing charges totaled $1.3 million and $0.9 million, respectively; related amortization of deferred long-term financing charges at December 31, 2009, 2008 and 2007 was $0.1 million, $88,000 and $84,000, respectively.

Revenue Recognition and Accounts Receivable

Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. The impact of the straight line rent adjustment increased revenue by $1.2 million, $1.0 million and $2.3 million for the years ended December 31, 2009, 2008 and 2007, respectively. Certain of these leases also provide for percentage rents based upon the level of tenant sales achieved. These percentage rents are recorded once the required level of sales is achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as recoverable operating expenses as incurred.

The Company makes estimates of the uncollectibility of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad-debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. The Company’s reported net income is directly affected by management’s estimate of the collectibility of accounts receivable. As of December 31, 2009 and 2008, the allowance for doubtful accounts was approximately $1.2 million and $0.3 million, respectively.

Income Taxes

No provision has been made for federal income taxes, since the Company’s operations are included in the tax returns of the Members.

Concentrations of Credit Risk

Cash and cash equivalent balances are maintained with one financial institution and may exceed insurable amounts. The Company believes it mitigates risk by investing in a major financial institution and primarily in funds that are currently U.S. federal government insured. Recoverability of investments is dependent upon the performance of the issuer.

The Company performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits. Though these security deposits are insufficient to meet the terminal value of a tenant’s lease obligation, they are a measure of good faith and a source of funds to offset the economic costs associated with lost rent and the costs associated with replacing the tenants. At December 31, 2009, the Company’s five largest tenants included Safeway, Albertson’s, Raley’s, Michael’s and CVS, which represent approximately 4.8%, 3.8%, 1.6%, 1.6% and 1.5%, respectively, of the Company’s annualized based rental revenue.

Reclassifications

Certain reclassifications have been made to the 2008 and 2007 balances to conform to the 2009 presentation.

New Accounting Pronouncements

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Notes to Consolidated Financial Statements, continued

grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the Codification during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing here in.

In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. As of December 31, 2009 the adoption of this guidance has not had a material effect on the Company’s financial position or results of operations.

In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The adoption of this guidance did not ha ve a material impact on the Company’s financial position or results of operations.

In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly. Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. This guidance was effective for interim and annual reporting periods ending after June 15, 2009 , and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations.

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Notes to Consolidated Financial Statements, continued

Real Estate

The Company’s components of Rental Property consist of the following

(in thousands):

		December 31, 2009		December 31, 2008
Land	$	269,883	$	270,000
Land improvements		123,375		123,375
Building and improvements
Buildings		547,031		547,031
Building improvements		286,141		285,418
Tenant improvements		123,473		118,872
		1,349,903		1,344,696

Accumulated depreciation		(141,315)		(99,013)

Real estate, net	$	1,208,588		1,245,683

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Notes to Consolidated Financial Statements, continued

Investments in and Advances to Real Estate Joint Ventures

		December 31, 2009						December 31, 2008
		Total		Pan Pacific Retail Properties, Inc		PK Sale LLC		Total		Pan Pacific Retail Properties, Inc		PK Sale LLC
Assets
Real estate, net	$	332,604	$	-	$	332,604	$	709,091	$	-	$	709,091
Real estate held for sale		78,495		-		78,495		90,834		-		90,834
Other assets		34,903		3,273		31,630		57,469		6,807		50,662
	$	446,002	$	3,273	$	$442,729	$	857,394	$	6,807	$	850,587
Liabilities and Equity
Mortgage and notes payable	$	452,089	$	-	$	452,089	$	807,361	$	-	$	807,361
Other liabilities		20,259		3,290		16,969		22,197		4,548		17,649
Equity		(26,346)		(17)		(26,329)		27,836		2,259		25,577
	$	446,002	$	3,273	$	442,729	$	857,394	$	6,807	$	850,587
Company’s investment balance	$	(37,786)	$	(496)	$	(37,290)	$	3,701	$	(392)	$	4,093

		For the year ended December 31,
		2009						2008						2007
		Total		Pan Pacific Retail Properties, Inc		PK Sale LLC		Total		Pan Pacific Retail Properties, Inc		PK Sale LLC		Total		Pan Pacific Retail Properties, Inc		PK Sale LLC
Revenues from rental property	$	31,032	$	73	$	30,959	$	39,510	$	3,830	$	35,680	$	72,367	$	39,540	$	32,827

Operating expenses		(9,164)		(89)		(9,075)		(11,307)		(790)		(10,517)		(14,680)		(7,191)		(7,489)
Interest		(18,470)		(39)		(18,431)		(34,685)		(691)		(33,994)		(73,091)		(11,561)		(61,530)
Depreciation and amortization		(12,245)		-		(12,245)		(17,651)		(2,189)		(15,462)		(37,508)		(23,595)		(13,913)
Impairment		(24,083)		-		(24,083)		(13,278)		-		(13,278)		-		-		-
Other income/(expense), net		1,548		94		1,454		679		(85)		764		10,379		8,715		1,664
		(62,414)		(34)		(62,380)		(76,242)		(3,755)		(72,487)		(114,900)		(33,632)		(81,268)
Loss from continuing operations		(31,382)		39		(31,421)		(36,732)		75		(36,807)		(42,533)		5,908		(48,441)

Discontinued operations:
Income/(loss) from discontinued operating properties		(158,007)		-		(158,007)		(42,439)		-		(42,439)		39,434		842		38,592
Gain (loss) on disposition of operating properties		3,109		-		3,109		(615)		-		(615)		(2,793)		-		(2,793)
Loss form discontinued operations		(154,898)		-		(154,898)		(43,054)		-		(43,054)		36,641		842		35,799

Net loss	$	(186,280)	$	39	$	(186,319)	$	(79,786)	$	75	$	(79,861)	$	(5,892)	$	6,750	$	(12,642)

Company’s share of net income/(loss)	$	(84,374)	$	19	$	(84,393)	$	(35,870)	$	973	$	(36,843)	$	(5,918)	$	(288)	$	(6,206)

PRK II's allocation of impairment charge of ($91,259), ($34,358) and ($6,480) for 2009, 2008, and 2007 respectively, are included in Equity in loss of real estate joint ventures in the Company Consolidated Statements of Operations and Comprehensive Income.

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Notes to Consolidated Financial Statements, continued

As discussed in Note 1, the properties owned by Pan and PK Sale ventures are designated as either Hold or Sell properties, based on the intent of the Members. The Hold assets were financed with new and assumed non-recourse mortgage debt that is payable monthly, with maturities ranging from two to 10 years and interest rates ranging from 5.45% to 8.30%. The Sell assets were financed with a term loan facility which was refinanced in August 2008 as discussed below. Kimco Realty Corporation is guarantor of all sums due on the term loan facility. The Members agree to indemnify Kimco Realty Corporation for their prorata share of any losses and or liabilities incurred, and have pledged their interests in Pan and PK Sale. All proceeds generated from the disposition of Sell assets are to be used to pay down the term loan facility.

During 2009, 2008 and 2007, assessments were made with respect to the values and classification of assets held by these real estate joint ventures. The joint ventures estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon rates that the joint ventures believe to be within a reasonable range of current market rates for each respective property. The result of analyzing the estimated fair values was to recognize impairment losses of $200.3 million, $74.6 million and $14.0 million during 2009, 2008 and 2007, respectively. The Company recognized an allocated share of the impairment loss in the amount of $91.2 million, $34.0 million and $6.4 million for 2009, 2008 and 2007, respectively. As of December 31, 2009, seven properties were classified as held for use and ei ght properties were classified as held for sale.

During 2009, the Company recognized a non-cash impairment charge of $9.4 million against the carrying value of its investment in unconsolidated joint ventures reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during 2009. The Company’s estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property.

The preferred limited partnership units of KRC CT Acquisition Limited Partnership ("CTOP") are a component of PK Sale’s consolidated subsidiaries. These units have a stated redemption value and provide the unit holders various rates of return during the holding period. The unit holders have the right to redeem their units for cash at any time up to October, 31, 2011; at such time the Partnership may redeem all or any portion of the limited partner’s units. During December 2008, 10 of the 22 limited partners surrendered their units for a total redemption price of $9.5 million. As of December 31, 2009, the remaining minority interest was $7.8 million. The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the distinguishing liabilities from Equity guidance of the FASB ASC. The Company accounts and reports for noncontrolling interests in accordan ce with the Consolidation guidance issued by the FASB. As redemption of the units is not solely within the control of CTOP, these units are classified as a noncontrolling interest, which is reflected in Other liabilities in the PK Sale summarized financial information.

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Notes to Consolidated Financial Statements, continued

Mortgages Payable

All mortgages payable are collateralized by certain properties and are due in monthly installments of principal and/or interest. At December 31, 2009 and 2008, the weighted average interest rate for all mortgage debt outstanding was 5.63%, and 5.58%, respectively, all maturing in 7 years and interest rates ranging from 5.45% to 7.88%.

During 2009, the Company refinanced $46.4 million in mortgage debt, which bore interest at a rate of 7.10%, with $48 million in mortgage debt which bears interest at a rate of 7.88% and is scheduled to mature in 2016. A capital call provided $12.3 million in funding to pay off mortgage debt of $12.3 million, which bore interest at a rate of 6.15% and matured during 2009.

As of December 31, 2009, the scheduled principal payments of all mortgages payable were as follows (in thousands):

2010	$	658
2011	$	712
2012	$	770
2013	$	832
2014	$	900
Thereafter	$	635,720

Total	$	639,592

Commitments and Contingencies

PRK II is engaged in the ownership and operation of shopping centers. PRK II leases premises in these centers to tenants pursuant to lease agreements, which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised substantially all of the total revenues from rental property for the years ended December 31, 2009, 2008 and 2007.

As of December 31, 2009, the future minimum revenues from rental property under the terms of all non cancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are approximately as follows (in millions): 2010, $53.3; 2011, $46.4; 2012, $39.4; 2013 $32.9; 2014, $22.8; and thereafter, $88.6.

As of December 31, 2009, the Company’s future ground rent expense obligations, under two ground lease agreements, with expirations ranging from 2021 to 2070, assuming no new or renegotiated lease terms are executed for such premises, for future years are approximately $2.00 per year for years 2010 through 2014, and $59.00 thereafter.

Related Party Transactions

Upon formation, the Company entered into an agreement with KRC, an affiliate of Kimco, whereby, KRC will perform services for fees relating to the management, leasing, operation, supervision and maintenance of the Company’s real estate investments. The management agreement further provides for KRC to receive construction management fees and reimbursement of general expenses, as defined. For the year ended December 31, 2009, 2008, and 2007 the Company incurred management fees of $4.1 million, $4.4 million and $4.1 million, respectively, to KRC based on 4% of Gross Income, as defined; 2% from each property and 2% as a Member distribution from the Company.

Fair Value Disclosure of Financial Instruments

All financial instruments of PRK II are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management's estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values. The valuation method used to estimate fair value for fixed-rate and variable-rate debt of the Company is based on assumptions that include credit spreads, loan amounts and debt

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Notes to Consolidated Financial Statements, continued

maturities. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of PRK II’s financial instruments. The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

		Carrying Value		Fair Value
Mortgages payable as of December 31, 2009	$	639,592	$	574,207
Mortgages payable as of December 31, 2008	$	652,049	$	621,471

The table below presents the Company’s financial liabilities measured at fair value on a nonrecurring basis as of December 31, 2009, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

		December 31, 3009		Level 1		Level 2		Level 3
Liabilities
Deficit and advances in real estate joint ventures	$	37,786	$	-	$	37,786	$	-

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Kimco Realty Corporation 10-K --12-31 405544542 5400000000 false 0000879101 Yes No Large Accelerated Filer Yes 2009-12-31

1.   Summary of Significant Accounting Policies: Business Kimco Realty Corporation (the "Company" or "Kimco"), its subsidiaries, affiliates and related real estate joint ventures are engaged principally in the operation of neighborhood and community shopping centers which are anchored generally by discount department stores, supermarkets or drugstores.  The Company also provides property management services for shopping centers owned by affiliated entities, various real estate joint ventures and unaffiliated third parties. Additionally, in connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust ("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code, as amended (the "Code"), subject to certain limitations.  As such, the Company, through its taxable REIT subsidiaries, has been engaged in various retail real estate related opportunities including (i) ground-up development projects through its wholly-owned taxable REIT subsidiaries(TRS), which wee primarily engaged in the ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) retail real estate advisory and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers and (iii) acting as an agent or principal in connection with tax deferred exchange transactions. The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property and a large tenant base.  At December 31, 2009, the Company's single largest neighborhood and community shopping center accounted for only 1.2% of the Company's annualized base rental revenues and only 1.0% of the Companys total shopping center gross leasable area ("GLA").  At December 31, 2009, the Companys five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart, and Kohls which represented approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Companys annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest. The principal business of the Company and its consolidated subsidiaries is the ownership, development, management and operation of retail shopping centers, including complementary services that capitalize on the Companys established retail real estate expertise.  The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance.  Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation and Estimates The accompanying Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the Company), its subsidiaries, all of which are wholly-owned, and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (VIE) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). All inter-company balances and transactions have been eliminated in consolidation.   GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period.  The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, including the assessment of impairments, equity method investments, marketable securities and other investments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable and the realizability of deferred tax assets.  Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates. Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements. Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired.  A property value is considered impaired only if managements estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the sales price, net of selling costs. If, in managements opinion, the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis.  The Company expenses transaction costs associated with business combinations in the period incurred.   In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the leases and managements estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease.  The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases.  Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.  Unit discounts and premiums are amortized into noncontrolling interest in income, net over the period from the date of issuance to the earliest redemption date of the units. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand.  In estimating the value of tenant relationships, management considers the nature and extent of the existing tenant relationship, the expectation of lease renewals, growth prospects and tenant credit quality, among other factors.   The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases.  If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="279.6"></td> <td width="15.733"></td> <td width="165.467"></td> </tr> <tr> <td valign="top" width="279.6"> Buildings and building improvements </td> <td valign="top" width="15.733">   </td> <td valign="top" width="165.467"> 15 to 50 years </td> </tr> <tr> <td valign="top" width="279.6"> Fixtures, leasehold and tenant improvements </td> <td valign="top" width="15.733">   </td> <td valign="top" width="165.467"> Terms of leases or useful </td> </tr> <tr> <td valign="top" width="279.6"> (including certain identified intangible assets) </td> <td valign="top" width="15.733">   </td> <td valign="top" width="165.467"> lives, whichever is shorter </td> </tr> </table> Expenditures for maintenance and repairs are charged to operations as incurred.  Significant renovations and replacements, which improve and extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Real Estate Under Development Real estate under development represents both the ground-up development of neighborhood and community shopping center projects which may be subsequently sold upon completion and projects which the Company may hold as long-term investments.  These properties are carried at cost.  The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity.  If, in managements opinion, the net sales price of assets held for resale or the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities.  These investments are recorded initially at cost and subsequently adjusted for cash contributions and distributions.  Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investments net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The Companys joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business.  These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Companys exposure to losses primarily to the amount of its equity investment; and due to the lenders exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk.  The Companys exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. The Company, on a selective basis, obtains unsecured financing for certain joint ventures.  These unsecured financings are guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make.   To recognize the character of distributions from equity investees the Company looks at the nature of the cash distribution to determine the proper character of cash flow distributions as either returns on investment, which would be included in operating activities or returns of investment, which would be included in investing activities.   On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Companys investments in unconsolidated joint ventures may be impaired. An investments value is impaired only if managements estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Companys estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property. Other Real Estate Investments Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to developers and owners of real estate.  The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investments net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Companys Other real estate investments may be impaired. An investments value is impaired only if managements estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Companys estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property. Mortgages and Other Financing Receivables Mortgages and other financing receivables consist of loans acquired and loans originated by the Company.  Loan receivables are recorded at stated principal amounts net of any discount or premium or deferred loan origination costs or fees.  The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable.  The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loans yield over the term of the related loan.  The Company evaluates the collectability of both interest and principal on each loan to determine whether it is impaired.  A loan is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms.  When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loans effective interest rate or to the value of the underlying collateral if the loan is collateralized.  Interest income on performing loans is accrued as earned.  Interest income on impaired loans is recognized on a cash basis. Cash and Cash Equivalents Cash and cash equivalents (demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less) includes tenants' security deposits, escrowed funds and other restricted deposits approximating $18.3 million and $12.5 million for the years ended December 31, 2009 and 2008, respectively. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts.  The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured.  Recoverability of investments is dependent upon the performance of the issuers. Marketable Securities The Company classifies its existing marketable equity securities as available-for-sale in accordance with the FASBs Investments-Debt and Equity Securities guidance.  These securities are carried at fair market value with unrealized gains and losses reported in stockholders equity as a component of Accumulated other comprehensive income ("OCI"). Gains or losses on securities sold are based on the specific identification method. All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity, it is not more likely than not that the Company will be required to sell the debt security before its anticipated recovery and the Company expects to recover the securitys entire amortized cost basis even if the entity does not intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.  Debt securities which contain conversion features generally are classified as available-for-sale.   On a continuous basis, management assesses whether there are any indicators that the value of the Companys marketable securities may be impaired.  A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security. Deferred Leasing and Financing Costs Costs incurred in obtaining tenant leases and long-term financing, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized over the terms of the related leases or debt agreements, as applicable.  Such capitalized costs include salaries and related costs of personnel directly involved in successful leasing efforts. Revenue Recognition and Accounts Receivable Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases.  Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income may also include payments received in connection with lease termination agreements.  In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a partial noncontrolling interest.  Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements.  Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Gains and losses from the sale of depreciated operating property and ground-up development projects are generally recognized using the full accrual method in accordance with the FASBs real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met. Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASBs real estate sales guidance. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues.  The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts.  In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims.  The Companys reported net earnings is directly affected by managements estimate of the collectability of accounts receivable. Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code. In connection with the RMA, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code.  As such, the Company is subject to federal and state income taxes on the income from these activities. Income taxes are accounted for under the asset and liability method.  Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards.  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.  The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis.  The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.   Foreign Currency Translation and Transactions Assets and liabilities of the Companys foreign operations are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year.  Gains or losses resulting from translation are included in OCI, as a separate component of the Companys stockholders equity.  Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions.  The effect of the transactions gain or loss is included in the caption Other income, net in the Consolidated Statements of Operations. Derivative/Financial Instruments The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Companys rights or obligations under the applicable derivative contract.  The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB (see Note 17). Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Companys common stock ("Common Stock") and provide the unit holders various rates of return during the holding period.  The unit holders generally have the right to redeem their units for cash at any time after one year from issuance.  The Company typically has the option to settle redemption amounts in cash or Common Stock for its convertible units.  The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the Distinguishing Liabilities from Equity guidance issued by the FASB.   The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB.  The Company identifies its noncontrolling interests separately within the equity section on the Companys Consolidated Balance Sheets.  Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Consolidated Balance Sheets.  The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented on the Companys Consolidated Statements of Operations.   Earnings Per Share The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="361.6"></td> <td width="18.6"></td> <td width="60"></td> <td width="18.6"></td> <td width="59.867"></td> <td width="15.733"></td> <td width="60.533"></td> </tr> <tr> <td valign="top" width="361.6">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60"> 2009 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="59.867"> 2008 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60.533"> 2007 </td> </tr> <tr> <td valign="bottom" width="361.6"> Computation of Basic (Loss)/Income Per Share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from continuing operations before extraordinary gain </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> 2,086  </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 248,625  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 390,534  </td> </tr> <tr> <td valign="bottom" width="361.6"> Total net gain on transfer or sale of operating properties, net of tax </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 3,867  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 1,782  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 2,708  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net income attributable to noncontrolling interests </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> (10,003) </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> (26,502) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> (44,066) </td> </tr> <tr> <td valign="bottom" width="361.6"> Discontinued operations attributable to noncontrolling interests </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 1,281  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 5,740  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain attributable to noncontrolling interests </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 4,075  </td> </tr> <tr> <td valign="bottom" width="361.6"> Preferred stock dividends </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (47,288) </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> (47,288) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> (19,659) </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations before extraordinary gain available to common shareholders </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> (51,338) </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 177,898  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 339,332  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations attributable to the Company </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 108  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 24,716  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 33,574  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 50,265  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (loss)/income attributable to the Companys common shareholders </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> (51,230) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 202,614  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 423,171  </td> </tr> <tr> <td valign="bottom" width="361.6"> Weighted average common shares Outstanding </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 350,077  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 257,811  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 252,129  </td> </tr> <tr> <td valign="bottom" width="361.6">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Basic (Loss)/Income Per Share attributable to the Company: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations before extraordinary gain </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 0.69  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 1.35  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 0.10  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 0.13  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 0.20  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (loss)/income </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 0.79  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 1.68  </td> </tr> <tr> <td valign="bottom" width="361.6">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Computation of Diluted (Loss)/Income Per Share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations before extraordinary gain available to common shareholders </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> (51,338) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 177,898  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 339,332  </td> </tr> <tr> <td valign="bottom" width="361.6"> Distributions on convertible units (a) </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> 18  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> -  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from continuing operations before extraordinary gain available to the Companys common shareholders </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> (51,338) </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 177,916  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 339,332  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations attributable to the Company </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 108  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 24,716  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 33,574  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 50,265  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (Loss)/income before extraordinary gain attributable to the Companys common shareholders </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> (51,230) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 202,632  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 423,171  </td> </tr> <tr> <td valign="bottom" width="361.6"> Weighted average common shares outstanding basic </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 350,077  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 257,811  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 252,129  </td> </tr> <tr> <td valign="bottom" width="361.6"> Effect of dilutive securities:   Stock options </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 999  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 4,929  </td> </tr> <tr> <td valign="bottom" width="361.6">   Assumed conversion of convertible units (a) </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> 33  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> -  </td> </tr> <tr> <td valign="bottom" width="361.6"> Shares for diluted earnings per common share </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 350,077  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 258,843  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 257,058  </td> </tr> <tr> <td valign="bottom" width="361.6">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Diluted (Loss)/Income Per Share attributable to the Company: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 0.69  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 1.32  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 0.09  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 0.13  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 0.20  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (loss)/income </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> 0.78  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 1.65  </td> </tr> </table> (a)    The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations before extraordinary gain per share.  Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. In addition, there were approximately 15,870,967, 13,731,767, and 3,017,400, stock options that were anti-dilutive as of December 31, 2009, 2008 and 2007, respectively. Stock Compensation The Company maintains an equity participation plan (the Plan) pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options and restricted stock grants.  Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant or ratably over four years.  In addition, the Plan provides for the granting of certain options and restricted stock to each of the Companys non-employee directors (the Independent Directors) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company accounts for stock options in accordance with the FASBs Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the statement of operations over the service period based on their fair values. Fair value is determined using the Black-Scholes option pricing formula, intended to estimate the fair value of the awards at the grant date. (See footnote 22 for additional disclosure on the assumptions and methodology.) New Accounting Pronouncements In June 2009, the FASB issued guidance (the Codification) which established the FASBs ASC as the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009.  On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting guidance. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the Codification during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing in this annual report on Form 10-K. In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008.  As of December 31, 2009 the adoption of this guidance has not had a material effect on the Companys financial position or results of operations. In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. As of December 31, 2009 the adoption of this guidance has not had a material effect on the Companys results of operations or financial position. In December 2007, the FASB issued further Consolidations guidance, which establishes accounting and reporting standards that require the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parents equity; the amount of consolidated net earnings attributable to the parent and to the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations; changes in a parents ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008.  As required, the Company has retrospectively applied the presentation to its prior year balances in its Consolidated Financial Statements. The adoption of this guidance resulted in the recording of approximately $8.0 million in income on the Companys Statement of Operations for the year ended December 31, 2009 as a result of remeasuring the Companys equity interests to fair value, in entities where there was a change in control. In March 2008, the FASB issued Derivatives and Hedging guidance, which amends and expands the previous disclosure requirements to require qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. This guidance is to be applied prospectively for the first annual reporting period beginning on or after November 15, 2008, with early application encouraged. This guidance also encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this guidance did not have a material impact on the Companys disclosures. In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In June 2008, the FASB issued additional Earnings Per Share guidance, which classifies unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities and requires them to be included in the computation of earnings per share pursuant to the two-class method.  This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008. All prior-period earnings per share data presented are to be adjusted retrospectively. The Companys adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In November 2008, the FASB issued Investments-Equity Method and Joint Ventures guidance that clarifies the accounting for certain transactions and impairment considerations involving equity method investments. This guidance applies to all investments accounted for under the equity method. It was effective for fiscal years and interim periods beginning on or after December 15, 2008. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly.  Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions.  This guidance was effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations.   In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities.  The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Financial Instruments guidance, which amends previous guidance to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. It also requires those disclosures in summarized financial information at interim reporting periods.  This guidance is effective for interim reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Companys disclosures. In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009.  The Companys adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In June 2009, the FASB issued Transfers and Servicing guidance, which amends the previous derecognition guidance and eliminates the exemption from consolidation for qualifying special-purpose entities. This guidance is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. This guidance will be effective for the Company beginning in fiscal 2010. The Company does not expect the adoption of this guidance to have a material impact on the Companys financial position or results of operations. In June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for the Company beginning in fiscal 2010. The Company is currently assessing its joint venture investments to determine the impact the adoption of this guidance will have on the Companys financial position and results of operations however, the Company does not expect the adoption of this guidance to have a material impact on the Companys financial position or results of operations. During January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation guidance, which amends and clarifies that the decrease in ownership guidance provided in the Consolidation guidance does not apply to sales of in substance real estate.  This update clarifies that an entity should apply the FASBs real estate sales guidance to such transactions.  The Company does not expect the adoption of this guidance to have a material impact on the Companys financial position or results of operations. Reclassifications Certain reclassifications have been made to 2007 and 2008 to (i) reflects a reclass of tax provisions and tax benefits from gain on sale of development properties and impairments to benefit from income taxes, net (ii) reflect a reclass of amortization of software development costs to depreciation and amortization from general and administrative expense and (iii) reflect a reclass of lender improvement escrow balances to other assets from accounts and notes receivable, to conform to the 2009 presentation.

2.   Impairments: On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Companys assets (including any related amortizable intangible assets or liabilities) may be impaired.  To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During 2008 and 2009, economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets. Increases in capitalization rates, discount rates and vacancies as well as deterioration of real estate market fundamentals impacted net operating income and leasing which further contributed to declines in real estate markets in general. As a result of the volatility and declining market conditions described above, as well as the Companys strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during 2009, aggregating approximately $175.1 million, before income tax benefit of approximately $22.5 million and noncontrolling interests of approximately $1.2 million. The Company recognized non-cash impairment charges during 2008, aggregating approximately $147.5 million, before income tax benefit of approximately $31.1 million and noncontrolling interest of approximately $1.6 million. The Company recognized non-cash impairment charges during 2007, aggregating approximately $13.8 million, before income tax benefit of approximately $5.5 million.  Details of these non-cash impairment charges are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="294"></td> <td width="21.067"></td> <td width="70"></td> <td width="21.067"></td> <td width="70.733"></td> <td width="24.133"></td> <td width="69"></td> </tr> <tr> <td valign="bottom" width="294">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70.733"> 2008 </td> <td valign="top" width="24.133">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69"> 2007 </td> </tr> <tr> <td valign="bottom" width="294"> Impairment of property carrying values </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70"> 50,000 </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70.733"> - </td> <td valign="top" width="24.133"> $ </td> <td valign="bottom" width="69"> - </td> </tr> <tr> <td valign="bottom" width="294"> Real estate under development </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70"> 2,100 </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 13,613 </td> <td valign="top" width="24.133">   </td> <td valign="bottom" width="69"> 8,500 </td> </tr> <tr> <td valign="bottom" width="294"> Investments in other real estate investments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70"> 49,279 </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> - </td> <td valign="top" width="24.133">   </td> <td valign="bottom" width="69"> - </td> </tr> <tr> <td valign="bottom" width="294"> Marketable securities and other investments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70"> 30,050 </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 118,416 </td> <td valign="top" width="24.133">   </td> <td valign="bottom" width="69"> 5,296 </td> </tr> <tr> <td valign="bottom" width="294"> Investments in real estate joint ventures </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70"> 43,658 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70.733"> 15,500 </td> <td valign="top" width="24.133">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69"> - </td> </tr> <tr> <td valign="bottom" width="294">      Total impairment charges </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70"> 175,087 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70.733"> 147,529 </td> <td valign="top" width="24.133"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="69"> 13,796 </td> </tr> </table> In addition to the impairment charges above, the Company recognized impairment charges during 2009 and 2008 of approximately $38.7 million, before an income tax benefit of approximately $11.0 million, and $11.2 million, before an income tax benefit of approximately $4.5 million, respectively, relating to certain properties held by four unconsolidated joint ventures in which the Company holds noncontrolling interests ranging from 15% to 45%. These impairment charges are included in Equity in income of joint ventures, net in the Companys Consolidated Statements of Operations.  The Company will continue to assess the value of its assets on an on-going basis.  Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 6, 8, 9, 10, and 11).

3.   Real Estate: The Companys components of Rental property consist of the following (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="300.6"></td> <td width="21"></td> <td width="79.8"></td> <td width="28.8"></td> <td width="81"></td> </tr> <tr> <td valign="top" width="300.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="189.6" colspan="3"> December 31, </td> </tr> <tr> <td valign="top" width="300.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="79.8"> 2009 </td> <td valign="top" width="28.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="81"> 2008 </td> </tr> <tr> <td valign="top" width="300.6"> Land </td> <td valign="top" width="21"> $ </td> <td valign="top" width="79.8"> 1,831,374  </td> <td valign="top" width="28.8"> $ </td> <td valign="top" width="81"> 1,394,460  </td> </tr> <tr> <td valign="top" width="300.6"> Undeveloped Land </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 106,054  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 1,185  </td> </tr> <tr> <td valign="top" width="300.6"> Buildings and improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8">   </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81">   </td> </tr> <tr> <td valign="top" width="300.6"> Buildings </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 4,411,565  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 3,847,544  </td> </tr> <tr> <td valign="top" width="300.6"> Building improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 1,103,798  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 692,040  </td> </tr> <tr> <td valign="top" width="300.6"> Tenant improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 669,540  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 633,883  </td> </tr> <tr> <td valign="top" width="300.6"> Fixtures and leasehold improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 48,008  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 35,377  </td> </tr> <tr> <td valign="top" width="300.6"> Other rental property (1) </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="79.8"> 246,217  </td> <td valign="top" width="28.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="81"> 245,452  </td> </tr> <tr> <td valign="top" width="300.6">   </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 8,416,556  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 6,849,941  </td> </tr> <tr> <td valign="top" width="300.6"> Accumulated depreciation and amortization </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="79.8"> (1,343,148) </td> <td valign="top" width="28.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="81"> (1,159,664) </td> </tr> <tr> <td valign="top" width="300.6"> Total </td> <td valign="top" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="79.8"> 7,073,408  </td> <td valign="top" width="28.8"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="81"> 5,690,277  </td> </tr> </table> (1) At December 31, 2009 and 2008, Other rental property consisted of intangible assets including $162,477 and $161,556 respectively, of in-place leases, $21,851 and $22,400 respectively, of tenant relationships, and $61,889 and $61,496 respectively, of above-market leases. In addition, at December 31, 2009 and 2008, the Company had intangible liabilities relating to below-market leases from property acquisitions of approximately $196.2 million and $171.4 million, respectively.  These amounts are included in the caption Other liabilities in the Companys Consolidated Balance Sheets.  The estimated amortization expense associated with the Companys intangible assets for the future five years are as follows (in millions): 2010, $14.9; 2011, $12.3; 2012, $8.1; 2013, $5.0; and 2014, $2.2.

4.   Property Acquisitions, Developments and Other Investments: Operating property acquisitions, ground-up development costs and other investments have been funded principally through the application of proceeds from the Company's public equity and unsecured debt issuances, proceeds from mortgage and construction financings, availability under the Companys revolving lines of credit and issuance of various partnership units. Operating Properties Acquisition of Operating Properties During the year ended December 31, 2009, the Company acquired, in separate transactions, 33 operating properties, comprising an aggregate 6.8 million square feet of a GLA, for an aggregate purchase price of approximately $955.4 million including the assumption of approximately $577.6 million of non-recourse mortgage debt encumbering 21 of the properties and $50.0 million in preferred stock.  Details of these transactions are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="156.667"></td> <td width="15.733"></td> <td width="104.267"></td> <td width="15.733"></td> <td width="67.667"></td> <td width="15.733"></td> <td width="58.067"></td> <td width="15.733"></td> <td width="54.467"></td> <td width="15.733"></td> <td width="49.667"></td> <td width="15.733"></td> <td width="40.733"></td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="193.667" colspan="5"> Purchase Price </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="156.667"> Property Name </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="104.267"> Location </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> Month Acquired </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> Cash/Net Assets and Liabilities </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> Debt/ Preferred Stock Assumed </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> Total </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> GLA </td> </tr> <tr> <td valign="bottom" width="156.667"> Novato Fair </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Novato, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jul-09 (1) </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="58.067"> 9,902 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="54.467"> 13,524 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.667"> 23,426 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 125 </td> </tr> <tr> <td valign="bottom" width="156.667"> Canby Square </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Canby, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 7,052 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 7,052 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 116 </td> </tr> <tr> <td valign="bottom" width="156.667"> Garrison Square </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Vancouver, WA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 3,535 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 3,535 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 70 </td> </tr> <tr> <td valign="bottom" width="156.667"> Oregon Trail Center </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Gresham, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 18,135 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 18,135 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 208 </td> </tr> <tr> <td valign="bottom" width="156.667"> Pioneer Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Springfield, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 9,823 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 9,823 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 96 </td> </tr> <tr> <td valign="bottom" width="156.667"> Powell Valley Junction </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Gresham, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 5,062 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 5,062 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 107 </td> </tr> <tr> <td valign="bottom" width="156.667"> Troutdale Market </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Troutdale, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 4,809 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 4,809 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 90 </td> </tr> <tr> <td valign="bottom" width="156.667"> Angels Camp </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Angels Camp, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 6,801 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 6,801 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 78 </td> </tr> <tr> <td valign="bottom" width="156.667"> Albany Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Albany, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 6,075 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 6,075 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 110 </td> </tr> <tr> <td valign="bottom" width="156.667"> Elverta Crossing </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Antelope, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 8,765 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 8,765 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 120 </td> </tr> <tr> <td valign="bottom" width="156.667"> Park Place </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Vallejo, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 15,655 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 15,655 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 151 </td> </tr> <tr> <td valign="bottom" width="156.667"> Medford, Center </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Medford, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 21,158 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 21,158 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 335 </td> </tr> <tr> <td valign="bottom" width="156.667"> PL Retail, LLC Acquisition </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Various </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (3) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 210,994 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> 614,081 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> 825,075 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> 5,160 </td> </tr> <tr> <td valign="top" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="top" width="104.267"> Total Acquisitions </td> <td valign="top" width="15.733">   </td> <td valign="top" width="67.667">   </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.067"> 327,766 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="54.467"> 627,605 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.667"> 955,371 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="40.733"> 6,766 </td> </tr> </table> The Company acquired this property from a joint venture in which the Company had a 10% noncontrolling ownership interest.  This transaction resulted in a gain of approximately $0.3 million as a result of remeasuring the Companys 10% noncontrolling equity interest to fair value. The Company acquired this property from a joint venture in which the Company had a 15% noncontrolling ownership interest.  This transaction resulted in a gain of approximately $0.1 million as a result of remeasuring the Companys 15% noncontrolling equity interest to fair value. The Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, in which the Company held a 15% noncontrolling interest prior to this transaction.  The 21 shopping centers comprise approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1).  The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLCs gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock.  The purchase price includes approximately $20 million for the purchase of development rights for one shopping center.  Subsequent to the acquisition of these properties, the Company repaid an aggregate of approximately $269 million of the non-recourse mortgage debt which encumbered 10 properties.  This transaction resulted in a gain of approximately $7.6 million as a result of remeasuring the Companys 15% noncontrolling equity interest to fair value.   During the year ended December 31, 2008, the Company acquired, in separate transactions, 10 operating properties, comprising an aggregate 1.2 million square feet of a GLA, for an aggregate purchase price of approximately $215.9 million including the assumption of approximately $96.2 million of non-recourse mortgage debt encumbering four of the properties.  Details of these transactions are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="156.667"></td> <td width="15.733"></td> <td width="104.267"></td> <td width="15.733"></td> <td width="67.667"></td> <td width="15.733"></td> <td width="58.067"></td> <td width="15.733"></td> <td width="54.467"></td> <td width="15.733"></td> <td width="49.667"></td> <td width="15.733"></td> <td width="40.733"></td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="193.667" colspan="5"> Purchase Price </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="156.667"> Property Name </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="104.267"> Location </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> Month Acquired </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> Cash </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> Debt Assumed </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> Total </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> GLA </td> </tr> <tr> <td valign="top" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="top" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="top" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td valign="bottom" width="156.667"> U.S. Acquisitions: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td valign="bottom" width="156.667"> 108 West Germania </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Chicago, IL </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jan-08 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="58.067"> 9,250 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.667"> 9,250 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 41 </td> </tr> <tr> <td valign="bottom" width="156.667"> 1429 Walnut St </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Philadelphia, PA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jan-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 22,100 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 6,400 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 28,500 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 76 </td> </tr> <tr> <td valign="bottom" width="156.667"> 168 North Michigan Ave </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Chicago, IL </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jan-08 (1) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 13,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 13,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 74 </td> </tr> <tr> <td valign="bottom" width="156.667"> 118 Market St </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Philadelphia, PA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Feb-08 (1) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 600 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 600 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 1 </td> </tr> <tr> <td valign="bottom" width="156.667"> Alison Building </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Philadelphia, PA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Apr-08 (1) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 15,875 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 15,875 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 58 </td> </tr> <tr> <td valign="bottom" width="156.667"> Lorden Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Milford, NH </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Apr-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 5,650 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 26,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 31,650 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 149 </td> </tr> <tr> <td valign="bottom" width="156.667"> East Windsor Village </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> East Windsor, NJ </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> May-08 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 10,370 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 19,780 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 30,150 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 249 </td> </tr> <tr> <td valign="bottom" width="156.667"> Potomac Run Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Sterling, VA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Sep-08 (5) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 21,430 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> 44,046 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> 65,476 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> 361 </td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 98,275 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 96,226 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 194,501 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 1,009 </td> </tr> <tr> <td valign="bottom" width="156.667"> Latin American Acquisitions: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td valign="bottom" width="156.667"> Valinhos </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Valinhos, Brazil </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jun-08  (3) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 17,384 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 17,384 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 121 </td> </tr> <tr> <td valign="bottom" width="156.667"> Vicuna Mackenna </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Santiago, Chile </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Aug-08 (4) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 4,025 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> 4,025 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> 26 </td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Total Acquisitions </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.067"> 119,684 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="54.467"> 96,226 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.667"> 215,910 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="40.733"> 1,156 </td> </tr> </table> Property is scheduled for redevelopment. The Company acquired this property from a joint venture in which the Company had an approximate 15% noncontrolling ownership interest.   The Company provided $12.2 million as part of its 70% economic interest in this newly formed joint venture for the acquisition of this operating property and land parcel.  The Company has determined, under the provisions of the FASBs Consolidation guidance, that this joint venture is a VIE and that the Company is the primary beneficiary.  As such, the Company has consolidated this entity for accounting and reporting purposes. The Company provided a $3.0 million equity investment to a newly formed joint venture in which the Company has a 75% economic interest for the acquisition of this operating property and has determined under the provisions of the FASBs Consolidation guidance that this joint venture is a VIE and that the Company is the primary beneficiary.  As such, the Company has consolidated this entity for accounting and reporting purposes. The Company acquired this property from a joint venture in which the Company holds a 20% noncontrolling interest. The aggregate purchase price of the above mentioned 2009 and 2008 properties have been allocated to the tangible and intangible assets and liabilities of the properties in accordance with the FASBs Business Combinations guidance, at the date of acquisition, based on evaluation of information and estimates available at such date. As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation on a retrospective basis.  The allocations are finalized no later than twelve months from the acquisition date. The total aggregate fair value was allocated as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="289.2"></td> <td width="19.8"></td> <td width="66"></td> <td width="19.2"></td> <td width="63.4"></td> </tr> <tr> <td valign="top" width="289.2">   </td> <td valign="top" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="66"> 2009 </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="63.4"> 2008 </td> </tr> <tr> <td valign="top" width="289.2"> Land </td> <td valign="top" width="19.8"> $ </td> <td valign="top" width="66"> 317,052  </td> <td valign="top" width="19.2"> $ </td> <td valign="top" width="63.4"> 55,323  </td> </tr> <tr> <td valign="top" width="289.2"> Buildings </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 383,666  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 121,927  </td> </tr> <tr> <td valign="top" width="289.2"> Below Market Rents </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> (52,982) </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> (8,926) </td> </tr> <tr> <td valign="top" width="289.2"> Above Market Rents </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 38,681  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 2,167  </td> </tr> <tr> <td valign="top" width="289.2"> In-Place Leases </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 34,042  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 6,879  </td> </tr> <tr> <td valign="top" width="289.2"> Other Intangibles </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 12,602  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 2,739  </td> </tr> <tr> <td valign="top" width="289.2"> Building Improvements </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 182,318  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 28,589  </td> </tr> <tr> <td valign="top" width="289.2"> Tenant Improvements </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 27,664  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 7,147  </td> </tr> <tr> <td valign="top" width="289.2"> Mortgage Fair Value Adjustment </td> <td valign="top" width="19.8">   </td> <td valign="bottom" width="66"> 1,670  </td> <td valign="top" width="19.2">   </td> <td valign="bottom" width="63.4"> 65  </td> </tr> <tr> <td valign="top" width="289.2"> Other Assets </td> <td valign="top" width="19.8">   </td> <td valign="bottom" width="66"> 20,088  </td> <td valign="top" width="19.2">   </td> <td valign="bottom" width="63.4"> -  </td> </tr> <tr> <td valign="top" width="289.2"> Other Liabilities </td> <td valign="top" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> (9,430) </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"> -  </td> </tr> <tr> <td valign="top" width="289.2">   </td> <td valign="top" width="19.8"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="66"> 955,371  </td> <td valign="top" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="63.4"> 215,910  </td> </tr> </table> Included within the Companys consolidated operating properties are 12 consolidated entities that are VIEs and for which the Company is the primary beneficiary.   All of these entities have been established to own and operate real estate property. The Companys involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on behalf of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. At December 31, 2009, total assets of these VIEs were approximately $1.0 billion and total liabilities were approximately $542.1 million, including $363.4 million of non-recourse mortgage debt.  The classification of these assets is primarily within real estate and the classification of liabilities are primarily within mortgages payable and noncontrolling interests in the Companys Consolidated Balance Sheets. The majority of the operations of these VIEs are funded with cash flows generated from the properties.  Four of these entities are encumbered by third party non-recourse mortgage debt aggregating approximately $363.4 million.  The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience. Included within the VIEs noted above is a joint venture investment which, during 2009, the Company provided a capital contribution to and another joint venture investment for which the Company entered into an amendment to its LLC agreement.  These events were both considered reconsideration events under FASBs Consolidation guidance.  Such reconsideration determined that these two joint ventures were now VIEs and that the Company is the primary beneficiary of each joint venture.   Ground-Up Development - The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment.  During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy. Those properties previously considered merchant building have been either placed in service as long-term investment properties or included in U.S. ground-up development projects.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2009, the Company had in progress a total of 11 ground-up development projects, consisting of seven ground-up development projects located throughout Mexico, two ground-up development projects located in the U.S., one ground-up development project located in Chile, and one ground-up development project located in Brazil. During 2009, the Company expended approximately $9.9 million to purchase its partners noncontrolling partnership interests in five of its former merchant building projects.  Since there was no change in control, these transactions resulted in an adjustment to the Companys Paid-in capital of approximately $7.2 million. Long-term Investment Projects - During 2009, the Company acquired a land parcel located in Rio Claro, Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million).  This parcel will be developed into a 48,000 square foot retail shopping center.  Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.   During 2008, the Company acquired (i) 5 land parcels located throughout Mexico for an aggregate purchase price of approximately 368.2 million Mexican Pesos (MXP) (approximately USD $33.3 million), (ii) one land parcel located in Lima, Peru for a purchase price of approximately 1.9 million Peruvian Nuevo Sol (PEN) (approximately USD $0.7 million), (iii) two land parcels located in Chile for a purchase price of approximately 7.9 billion CLP (approximately USD $16.1 million) and (iv) one land parcel located in Hortolandia, Brazil for a purchase price of approximately 7.4 BRL (approximately USD $3.2 million). These nine land parcels will be developed into retail centers aggregating approximately 1.7 million square feet of gross leasable area with a total estimated aggregate project cost of approximately USD $195.5 million. During 2008, the Company acquired, through an unconsolidated joint venture investment, 11 land parcels, in separate transactions, located in various cities throughout Mexico for an aggregate purchase price of approximately 554.9 million MXP (approximately USD $48.5 million) which will be held for investment or possible future development.   Additionally, during 2008, the Company acquired, through an existing consolidated joint venture, a redevelopment property in Bronx, NY, for a purchase price of approximately $5.2 million. The property will be redeveloped into a retail center with a total estimated project cost of approximately $17.7 million. Included within the Companys ground-up development projects at December 31, 2009 are 10 consolidated entities that are VIEs and for which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments.  The Companys involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entitys expected losses, receive a majority of the entitys expected residual returns, or both.   At December 31, 2009, total assets of these VIEs were approximately $276.3 million and total liabilities were approximately $32.7 million. The classification of these assets is primarily within real estate and the classification of liabilities are primarily within accounts payable and accrued expenses in the Companys Consolidated Balance Sheets. The majority of the projected development costs to be funded to these VIEs, aggregating approximately $41.1 million, will be funded with capital contributions from the Company and when contractually obligated by the outside partner.  The Company has not provided financial support to the VIE that it was not previously contractually required to provide. Also included within the Companys ground-up developments at December 31, 2009, are 10 unconsolidated joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment.  These entities were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support.  The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.  The Company determined that it was not the primary beneficiary of these VIEs based on the fact that Company would receive less than a majority of the entity's expected losses, receive less than a majority of the entity's expected residual returns, or both.     The Companys aggregate investment in these VIEs was approximately $153.9 million as of December 31, 2009, which is included in Real estate under development in the Companys Consolidated Balance Sheets. The Companys maximum exposure to loss as a result of its involvement with these VIEs is estimated to be $230.6 million, which primarily represents the Companys current investment and estimated future funding commitments.  The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.  All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. Kimsouth - On May 12, 2006, the Company acquired an additional 48% interest in Kimsouth Realty Inc. (Kimsouth), a joint venture investment in which the Company had previously held a 44.5% noncontrolling interest, for approximately $22.9 million.  As a result of this transaction, the Companys total ownership increased to 92.5% and the Company became the controlling shareholder.  The Company commenced consolidation of Kimsouth upon the closing date.  The acquisition of the additional 48% ownership interest has been accounted for as a step acquisition with the purchase price being allocated to the identified assets and liabilities of Kimsouth. As of May 12, 2006, Kimsouth consisted of five properties, all of which have been subsequently sold and/or transferred. As of May 12, 2006, Kimsouth had approximately $133.0 million of NOL carryforwards, which could be utilized to offset future taxable income of Kimsouth.  The Company evaluated the need for a valuation allowance based on projected taxable income and determined that a valuation allowance of approximately $34.2 million was required.  As such, a purchase price adjustment of $17.5 million was recorded.  As of December 31, 2008, Kimsouth had fully utilized its NOLs.  (See Note 22 for additional information). During 2009, the Company acquired the remaining 7.5% interest in Kimsouth for approximately $5.5 million. Since there was no change in control, this transaction resulted in an adjustment to the Companys Additional paid in capital of approximately $3.9 million. During June 2006, Kimsouth contributed approximately $51.0 million, of which $47.2 million or 92.5% was provided by the Company, to fund its 15% noncontrolling interest in a newly formed joint venture with an investment group to acquire a portion of Albertsons Inc.  To maximize investment returns, the investment groups strategy with respect to this joint venture, includes refinancing, selling selected stores and the enhancement of operations at the remaining stores. Kimsouth accounts for this investment under the equity method of accounting.  During 2007, this joint venture completed the disposition of certain operating stores and a refinancing of the remaining assets in the joint venture.  As a result of these transactions, Kimsouth received a cash distribution of approximately $148.6 million.  Kimsouth had a remaining capital commitment obligation to fund up to an additional $15.0 million for general purposes.  This amount was included in Other liabilities in the Consolidated Balance Sheets.  During March 2008, the Albertsons partnership agreement was amended to release the Company of its remaining capital commitment obligation, as a result the Company recognized pre-tax income of $15.0 million from cash received in excess of the Companys investment. During 2008, the Albertsons joint venture disposed of 121 operating properties for an aggregate sales price of approximately $564.0 million, resulting in a gain of approximately $552.3 million, of which Kimsouths share was approximately $73.1 million.  During 2008, Kimsouth recognized equity in income from the Albertsons joint venture of approximately $64.4 million before income taxes, including the $73.1 million of gain and $15.0 million from cash received in excess of the Companys investment.  As a result of these transactions, Kimsouth fully reduced its deferred tax asset valuation allowance and utilized all of its remaining NOL carryforwards, which provided a tax benefit of approximately $3.1 million.   Additionally, during 2008, the Albertsons joint venture acquired six operating properties and four leasehold properties for approximately $26.0 million, including the assumption of approximately $5.8 million in non-recourse mortgage debt encumbering one of the properties. During the year ended December 31, 2007, Kimsouths income from the Albertsons joint venture aggregated approximately $49.6 million, net of income tax.  This amount includes (i) an operating loss of approximately $15.1 million, net of an income tax benefit of approximately $10.1 million, (ii) distribution in excess of Kimsouths investment of approximately $10.4 million, net of income tax expense of approximately $6.9 million, and (iii) an extraordinary gain of approximately $54.3 million, net of income tax expense of approximately $36.2 million, resulting from purchase price allocation adjustments as determined in accordance with the FASBs Business Combination guidance. In accordance with the FASBs Equity Method and Joint Venture guidance, the Company has classified its 15% share of the extraordinary gain, net of income taxes, as a separate component on the Companys Consolidated Statements of Operations. During 2007, Kimsouth sold its remaining property for an aggregate sales price of approximately $9.1 million.  This sale resulted in a gain of approximately $7.9 million, net of income taxes.

5.   Dispositions of Real Estate: Operating Real Estate - During 2009, the Company disposed of, in separate transactions, portions of six operating properties and one land parcel for an aggregate sales price of approximately $28.9 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012.  The Company evaluated these transactions pursuant to the FASBs real estate sales guidance. These seven transactions resulted in the Companys recognition of an aggregate net gain of approximately $4.1 million, net of income tax of $0.2 million. Additionally, during 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation.  This profit participation has been recorded as Income from other real estate investments in the Companys Consolidated Statements of Operations. Also during 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest. This gain has been recorded as Other income/(expense), net in the Companys Consolidated Statements of Operations. During 2009, FNC Realty Corporation (FNC), a consolidated entity in which the Company holds a 53% controlling ownership interest, disposed of two properties, in separate transactions, for an aggregate sales price of approximately $2.4 million.  These transactions resulted in an aggregate pre-tax profit of approximately $0.9 million, before noncontrolling interest of $0.5 million. This income has been recorded as Income from other real estate investments in the Companys Consolidated Statements of Operations. During 2008, FNC disposed of a property for a sales price of approximately $3.3 million.  This transaction resulted in a pre-tax profit of approximately $2.1 million, before noncontrolling interest of $1.0 million. This income has been recorded as Income from other real estate investments in the Companys Consolidated Statements of Operations. During 2008, the Company disposed of seven operating properties and a portion of four operating properties, in separate transactions, for an aggregate sales price of approximately $73.0 million, which resulted in an aggregate gain of approximately $20.0 million.  In addition, the Company partially recognized deferred gains of approximately $1.2 million on three properties relating to their transfer and partial sale in connection with the Kimco Income Fund II transaction described below. During 2007, the Company transferred 11 operating properties to a wholly-owned consolidated entity, Kimco Income Fund II (KIF II), for an aggregate purchase price of approximately $278.2 million, including non-recourse mortgage debt of $180.9 million, encumbering 11 of the properties.  During 2008, the Company transferred an additional three properties for $73.9 million, including $50.6 million in non-recourse mortgage debt.  During 2008 the Company sold a 26.4% noncontrolling ownership interest in the entity to third parties for approximately $32.5 million, which approximated the Companys cost.  The Company continues to consolidate this entity. Additionally, during 2008, the Company disposed of an operating property for approximately $21.4 million.  The Company provided seller financing for approximately $3.6 million, which bears interest at 10% per annum and is scheduled to mature on May 1, 2011.  Due to the terms of this financing, the Company has deferred its gain of $3.7 million from this sale. Additionally, during 2008, a consolidated joint venture in which the Company had a preferred equity investment disposed of a property for a sales price of approximately $35.0 million. As a result of this capital transaction, the Company received approximately $3.5 million of profit participation, before noncontrolling interest of approximately $1.1 million.  This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Companys Consolidated Statements of Operations. During 2007, the Company (i) disposed of six operating properties and completed partial sales of three operating properties, in separate transactions, for an aggregate sales price of approximately $40.0 million, which resulted in an aggregate net gain of approximately $6.4 million, after income taxes of approximately $1.6 million, and (ii) transferred one operating property, which was acquired in the first quarter of 2007, to a joint venture in which the Company holds a 15% noncontrolling ownership interest for an aggregate price of approximately $4.5 million, which represented the net book value.   During 2007, FNC disposed of, in separate transactions, seven properties and completed the partial sale of an additional property for an aggregate sales price of $10.4 million.  These transactions resulted in pre-tax profits of approximately $4.7 million, before noncontrolling interest of $3.3 million.   Additionally, during 2007, two consolidated joint ventures in which the Company had preferred equity investments disposed of, in separate transactions, their respective properties for an aggregate sales price of approximately $66.5 million.  As a result of these capital transactions, the Company received approximately $22.1 million of profit participation, before noncontrolling interest of approximately $5.6 million.  This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Companys Consolidated Statements of Operations. Ground-up Development During 2009, the Company sold, in separate transactions, five out-parcels, four land parcels and three ground leases for aggregate proceeds of approximately $19.4 million.  These transactions resulted in gains on sale of development properties of approximately $5.8 million, before income taxes of $2.3 million. During 2008, the Company sold, in separate transactions, (i) two completed merchant building projects, (ii) 21 out-parcels, (iii) a partial sale of one project and (iv) a partnership interest in one project for aggregate proceeds of approximately $73.5 million and received approximately $4.1 million of proceeds from completed earn-out requirements on three previously sold merchant building projects.  These sales resulted in gains of approximately $36.6 million, before income taxes of $14.6 million. During 2007, the Company sold, in separate transactions, (i) four of its recently completed merchant building projects, (ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land and (iv) completed partial sales of two projects, for an aggregate total proceeds of approximately $310.5 million and received approximately $3.3 million of proceeds from completed earn-out requirements on previously sold projects. These sales resulted in pre-tax gains of approximately $40.1 million, before income taxes of $16.0 million. 6.   Adjustment of Property Carrying Values: Impairments - During 2009, as part of the Companys ongoing impairment assessment, the Company determined that there were certain redevelopment mixed-use properties with estimated recoverable values that would not exceed their estimated costs.  As a result, the Company recorded an aggregate impairment of property carrying values of approximately $50.0 million, representing the excess of the carrying values of 10 properties, primarily located in Philadelphia, Chicago, New York and Boston, over their estimated fair values.   Additionally, during 2009, the Company determined that there was one ground-up development project with an estimated recoverable value that would not exceed its estimated cost.  As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimated fair value.   During 2008, the Company had determined that for two of its ground-up development projects, located in Middleburg, FL and Miramar, FL, the estimated recoverable value will not exceed their estimated cost.  As a result, the Company recorded an aggregate pre-tax adjustment of property carrying value on these projects of $7.9 million, representing the excess of the carrying values of the projects over their estimated fair values. During 2007, the Companys recorded an aggregate pre-tax adjustment of property carrying value for two of its ground-up development projects, located in Jacksonville, FL and Anchorage, AK, of $8.5 million, representing the excess of the carrying values of the projects over their estimated fair values.   These impairments were primarily due to declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery.  The Companys estimated fair values were based upon projected operating cash flows (discounted and unleveraged) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  Capitalization rates and discount rates utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties.

7.   Discontinued Operations and Assets Held for Sale: The Company reports as discontinued operations assets held-for-sale as of the end of the current period and assets sold during the period.  All results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Operations under the caption Discontinued operations.  This has resulted in certain reclassifications of 2009, 2008 and 2007 financial statement amounts. The components of Income from discontinued operations for each of the three years in the period ended December 31, 2009, are shown below.  These include the results of operations through the date of each respective sale for properties sold during 2009, 2008 and 2007(in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="386.267"></td> <td width="15.733"></td> <td width="58.067"></td> <td width="15.733"></td> <td width="61.2"></td> <td width="16.2"></td> <td width="64.8"></td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 2009 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.2"> 2008 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="64.8"> 2007 </td> </tr> <tr> <td valign="top" width="386.267"> Discontinued operations: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Revenues from rental property </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="58.067"> 47  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="61.2"> 6,316  </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="64.8"> 11,468  </td> </tr> <tr> <td valign="top" width="386.267"> Rental property expenses </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (46) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (1,031) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (3,783) </td> </tr> <tr> <td valign="top" width="386.267"> Depreciation and amortization </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (48) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (2,208) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (3,207) </td> </tr> <tr> <td valign="top" width="386.267"> Interest expense </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> -  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (116) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (597) </td> </tr> <tr> <td valign="top" width="386.267"> (Loss)/income from other real estate Investments </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (9) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> 3,451  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> 34,740  </td> </tr> <tr> <td valign="top" width="386.267"> Other (expense)/income, net </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> (116) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> 165  </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.8"> (3,013) </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> (Loss)/income from discontinued operating properties </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (172) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> 6,577  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> 35,608  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Provision for income taxes </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (235) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> -  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> -  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Loss on operating properties held for sale/sold </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (174) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (598) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (1,832) </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Gain on disposition of operating Properties </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 689  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> 20,018  </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.8"> 5,538  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Income from discontinued operations </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 108  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> 25,997  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> 39,314  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Net income attributable to noncontrolling interests </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> (1,281) </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.8"> (5,740) </td> </tr> <tr> <td valign="top" width="386.267"> Income from discontinued operations attributable to the Company </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.067"> 108  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="61.2"> 24,716  </td> <td valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="64.8"> 33,574  </td> </tr> </table> During 2008, the Company classified as held-for-sale four shopping center properties comprising approximately 0.2 million square feet of GLA.  The book value of each of these properties, aggregating approximately $16.2 million, net of accumulated depreciation of approximately $11.3 million, did not exceed each of their estimated fair value.  As a result, no adjustment of property carrying value had been recorded. The Companys determination of the fair value for these properties, aggregating approximately $28.6 million, was based upon executed contracts of sale with third parties less estimated selling costs.  During 2009 and 2008, the Company reclassified one property previously classified as held-for-sale into held-for-use and completed the sale of three of these properties. During 2007, the Company classified as held-for-sale ten shopping center properties comprising approximately 0.6 million square feet of GLA.  The book value of each of these properties, aggregating approximately $80.7 million, net of accumulated depreciation of approximately $4.9 million, did not exceed each of their estimated fair values.  As a result, no adjustment of property carrying value had been recorded. The Companys determination of the fair value for each of these properties, aggregating approximately $116.8 million, was based primarily upon executed contracts of sale with third parties less estimated selling costs.  During 2008 and 2007, the Company completed the sale of seven of these properties and reclassified three properties as held-for-use.

8.   Investment and Advances in Real Estate Joint Ventures: Kimco Prudential Joint Ventures ("KimPru") - On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (Pan Pacific), which had a total transaction value of approximately $4.1 billion, including Pan Pacifics outstanding debt totaling approximately $1.1 billion.  As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada. Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (PREI) through three separate accounts managed by PREI.  In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a newly obtained $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts.  PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios.  The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting.  In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.   During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009.  This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million.  During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010.  Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make.  As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million. This outstanding balance is anticipated to be repaid with proceeds from property sales and partner capital contributions. During 2009, KimPru sold 22 operating properties for an aggregate sales price of approximately $214.0 million, comprised of (i) 11 operating properties sold to the Company for an aggregate sales price of approximately $106.9 million.  These sales resulted in an aggregate net gain of approximately $0.9 million of which the Companys share was approximately $0.1 million and (ii) 11 operating properties and its interest in an unconsolidated joint venture, sold in separate transactions, for an aggregate sales price of approximately $107.1 million.  These sales resulted in an aggregate net loss of approximately $0.1 million.  Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility.   During 2008, KimPru sold four operating properties for an aggregate sales price of approximately $45.3 million.  Proceeds from this property sale were used to repay a portion of the outstanding balance on the $1.2 billion credit facility.   During 2007, KimPru sold, in separate transactions, 27 operating properties, two of which were sold to the Company and one development property in separate transactions, for an aggregate sales price of approximately $517.0 million.  These sales resulted in an aggregate loss of approximately $2.8 million, of which the Companys share was approximately $0.4 million. During 2009, KimPru (i) repaid approximately $52.4 million of non-recourse mortgage debt which bore interest at rates ranging from 4.92% to 8.30% and was scheduled to mature in 2009, (ii) refinanced an aggregate $46.5 million in mortgage debt encumbering four properties, which bore interest at a rate of 7.10% and matured during 2009, with $48.0 million in mortgage debt which bears interest at a rate of 7.875% and is scheduled to mature in 2016 and (iii) obtained new mortgages encumbering three properties aggregating approximately $33.0 million which bear interest at a rate of LIBOR plus 5.75% and are scheduled to mature in 2012.  Proceeds from these mortgages were used to repay a portion of the outstanding balance on the $650.0 million credit facility. During 2009, the Company recognized non-cash impairment charges of $28.5 million, against the carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets. In addition to the impairment charges above, KimPru recognized impairment charges during 2009 of approximately $223.1 million relating to (i) certain properties held by an unconsolidated joint venture within the KimPru joint venture based on estimated sales prices and (ii) a writedown against the carrying value of an unconsolidated joint venture, reflecting an other-than-temporary decline in the fair value of its investment resulting from a decline in the real estate markets.  The Companys share of these impairment charges were approximately $33.4 million, before income tax benefits of approximately $11.0 million, which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations.   During 2008, the Company recognized non-cash impairment charges of $15.5 million, against its carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a significant decline in the real estate markets during 2008.   In addition to the impairment charges above, KimPru recognized impairment charges during 2008 of approximately $74.6 million, of which the Companys share was $11.2 million, before an income tax benefit of approximately $4.5 million, relating to certain properties held by an unconsolidated joint venture within the KimPru joint venture that are deemed held-for-sale or were transitioned from held-for-sale to held-for-use properties.  During January 2007, the Company and PREI entered into a new joint venture in which the Company holds a 15% noncontrolling interest (KimPru II), which acquired 16 operating properties, aggregating 3.3 million square feet of GLA, for an aggregate purchase price of approximately $822.5 million, including the assumption of approximately $487.0 million in non-recourse mortgage debt.  Six of these properties were transferred from a joint venture in which the Company held a 5% noncontrolling ownership interest.  One of the properties was transferred from a joint venture in which the Company held a 30% noncontrolling ownership interest.  As a result of this transaction, the Company recognized profit participation of approximately $3.7 million and recognized its share of the gain. The Company accounts for its investment in KimPru II under the equity method of accounting.  In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.   During June 2009, the Company recognized a non-cash impairment charge of $4.0 million, against the carrying value of KimPru II.  This impairment reflects an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.   In addition to the impairment charges above, during 2009, KimPru II recognized non-cash impairment charges relating to two properties aggregating approximately $11.4 million based on estimated sales price.  The Companys share of these impairment charges were approximately $1.7 million, which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations.  These operating properties were sold, in separate transactions, during 2009 for an aggregate sales price of approximately $43.5 million, which resulted in no gain or loss.   The Companys estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. As of December 31, 2009, the KimPru and KimPru II portfolios were comprised of 97 shopping center properties aggregating approximately 16.3 million square feet of GLA located in 12 states.   For the year ended December 31, 2009, two of the ventures within KimPru (PRK Holdings I LLC and PRK Holdings II LLC) are considered significant subsidiaries of the Company based upon reaching certain income thresholds per the Securities and Exchange Commissions (SEC) Regulation S-X Rule 3-09.  The Companys equity in income from each of these ventures for the year ended December 31, 2009, exceeded 20% of the Companys income from continuing operations, as such the Company has included audited financial statements of these ventures as Exhibit 99.3 and Exhibit 99.4 to this annual report on Form 10-K.  Additionally, the Companys equity in income from KimPru II for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for KimPru II as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="237.467"></td> <td width="21.067"></td> <td width="53.333"></td> <td width="21.067"></td> <td width="51.067"></td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="125.467" colspan="3"> KimPru II </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="125.467" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.067"> 2008 </td> </tr> <tr> <td valign="bottom" width="237.467"> Assets: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067">   </td> </tr> <tr> <td valign="bottom" width="237.467"> Real estate, net </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="53.333"> 731.3 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.067"> 797.5 </td> </tr> <tr> <td valign="bottom" width="237.467"> Other assets </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 22.6 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.067"> 23.7 </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 753.9 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.067"> 821.2 </td> </tr> <tr> <td valign="bottom" width="237.467"> Liabilities and Members' Capital: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067">   </td> </tr> <tr> <td valign="bottom" width="237.467"> Notes payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="53.333"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.067"> - </td> </tr> <tr> <td valign="bottom" width="237.467"> Mortgages payable </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 442.8 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067"> 481.9 </td> </tr> <tr> <td valign="bottom" width="237.467"> Other liabilities </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 9.6 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067"> 10.9 </td> </tr> <tr> <td valign="bottom" width="237.467"> Noncontrolling interests </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067"> - </td> </tr> <tr> <td valign="bottom" width="237.467"> Members' capital </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 301.5 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.067"> 328.4 </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 753.9 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.067"> 821.2 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="197.4"></td> <td width="21.067"></td> <td width="48.2"></td> <td width="21.067"></td> <td width="48.8"></td> <td width="21.067"></td> <td width="48.533"></td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="187.667" colspan="5"> KimPru II </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="187.667" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> 2007 </td> </tr> <tr> <td valign="bottom" width="197.4"> Revenues from rental properties </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> 69.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> 73.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> 65.7  </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533">   </td> </tr> <tr> <td valign="bottom" width="197.4"> Operating expenses </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (18.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> (19.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> (17.5) </td> </tr> <tr> <td valign="bottom" width="197.4"> Interest expense </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (24.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> (25.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> (24.4) </td> </tr> <tr> <td valign="bottom" width="197.4"> Depreciation and amortization </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (23.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> (26.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> (18.2) </td> </tr> <tr> <td valign="bottom" width="197.4"> Impairments </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (11.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> -  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> -  </td> </tr> <tr> <td valign="bottom" width="197.4"> Other income/(expense), net </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> 11.0  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> 0.1  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> 0.4  </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> (67.2) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> (70.9) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> (59.7) </td> </tr> <tr> <td valign="bottom" width="197.4"> (Loss)/income from continuing operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> 2.4  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> 2.7  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> 6.0  </td> </tr> <tr> <td valign="bottom" width="197.4"> Discontinued operations: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533">   </td> </tr> <tr> <td valign="bottom" width="197.4"> (Loss)/income from discontinued operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (7.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> 0.2  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> 0.3  </td> </tr> <tr> <td valign="bottom" width="197.4"> Loss on disposition of properties </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> (4.5) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> -  </td> </tr> <tr> <td valign="bottom" width="197.4"> Net (loss)/income </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="48.2"> (9.1) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="48.8"> 2.9  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="48.533"> 6.3  </td> </tr> </table> Kimco Income Operating Partnership, L.P. ("KIR") - The Company holds a 45% noncontrolling limited partnership interest in KIR and has a master  management agreement whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties.   During 2009, KIR repaid three maturing non-recourse mortgages aggregating approximately $40.3 million, which bore interest at 7.57%. KIR also obtained five new non-recourse mortgages on four previously unencumbered properties aggregating approximately $45.9 million bearing interest at rates ranging from 6.30% to 7.25% with maturity dates ranging from 2012 to 2019.   In addition, during 2009, KIR refinanced approximately $27.2 million of mortgage debt  encumbering one property, which bore interest at a rate of 8.3% and matured during 2009, with new mortgage debt of approximately $27.5 million which bears interest at 7.25% and is scheduled to mature in 2014.   During 2008, KIR repaid 16 non-recourse mortgages aggregating approximately $209.6 million, which were scheduled to mature in 2008 and bore interest at rates ranging from 6.57% to 7.28%.  Proceeds from eight individual non-recourse mortgages obtained during 2008, aggregating approximately $218.3 million, bearing interest at rates ranging from 6.0% to 6.5% with maturity dates ranging from 2015 to 2018 were used to fund these repayments.   During 2008, KIR disposed of one operating property for a sales price of approximately $1.9 million.  This sale resulted in an aggregate loss of approximately $0.6 million of which the Companys share was approximately $0.3 million. During 2007, KIR disposed of three operating properties, in separate transactions, for an aggregate sales price of approximately $149.3 million.  These sales resulted in an aggregate gain of approximately $46.0 million of which the Companys share was approximately $20.7 million. During 2009, KIR recognized an impairment charge relating to one property of approximately $5.0 million.  The Companys share of this impairment charge was approximately $2.3 million which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations. This operating property is currently in foreclosure proceedings with the third party mortgage lender.   KIRs estimated fair value relating to the impairment assessment above was based upon a discounted cash flow model that include all estimated cash inflows and outflows over a specified holding period.  Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective property. As of December 31, 2009, the KIR portfolio was comprised of 62 shopping center properties aggregating approximately 13.1 million square feet of GLA located in 18 states. For the year ended December 31, 2009, KIR is considered a significant subsidiary of the Company based upon reaching certain income thresholds per the SEC Regulation S-X Rule 3-09.  The Companys equity in income from KIR for the year ended December 31, 2009, exceeded 20% of the Companys income from continuing operations, as such the Company has included audited financial statements of KIR as Exhibit 99.2 to this annual report on Form 10-K. RioCan Investments - During October 2001, the Company formed three joint ventures (collectively, the "RioCan Ventures") with RioCan Real Estate Investment Trust ("RioCan"), in which the Company has 50% noncontrolling interests, to acquire retail properties and development projects in Canada. The acquisition and development projects are to be sourced and managed by RioCan and are subject to review and approval by a joint oversight committee consisting of RioCan management and the Companys management personnel.  Capital contributions will only be required as suitable opportunities arise and are agreed to by the Company and RioCan. During 2009, the RioCan Ventures refinanced approximately $30.3 million in mortgage debt with approximately $46.1 million in mortgage debt which bears interest at rates ranging from 5.90% to 6.82% and maturity dates ranging from five years to ten years. Additionally, during June 2008, the RioCan Ventures, through a newly formed joint venture, acquired 10 operating properties, aggregating 1.1 million square feet of GLA, for an aggregate purchase price of approximately $153.4 million, including the assumption of approximately $81.1 million in non-recourse mortgage debt.   As of December 31, 2009, the RioCan Ventures, were comprised of 45 operating properties and one joint venture investment consisting of approximately 9.3 million square feet of GLA. The Companys equity in income from the Riocan Ventures for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for the RioCan Ventures  as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="222"></td> <td width="24.6"></td> <td width="66.533"></td> <td width="21.067"></td> <td width="58.8"></td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="146.4" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.533"> 2009 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.8"> 2009 </td> </tr> <tr> <td valign="bottom" width="222"> Assets: </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="66.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.8">   </td> </tr> <tr> <td valign="bottom" width="222"> Real estate, net </td> <td valign="bottom" width="24.6"> $ </td> <td valign="bottom" width="66.533"> 1,137.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.8"> 993.5 </td> </tr> <tr> <td valign="bottom" width="222"> Other assets </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.533"> 24.3 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.8"> 24.3 </td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66.533"> 1,161.7 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.8"> 1,017.8 </td> </tr> <tr> <td valign="bottom" width="222"> Liabilities and Members' Capital: </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="66.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.8">   </td> </tr> <tr> <td valign="bottom" width="222"> Mortgages payable </td> <td valign="bottom" width="24.6"> $ </td> <td valign="bottom" width="66.533"> 899.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.8"> 767.8 </td> </tr> <tr> <td valign="bottom" width="222"> Other liabilities </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="66.533"> 16.4 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.8"> 14.0 </td> </tr> <tr> <td valign="bottom" width="222"> Members' capital </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.533"> 245.9 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.8"> 236.0 </td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66.533"> 1,161.7 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.8"> 1,017.8 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="213.867"></td> <td width="27.6"></td> <td width="66"></td> <td width="26.4"></td> <td width="61.133"></td> <td width="21.067"></td> <td width="60"></td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="top" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="234.6" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="top" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> 2009 </td> <td valign="top" width="26.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 2007 </td> </tr> <tr> <td valign="bottom" width="213.867"> Revenues from rental properties </td> <td valign="bottom" width="27.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> 175.6  </td> <td valign="bottom" width="26.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> 179.7  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 170.6  </td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66">   </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> </tr> <tr> <td valign="bottom" width="213.867"> Operating expenses </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66"> (65.1) </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133"> (64.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (60.4) </td> </tr> <tr> <td valign="bottom" width="213.867"> Interest expense </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66"> (47.5) </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133"> (47.3) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (42.7) </td> </tr> <tr> <td valign="bottom" width="213.867"> Depreciation and amortization </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66"> (31.4) </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133"> (28.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (26.0) </td> </tr> <tr> <td valign="bottom" width="213.867"> Other income, net </td> <td valign="bottom" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> - </td> <td valign="bottom" width="26.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> 0.6  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 0.5  </td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="bottom" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> (144.0) </td> <td valign="bottom" width="26.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> (139.6) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (128.6) </td> </tr> <tr> <td valign="bottom" width="213.867"> Net income </td> <td valign="bottom" width="27.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66"> 31.6  </td> <td valign="bottom" width="26.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="61.133"> 40.1  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 42.0  </td> </tr> </table> Kimco / G.E. Joint Venture ("KROP") During 2001, the Company formed Kimco Retail Opportunity Portfolio ("KROP") with GE Capital Real Estate ("GECRE"), in which the Company has a 20% noncontrolling interest and manages the portfolio. During August 2006, the Company and GECRE agreed to market for sale the properties within the KROP venture. During 2009, KROP recognized an impairment charge relating to one property of approximately $2.2 million based on the estimated fair value.  The Companys share of this impairment charge was approximately $1.0 million which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations. This operating property was foreclosed on by the third party mortgage lender in exchange for forgiveness of the outstanding debt, this transaction resulted in no gain or loss.   KROPs estimated fair value relating to the impairment assessment above was based upon a discounted cash flow model that include all estimated cash inflows and outflows over a specified holding period.  Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective property. During 2008, KROP transferred an operating property to the Company for a sales price of approximately $65.5 million, including the assumption of approximately $44.0 million in non-recourse mortgage debt.  This sale resulted in a gain of $15.0 million of which the Companys share was approximately $3.0 million.  As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties. During 2007, KROP sold seven operating properties for an aggregate sales price of approximately $162.9 million.  These sales resulted in an aggregate gain of $43.1 million of which the Companys share was approximately $8.6 million. During 2007, KROP transferred ten operating properties for an aggregate sales price of approximately $267.8 million, including approximately $111.6 million of non-recourse mortgage debt, to a new joint venture in which the Company holds a 15% noncontrolling ownership interest. As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties.  The Company manages this joint venture and accounts for this investment under the equity method of accounting. Additionally, during 2007, KROP sold four operating properties to the Company for an aggregate sales price of approximately $89.1 million, including the assumption of $41.9 million in non-recourse mortgage debt. The Companys share of the gains related to these transactions has been deferred. As of December 31, 2009, the KROP portfolio was comprised of two operating properties aggregating approximately 0.1 million square feet of GLA located in two states. The Companys equity in income from KROP for the year ended December 31, 2007, exceeded 10% of the Companys income from continuing operations; as such the Company is providing summarized financial information for KROP as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="256.2"></td> <td width="21.6"></td> <td width="63.533"></td> <td width="21.067"></td> <td width="68.333"></td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="152.933" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 2008 </td> </tr> <tr> <td valign="bottom" width="256.2"> Assets: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Real estate, net </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> 67.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 83.5 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other assets </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 7.6 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 5.5 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> 75.0 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 89.0 </td> </tr> <tr> <td valign="bottom" width="256.2"> Liabilities and Members' Capital: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Mortgages payable </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> 56.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 68.4 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other liabilities </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> 0.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 1.4 </td> </tr> <tr> <td valign="bottom" width="256.2"> Noncontrolling interests </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> 4.2 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 3.9 </td> </tr> <tr> <td valign="bottom" width="256.2"> Members' capital </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 13.7 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 15.3 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> 75.0 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 89.0 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="275.667"></td> <td width="21.067"></td> <td width="49.133"></td> <td width="21.067"></td> <td width="49.133"></td> <td width="21.067"></td> <td width="52.467"></td> </tr> <tr> <td valign="bottom" width="275.667">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="192.867" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="275.667">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> 2007 </td> </tr> <tr> <td valign="bottom" width="275.667"> Revenues from rental properties </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 69.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 73.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> 65.7  </td> </tr> <tr> <td valign="bottom" width="275.667"> Operating expenses </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (18.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (19.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> (17.5) </td> </tr> <tr> <td valign="bottom" width="275.667"> Interest expense </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (24.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (25.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> (24.4) </td> </tr> <tr> <td valign="bottom" width="275.667"> Depreciation and amortization </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (23.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (26.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> (18.2) </td> </tr> <tr> <td valign="bottom" width="275.667"> Impairments of real estate </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (11.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> -  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> -  </td> </tr> <tr> <td valign="bottom" width="275.667"> Other income, net </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 10.8  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 0.1  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> 0.4  </td> </tr> <tr> <td valign="bottom" width="275.667">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> (67.2) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> (70.9) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> (59.7) </td> </tr> <tr> <td valign="bottom" width="275.667"> Income from continuing operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> 2.4  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> 2.7  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> 6.0  </td> </tr> <tr> <td valign="bottom" width="275.667"> Discontinued operations: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467">   </td> </tr> <tr> <td valign="bottom" width="275.667"> (Loss)/income from discontinued operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (7.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> 0.2  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> 0.3  </td> </tr> <tr> <td valign="bottom" width="275.667"> Loss on disposition of properties </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> (4.5) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> -  </td> </tr> <tr> <td valign="bottom" width="275.667"> Net (loss)/income </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.133"> (9.1) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.133"> 2.9  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="52.467"> 6.3  </td> </tr> </table> PL Retail - During December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC ("PL Retail"), in which the Company had a 15% noncontrolling interest and managed the portfolio.  In connection with this transaction, PL Retail had acquired 33 operating properties aggregating approximately 7.6 million square feet of GLA located in ten states.   During November 2009, the 85% owner in PL Retail sold its interest to the Company.  At the time of the transaction, PL Retail indirectly owned through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest just prior to this transaction. The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLCs gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock.  This transfer resulted in an aggregate net gain of approximately $57.5 million of which the Companys share was approximately $8.6 million. As a result of this transaction the Company now consolidates this entity. During 2009, prior to the Company acquiring PL Retail, PL Retail refinanced an aggregate $118.6 million in mortgage debt, which bore interest at rates ranging from 8.18% to 10.18% and matured during 2009, with $131.5 million in mortgage debt which bears interest at rates ranging from LIBOR plus 400 basis points to 7.70% and maturity dates ranging from 2014 to 2016. Additionally, during 2009, prior to the Company acquiring PL Retail, PL Retail recognized a non-cash impairment charge of approximately $2.6 million relating to a property held-for-sale based on its estimated sales price.  The Companys share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations. PL Retail, subsequently sold this property for a sales price of $104.0 million which resulted in a loss of approximately $1.1 million, of which the Companys share was approximately $0.2 million.  Proceeds from this sale were used to partially pay down the outstanding balance on PL Retails revolving credit facility described below. During 2007, PL Retail sold one operating property for a sales price of $40.1 million which resulted in a gain of approximately $13.5 million, of which the Companys share was approximately $2.0 million.  Proceeds from this sale were used to partially pay down the outstanding balance on PL Retails revolving credit facility described below. PL Retail had a $39.5 million unsecured revolving credit facility, which bore interest at LIBOR plus 400 basis points, with a LIBOR floor of 1.5%,and was scheduled to mature in February 2010. This facility was guaranteed by the Company and the joint venture partner had guaranteed reimbursement to the Company of 85% of any guaranty payment the Company was obligated to make.  During 2009, the joint venture fully repaid the outstanding balance and terminated this credit facility utilizing proceeds from the property sale transactions described above. The Companys equity in income from PL Retail for the period from January 1, 2009 through the transaction date of November 4, 2009, exceeded 10% of the Companys income from continuing operations; as such the Company is providing summarized financial information for PL Retail as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="256.2"></td> <td width="21.6"></td> <td width="63.533"></td> <td width="21.067"></td> <td width="68.333"></td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="152.933" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 2008 </td> </tr> <tr> <td valign="bottom" width="256.2"> Assets: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Real estate, net </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 861.8 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other assets </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533" style="border-bottom:1px solid #000000"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333" style="border-bottom:1px solid #000000"> 117.3 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 979.1 </td> </tr> <tr> <td valign="bottom" width="256.2"> Liabilities and Members' Capital: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Notes payable </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 35.6 </td> </tr> <tr> <td valign="bottom" width="256.2"> Mortgages payable </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 649.0 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other liabilities </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 10.6 </td> </tr> <tr> <td valign="bottom" width="256.2"> Noncontrolling interests </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 56.9 </td> </tr> <tr> <td valign="bottom" width="256.2"> Members' capital </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 227.0 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 979.1 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="274.267"></td> <td width="22.8"></td> <td width="53.333"></td> <td width="21.067"></td> <td width="53.333"></td> <td width="21.067"></td> <td width="56.2"></td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="top" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="205" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="top" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 2007 </td> </tr> <tr> <td valign="bottom" width="274.267"> Revenues from rental properties </td> <td valign="bottom" width="22.8"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 58.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 83.1  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 87.2  </td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2">   </td> </tr> <tr> <td valign="bottom" width="274.267"> Operating expenses </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (20.7) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> (23.9) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> (26.1) </td> </tr> <tr> <td valign="bottom" width="274.267"> Interest expense </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (27.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> (30.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> (37.1) </td> </tr> <tr> <td valign="bottom" width="274.267"> Depreciation and amortization </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (19.7) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> (23.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> (22.8) </td> </tr> <tr> <td valign="bottom" width="274.267"> Impairments of real estate </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (2.6) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> -  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> -  </td> </tr> <tr> <td valign="bottom" width="274.267"> Other (expense)/income, net </td> <td valign="bottom" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> (0.1) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 1.2  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 1.7  </td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="bottom" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> (70.1) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> (76.3) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> (84.3) </td> </tr> <tr> <td valign="bottom" width="274.267"> (Loss)/income from continuing operations </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (11.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 6.8  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> 2.9  </td> </tr> <tr> <td valign="bottom" width="274.267"> Discontinued operations: </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2">   </td> </tr> <tr> <td valign="bottom" width="274.267"> Income from discontinued operations </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> 18.9  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 0.3  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> 1.1  </td> </tr> <tr> <td valign="bottom" width="274.267"> Gain on disposition of properties </td> <td valign="bottom" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 57.5  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 13.5  </td> </tr> <tr> <td valign="bottom" width="274.267"> Net income </td> <td valign="bottom" width="22.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 64.9  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 7.1  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="56.2"> 17.5  </td> </tr> </table> InTown Suites During June 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc, which holds 138 extended stay residential properties (InTown Suites).  This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with a fixed interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, with two one-year extension options, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay. The outstanding balance on the three-year unsecured credit facility was $147.5 million as of December 31, 2008. For the year ended December 31, 2009, InTown Suites is considered a significant subsidiary of the Company based upon reaching certain income thresholds per the SEC Regulation S-X Rule 3-09.  The Companys equity in income from InTown Suites for the year ended December 31, 2009, exceeded 20% of the Companys income from continuing operations, as such the Company has included  audited financial statements of InTown Suites as Exhibit 99.1 to this annual report of Form 10-K. Kimco/UBS Joint Ventures ("KUBS") - The Company has joint venture investments with UBS Wealth Management North American Property Fund Limited ("UBS"), in which the Company has noncontrolling interests ranging from 15% to 20%.  These joint ventures, (collectively "KUBS"), were established to acquire high quality retail properties primarily financed through the use of individual non-recourse mortgages.  Capital contributions are only required as suitable opportunities arise and are agreed to by the Company and UBS.  The Company manages the properties. During 2009, KUBS refinanced $7.4 million in mortgage debt encumbering one property, which bore interest at a rate of 4.74% and matured during 2009, with $6.0 million in mortgage debt which bears interest at a rate of 6.64% and is scheduled to mature in 2014.   As of December 31, 2009, the KUBS portfolio was comprised of 43 operating properties aggregating approximately 6.2 million square feet of GLA located in 12 states. Other Real Estate Joint Ventures The Company and its subsidiaries have investments in and advances to various other real estate joint ventures.  These joint ventures are engaged primarily in the operation and development of shopping centers which are either owned or held under long-term operating leases. During 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through a joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million.  The Company accounts for its investment in this joint venture under the equity method of accounting.  The Companys aggregate investment resulting from this transaction was approximately $0.4 million.   During 2009, a joint venture in which the Company held a 10% noncontrolling interest sold an operating property to the Company for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. This sale resulted in a gain of approximately $3.4 million at the joint venture level of which the Companys share of the gain was approximately $0.3 million.  As a result of this transaction, the Company recognized a gain of approximately $0.3 million related to a change in control and remeasuring the Companys 10% noncontrolling equity interest to fair value, the Company now consolidates this entity.     During 2009, a joint venture in which the Company had a noncontrolling interest refinanced approximately $13.2 million in mortgage debt encumbering one property, which bore interest at a rate of 4.00% and matured during 2009, with $13.6 million in mortgage debt which bears interest at a rate of LIBOR plus 350 basis points and is scheduled to mature in 2012. Also during 2009, a joint venture in which the Company has a 50% noncontrolling ownership interest obtained a new three-year $53.0 million loan which bears interest at a rate of 7.85%.  Proceeds from this mortgage and an additional $15.0 million capital contribution from the partners were used to repay $68.0 million in mortgage debt, which was scheduled to mature in 2009 and bore interest at a rate of LIBOR plus 1.16%. This mortgage is jointly and severally guaranteed by the Company and the other 50% noncontrolling ownership interest holder. As of December 31, 2009, the outstanding balance on this loan was $52.8 million. Additionally during 2009, a joint venture in which the Company has a 30% noncontrolling ownership interest obtained a new $59.0 million three-year mortgage loan, which bears interest at a rate of LIBOR plus 350 basis points. The Company and the holder of the remaining 70% ownership interest guarantee, jointly and severally, up to $10.0 million of this mortgage.  As of December 31, 2009, the outstanding balance on this loan was $59.0 million. During June 2009, the Company recognized non-cash impairment charges of approximately $12.2 million, against the carrying value of its investments in six joint ventures, reflecting an other-than-temporary decline in the fair value of these investments resulting from a further decline in the real estate markets.  Estimated fair values were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated fair value debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. During 2008, the Company acquired nine operating properties, one leasehold interest and two land parcels through joint ventures in which the Company has noncontrolling interests for an aggregate purchase price of approximately $62.2 million including the assumption of approximately $20.6 million of non-recourse mortgage debt encumbering two of the properties.  The Company accounts for its investment in these joint ventures under the equity method of accounting.  The Companys aggregate investment resulting from these transactions was approximately $32.3 million.  Details of these transactions are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="175.2"></td> <td width="15.733"></td> <td width="137.867"></td> <td width="15.733"></td> <td width="63.467"></td> <td width="15.733"></td> <td width="49.067"></td> <td width="15.733"></td> <td width="49.067"></td> <td width="15.733"></td> <td width="48.6"></td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="178.2" colspan="5"> Purchase Price </td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="175.2"> Property Name </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="137.867"> Location </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.467"> Month Acquired </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.067"> Cash </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.067"> Debt </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.6"> Total </td> </tr> <tr> <td valign="bottom" width="175.2"> InTown Suites (2 extended stay residential properties, 299 units) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Houston,TX </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Feb-08 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.067"> 8,750 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="48.6"> 8,750 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> American Industries (land parcel) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Chihuahua,Mexico </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Feb-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 1,933 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 1,933 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> American Industries </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Monterrey,Mexico </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Apr-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 8,700 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 8,700 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> Little Ferry(leasehold interest) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> LittleFerry,NJ </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> June-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 5,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 5,000 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> Tacoma Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Dartmouth,Canada </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Sept-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 8,714 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 9,026 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 17,740 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> American Industries (land parcel) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> SanLuisPotosi,Mexico </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Sept-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 224 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 224 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> River Point Shopping Center </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> BritishColumbia,Canada </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Nov-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 4,486 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 11,606 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 16,092 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> Patio-Portfolio II (4 properties) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Santiago,Chile </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Nov-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 3,810 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 3,810 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Total Acquisitions </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-top:1px solid #000000; border-bottom:3px double #000000" valign="bottom" width="49.067"> 41,617 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-top:1px solid #000000; border-bottom:3px double #000000" valign="bottom" width="49.067"> 20,632 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-top:1px solid #000000; border-bottom:3px double #000000" valign="bottom" width="48.6"> 62,249 </td> </tr> </table> In addition, during 2008, two joint venture investments in which the Company holds a 50% interest in each obtained individual non-recourse mortgages totaling $77.0 million. These mortgages have interest rates ranging from 6.38% to 6.47% and maturities ranging from 2018 to 2019. Proceeds from these mortgages were used to retire $36.0 million of mortgage debt encumbering two properties held by the joint ventures. The Companys equity in income for the year ended December 31, 2009, from a joint venture that holds an operating property in Tustin, CA, in which the Company holds a noncontrolling interest (Tustin) exceeded 10% of the Companys income from continuing operations), as such the Company is providing summarized financial information for this investment below (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="235.867"></td> <td width="21.067"></td> <td width="51.2"></td> <td width="23.267"></td> <td width="49.2"></td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="123.667" colspan="3"> Tustin </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="123.667" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.2"> 2009 </td> <td valign="top" width="23.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.2"> 2008 </td> </tr> <tr> <td valign="bottom" width="235.867"> Assets: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.2">   </td> <td valign="bottom" width="23.267">   </td> <td valign="bottom" width="49.2">   </td> </tr> <tr> <td valign="bottom" width="235.867"> Real estate, net </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.2"> 187.2  </td> <td valign="bottom" width="23.267"> $ </td> <td valign="bottom" width="49.2"> 195.8 </td> </tr> <tr> <td valign="bottom" width="235.867"> Other assets </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.2"> 13.6  </td> <td valign="bottom" width="23.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.2"> 13.9 </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.2"> 200.8  </td> <td valign="bottom" width="23.267"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.2"> 209.7 </td> </tr> <tr> <td valign="bottom" width="235.867"> Liabilities and Members Capital: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.2">   </td> <td valign="bottom" width="23.267">   </td> <td valign="bottom" width="49.2">   </td> </tr> <tr> <td valign="bottom" width="235.867"> Mortgages Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.2"> 206.0  </td> <td valign="bottom" width="23.267"> $ </td> <td valign="bottom" width="49.2"> 206.0 </td> </tr> <tr> <td valign="bottom" width="235.867"> Other liabilities </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.2"> 2.8  </td> <td valign="bottom" width="23.267">   </td> <td valign="bottom" width="49.2"> 3.3 </td> </tr> <tr> <td valign="bottom" width="235.867"> Members (deficit)/capital </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.2"> (8.0) </td> <td valign="bottom" width="23.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.2"> 0.4 </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.2"> 200.8  </td> <td valign="bottom" width="23.267"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.2"> 209.7 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="197.2"></td> <td width="21.067"></td> <td width="50.4"></td> <td width="22.733"></td> <td width="54.867"></td> <td width="21.067"></td> <td width="51.267"></td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="200.333" colspan="5"> Tustin </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="200.333" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> 2009 </td> <td valign="top" width="22.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> 2007 </td> </tr> <tr> <td valign="bottom" width="197.2"> Revenues from rental properties </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> 22.6  </td> <td valign="top" width="22.733"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> 21.8  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> 3.7  </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4">   </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267">   </td> </tr> <tr> <td valign="bottom" width="197.2"> Operating expenses </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4"> (6.5) </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867"> (8.0) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267"> (1.8) </td> </tr> <tr> <td valign="bottom" width="197.2"> Interest expense </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4"> (14.0) </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867"> (15.3) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267"> (3.6) </td> </tr> <tr> <td valign="bottom" width="197.2"> Depreciation and amortization </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4"> (10.4) </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867"> (10.6) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267"> (3.3) </td> </tr> <tr> <td valign="bottom" width="197.2"> Other (expense)/income, net </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> (0.1) </td> <td valign="top" width="22.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> 4.3  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> 4.4  </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> (31.0) </td> <td valign="top" width="22.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> (29.6) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> (4.3) </td> </tr> <tr> <td valign="bottom" width="197.2"> Net loss </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.4"> (8.4) </td> <td valign="top" width="22.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="54.867"> (7.8) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.267"> (0.6) </td> </tr> </table> Summarized financial information for real estate joint ventures (excluding the seven discussed above, which are presented separately) is as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="276.267"></td> <td width="22.2"></td> <td width="58.2"></td> <td width="18.6"></td> <td width="61.8"></td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="138.6" colspan="3"> December 31, </td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> 2009 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.8"> 2008 </td> </tr> <tr> <td valign="top" width="276.267"> Assets: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2">   </td> <td valign="top" width="18.6"> </td> <td valign="top" width="61.8"> </td> </tr> <tr> <td valign="top" width="276.267"> Real estate, net </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.2"> 4,725.2 </td> <td valign="top" width="18.6"> $ </td> <td valign="top" width="61.8"> 4,739.5 </td> </tr> <tr> <td valign="top" width="276.267"> Other assets </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.2"> 333.9 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.8"> 267.1 </td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.2"> 5,059.1 </td> <td valign="top" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.8"> 5,006.6 </td> </tr> <tr> <td valign="top" width="276.267"> Liabilities and Partners/Members Capital: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2">   </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8">   </td> </tr> <tr> <td valign="top" width="276.267"> Notes payable </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.2"> 88.3 </td> <td valign="top" width="18.6"> $ </td> <td valign="top" width="61.8"> 137.1 </td> </tr> <tr> <td valign="top" width="276.267"> Mortgages payable </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 2,862.6 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 2,842.2 </td> </tr> <tr> <td valign="top" width="276.267"> Construction loans </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 109.0 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 119.6 </td> </tr> <tr> <td valign="top" width="276.267"> Other liabilities </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 146.2 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 149.0 </td> </tr> <tr> <td valign="top" width="276.267"> Noncontrolling interests </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 1.6 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 1.0 </td> </tr> <tr> <td valign="top" width="276.267"> Partners/Members capital </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.2"> 1,851.4 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.8"> 1,757.7 </td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.2"> 5,059.1 </td> <td valign="top" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.8"> 5,006.6 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="232.467"></td> <td width="20.4"></td> <td width="60.6"></td> <td width="19.8"></td> <td width="60.6"></td> <td width="21.6"></td> <td width="59.4"></td> </tr> <tr> <td valign="top" width="232.467">   </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="222" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="top" width="232.467">   </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60.6"> 2009 </td> <td valign="top" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60.6"> 2008 </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="59.4"> 2007 </td> </tr> <tr> <td valign="top" width="232.467"> Revenues from rental property </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 588.8  </td> <td valign="bottom" width="19.8"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 586.4  </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> 558.3  </td> </tr> <tr> <td valign="top" width="232.467"> Operating expenses </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> (191.9) </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> (190.7) </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> (184.5) </td> </tr> <tr> <td valign="top" width="232.467"> Interest expense </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> (166.8) </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> (180.4) </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> (174.9) </td> </tr> <tr> <td valign="top" width="232.467"> Depreciation and amortization </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> (164.5) </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> (162.4) </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> (144.4) </td> </tr> <tr> <td valign="top" width="232.467"> Other expense, net </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (36.6) </td> <td valign="bottom" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (27.0) </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> (14.7) </td> </tr> <tr> <td valign="top" width="232.467">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (559.8) </td> <td valign="bottom" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (560.5) </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> (518.5) </td> </tr> <tr> <td valign="top" width="232.467"> Income from continuing operations </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> 29.0  </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> 25.9  </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> 39.8  </td> </tr> <tr> <td valign="top" width="232.467"> Discontinued Operations: </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6">   </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6">   </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4">   </td> </tr> <tr> <td valign="top" width="232.467"> Income from discontinued operations </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> 2.1  </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> -  </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> 0.1  </td> </tr> <tr> <td valign="top" width="232.467"> Gain on dispositions of properties </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 7.8  </td> <td valign="bottom" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 13.4  </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> 104.9  </td> </tr> <tr> <td valign="top" width="232.467"> Net income </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.6"> 38.9  </td> <td valign="bottom" width="19.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.6"> 39.3  </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.4"> 144.8  </td> </tr> </table> Other liabilities included in the Companys accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling approximately $25.5 million and $9.7 million at December 31, 2009 and 2008, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP. The Companys maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.  Generally such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE.  As of December 31, 2009 and 2008, the Companys carrying value in these investments approximated $1.1 billion and $1.2 billion, respectively.   9.   Other Real Estate Investments: Preferred Equity Capital - The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties. During 2009, the Company provided, in separate transactions, an aggregate of approximately $0.4 million in investment capital to developers and owners of two real estate properties.  During 2008, the Company provided, in separate transactions, an aggregate of approximately $51.9 million in investment capital to developers and owners of 28 real estate properties.  As of December 31, 2009, the Companys net investment under the Preferred Equity program was approximately $520.8 million relating to 615 properties, including 402 net lease properties described below. For the years ended December 31, 2009, 2008 and 2007, the Company earned approximately $30.4 million, including $2.5 million of profit participation earned from five capital transactions, $66.8 million, including $24.6 million of profit participation earned from five capital transactions, and $67.1 million, including $30.5 million of profit participation earned from 18 capital transactions, respectively, from its preferred equity investments. Included in the capital transactions described above for the year ended December 31, 2008, was the sale of the Companys preferred equity investment in an operating property to its partner for approximately $29.5 million.  The Company provided seller financing to the partner for approximately CAD $24.0 million (approximately USD $23.5 million), which bears interest at a rate of 8.5% per annum and has a maturity date of June 2013.  The Company evaluated this transaction pursuant to the provisions of the FASBs real estate sales guidance and accordingly, recognized profit participation of approximately $10.8 million. Two of the capital transactions described above for the year ended December 31, 2007, were the result of the transfer of two operating properties, in separate transactions, to a joint venture in which the Company holds a 15% noncontrolling interest for an aggregate price of approximately $40.6 million, including the assumption of approximately $26.6 million in non-recourse debt.  These sales resulted in an aggregate profit participation of approximately $1.4 million. Also, included in the capital transactions described above for the year ended December 31, 2007, was the transfer of an operating property to the Company for approximately $4.5 million, including the assumption of $3.1 million in non-recourse mortgage debt. As a result of the Companys acquisition of this property, the Company did not recognize any profit participation. During 2007, the Company invested approximately $81.7 million of preferred equity capital in an entity which was comprised of 403 net leased properties which consist of 30 master leased pools with each pool leased to individual corporate operators (USRA Venture).  Each master leased pool is accounted for as a direct financing lease.  These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores.  The Company determined that this entity was a VIE, based on the fact that certain non-equity holders have the right to receive expected residual returns from this entity. The Company also determined that it was not the primary beneficiary of this VIE based on the fact that the Company is in a preferred position and would not absorb a majority of expected losses, nor would receive a majority of the entities expected residual returns.  As of December 31, 2009, these properties were encumbered by third party loans aggregating approximately $418.5 million with interest rates ranging from 5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from two years to 13 years. The Companys investment in this VIE as of December 31, 2009 was $102.4 million.  The Company has not provided financial support to the VIE that it was not previously contractually required to provide.   The Companys equity in income from the USRA Venture for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for the investment as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="367.133"></td> <td width="24"></td> <td width="48.6"></td> <td width="19.2"></td> <td width="51.4"></td> </tr> <tr> <td valign="top" width="367.133">   </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.6"> 2009 </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.4"> 2008 </td> </tr> <tr> <td valign="top" width="367.133"> Assets: </td> <td valign="top" width="24">   </td> <td valign="top" width="48.6">   </td> <td valign="top" width="19.2">   </td> <td valign="top" width="51.4">   </td> </tr> <tr> <td valign="top" width="367.133"> Investment in direct financing leases, net </td> <td valign="top" width="24"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="48.6"> 701.1 </td> <td valign="top" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="51.4"> 668.6 </td> </tr> <tr> <td valign="top" width="367.133">   </td> <td valign="top" width="24">   </td> <td valign="top" width="48.6">   </td> <td valign="top" width="19.2">   </td> <td valign="top" width="51.4">   </td> </tr> <tr> <td valign="top" width="367.133"> Liabilities and Members Capital: </td> <td valign="top" width="24">   </td> <td valign="top" width="48.6">   </td> <td valign="top" width="19.2">   </td> <td valign="top" width="51.4">   </td> </tr> <tr> <td valign="top" width="367.133"> Mortgages payable, including fair market value of debt of $85 million </td> <td valign="top" width="24"> $ </td> <td valign="top" width="48.6"> 503.5 </td> <td valign="top" width="19.2"> $ </td> <td valign="top" width="51.4"> 521.4 </td> </tr> <tr> <td valign="top" width="367.133"> Members capital </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="48.6"> 197.6 </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="51.4"> 147.2 </td> </tr> <tr> <td valign="top" width="367.133">   </td> <td valign="top" width="24"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="48.6"> 701.1 </td> <td valign="top" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="51.4"> 668.6 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="266.067"></td> <td width="27"></td> <td width="69.6"></td> <td width="20.4"></td> <td width="52.2"></td> <td width="21"></td> <td width="56.4"></td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="bottom" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="219.6" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="bottom" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> 2008 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> 2007 </td> </tr> <tr> <td valign="bottom" width="266.067"> Interest income from direct financing leases </td> <td valign="top" width="27"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> 52.6  </td> <td valign="top" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> 52.6  </td> <td valign="top" width="21"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> 25.8  </td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="top" width="27">   </td> <td valign="bottom" width="69.6">   </td> <td valign="top" width="20.4">   </td> <td valign="bottom" width="52.2">   </td> <td valign="top" width="21">   </td> <td valign="bottom" width="56.4">   </td> </tr> <tr> <td valign="bottom" width="266.067"> Interest expense </td> <td valign="top" width="27">   </td> <td valign="bottom" width="69.6"> (31.9) </td> <td valign="top" width="20.4">   </td> <td valign="bottom" width="52.2"> (32.9) </td> <td valign="top" width="21">   </td> <td valign="bottom" width="56.4"> (16.8) </td> </tr> <tr> <td valign="bottom" width="266.067"> Impairment (a) </td> <td valign="top" width="27">   </td> <td valign="bottom" width="69.6"> (20.0) </td> <td valign="top" width="20.4">   </td> <td valign="bottom" width="52.2"> -  </td> <td valign="top" width="21">   </td> <td valign="bottom" width="56.4"> -  </td> </tr> <tr> <td valign="bottom" width="266.067"> Other expense, net </td> <td valign="top" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> (0.1) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> (0.1) </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> (0.1) </td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="top" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> (52.0) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> (33.0) </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> (16.9) </td> </tr> <tr> <td valign="bottom" width="266.067"> Net Income </td> <td valign="top" width="27"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="69.6"> 0.6  </td> <td valign="top" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="52.2"> 19.6  </td> <td valign="top" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="56.4"> 8.9  </td> </tr> </table> During 2009, the Company recognized non-cash impairment charges of $49.2 million, primarily against the carrying value of 16 preferred equity investments, which hold 29 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a decline in the real estate markets. The Companys estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. The Companys equity in income from three of its preferred equity investments for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for the investments as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="214.8"></td> <td width="19.2"></td> <td width="51"></td> <td width="21"></td> <td width="42.6"></td> <td width="21"></td> <td width="45"></td> <td width="16.8"></td> <td width="45.6"></td> <td width="16.2"></td> <td width="45.6"></td> <td width="15.733"></td> <td width="50.867"></td> </tr> <tr> <td valign="bottom" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="114.6" colspan="3"> MBC(a) </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="107.4" colspan="3"> Foothills(b) </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="112.2" colspan="3"> Delray & JCC(c) </td> </tr> <tr> <td valign="bottom" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="107.4" colspan="3"> December 31, </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="bottom" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51"> 2009 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6"> 2008 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45"> 2009 </td> <td valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 2008 </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 2009 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867"> 2008 </td> </tr> <tr> <td valign="top" width="214.8"> Assets: </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="top" width="214.8"> Real estate, net </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="42.6"> 55.6 </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="45"> 93.1 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="45.6"> 95.9 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="45.6"> 21.3  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="50.867"> 31.2 </td> </tr> <tr> <td valign="top" width="214.8"> Other assets </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6"> 3.7 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45"> 4.6 </td> <td valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 5.5 </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 0.6  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867"> 0.7 </td> </tr> <tr> <td valign="top" width="214.8">   </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="42.6"> 59.3 </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45"> 97.7 </td> <td valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 101.4 </td> <td valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 21.9  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.867"> 31.9 </td> </tr> <tr> <td valign="top" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="top" width="214.8"> Liabilities and Members Capital: </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="top" width="214.8"> Mortgages payable </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="42.6"> 50.7 </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="45"> 81.0 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="45.6"> 81.0 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="45.6"> 25.0  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="50.867"> 25.0 </td> </tr> <tr> <td valign="top" width="214.8"> Other liabilities </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51"> - </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6"> 1.2 </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45"> 2.3 </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6"> 3.1 </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6"> 0.9  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867"> 0.3 </td> </tr> <tr> <td valign="top" width="214.8"> Members capital </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6"> 7.4 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45"> 14.4 </td> <td valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 17.3 </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> (4.0) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867"> 6.6 </td> </tr> <tr> <td valign="top" width="214.8">   </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="42.6"> 59.3 </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45"> 97.7 </td> <td valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 101.4 </td> <td valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 21.9  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.867"> 31.9 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="126"></td> <td width="20.4"></td> <td width="38.467"></td> <td width="20.4"></td> <td width="38.4"></td> <td width="20.4"></td> <td width="42.267"></td> <td width="20.4"></td> <td width="46.4"></td> <td width="20.4"></td> <td width="46.2"></td> <td width="20.4"></td> <td width="43.4"></td> <td width="20.4"></td> <td width="38.8"></td> <td width="20.4"></td> <td width="39.267"></td> <td width="20.4"></td> <td width="38.4"></td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="159.933" colspan="5"> MBC (a) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="176.8" colspan="5"> Foothills (b) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="157.267" colspan="5"> Delray & JCC (c) </td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="534.8" colspan="17"> Year Ended December 31, </td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 2008 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> 2007 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> 2008 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> 2007 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> 2008 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 2007 </td> </tr> <tr> <td valign="bottom" width="126"> Revenues from Rental Property </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> 6.9  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 7.3  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> 7.8  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> 13.3  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> 14.0  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> 13.4  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> 1.4  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> 1.4  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 0.6  </td> </tr> <tr> <td valign="bottom" width="126"> Operating expenses </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.467"> (3.4) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (3.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="42.267"> (3.2) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.4"> (6.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.2"> (5.8) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="43.4"> (6.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.8"> (0.9) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="39.267"> (1.1) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (0.3) </td> </tr> <tr> <td valign="bottom" width="126"> Interest expense </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.467"> (2.3) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (2.7) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="42.267"> (2.8) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.4"> (5.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.2"> (5.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="43.4"> (5.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.8"> (1.2) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="39.267"> (1.4) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (0.6) </td> </tr> <tr> <td valign="bottom" width="126"> Depreciation and amortization </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.467"> (2.5) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (2.3) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="42.267"> (3.6) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.4"> (4.6) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.2"> (4.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="43.4"> (4.4) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.8"> (0.7) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="39.267"> (0.8) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (0.1) </td> </tr> <tr> <td valign="bottom" width="126"> Other, net </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> (0.2) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 0.1  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> 0.3  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> 0.2  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> -  </td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> (8.4) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> (7.9) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> (9.3) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> (15.6) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> (14.8) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> (15.2) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> (2.8) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> (3.3) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> (1.0) </td> </tr> <tr> <td valign="bottom" width="126"> Net loss </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.467"> (1.5) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.4"> (0.6) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="42.267"> (1.5) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="46.4"> (2.3) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="46.2"> (0.8) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="43.4"> (1.8) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.8"> (1.4) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="39.267"> (1.9) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.4"> (0.4) </td> </tr> </table> Represents a preferred equity investment which holds three operating properties in Boston, MA.   The Company sold its interest in this preferred equity joint venture during 2009, as such the result from operations are for the period the investment was held. Represents a preferred equity investment which holds an operating property in Tucson, AZ. Represents a preferred equity investment which holds two properties in Delray Beach, FL. Summarized financial information relating to the Companys preferred equity investments (excluding the investments presented separately above) is as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="270.6"></td> <td width="22.2"></td> <td width="58.733"></td> <td width="21.067"></td> <td width="61.2"></td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="141" colspan="3"> December 31, </td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.733"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> 2008 </td> </tr> <tr> <td valign="top" width="270.6"> Assets: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.733">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="61.2">   </td> </tr> <tr> <td valign="top" width="270.6">    Real estate, net </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.733"> 1,886.5 </td> <td valign="top" width="21.067"> $ </td> <td valign="top" width="61.2"> 1,829.6 </td> </tr> <tr> <td valign="top" width="270.6">    Other assets </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.733"> 155.0 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.2"> 112.8 </td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.733"> 2,041.5 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.2"> 1,942.4 </td> </tr> <tr> <td valign="top" width="270.6"> Liabilities and Partners/Members Capital: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.733">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="61.2">   </td> </tr> <tr> <td valign="top" width="270.6">    Notes and mortgages payable </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.733"> 1,511.8 </td> <td valign="top" width="21.067"> $ </td> <td valign="top" width="61.2"> 1,411.2 </td> </tr> <tr> <td valign="top" width="270.6">    Other liabilities </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.733"> 64.8 </td> <td valign="top" width="21.067">   </td> <td valign="top" width="61.2"> 60.6 </td> </tr> <tr> <td valign="top" width="270.6">    Partners/Members capital </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.733"> 464.9 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.2"> 470.6 </td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.733"> 2,041.5 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.2"> 1,942.4 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="220.933"></td> <td width="24"></td> <td width="62.933"></td> <td width="21.067"></td> <td width="67.667"></td> <td width="21.067"></td> <td width="68.467"></td> </tr> <tr> <td valign="top" width="220.933">   </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="241.2" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="top" width="220.933">   </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="62.933"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> 2007 </td> </tr> <tr> <td valign="top" width="220.933"> Revenues from rental property </td> <td valign="bottom" width="24"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> 237.7  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> 238.0  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> 218.7  </td> </tr> <tr> <td valign="top" width="220.933"> Operating expenses </td> <td valign="bottom" width="24">   </td> <td valign="bottom" width="62.933"> (86.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.667"> (90.1) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.467"> (77.9) </td> </tr> <tr> <td valign="top" width="220.933"> Interest expense </td> <td valign="bottom" width="24">   </td> <td valign="bottom" width="62.933"> (72.1) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.667"> (78.1) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.467"> (82.2) </td> </tr> <tr> <td valign="top" width="220.933"> Depreciation and amortization </td> <td valign="bottom" width="24">   </td> <td valign="bottom" width="62.933"> (59.9) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.667"> (56.6) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.467"> (52.1) </td> </tr> <tr> <td valign="top" width="220.933"> Other expense, net </td> <td valign="bottom" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (9.3) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> (1.7) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> (1.6) </td> </tr> <tr> <td valign="top" width="220.933">   </td> <td valign="bottom" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (227.7) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> (226.5) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> (213.8) </td> </tr> <tr> <td valign="top" width="220.933"> Gain on disposition of properties </td> <td valign="bottom" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> 1.6  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> 8.5  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> 90.5  </td> </tr> <tr> <td valign="top" width="220.933"> Net income </td> <td valign="bottom" width="24"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="62.933"> 11.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.667"> 20.0  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.467"> 95.4  </td> </tr> </table> In addition to the net leased portfolio VIE discussed above, the Companys preferred equity investments include two additional investments that are VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment. These entities were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support.  The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.  The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company is in a preferred position and would not absorb a majority of expected losses, nor would it receive a majority of the entity's expected residual returns. The Companys aggregate investment in these VIEs was approximately $3.0 million as of December 31, 2009, which is included in Other real estate investments in the Companys Consolidated Balance Sheets. The Companys maximum exposure to loss as a result of its involvement with these VIEs is estimated to be $5.5 million, which primarily represents the Companys current investment and estimated future funding commitments.  One of these entities is encumbered by third party debt aggregating $0.9 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.  All future costs of development will be funded with capital contributions from the Company and the outside partners in accordance with their respective ownership percentages.    The Companys maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.  As of December 31, 2009 and 2008, the Companys invested capital in its preferred equity investments approximated $520.8 million and $534.0 million, respectively. Other - - During 2008, the Company sold its 18.7% interest in a real estate company located in Mexico for approximately $23.2 million resulting in a gain of approximately $7.2 million. Investment in Retail Store Leases - The Company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers.  These premises have been sublet to retailers who lease the stores pursuant to net lease agreements. Income from the investment in these retail store leases during the years ended December 31, 2009, 2008 and 2007, was approximately $0.8 million, $2.7 million and $1.2 million, respectively. These amounts represent sublease revenues during the years ended December 31, 2009, 2008 and 2007, of approximately $5.2 million, $7.1 million and $7.7 million, respectively, less related expenses of $4.4 million, $4.4 million and $5.1 million, respectively. The Company's future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases, assuming no new or renegotiated leases are executed for such premises, for future years are as follows (in millions): 2010, $6.0 and $3.7; 2011, $4.9 and $3.7; 2012, $3.8 and $2.9; 2013, $3.0 and $2.1; 2014, $1.8 and $1.2  and thereafter, $2.6 and $1.4, respectively. Leveraged Lease - During June 2002, the Company acquired a 90% equity participation interest in an existing leveraged lease of 30 properties. The properties are leased under a long-term bond-type net lease whose primary term expires in 2016, with the lessee having certain renewal option rights.  The Companys cash equity investment was approximately $4.0 million.  This equity investment is reported as a net investment in leveraged lease in accordance with the FASBs Lease guidance.     From 2002 to 2008, 18 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $31.2 million. As of December 31, 2009, the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $38.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease. As an equity participant in the leveraged lease, the Company has no recourse obligation for principal or interest payments on the debt, which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease.  Accordingly, this obligation has been offset against the related net rental receivable under the lease. At December 31, 2009 and 2008, the Companys net investment in the leveraged lease consisted of the following (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="273.867"></td> <td width="24.6"></td> <td width="62.933"></td> <td width="21.067"></td> <td width="60"></td> </tr> <tr> <td valign="top" width="273.867">   </td> <td valign="top" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="62.933"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60"> 2008 </td> </tr> <tr> <td valign="top" width="273.867"> Remaining net rentals </td> <td valign="bottom" width="24.6"> $ </td> <td valign="bottom" width="62.933"> 44.1 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> 53.8 </td> </tr> <tr> <td valign="top" width="273.867"> Estimated unguaranteed residual value </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="62.933"> 31.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> 31.7 </td> </tr> <tr> <td valign="top" width="273.867"> Non-recourse mortgage debt </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="62.933"> (34.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (38.5) </td> </tr> <tr> <td valign="top" width="273.867"> Unearned and deferred income </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (37.0) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (43.0) </td> </tr> <tr> <td valign="top" width="273.867"> Net investment in leveraged lease </td> <td valign="bottom" width="24.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="62.933"> 4.3 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 4.0 </td> </tr> </table>

10.   Mortgages and Other Financing Receivables: The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company.  For a complete listing of the Companys mortgages and other financing receivables at December 31, 2009, see Financial Statement Schedule IV included in this annual report on Form 10-K. The following table reconciles mortgage loans and other financing receivables from January 1, 2007 to December 31, 2009 (in thousands) : <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="258.867"></td> <td width="21.067"></td> <td width="65.467"></td> <td width="21.067"></td> <td width="71.6"></td> <td width="21.067"></td> <td width="67.8"></td> </tr> <tr> <td valign="bottom" width="258.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="65.467"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.6"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.8"> 2007 </td> </tr> <tr> <td valign="bottom" width="258.867"> Balance at January 1 </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="65.467"> 181,992  </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="71.6"> 153,847  </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="67.8"> 162,669  </td> </tr> <tr> <td valign="bottom" width="258.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867"> Additions: </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867">    New mortgage loans </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 8,316  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 86,247  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 62,362  </td> </tr> <tr> <td valign="bottom" width="258.867">    Additions under existing mortgage loans </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 707  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 8,268  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 38,122  </td> </tr> <tr> <td valign="bottom" width="258.867">    Foreign currency translation </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 6,324  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> -  </td> </tr> <tr> <td valign="bottom" width="258.867">    Capitalized loan costs </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 60  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 605  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 675  </td> </tr> <tr> <td valign="bottom" width="258.867">    Amortization of loan discounts </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 247  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 247  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 271  </td> </tr> <tr> <td valign="bottom" width="258.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867"> Deductions: </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867">    Collections of principal </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (43,578) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> (48,633) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> (105,277) </td> </tr> <tr> <td valign="bottom" width="258.867">    Loan foreclosures </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (17,312) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> -  </td> </tr> <tr> <td valign="bottom" width="258.867">    Loan impairments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (3,800) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> -  </td> </tr> <tr> <td valign="bottom" width="258.867">    Charge off/foreign currency translation </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> (15,630) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> (1,837) </td> </tr> <tr> <td valign="bottom" width="258.867">    Amortization of loan premiums </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (1,024) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> (2,279) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> (2,298) </td> </tr> <tr> <td valign="bottom" width="258.867">    Amortization of loan costs </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="65.467"> (600) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.6"> (680) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.8"> (840) </td> </tr> <tr> <td valign="bottom" width="258.867"> Balance at December 31 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="65.467"> 131,332  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.6"> 181,992  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.8"> 153,847  </td> </tr> </table> As noted in the table above, during 2009, the Company recognized non-cash impairment charges of approximately $3.8 million, against the carrying value of two mortgage loans.  Approximately $3.5 million of the $3.8 million of impairment charges was related to a mortgage receivable that was in default.  The Company began foreclosure proceedings on the underlying property during June 2009 and the process was completed in the fourth quarter 2009.  This impairment charge reflects the decrease in the estimated fair values of the real estate collateral.

11.   Marketable Securities: The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2009 and 2008, are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="187.867"></td> <td width="21.067"></td> <td width="71.467"></td> <td width="21.067"></td> <td width="77.267"></td> <td width="21.067"></td> <td width="75.467"></td> <td width="21.067"></td> <td width="71.133"></td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="358.533" colspan="7"> December 31, 2009 </td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> Amortized Cost </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> Gross Unrealized Gains </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> Gross Unrealized Losses </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> Estimated Fair Value </td> </tr> <tr> <td valign="top" width="187.867"> Available-for-sale: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Equity and debt securities </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.467"> 182,826 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.267"> 4,896 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="75.467"> $(21,629) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.133"> 166,093 </td> </tr> <tr> <td valign="top" width="187.867"> Held-to-maturity: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Other debt securities </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> 43,500 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> 1,454 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> (7,042) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> 37,912 </td> </tr> <tr> <td valign="top" width="187.867"> Total marketable securities </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.467"> 226,326 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="77.267"> 6,350 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="75.467"> (28,671) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.133"> 204,005 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="187.867"></td> <td width="21.067"></td> <td width="71.467"></td> <td width="21.067"></td> <td width="77.267"></td> <td width="21.067"></td> <td width="75.467"></td> <td width="21.067"></td> <td width="71.133"></td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="358.533" colspan="7"> December 31, 2008 </td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> Amortized Cost </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> Gross Unrealized Gains </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> Gross Unrealized Losses </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> Estimated Fair Value </td> </tr> <tr> <td valign="top" width="187.867"> Available-for-sale: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Equity and debt securities </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.467"> 220,560 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.267"> 122 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="75.467"> (60,518) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.133"> 160,164 </td> </tr> <tr> <td valign="top" width="187.867"> Held-to-maturity: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Other debt securities </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> 98,010 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> 2,177 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> (41,565) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> 58,622 </td> </tr> <tr> <td valign="top" width="187.867"> Total marketable securities </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.467"> $ 318,570 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="77.267"> 2,299 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="75.467"> (102,083) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.133"> 218,786 </td> </tr> </table> During February 2008, the Company acquired an aggregate $190 million Australian denominated (AUD) (approximately $170.1 million USD) convertible notes issued by a subsidiary of Valad Property Group (Valad), a publicly traded Australian company listed on the Australian stock exchange that is a diversified, property fund manager, investor, developer and property investment banker with property investments in Australia, Europe and Asia.  The notes are guaranteed by Valad and bear interest at 9.5% payable semi-annually in arrears.  The notes are repayable after five years with an option for Valad to extend up to 18 months, subject to certain interest rate and conversion price resets.  The notes are convertible any time into publicly traded Valad securities at a price of AUD$1.33. In accordance with the FASBs Derivative and Hedging guidance, the Company has bifurcated the conversion option within the Valad convertible notes and has separately accounted for this option as an embedded derivative.  The original host instrument is classified as an available-for-sale security at fair value and is included in Marketable securities on the Companys Consolidated Balance Sheets with changes in the fair value recorded through Stockholders equity as a component of other comprehensive income.  At December 31, 2009 and 2008, the Company had an unrealized loss associated with these notes of approximately $21.6 million and $46.0 million, respectively.  Interest payments on the notes are current and all amounts due in accordance with contractual terms are considered probable by the Company.  The Company has the intent and ability to hold the notes to recover its investment, which may be to its maturity and therefore, does not believe that the decline in value at December 31, 2009, is other-than-temporary.  The embedded derivative is recorded at fair value and is included in Other assets on the Companys Consolidated Balance Sheets with changes in fair value recognized in the Companys Consolidated Statements of Operations.  The value attributed to the embedded convertible option was approximately AUD $14.3 million, (approximately USD $13.8 million).  As a result of the fair value remeasurement of this derivative instrument during 2009 and 2008, there was an AUD $1.4 million (approximately USD $1.6 million) and an AUD $5.5 million (approximately USD $5.9 million), respectively, unrealized increase in the fair value of the convertible option.  This unrealized increase is included in Other expense, net on the Companys Consolidated Statements of Operations. For marketable debt securities, the Company assesses current interest payments and the probability of the issuers ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASBs Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the securitys entire amortized cost basis even if the entity does not intend to sell. During 2009, 2008 and 2007, the Company recorded non-cash impairment charges of approximately $26.1 million, $118.4 million and $5.3 million, respectively, before income tax benefits of approximately $0 million, $25.7 million and $2.1 million, respectively, due to the decline in value of certain marketable equity and other investments that were deemed to be other-than-temporary. These impairments were a result of the deterioration of the equity markets for these securities during 2009, 2008 and 2007 and the uncertainty of their future recoverability. Market value for these equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period.  Details of these impairment charges are as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="223.2"></td> <td width="21.067"></td> <td width="64.667"></td> <td width="21.067"></td> <td width="69.2"></td> <td width="21.067"></td> <td width="65.467"></td> </tr> <tr> <td valign="bottom" width="223.2">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="241.467" colspan="5"> For the year ended December 31, </td> </tr> <tr> <td valign="bottom" width="223.2">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.667"> 2009 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.2"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.467"> 2007 </td> </tr> <tr> <td width="223.2"> Valad </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.2"> 45.5 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Six Flags, including bonds </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 7.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Innvest </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 24.2 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Plazacorp </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 5.3 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Cost method investments </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 3.0 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 17.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Sears </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 8.8 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Lexington </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 7.5 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Winthrop </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 5.4 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Capital & Regional </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 3.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Other </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.667"> 6.4 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.2"> 9.3 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.467"> 5.3 </td> </tr> <tr> <td width="223.2">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="64.667"> 26.1 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="69.2"> 118.4 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="65.467"> 5.3 </td> </tr> </table> At December 31, 2009, the Companys investment in marketable securities was approximately $209.6 million which includes an aggregate unrealized loss of approximately $21.6 million relating to the Valad marketable debt securities. At December 31, 2009 there were no unrealized losses relating to marketable equity securities.  The Company does not believe that the declines in value of any of its remaining securities with unrealized losses are other-than-temporary at December 31, 2009. For each of the equity securities in the Companys portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline.  In the Companys evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.   During 2009, the Company received approximately $79.8 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $8.5 million and gross realizable losses of approximately $2.6 million from sales of marketable securities during 2009.   During 2008, the Company received approximately $50.3 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $15.9 million and gross realizable losses of approximately $1.9 million from its marketable securities during 2008.   As of December 31, 2009, the contractual maturities of Other debt securities classified as held-to-maturity are as follows: within one year, $ 1.1 million; after one year through five years, $16.2 million; after five years through 10 years, $ 11.3 million; and after 10 years, $ 14.9 million.  Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties.

12.   Notes Payable: Medium Term Notes The Company has implemented a medium-term notes ("MTN") program pursuant to which it may, from time to time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities. During the year ended December 31, 2009, the Company repaid (i) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (ii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009.   During the year ended December 31, 2008, the Company repaid its $100.0 million 3.95% Medium Term Notes, which matured on August 5, 2008 and its $25.0 million 7.2% Senior Notes, which matured on September 15, 2008. Additionally during 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes  and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million.  These transactions resulted in an aggregate gain of approximately $2.4 million.   As of December 31, 2009, a total principal amount of approximately $1.1 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to six years as of December 31, 2009, and bear interest at rates ranging from 4.62% to 5.98%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Companys portfolio and the repayment of certain debt obligations of the Company. As of December 31, 2008, a total principal amount of approximately $1.2 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to seven years as of December 31, 2009, and bear interest at rates ranging from 4.62% to 7.56%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Companys portfolio and the repayment of certain debt obligations of the Company. Senior Unsecured Notes During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears.  These notes were sold at 99.84% of par value.  Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million.  The proceeds from this issuance were primarily used to repay the Companys $220.0 million unsecured term loan described below.  The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010.   During 2009, the Company repaid its $130.0 million 6.875% senior notes, which matured on February 10, 2009.   As of December 31, 2009, the Company had a total principal amount of approximately $1.3 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from nine months to nine years as of December 31, 2009, and bear interest at rates ranging from 4.70% to 7.95%.  Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. As of December 31, 2008, the Company had a total principal amount of approximately $1.2 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from one month to eight years as of December 31, 2008, and bear interest at rates ranging from 4.70% to 7.95%.  Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. The scheduled maturities of all unsecured notes payable as of December 31, 2009, were approximately as follows (in millions): 2010, $223.7; 2011, $481.7; 2012, $215.9; 2013, $542.8; 2014, $295.3; and thereafter, $1,240.9. During September 2009, the Company entered into a fifth supplemental indenture, under the indenture governing its Medium Term Notes and Senior Notes, which included the financial covenants for future offerings under this indenture that were removed by the fourth supplemental indenture. In accordance with the terms of the Indenture, as amended, pursuant to which the Company's Senior Unsecured Notes, except for the $300.0 million issued during April 2007 under the fourth supplemental indenture, have been issued, the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios, (c) certain asset to debt ratios and (d) restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Companys option, at a spread of 3.65% to the ABR, as defined in the Credit Agreement.  The term loan was scheduled to mature in April 2011.  The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.  During September 2009, the Company fully repaid the $220.0 million outstanding balance and terminated this loan.   Credit Facilities During October 2007, the Company established a new $1.5 billion unsecured U.S. revolving credit facility (the "U.S. Credit Facility") with a group of banks, which is scheduled to expire in October 2011.  The Company has a one-year extension option related to this facility.  This credit facility has made available funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Companys institutional management programs, (iii) development and redevelopment costs, and (iv) any short-term working capital requirements.  Interest on borrowings under the U.S. Credit Facility accrues at LIBOR plus 0.425% and fluctuates in accordance with changes in the Companys senior debt ratings.  As part of this U.S. Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $750.0 million of its requested borrowings to the bank group.  This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread. A facility fee of 0.15% per annum is payable quarterly in arrears.  As part of the U.S. Credit Facility, the Company has a $200.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Pounds Sterling, Japanese Yen or Euros.  Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt, and (ii) minimum interest and fixed coverage ratios.  As of December 31, 2009, there was $139.5 million outstanding and $22.5 million appropriated letters of credit under this credit facility. The Company also has a three-year CAD $250.0 million unsecured credit facility with a group of banks.  This facility bears interest at a rate of CDOR plus 0.425%, subject to change in accordance with the Companys senior debt ratings and is scheduled to mature March 2011 with an additional one year extension option.  A facility fee of 0.15% per annum is payable quarterly in arrears.  This facility also permits U.S. dollar denominated borrowings.  Proceeds from this facility are used for general corporate purposes, including the funding of Canadian denominated investments.  As of December 31, 2009, there was no outstanding balance under this credit facility.  There are approximately CAD $67.4 million (approximately USD $64.0 million) appropriated for letters of credit under this credit facility at December 31, 2009 (see Note 21, Commitments and Contingencies).  The Canadian facility covenants are the same as the U.S. Credit Facility covenants described above. During March 2008, the Company obtained a MXP 1.0 billion term loan, which bears interest at a rate of 8.58%, subject to change in accordance with the Companys senior debt ratings, and is scheduled to mature in March 2013.  The Company utilized proceeds from this term loan to fully repay the outstanding balance of a MXP 500.0 million unsecured revolving credit facility, which had been terminated by the Company. Remaining proceeds from this term loan were used for funding MXP denominated investments.  As of December 31, 2009, the outstanding balance on this term loan was MXP 1.0 billion (approximately USD $76.6 million).

13.   Mortgages Payable: During 2009, the Company (i) obtained 21 new non-recourse mortgages aggregating approximately $400.2 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from five months to six years (ii) assumed approximately $579.2 million of individual non-recourse mortgage debt relating to the acquisition of 22 operating properties, including approximately $1.6 million of fair value debt adjustments and (iii) paid off approximately $437.7 million of individual non-recourse mortgage debt that encumbered 24 operating properties. During 2008, the Company (i) obtained an aggregate of approximately $16.7 million of non-recourse mortgage debt on three operating properties, (ii) assumed approximately $101.1 million of individual non-recourse mortgage debt relating to the acquisition of five operating properties, including approximately $0.8 million of fair value debt adjustments and (iii) paid off approximately $73.4 million of individual non-recourse mortgage debt that encumbered 11 operating properties. Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2031. Interest rates range from LIBOR plus 1.40% (1.65% at December 31, 2009) to 10.50% (weighted-average interest rate of 5.99% as of December 31, 2009).  The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $3.0 million, as of December 31, 2009, were approximately as follows (in millions): 2010, $152.7; 2011, $77.6; 2012, $241.0; 2013, $192.8; 2014, $249.4; and thereafter, $471.8.

14.   Construction Loans Payable: During 2009, the Company fully repaid nine construction loans aggregating approximately $212.2 million.  As of December 31, 2009, total loan commitments on the Companys four remaining construction loans aggregated approximately $69.7 million of which approximately $45.8 million has been funded.  These loans have scheduled maturities ranging from 11 months to 56 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.13% to 4.50% at December 31, 2009.  These construction loans are collateralized by the respective projects and associated tenants leases.  The scheduled maturities of all construction loans payable as of December 31, 2009, were approximately as follows (in millions):  2010, $3.4; 2011, $26.8; 2012, $13.6; 2013, $0 and 2014, $2.0. During 2008, the Company obtained construction financing on three merchant building projects with total loan commitment amounts up to $35.4 million, of which $8.7 million was outstanding as of December 31, 2008.  As of December 31, 2008, total loan commitments on the Companys 16 outstanding construction loans aggregated approximately $364.2 million of which approximately $268.3 million has been funded.  These loans have scheduled maturities ranging from two months to 42 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 1.81% to 3.19% at December 31, 2008. These construction loans are collateralized by the respective projects and associated tenants leases. 15.   Noncontrolling Interests: Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASBs Consolidation guidance.   The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB.  The Company identifies its noncontrolling interests separately within the equity section on the Companys Consolidated Balance Sheets.  Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Consolidated Balance Sheets.  The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Companys Consolidated Statements of Operations.   During 2006, the Company acquired seven shopping center properties located throughout Puerto Rico.  The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, the assumption of approximately $131.2 million of non-recourse debt and $116.3 million in cash. Noncontrolling interests related to these acquisitions was approximately $233.0 million of units, including premiums of approximately $13.5 million and a fair market value adjustment of approximately $15.1 million (the "Units"). The Company is restricted from disposing of these assets, other than through a tax free transaction until November 2015. The Units consisted of (i) approximately 81.8 million Preferred A Units par value $1.00 per unit, which pay the holder a return of 7.0% per annum on the Preferred A Par Value and are redeemable for cash by the holder at any time after one year or callable by the Company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% increase, (ii) 2,000 Class A Preferred Units, par value $10,000 per unit, which pay the holder a return equal to LIBOR plus 2.0% per annum on the Class A Preferred Par Value and are redeemable for cash by the holder at any time after November 30, 2010, (iii) 2,627 Class B-1 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-1 Preferred Par Value and are redeemable by the holder at any time after November 30, 2010, for cash or at the Companys option, shares of the Companys common stock, equal to the Cash Redemption Amount, as defined, (iv) 5,673 Class B-2 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-2 Preferred par value and are redeemable for cash by the holder at any time after November 30, 2010, and (v) 640,001 Class C DownReit Units, valued at an issuance price of $30.52 per unit which pay the holder a return at a rate equal to the Companys common stock dividend and are redeemable by the holder at any time after November 30, 2010, for cash or at the Companys option, shares of the Companys common stock equal to the Class C Cash Amount, as defined.   The following units have been redeemed as of December 31, 2009: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="172.333"></td> <td width="15.733"></td> <td width="115.067"></td> <td width="15.733"></td> <td width="146.267"></td> <td width="15.733"></td> <td width="130.2"></td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="172.333"> Type </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="115.067"> Units Redeemed </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="146.267"> Par Value Redeemed (in millions) </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="130.2"> Redemption Type </td> </tr> <tr> <td valign="bottom" width="172.333"> Preferred A Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 2.2 million </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $2.2 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> <tr> <td valign="bottom" width="172.333"> Class A Preferred Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 2,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $20.0 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> <tr> <td valign="bottom" width="172.333"> Class B-1 Preferred Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 2,438 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $24.4 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> <tr> <td valign="bottom" width="172.333"> Class B-2 Preferred Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 5,057 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $50.6 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash/Charitable Contribution </td> </tr> <tr> <td valign="bottom" width="172.333"> Class C DownReit Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 61,804 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $1.9 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> </table> Noncontrolling interest relating to these units was $113.1 million and $129.8 million as of December 31, 2009 and 2008, respectively. During 2006, the Company acquired two shopping center properties located in Bay Shore and Centereach, NY. Included in Noncontrolling interests was approximately $41.6 million, including a discount of $0.3 million and a fair market value adjustment of $3.8 million, in redeemable units (the "Redeemable Units"), issued by the Company in connection with these transactions. The properties were acquired through the issuance of $24.2 million of Redeemable Units, which are redeemable at the option of the holder; approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse debt.  The Redeemable Units consist of (i) 13,963 Class A Units, par value $1,000 per unit, which pay the holder a return of 5% per annum of the Class A par value and are redeemable for cash by the holder at any time after April 3, 2011, or callable by the Company any time after April 3, 2016, and (ii) 647,758 Class B Units, valued at an issuance price of $37.24 per unit, which pay the holder a return at a rate equal to the Companys common stock dividend and are redeemable by the holder at any time after April 3, 2007, for cash or at the During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed by the holder in cash at the option of the Company. Noncontrolling interest relating to the units was $40.3 million and $40.5 million as of December 31, 2009 and 2008, respectively. Noncontrolling interests also includes 138,015 convertible units issued during 2006, by the Company, which are valued at approximately $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are redeemable at the option of the holder after one year for cash or at the option of the Company for the Companys common stock at a ratio of 1:1.  The holder is entitled to a distribution equal to the dividend rate of the Companys common stock.  The Company is restricted from disposing of these assets, other than through a tax free transaction, until January 2017. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the year ended December 31, 2009 and December 31, 2008 (amounts in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="244.133"></td> <td width="21.067"></td> <td width="65.4"></td> <td width="21.067"></td> <td width="64"></td> </tr> <tr> <td valign="top" width="244.133">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.4"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="64"> 2008 </td> </tr> <tr> <td valign="top" width="244.133"> Balance at January 1, </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="65.4"> 115,853  </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="64"> 173,592  </td> </tr> <tr> <td valign="top" width="244.133"> Unit redemptions </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="65.4"> (14,889) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64"> (55,110) </td> </tr> <tr> <td valign="top" width="244.133"> Fair market value amortization </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="65.4"> (571) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64"> (2,524) </td> </tr> <tr> <td valign="top" width="244.133"> Other </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="65.4"> (89) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64"> (105) </td> </tr> <tr> <td valign="top" width="244.133"> Balance at December 31, </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="65.4"> 100,304  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="64"> 115,853  </td> </tr> </table>

16.   Fair Value Disclosure of Financial Instruments: All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in managements estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are reflected.  The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities.  The fair values for marketable securities are based on published or securities dealers estimated market values.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.  The following are financial instruments for which the Companys estimate of fair value differs from the carrying amounts (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="292.267"></td> <td width="21.067"></td> <td width="69.867"></td> <td width="21.067"></td> <td width="77.333"></td> <td width="21.067"></td> <td width="70"></td> <td width="21.067"></td> <td width="74.667"></td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="355.067" colspan="7"> December 31, </td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="168.267" colspan="3"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="165.733" colspan="3"> 2008 </td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="69.867"> Carrying Amounts </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="77.333"> Estimated Fair Value </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="70"> Carrying Amounts </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="74.667"> Estimated Fair Value </td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.867">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="70">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="74.667">   </td> </tr> <tr> <td valign="top" width="292.267"> Marketable Securities </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 209,593 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 204,006 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 258,174 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 218,786 </td> </tr> <tr> <td valign="top" width="292.267"> Notes Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 3,000,303 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 3,099,139 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 3,440,819 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 2,766,187 </td> </tr> <tr> <td valign="top" width="292.267"> Mortgages Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 1,388,259 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 1,377,224 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 847,491 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 838,503 </td> </tr> <tr> <td valign="top" width="292.267"> Construction Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 45,821 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 44,725 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 268,337 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 262,485 </td> </tr> <tr> <td valign="top" width="292.267"> Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 2,768 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 5,256 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 2,895 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 5,444 </td> </tr> </table> The Company has certain financial instruments that must be measured under the FASBs Fair Value Measurements and Disclosures guidance, including: available for sale securities, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.   As a basis for considering market participant assumptions in fair value measurements, the FASBs Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Available for sale securities are measured at fair value using quoted market prices and are classified within Level 1 of the valuation hierarchy. The Company has an investment in convertible notes for which it separately accounts for the conversion option as an embedded derivative. The convertible notes and conversion option are measured at fair value using widely accepted valuation techniques including pricing models. These models reflect the contractual terms of the convertible notes, including the term to maturity, and uses observable market-based inputs, including interest rate curves, implied volatilities, stock price, dividend yields and foreign exchange rates.  Based on these inputs the Company has determined that its convertible notes and conversion option valuations are classified within Level 2 of the fair value hierarchy. The Company uses interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.  Based on these inputs the Company has determined that its interest rate swap valuations are classified within Level 2 of the fair value hierarchy.  To comply with the FASBs Fair Value Measurements and Disclosures guidance, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterpartys nonperformance risk in the fair value measurements. The credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties.  However, as of December 31, 2009, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.   The table below presents the Companys assets and liabilities measured at fair value on a recurring basis as of December 31, 2009 and 2008, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets and liabilities measured at fair value on a recurring basis at December 31, 2009 and 2008 (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="336.467"></td> <td width="15.733"></td> <td width="118.8"></td> <td width="16.2"></td> <td width="58.2"></td> <td width="16.2"></td> <td width="60.467"></td> <td width="15.733"></td> <td width="58.2"></td> </tr> <tr> <td valign="top" width="336.467">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="118.8"> Balance at December 31,2009 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 1 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> Level 2 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 3 </td> </tr> <tr> <td valign="top" width="336.467"> Assets: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Marketable equity securities </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 25,812 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="58.2"> 25,812 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Convertible notes </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 140,281 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60.467"> 140,281 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Conversion option </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 9,095 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60.467"> 9,095 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Liabilities: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td width="16.2" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td width="15.733" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Interest rate swaps </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 150 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60.467"> 150 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="336.467"></td> <td width="15.733"></td> <td width="118.8"></td> <td width="16.2"></td> <td width="58.2"></td> <td width="16.2"></td> <td width="60.467"></td> <td width="15.733"></td> <td width="58.2"></td> </tr> <tr> <td valign="top" width="336.467">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="118.8"> Balance at December 31,2008 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 1 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> Level 2 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 3 </td> </tr> <tr> <td valign="top" width="336.467"> Assets: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Marketable equity securities </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 46,452 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 46,452 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Convertible notes </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 113,713 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> 113,713 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Conversion option </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 6,063 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> 6,063 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Liabilities: </td> <td width="15.733" align="right" valign="bottom">   </td> <td valign="bottom" width="118.8">   </td> <td width="16.2" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> <td width="16.2" align="right" valign="bottom">   </td> <td valign="bottom" width="60.467">   </td> <td width="15.733" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Interest rate swaps </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 734 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> 734 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> </table> Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2009 are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="334.667"></td> <td width="15.733"></td> <td width="118.8"></td> <td width="16.2"></td> <td width="58.2"></td> <td width="16.2"></td> <td width="60.467"></td> <td width="15.733"></td> <td width="58.2"></td> </tr> <tr> <td valign="bottom" width="334.667">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="118.8"> Balance at December 31, 2009 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 1 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> Level 2 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 3 </td> </tr> <tr> <td valign="top" width="334.667"> Assets: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="334.667"> Investments and advances in real estate joint ventures </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 177,037 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 177,037 </td> </tr> <tr> <td valign="top" width="334.667"> Real estate under development/ redevelopment </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 89,939 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 89,939 </td> </tr> <tr> <td valign="top" width="334.667"> Other real estate investments </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 43,383 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 43,383 </td> </tr> </table> During 2009, the Company recognized non-cash impairment charges of approximately $145.0 million relating to investments in real estate joint ventures, real estate under development, and other real estate investments.   During 2008, the Company recognized non-recurring non-cash impairment charges of $15.5 million against the carrying value of its investment in its unconsolidated joint ventures with PREI, KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during 2008. The Companys estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties.  Based on these inputs the Company determined that its valuation in these investments were classified within Level 3 of the fair value hierarchy.

17.   Financial Instruments - Derivatives and Hedging: The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives. Cash Flow Hedges of Interest Rate Risk -  The Company, from time to time, hedges the future cash flows of its floating-rate debt instruments to reduce exposure to interest rate risk principally through interest rate swaps and interest rate caps with major financial institutions. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.  During the year ended December 31, 2009, the Company had no hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on the Companys variable-rate debt.  During 2010, the Company estimates that an additional $0.4 million will be reclassified as an increase to interest expense. As of December 31, 2009, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="187"></td> <td width="173.333"></td> <td width="156.267"></td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="187"> Interest Rate Derivates </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="173.333"> Number of Instruments </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="156.267"> Notional </td> </tr> <tr> <td style="background-color:#FFFFFF" valign="top" width="187"> Interest Rate Caps </td> <td style="background-color:#FFFFFF" valign="top" width="173.333"> 2 </td> <td style="background-color:#FFFFFF" valign="top" width="156.267"> $ 83.1 million </td> </tr> <tr> <td style="background-color:#FFFFFF" valign="top" width="187"> Interest Rate Swaps </td> <td style="background-color:#FFFFFF" valign="top" width="173.333"> 2 </td> <td style="background-color:#FFFFFF" valign="top" width="156.267"> $ 23.6 million </td> </tr> </table> The fair value of these derivative financial instruments classified as asset derivatives was $0.4 million and $0 for December 31, 2009 and 2008, respectively.  The fair value of these derivative financial instruments classified as liability derivatives was $(0.5) million and $(0.8) million for December 31, 2009 and 2008, respectively.   Credit-risk-related Contingent Features The Company has agreements with one of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has an agreement with a derivative counterparty that incorporates the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

18.   Preferred Stock, Common Stock and Convertible Unit Transactions During December 2009, the Company completed a primary public stock offering of 28,750,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $345.1 million (after related transaction costs of $0.75 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility. During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.   During September 2008, the Company completed a primary public stock offering of 11,500,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $409.4 million (after related transaction costs of $0.6 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility.   During October 2007, the Company issued 18,400,000 Depositary Shares (the "Class G Depositary Shares"), after the exercise of an over-allotment option, each representing a one-hundredth fractional interest in a share of the Companys 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class G Preferred Stock").  Dividends on the Class G Depositary Shares are cumulative and payable quarterly in arrears at the rate of 7.75% per annum based on the $25.00 per share initial offering price, or $1.9375 per annum.  The Class G Depositary Shares are redeemable, in whole or part, for cash on or after October 10, 2012, at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon.  The Class G Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.  The Class G Preferred Stock (represented by the Class G Depositary Shares outstanding) ranks pari passu with the Companys Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below. During June 2003, the Company issued 7,000,000 Depositary Shares (the "Class F Depositary Shares"), each such Class F Depositary Share representing a one-tenth fractional interest of a share of the Companys 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class F Preferred Stock").  Dividends on the Class F Depositary Shares are cumulative and payable quarterly in arrears at the rate of 6.65% per annum based on the $25.00 per share initial offering price, or $1.6625 per annum.  The Class F Depositary Shares are redeemable, in whole or part, for cash on or after June 5, 2008, at the option of the Company, at a redemption price of $25.00 per Depositary Share, plus any accrued and unpaid dividends thereon.  The Class F Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. The Class F Preferred Stock (represented by the Class F Depositary Shares outstanding) ranks pari passu with the Companys Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below. Voting Rights - As to any matter on which the Class F Preferred Stock may vote, including any action by written consent, each share of Class F Preferred Stock shall be entitled to 10 votes, each of which 10 votes may be directed separately by the holder thereof.  With respect to each share of Preferred Stock, the holder thereof may designate up to 10 proxies, with each such proxy having the right to vote a whole number of votes (totaling 10 votes per share of Class F Preferred Stock). As a result, each Class F Depositary Share is entitled to one vote. As to any matter on which the Class G Preferred Stock may vote, including any actions by written consent, each share of the Class G Preferred Stock shall be entitled to 100 votes, each of which 100 votes may be directed separately by the holder thereof. With respect to each share of Class G Preferred Stock, the holder thereof may designate up to 100 proxies, with each such proxy having the right to vote a whole number of votes (totaling 100 votes per share of Class G Preferred Stock).  As a result, each Class G Depositary Share is entitled to one vote. Liquidation Rights - In the event of any liquidation, dissolution or winding up of the affairs of the Company, the Preferred Stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $250.00 Class F Preferred per share and $2,500.00 Class G Preferred per share ($25.00 per Class F and Class G Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Companys common stock or any other capital stock that ranks junior to the Preferred Stock as to liquidation rights. During October 2002, the Company acquired an interest in a shopping center property located in Daly City, CA, valued at $80.0 million, through the issuance of approximately 4.8 million Convertible Units which are convertible at a ratio of 1:1 into the Companys common stock.  The unit holder has the right to convert the Convertible Units at any time after one year.  In addition, the Company has the right to mandatorily require a conversion after ten years.  If at the time of conversion the common stock price for the 20 previous trading days is less than $16.785 per share, the unit holder would be entitled to additional shares; however, the maximum number of additional shares is limited to 503,932 based upon a floor Common Stock price of $15.180.  The Company has the option to settle the conversion in cash.  Dividends on the Convertible Units are paid quarterly at the rate of the Companys common stock dividend multiplied by 1.1057. During 2008, all of these Convertible Units were redeemed.  The Company elected to redeem these Convertible Units, at a ratio of 1:1, for 4.8 million shares of Common Stock, of which 1.0 million shares were valued at $17.26 per share and 3.8 million shares were valued at $15.02 per share. During March 2006, the shareholders of Atlantic Realty Trust ("Atlantic Realty") approved the proposed merger with the Company and the closing occurred on March 31, 2006. As consideration for this transaction, the Company issued Atlantic Realty shareholders 1,274,420 shares of Common Stock, excluding 201,930 shares of Common Stock that were to be received by the Company and 546,580 shares of Common Stock that were to be received by the Companys wholly owned TRS, at a price of $40.41 per share. During December 2008, the Company purchased the 546,580 shares from its TRS for a purchase price of $17.69 per share. The 546,580 shares had a carry-over basis from the Atlantic Realty share price of $17.10 per share.  These shares are no longer considered issued. During 2006, the Company acquired interests in seven shopping center properties located throughout Puerto Rico.  The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, approximately $131.2 million of non-recourse debt and $116.3 million in cash. The convertible units consist of (i) 2,627 Class B-1 Preferred Units, par value $10,000 per unit and 640,001 Class C DownREIT Units, valued at an issuance price of $30.52 per unit.  Both the Class B-1 Units and the Class C DownREIT Units are redeemable by the holder at any time after November 30, 2010, for cash, or at the Companys option, shares of the Companys common stock.  During 2007 - 2009, 2,438 units, or $24.4 million, of the Class B-1 Preferred Units were redeemed and 61,804 units, or $1.9 million, of the Class C DownREIT Units were redeemed under the Loan provision of the Agreement. The Company opted to settle these units in cash. The number of shares of Common Stock issued upon conversion of the Class B-1 Preferred Units would be equal to the Class B-1 Cash Redemption Amount, as defined, which ranges from $6,000 to $14,000 per Class B-1 Preferred Unit depending on the Common Stocks Adjusted Current Trading Price, as defined, divided by the average daily market price for the 20 consecutive trading days immediately preceding the redemption date. Prior to January 1, 2009, the number of shares of Common Stock issued upon conversion of the Class C DownREIT Units would be equal to the Class C Cash Amount which equals the number of Class C DownREIT Units being redeemed, multiplied by the Adjusted Current Trading Price, as defined.  After January 1, 2009, if the Adjusted Current Trading Price is greater than $36.62 then the Class C Cash Amount shall be an amount equal to the Adjusted Current Trading Price per Class C DownREIT Unit.  If the Adjusted Current Trading Price is greater than $24.41 but less than $36.62, then the Class C Cash Amount shall be an amount equal to $30.51 per Class C DownREIT Unit, or is less than $24.41, then the Class C Cash Amount shall be an amount per Class C DownREIT Unit equal to the Adjusted Current Trading Price multiplied by 1.25. During April 2006, the Company acquired interests in two shopping center properties, located in Bay Shore and Centereach, NY, valued at an aggregate $61.6 million.  The properties were acquired through the issuance of units from a consolidated subsidiary and consist of approximately $24.2 million of Redeemable Units, which are redeemable at the option of the holder, approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse mortgage debt. The Company has the option to settle the redemption of the $24.2 million redeemable units with Common Stock, at a ratio of 1:1 or in cash.  From 2007 - 2009, 30,000 units, or $1.1 million par value, of the Redeemable Units were redeemed by the holder.  The Company opted to settle these units in cash.  During June 2006, the Company acquired an interest in an office property, located in Albany, NY, valued at approximately $39.9 million.  The property was acquired through the issuance of approximately $5.0 million of redeemable units from a consolidated subsidiary, which are redeemable at the option of the holder after one year, and the assumption of approximately $34.9 million of non-recourse mortgage debt.  The Company has the option to settle the redemption with Common Stock, at a ratio of 1:1 or in cash. The amount of consideration that would be paid to unaffiliated holders of units issued from the Companys consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2009, is approximately $21.3 million.  The Company has the option to settle such redemption in cash or shares of the Companys common stock.  If the Company exercised its right to settle in Common Stock, the unit holders would receive approximately 1.6 million shares of Common Stock.

19.   Supplemental Schedule of Non-Cash Investing/Financing Activities: The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2009, 2008 and 2007 (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="447.867"></td> <td width="18.6"></td> <td width="63"></td> <td width="16.2"></td> <td width="60"></td> <td width="15.933"></td> <td width="63.867"></td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="63"> 2009 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60"> 2008 </td> <td valign="top" width="15.933">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="63.867"> 2007 </td> </tr> <tr> <td valign="top" width="447.867"> Acquisition of real estate interests by assumption of debt </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 577,604 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 96,226 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 82,614 </td> </tr> <tr> <td valign="top" width="447.867"> Exchange of DownREIT units for Common Stock </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 80,000 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Disposition/transfer of real estate interest by origination of mortgage debt </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 27,175 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Acquisition of real estate interests through proceeds held in escrow </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 68,031 </td> </tr> <tr> <td valign="top" width="447.867"> Issuance of Restricted Common Stock </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 3,415 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 1,405 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Proceeds held in escrow through sale of real estate interest </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 11,195 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Disposition of real estate through the issuance of an unsecured obligation </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 1,366 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 6,265 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Investment in real estate joint venture by contribution of property </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 740 </td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Deconsolidation of Joint Venture: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Decrease in real estate and other assets </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 55,453 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 113,074 </td> </tr> <tr> <td valign="top" width="447.867"> Decrease in noncontrolling interest, construction loan and other liabilities </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 55,453 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 113,074 </td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Declaration of dividends paid in succeeding period </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 76,707 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 131,097 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 112,052 </td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Consolidation of Joint Ventures: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Increase in real estate and other assets </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 47,368 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 68,360 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Increase in mortgage payable </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 35,104 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> </table>

20.   Transactions with Related Parties: The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests.  Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Ripco Real Estate Corp. was formed in 1991 and employs approximately 40 professionals and serves numerous retailers, REITS and developers.  Ripcos business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohls and many others, providing real estate brokerage services and principal real estate investing.  Mr. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Mr. Milton Cooper, Executive Chairman of the Board of Directors of the Company.  During 2009 and 2008, the Company paid brokerage commissions of $0.7 million and $0.5 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. The Company believes that the brokerage commissions paid were at or below the customary rates for such leasing services.   Additionally, the Company has the following joint venture investments with Ripco.  During 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company and Ripco each hold 50% noncontrolling interests.  The Company accounts for its investment in these joint ventures under the equity method of accounting.  As of December 31, 2009, these joint ventures hold three individual one-year loans aggregating $17.3 million which are scheduled to mature in 2010 and bear interest at rates of LIBOR plus 2.75%.  These loans are jointly and severally guaranteed by the Company and the joint venture partner. Reference is made to Note 8 for additional information regarding transactions with related parties.

21.   Commitments and Contingencies: Operations - The Company and its subsidiaries are primarily engaged in the operation of shopping centers which are either owned or held under long-term leases which expire at various dates through 2095.  The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised approximately 99% of total revenues from rental property for each of the three years ended December 31, 2009, 2008 and 2007. The future minimum revenues from rental property under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are approximately as follows (in millions): 2010, $609.4; 2011, $583.3; 2012, $535.5; 2013, $474.2; 2014, $402.4 and thereafter; $1,845.2. Minimum rental payments under the terms of all non-cancelable operating leases pertaining to the Companys shopping center portfolio for future years are approximately as follows (in millions): 2010, $13.2; 2011, $10.5; 2012, $9.3; 2013, $8.7; 2014, $8.1 and thereafter, $169.2. Uncertain Tax Positions - In June 2006, the FASB issued further guidance relating to income taxes which clarified the accounting for uncertainty in income taxes recognized in a companys financial statements.  The interpretation prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Company does not have any material unrecognized tax benefits as of December 31, 2009. Captive Insurance - In October 2007, the Company formed a wholly-owned captive insurance company, Kimco Insurance Company, Inc., ("KIC"), which provides general liability insurance coverage for all losses below the deductible under our third-party policy. The Company entered into the Insurance Captive as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program.  The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Companys properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate, like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. Guarantees - During June 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc.  This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with a fixed interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, with two one-year extension options, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay.  The outstanding balance on the three-year unsecured credit facility was $147.5 million as of December 31, 2009.  The joint venture obtained an interest rate swap at 5.37% on $128.0 million of this debt.  The swap is designated as a cash flow hedge and is deemed highly effective; as such adjustments to the swaps fair value are recorded in other comprehensive income at the joint venture level.   During November 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, to acquire a property in Houston, Texas. This investment was funded with a $24.5 million unsecured credit facility scheduled to mature in November 2009, with a six-month extension option which was exercised during 2009 and thus the maturity date is now April 2010, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company. The outstanding balance on this credit facility as of December 31, 2009 was $24.5 million. During April 2007, the Company entered into a joint venture, in which the Company has a 50% noncontrolling ownership interest to acquire a property in Visalia, CA. Subsequent to this acquisition the joint venture obtained a $6.0 million three-year promissory note which bears interest at LIBOR plus 0.75% and has an extension option of two-years.  This loan is jointly and severally guaranteed by the Company and the joint venture partner.  As of December 31, 2009, the outstanding balance on this loan was $6.0 million. During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009.  This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million.  During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010.  Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%.   This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make.  As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million. During 2006, an entity in which the Company has a preferred equity investment, located in Montreal, Canada, obtained a construction loan, which is collateralized by the respective land and project improvements.  Additionally, the Company has provided a partial guaranty to the lender of up to CAD $45 million (approximately USD $42.7 million) and the developer partner has provided an indemnity to the Company for 25% of all payments the Company is obligated to pay.  As of December 31, 2009, there was CAD $99.8 million (approximately USD $94.8 million) outstanding on this construction loan. Additionally, the RioCan Ventures have a CAD $7.0 million (approximately USD $6.6 million) letter of credit facility.  This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $4.9 million (approximately USD $4.6 million) outstanding as of December 31, 2009, relating to various development projects.   Additionally, during 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company holds 50% noncontrolling interests. Subsequent to these acquisitions, the joint ventures obtained four individual loans aggregating $20.4 million with interest rates ranging from LIBOR plus 1.00% to LIBOR plus 3.50%. During 2007, one of these properties was sold for a sales price of approximately $10.5 million, including the pay down of $5.0 million of debt.  During 2008, one of the loans was increased by $2.0 million.  During 2009 these loans were extended to mature in 2010 at an interest rate of LIBOR plus 2.75%. As of December 31, 2009, there was an aggregate of $17.3 million outstanding on these loans.  These loans are jointly and severally guaranteed by the Company and the joint venture partner. During 2009, a joint venture in which the Company has a 50% noncontrolling ownership interest obtained a new three-year $53.0 million loan which bears interest at a rate of 7.85%.  Proceeds from this mortgage and an additional $15.0 million capital contribution from the partners were used to repay $68.0 million in mortgage debt, which was scheduled to mature in 2009 and bore interest at a rate of LIBOR plus 1.16%. This mortgage is jointly and severally guaranteed by the Company and the joint venture partner. As of December 31, 2009, the outstanding balance on this loan was $52.8 million. Additionally during 2009, a joint venture in which the Company has a 30% noncontrolling ownership interest obtained a new $59.0 million three-year mortgage loan, which bears interest at a rate of LIBOR plus 350 basis points. The Company and the holder of the remaining 70% ownership interest guarantee, jointly and severally, up to $10.0 million of this mortgage.  As of December 31, 2009, the outstanding balance on this loan was $59.0 million. The Company evaluated these guarantees in connection with the provisions of the FASBs Guarantees guidance and determined that the impact did not have a material effect on the Companys financial position or results of operations. Letters of Credit - The Company has issued letters of credit in connection with the completion and repayment guarantees for construction loans encumbering certain of the Companys ground-up development projects and guaranty of payment related to the Companys insurance program.  These letters of credit aggregate approximately $23.9 million.   During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $62.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (CRA).  The letter of credit has been issued under the Companys CAD $250 million credit facility. The dispute is in regards to three of the Companys wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate. However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed. As such, the Company issued its letter of credit as required by the governing law.  The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.   Other - In connection with the construction of its development projects and related infrastructure, certain public agencies require performance and surety bonds be posted to guarantee that the Companys obligations are satisfied.  These bonds expire upon the completion of the improvements and infrastructure.  As of December 31, 2009, there were approximately $52.8 million bonds outstanding. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business.  These matters are generally covered by insurance.  Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company.

22.   Incentive Plans: The Company maintains a stock option plan (the "Plan") pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options. Options granted under the Plan generally vest ratably over a three to five-year term, expire ten years from the date of grant and are exercisable at the market price on the date of grant, unless otherwise determined by the Board at its sole discretion. In addition, the Plan provides for the granting of certain options to each of the Companys non-employee directors (the "Independent Directors") and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company accounts for stock options in accordance with FASBs Compensation Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the statement of operations over the service period based on their fair values. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula.  The assumption for expected volatility has a significant affect on the grant date fair value.  Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure.  The more significant assumptions underlying the determination of fair values for options granted during 2009, 2008 and 2007 were as follows: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="303"></td> <td width="21"></td> <td width="73"></td> <td width="19.533"></td> <td width="67.6"></td> <td width="19.533"></td> <td width="65.133"></td> </tr> <tr> <td valign="top" width="303">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="244.8" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="top" width="303">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73"> 2009 </td> <td valign="top" width="19.533">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.6"> 2008 </td> <td valign="top" width="19.533">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.133"> 2007 </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average fair value of options granted </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="73"> 3.16 </td> <td valign="bottom" width="19.533"> $ </td> <td valign="bottom" width="67.6"> 5.73 </td> <td valign="bottom" width="19.533"> $ </td> <td valign="bottom" width="65.133"> 7.41 </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average risk-free interest rates </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 2.54% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 3.13% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 4.50% </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average expected option lives (in years) </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 6.25 </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 6.38 </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 6.50 </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average expected volatility </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 45.81% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 26.16% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 19.01% </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average expected dividend yield </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 5.48% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 4.33% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 3.77% </td> </tr> </table> Information with respect to stock options under the Plan for the years ended December 31, 2009, 2008, and 2007 are as follows: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="262.267"></td> <td width="82.2"></td> <td width="19.2"></td> <td width="93"></td> <td width="16.6"></td> <td width="84.2"></td> </tr> <tr> <td valign="bottom" width="262.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> Shares </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="93"> Weighted-Average Exercise Price Per Share </td> <td valign="top" width="16.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="84.2"> Aggregate Intrinsic value (in millions) </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, January 1, 2007 </td> <td valign="bottom" width="82.2"> 14,793,593 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 25.93 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 281.4 </td> </tr> <tr> <td valign="top" width="262.267"> Exercised </td> <td valign="bottom" width="82.2"> (1,884,421) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 20.22 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Granted </td> <td valign="bottom" width="82.2"> 2,971,900 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 41.41 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Forfeited </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> (257,618) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 35.87 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, December 31, 2007 </td> <td valign="bottom" width="82.2"> 15,623,454 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 29.39 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 133.7 </td> </tr> <tr> <td valign="top" width="262.267"> Exercised </td> <td valign="bottom" width="82.2"> (1,862,209) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 20.59 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Granted </td> <td valign="bottom" width="82.2"> 2,903,475 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 37.29 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Forfeited </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> (400,898) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 38.64 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, December 31, 2008 </td> <td valign="bottom" width="82.2"> 16,263,822 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 31.58 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 7.6 </td> </tr> <tr> <td valign="top" width="262.267"> Exercised </td> <td valign="bottom" width="82.2"> (116,418) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 12.79 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Granted </td> <td valign="bottom" width="82.2"> 1,746,000 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 11.58 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Forfeited </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> (332,483) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 33.57 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, December 31, 2009 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 17,560,921 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 29.69 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 3.4 </td> </tr> <tr> <td valign="top" width="262.267"> Options exercisable (fully vested)- </td> <td valign="bottom" width="82.2">   </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93">   </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> December 31, 2007 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 9,307,184 </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="93"> 23.10 </td> <td valign="bottom" width="16.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="84.2"> 123.8 </td> </tr> <tr> <td valign="top" width="262.267"> December 31, 2008 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 9,011,677 </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="93"> 26.00 </td> <td valign="bottom" width="16.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="84.2"> 7.6 </td> </tr> <tr> <td valign="top" width="262.267"> December 31, 2009 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 10,869,336 </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="93"> 28.36 </td> <td valign="bottom" width="16.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="84.2"> 0.0 </td> </tr> </table> The exercise prices for options outstanding as of December 31, 2009, range from $7.22 to $53.14 per share.  The Company estimates forfeitures based on historical data.  The weighted-average remaining contractual life for options outstanding as of December 31, 2009, was approximately 6.3 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2009, was approximately 5.8 years.  Options to purchase 2,989,805, 5,031,718, and 2,996,321, shares of the Companys common stock were available for issuance under the Plan at December 31, 2009, 2008 and 2007, respectively.  As of December 31, 2009, the Company had 6,691,585 options expected to vest, with a weighted-average exercise price per share of $31.87 and an aggregate intrinsic value of $3.4 million. Cash received from options exercised under the Plan was approximately $1.5 million, $38.3 million, and $38.1 million, for the years ended December 31, 2009, 2008 and 2007, respectively.  The total intrinsic value of options exercised during 2009, 2008 and 2007 was approximately $0.2 million, $35.0 million, and $54.4 million, respectively. The Company recognized stock options expense of $11.3 million, $12.3 million, and $12.2 million for the years ended December 31, 2009, 2008 and 2007, respectively. As of December 31, 2009, the Company had $21.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Companys Plan.  That cost is expected to be recognized over a weighted average period of approximately 2.3 years. The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $170,000), is fully vested and funded as of December 31, 2009.  The Company contributions to the plan were approximately $1.8 million, $1.5 million and $1.5 million for the years ended December 31, 2009, 2008 and 2007, respectively. Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009.  Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $3.6 million for severance costs associated with employee terminations during 2009.

23.   Income Taxes: The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992.  To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders.  It is managements intention to adhere to these requirements and maintain the Companys REIT status.  As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.  If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years.  Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. Reconciliation between GAAP Net Income and Federal Taxable Income: The following table reconciles GAAP net (loss)/income to taxable income for the years ended December 31, 2009, 2008 and 2007 (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="354.2"></td> <td width="20.4"></td> <td width="73.933"></td> <td width="20.4"></td> <td width="60.467"></td> <td width="20.4"></td> <td width="57.333"></td> </tr> <tr> <td valign="bottom" width="354.2">   </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.933"> 2009 (Estimated) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> 2008 (Actual) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="57.333"> 2007 (Actual) </td> </tr> <tr> <td valign="top" width="354.2"> GAAP net (loss)/income </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="73.933"> (3,942) </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="60.467"> 249,902 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="57.333"> 442,830 </td> </tr> <tr> <td valign="top" width="354.2"> Less: GAAP net loss/(income) of taxable REIT subsidiaries </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.933"> 67,843 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> (9,002) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="57.333"> (98,542) </td> </tr> <tr> <td valign="top" width="354.2"> GAAP net income from REIT operations (a) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 63,901 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 240,900 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 344,288 </td> </tr> <tr> <td valign="top" width="354.2"> Net book depreciation in excess of tax depreciation </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 24,261 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 19,249 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 31,963 </td> </tr> <tr> <td valign="top" width="354.2"> Deferred/prepaid/above and below market rents, net </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> (18,967) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> (17,521) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> (12,879) </td> </tr> <tr> <td valign="top" width="354.2"> Book/tax differences from non-qualified stock options </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 12,107 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> (15,994) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> (26,210) </td> </tr> <tr> <td valign="top" width="354.2"> Book/tax differences from investments in real estate joint ventures </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 55,101 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 55,047 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 5,740 </td> </tr> <tr> <td valign="top" width="354.2"> Book/tax difference on sale of property </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> (13,478) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 5,617 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> (8,788) </td> </tr> <tr> <td valign="top" width="354.2"> Valuation adjustment of foreign currency contracts </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> - </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> (35) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 308 </td> </tr> <tr> <td valign="top" width="354.2"> Book adjustment to property carrying values and marketable equity securities </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 122,903 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 71,638 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> - </td> </tr> <tr> <td valign="top" width="354.2"> Other book/tax differences, net </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.933"> 1,312 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> 10,769 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="57.333"> 23,911 </td> </tr> <tr> <td valign="top" width="354.2"> Adjusted taxable income subject to 90% dividend requirements </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="73.933"> 247,140 </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.467"> 369,670 </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="57.333"> 358,333 </td> </tr> </table> Certain amounts in the prior periods have been reclassified to conform to the current year presentation. (a)  All adjustments to "GAAP net (loss)/income from REIT operations" are net of amounts attributable to noncontrolling interest and taxable REIT subsidiaries. Reconciliation between Cash Dividends Paid and Dividends Paid Deductions (in thousands): For the years ended December 31, 2009, 2008 and 2007 cash dividends paid exceeded the dividends paid deduction and amounted to $ 331,025, $469,024, and $384,502, respectively.   Characterization of Distributions: The following characterizes distributions paid for the years ended December 31, 2009, 2008 and 2007, (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="182.733"></td> <td width="21.067"></td> <td width="60.933"></td> <td width="15.733"></td> <td width="50.533"></td> <td width="21.067"></td> <td width="58.667"></td> <td width="15.733"></td> <td width="46.533"></td> <td width="21.067"></td> <td width="60"></td> <td width="16"></td> <td width="47.6"></td> </tr> <tr> <td valign="bottom" width="182.733">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 2009 </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 2008 </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 2007 </td> <td valign="top" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733"> Preferred F Dividends </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733">   Ordinary income </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60.933"> 11,638 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.667"> 9,079 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 78% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> 7,123 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 61% </td> </tr> <tr> <td valign="top" width="182.733">   Capital gain </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> - </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.533"> -% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 2,559 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.533"> 22% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 4,515 </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="47.6"> 39% </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 11,638 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 11,638 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 11,638 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 100% </td> </tr> <tr> <td valign="top" width="182.733"> Preferred G Dividends </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733">   Ordinary income </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60.933"> 35,650 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.667"> 28,197 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 78% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> - </td> </tr> <tr> <td valign="top" width="182.733">   Capital gain </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> - </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.533"> -% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 7,948 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.533"> 22% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> - </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="47.6"> - </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.933"> 35,650 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.667"> 36,145 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="46.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> - </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="47.6"> - </td> </tr> <tr> <td valign="top" width="182.733"> Common Dividends </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733">   Ordinary income </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60.933"> 204,291 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 72% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.667"> 290,656 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 69% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> 207,587 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 56% </td> </tr> <tr> <td valign="top" width="182.733">   Capital gain </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> -% </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667"> 80,036 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 19% </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> 131,558 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 35% </td> </tr> <tr> <td valign="top" width="182.733">   Return of capital </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 79,446 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.533"> 28% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 50,549 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.533"> 12% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 33,719 </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="47.6"> 9% </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 283,737 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 421,241 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 372,864 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 100% </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733"> Total dividends distributed </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.933"> 331,025 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.667"> 469,024 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 384,502 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> </table> Taxable REIT Subsidiaries ("TRS"): The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC, and Blue Ridge Real Estate Company/Big Boulder Corporation. Income taxes have been provided for on the asset and liability method as required by the FASBs Income Tax guidance.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities. The Companys taxable income for book purposes and provision for income taxes relating to the Companys TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2009, 2008, and 2007, are summarized as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="310.4"></td> <td width="21.067"></td> <td width="73.2"></td> <td width="21.067"></td> <td width="58.067"></td> <td width="21.067"></td> <td width="67.4"></td> </tr> <tr> <td valign="top" width="310.4">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> 2007 </td> </tr> <tr> <td valign="top" width="310.4"> (Loss)/income before income taxes </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> (104,231) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> (3,972) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> 109,057  </td> </tr> <tr> <td valign="top" width="310.4"> Benefit/(provision) for income taxes: </td> <td valign="top" width="21.067">   </td> <td valign="top" width="73.2">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="58.067">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="67.4">   </td> </tr> <tr> <td valign="top" width="310.4"> Federal </td> <td valign="top" width="21.067">   </td> <td valign="top" width="73.2"> 35,254  </td> <td valign="top" width="21.067">   </td> <td valign="top" width="58.067"> 11,026  </td> <td valign="top" width="21.067">   </td> <td valign="top" width="67.4"> (6,565) </td> </tr> <tr> <td valign="top" width="310.4"> State and local </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> 1,133  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 1,948  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> (3,950) </td> </tr> <tr> <td valign="top" width="310.4"> Total tax benefit/(provision) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> 36,387  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 12,974  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> (10,515) </td> </tr> <tr> <td valign="top" width="310.4"> GAAP net (loss)/income from taxable REIT subsidiaries </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="73.2"> (67,844) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.067"> 9,002  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="67.4"> 98,542  </td> </tr> </table> The Companys deferred tax assets and liabilities at December 31, 2009 and 2008, were as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="260.667"></td> <td width="21.067"></td> <td width="62.933"></td> <td width="21.067"></td> <td width="61.8"></td> </tr> <tr> <td valign="top" width="260.667">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="62.933"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.8"> 2008 </td> </tr> <tr> <td valign="top" width="260.667"> Deferred tax assets: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8">   </td> </tr> <tr> <td valign="top" width="260.667">    Operating losses </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="62.933"> 55,613  </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="61.8"> 48,863  </td> </tr> <tr> <td valign="top" width="260.667">    Tax/GAAP basis differences </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933"> 72,023  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8"> 71,747  </td> </tr> <tr> <td valign="top" width="260.667">    Tax credit carryforwards </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933"> 6,319  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8"> -  </td> </tr> <tr> <td valign="top" width="260.667">    Valuation allowance </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (33,783) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.8"> (33,783) </td> </tr> <tr> <td valign="top" width="260.667"> Total deferred tax assets </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933"> 100,172  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8"> 86,827  </td> </tr> <tr> <td valign="top" width="260.667"> Deferred tax liabilities </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (13,833) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.8"> (2,656) </td> </tr> <tr> <td valign="top" width="260.667"> Net deferred tax assets </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="62.933"> 86,339  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="61.8"> 84,171  </td> </tr> </table> As of December 31, 2009, the Company had net deferred tax assets of approximately $86.3 million. This net deferred tax asset includes approximately $12.0 million for the tax effect of net operating losses, (NOL) after the impact of a valuation allowance of $33.8 million, relating to FNC, a consolidated entity in which the Company has a 53% ownership interest. The partial valuation allowance on the FNC deferred tax asset primarily results from current projected taxable income, being more likely than not, insufficient to utilize the full amount of the deferred tax asset. The Companys remaining net deferred tax asset of approximately $74.3 million primarily relates to KRS and consists of (i) $13.8 million in deferred tax liabilities, (ii) $9.8 million in NOL carry forwards that expire in 2029, (iii) $6.3 million in tax credit carry forwards, $4.0 million of which expire in 2029 and $2.3 million that do not expire  and (iv) $72.0 million primarily relating to differences in GAAP book basis and tax basis of accounting for (i) real estate assets (ii) real estate joint ventures, (iii) other real estate investments, and (iv) asset impairments charges that have been recorded for book purposes but not yet recognized for tax purposes and (v) other miscellaneous deductible temporary differences. As of December 31, 2009, the Company determined that no valuation allowance was needed against the $74.3 million net deferred tax asset within KRS. This determination was based upon the Companys analysis of both positive evidence, which includes future projected income for KRS and negative evidence, which consists of a three year cumulative pre-tax book loss of approximately $23.0 million for KRS. The cumulative loss was primarily the result of significant impairment charges taken by KRS during 2009 and 2008 of approximately $91.7 million and approximately $82.2 million, respectively. KRS has a strong earnings history exclusive of the impairment charges. Since 2001, KRS has produced substantial taxable income in each year through 2008. Over the prior three years (2006 through 2008) KRS generated approximately $69.3 million of taxable income, before net operating loss carryovers. KRS activities primarily consisted of a merchant building business for the ground-up development of shopping center properties and subsequent sale upon completion and investments which include redevelopment properties and joint venture investments including KRSs investment in the Albertsons joint venture.  During 2009, the Company changed its merchant building strategy from a sale upon completion strategy to a long-term hold strategy for its remaining merchant building projects. To determine future projected income the Company scheduled KRSs pre-tax book income and taxable income over a twenty year period taking into account its continuing operations (core earnings).  Core earnings consist of estimated net operating income for properties currently in service and generating rental income from existing tenants. Major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past two years. To allow the forecast to remain objective and verifiable, no income growth was forecasted for any other aspect of KRSs continuing business activities including its investment in the Albertsons joint venture. The Company also included future known events in its projected income forecast such as the maturity of certain mortgages and construction loans which will significantly reduce the amount of interest expense incurred in future years. Additionally, the Company has also committed to certain actions which will result in reducing leverage at KRS. With the Companys change in its merchant building strategy, future business operations at KRS will not support its current capital structure which consists of approximately $564 million of intercompany loans the Company has made to KRS to fund its merchant building operation.  KRS incurred approximately $32.1 million of interest expense related to the intercompany financing during 2009. The Company will recapitalize a significant portion of the debt to reflect KRSs ongoing business activities.  The twenty year taxable income estimate reduces intercompany interest in accordance with this plan. The Companys projection of KRSs future taxable income, utilizing the assumptions above with respect to core earnings and reductions in interest expense due to debt maturities and the Companys recapitalization plans generates approximately $205.2 million in future taxable income, which is sufficient to fully utilize KRSs $74.3 million net deferred tax asset. As a result of this analysis the Company has determined it is more likely than not that KRSs net deferred tax asset of $74.3 million will be realized and therefore, no valuation allowance is needed at December 31, 2009. If future income projections do not occur as forecasted or the Company incurs additional impairment losses, the Company will reevaluate the need for a valuation allowance. Deferred tax assets and deferred tax liabilities are included in the caption Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 2009 and 2008.  Operating losses and the valuation allowance are primarily due to the Companys consolidation of FNC for accounting and reporting purposes.  At December 31, 2009, FNC had approximately $117.5 million of NOL carryforwards that expire from 2022 through 2025, with a tax value of approximately $45.8 million.  At December 31, 2008, FNC had approximately $125.3 million of NOL carry forwards, with a tax value of approximately $48.9 million.  A valuation allowance of $33.8 million has been established for a portion of these deferred tax assets.   (Benefit)/provision differ from the amount computed by applying the statutory federal income tax rate to taxable income before income taxes were as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="316.933"></td> <td width="21.067"></td> <td width="70"></td> <td width="21.067"></td> <td width="67.133"></td> <td width="21.067"></td> <td width="66.8"></td> </tr> <tr> <td valign="top" width="316.933">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="70"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.133"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="66.8"> 2007 </td> </tr> <tr> <td valign="top" width="316.933"> Federal (benefit)/provision at statutory tax rate (35%) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> (36,481) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="67.133"> (1,390) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="66.8"> 38,170  </td> </tr> <tr> <td valign="top" width="316.933"> State and local taxes, net of federal (benefit)/provision </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="70"> (6,775) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.133"> (258) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="66.8"> 7,089  </td> </tr> <tr> <td valign="top" width="316.933"> Other </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="70"> 6,869  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.133"> (8,283) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="66.8"> (3,552) </td> </tr> <tr> <td valign="top" width="316.933"> Valuation allowance decrease </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.133"> (3,043) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.8"> (31,192) </td> </tr> <tr> <td valign="top" width="316.933">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70"> (36,387) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.133"> (12,974) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66.8"> 10,515  </td> </tr> </table>

24.   Supplemental Financial Information: The following represents the results of operations, expressed in thousands except per share amounts, for each quarter during the years 2009 and 2008: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="276"></td> <td width="18.6"></td> <td width="64.2"></td> <td width="20.4"></td> <td width="74.4"></td> <td width="18"></td> <td width="78"></td> <td width="16.8"></td> <td width="73.8"></td> </tr> <tr> <td valign="bottom" width="276">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="345.6" colspan="7"> 2009 (Unaudited) </td> </tr> <tr> <td valign="bottom" width="276">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.2"> Mar. 31 </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="74.4"> June 30 </td> <td valign="top" width="18">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="78"> Sept. 30 </td> <td valign="top" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.8"> Dec. 31 </td> </tr> <tr> <td valign="top" width="276"> Revenues from rental property(1) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 193,895 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 189,285  </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 191,885 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 211,822 </td> </tr> <tr> <td valign="top" width="276">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="276"> Net income/(loss) attributable to the Company </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 38,424 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> (134,651) </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 40,108 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 52,177 </td> </tr> <tr> <td valign="top" width="276">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="276"> Net income/(loss) per common share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="276"> Basic </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.10 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> (0.40) </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.07 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 0.11 </td> </tr> <tr> <td valign="top" width="276"> Diluted </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.10 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> (0.40) </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.07 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 0.11 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="279.267"></td> <td width="18.6"></td> <td width="64.2"></td> <td width="20.4"></td> <td width="74.4"></td> <td width="18"></td> <td width="78"></td> <td width="16.8"></td> <td width="73.8"></td> </tr> <tr> <td valign="bottom" width="279.267">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="345.6" colspan="7"> 2008 (Unaudited) </td> </tr> <tr> <td valign="bottom" width="279.267">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.2"> Mar. 31 </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="74.4"> June 30 </td> <td valign="top" width="18">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="78"> Sept. 30 </td> <td valign="top" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.8"> Dec. 31 </td> </tr> <tr> <td valign="top" width="279.267"> Revenues from rental property(1) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 188,794 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 182,970 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 189,951 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 196,989 </td> </tr> <tr> <td valign="top" width="279.267">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="279.267"> Net income/(loss) attributable to the Company </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 98,467 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 94,374 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 108,584(a) </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> (51,523)(a) </td> </tr> <tr> <td valign="top" width="279.267">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="279.267"> Net income/(loss) per common share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="279.267"> Basic </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.34 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 0.33 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.38 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> (0.24) </td> </tr> <tr> <td valign="top" width="279.267"> Diluted </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.34 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 0.32 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.37 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> (0.24) </td> </tr> </table> (1)  All periods have been adjusted to reflect the impact of operating properties sold during 2009 and 2008 and properties classified as held for sale as of December 31, 2009, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Operations. (a)  Out-of-Period Adjustment - During the fourth quarter of 2008, the Company identified an out-of-period adjustment in its consolidated financial statements for the year ended December 31, 2008. This adjustment related to the accounting for cash distributions received in excess of the Companys carrying value of its investment in an unconsolidated joint venture.  During the third quarter of 2008, the Company recorded as income approximately $8.5 million from cash distributions received in excess of the Companys carrying value of its investment resulting from mortgage refinancing proceeds from one of its unconsolidated joint ventures. The Company recorded the $8.5 million as income as the Company had no guaranteed obligations or was otherwise committed to provide further financial support to the joint venture. It was determined in the fourth quarter of 2008, that although the Company in substance does not have any further obligations, in form, the Company is the general partner in this joint venture and does have a legal obligation relating to the partnership. As such, the Company should not have recognized the $8.5 million as income in the third quarter. The Company has reversed this amount from income in the fourth quarter of 2008. As a result of this out-of-period adjustment, net income was overstated by $8.5 million in the third quarter of 2008 and understated by $8.5 million in the fourth quarter of 2008, but correctly stated for the year ended December 31, 2008.  The Company concluded that the $8.5 million adjustment was not material to the quarter ended September 30, 2008 or the quarter ended December 31, 2008.  As such, this adjustment was recorded in the Companys Consolidated Statements of Income for the three months ended December 31, 2008, rather than restating the third quarter 2008 period. Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of approximately $12.2 million and $9.0 million of billed accounts receivable and $10.1 million and $13.3 million for accrued unbilled common area maintenance and real estate recoveries at December 31, 2009 and 2008, respectively. 25.   Pro Forma Financial Information (Unaudited): As discussed in Notes 5, 6 and 7, the Company and certain of its subsidiaries acquired and disposed of interests in certain operating properties during 2009.  The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Operations for the years ended December 31, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of operations for future periods.  (Amounts presented in millions, except per share figures.) <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="314.6"></td> <td width="21"></td> <td width="71.733"></td> <td width="27"></td> <td width="67.133"></td> </tr> <tr> <td valign="top" width="314.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="165.867" colspan="3"> Year ended December 31, </td> </tr> <tr> <td valign="top" width="314.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="71.733"> 2009 </td> <td valign="top" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.133"> 2008 </td> </tr> <tr> <td valign="bottom" width="314.6"> Revenues from rental property </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="71.733"> 864.0  </td> <td valign="bottom" width="27"> $ </td> <td valign="bottom" width="67.133"> 853.5 </td> </tr> <tr> <td valign="bottom" width="314.6"> Net income </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="71.733"> 22.4  </td> <td valign="bottom" width="27"> $ </td> <td valign="bottom" width="67.133"> 274.1 </td> </tr> <tr> <td valign="bottom" width="314.6"> Net (loss)/income attributable to the Companys common shareholders </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="71.733"> (34.9) </td> <td valign="bottom" width="27"> $ </td> <td valign="bottom" width="67.133"> 201.6 </td> </tr> <tr> <td valign="bottom" width="314.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="71.733">   </td> <td valign="bottom" width="27">   </td> <td valign="bottom" width="67.133">   </td> </tr> <tr> <td valign="bottom" width="314.6"> Net (loss)/income attributable to the Companys common shareholders per common share: </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="71.733">   </td> <td valign="bottom" width="27">   </td> <td valign="bottom" width="67.133">   </td> </tr> <tr> <td valign="bottom" width="314.6"> Basic </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.733"> (0.10) </td> <td valign="bottom" width="27"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.133"> 0.78 </td> </tr> <tr> <td valign="bottom" width="314.6"> Diluted </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.733"> (0.10) </td> <td valign="bottom" width="27"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.133"> 0.78 </td> </tr> </table> EX-101.SCH 20 kim-20091231.xsd 01 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 02 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Condensed Consolidated Statements Of Operations link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Condensed Consolidated Statements Of Operations Alternate 0 link:presentationLink link:definitionLink link:calculationLink 04 - Statement - Condensed Consolidated Statements Of Operations (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 05 - Statement - Condensed Consolidated Statements Of Comprehensive Income link:presentationLink link:definitionLink link:calculationLink 06 - Statement - KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) link:presentationLink link:definitionLink link:calculationLink 07 - Statement - KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 08 - Statement - Condensed Consolidated Statements Of Cash Flows link:presentationLink link:definitionLink link:calculationLink 09 - Statement - Condensed Consolidated Statements Of Cash Flows (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 10 - Disclosure - 1. Summary of Significant Accounting Policies: link:presentationLink link:definitionLink link:calculationLink 11 - Disclosure - 2. Impairments: link:presentationLink link:definitionLink link:calculationLink 12 - Disclosure - 3. Real Estate: link:presentationLink link:definitionLink link:calculationLink 13 - Disclosure - 4. Property Acquisitions, Developments and Other Investments: link:presentationLink link:definitionLink link:calculationLink 14 - Disclosure - 5. Dispositions of Real Estate: link:presentationLink link:definitionLink link:calculationLink 15 - Disclosure - 6. Adjustment of Property Carrying Values: link:presentationLink link:definitionLink link:calculationLink 16 - Disclosure - 7. Discontinued Operations and Assets Held for Sale: link:presentationLink link:definitionLink link:calculationLink 17 - Disclosure - 8. Investment and Advances in Real Estate Joint Ventures: link:presentationLink link:definitionLink link:calculationLink 18 - Disclosure - 9. Other Real Estate Investments: link:presentationLink link:definitionLink link:calculationLink 19 - Disclosure - 10. Mortgages and Other Financing Receivables: link:presentationLink link:definitionLink link:calculationLink 20 - Disclosure - 11. Marketable Securities: link:presentationLink link:definitionLink link:calculationLink 21 - Disclosure - 12. Notes Payable: link:presentationLink link:definitionLink link:calculationLink 22 - Disclosure - 13. Mortgages Payable: link:presentationLink link:definitionLink link:calculationLink 23 - Disclosure - 14. Construction Loans Payable: link:presentationLink link:definitionLink link:calculationLink 24 - Disclosure - 15. Noncontrolling Interests: link:presentationLink link:definitionLink link:calculationLink 25 - Disclosure - 16. Fair Value Disclosure of Financial Instruments: link:presentationLink link:definitionLink link:calculationLink 26 - Disclosure - 17. Financial Instruments - Derivatives and Hedging: link:presentationLink link:definitionLink link:calculationLink 27 - Disclosure - 18. Preferred Stock, Common Stock and Convertible Unit Transactions - link:presentationLink link:definitionLink link:calculationLink 28 - Disclosure - 19. Supplemental Schedule of Non-Cash Investing/Financing Activities: link:presentationLink link:definitionLink link:calculationLink 29 - Disclosure - 20. Transactions with Related Parties: link:presentationLink link:definitionLink link:calculationLink 30 - Disclosure - 21. Commitments and Contingencies: link:presentationLink link:definitionLink link:calculationLink 31 - Disclosure - 22. Incentive Plans: link:presentationLink link:definitionLink link:calculationLink 32 - Disclosure - 23. Income Taxes: link:presentationLink link:definitionLink link:calculationLink 33 - Disclosure - 24. Supplemental Financial Information: link:presentationLink link:definitionLink link:calculationLink 34 - Disclosure - 25. Pro Forma Financial Information (Unaudited): link:presentationLink link:definitionLink link:calculationLink 35 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 21 kim-20091231_cal.xml EX-101.DEF 22 kim-20091231_def.xml EX-101.LAB 23 kim-20091231_lab.xml Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets [Abstract] Assets: Assets: [Abstract] Real Estate Real Estate [Abstract] Rental property Rental property [Abstract] Land Building and improvements Less, accumulated depreciation and amortization Land And Building Improvements Less Accumulated Depreciation And Amortization Real estate under development Real estate, net Investments and advances in real estate joint ventures Other real estate investments Mortgages and other financing receivables Cash and cash equivalents Marketable securities Accounts and notes receivable Deferred charges and prepaid expenses Other assets Total assets Liabilities Stockholders' Equity: Liabilities Stockholders' Equity: [Abstract] Notes payable Mortgages payable Construction loans payable Accounts payable and accrued expenses Dividends payable Other liabilities Total liabilities Redeemable noncontrolling interests Commitments and contingencies Stockholders' equity: Stockholders' equity: [Abstract] Preferred Stock, $1.00 par value, authorized 3,232,000 shares Preferred Stock, $1.00 par value, authorized 3,232,000 shares [Abstract] Preferred stock Common stock, $.01 par value, authorized 750,000,000 shares Issued and outstanding 405,532,566, 271,080,525 and 253,350,144, shares, respectively. Paid-in capital Cumulative distributions in excess of net income Total stockholders' equity excluding accumulated other comprehensive income Accumulated other comprehensive income Total stockholders' equity Noncontrolling interests Total equity Total liabilities and equity Condensed Consolidated Balance Sheets (Parentheticals) Condensed Consolidated Balance Sheets (Parentheticals) [Abstract] Aggregate liquidation preference Preferred Stock, Par or Stated Value Per Share (in dollars per share) Preferred Stock, Shares Authorized (in shares) Preferred Stock, Shares Issued (in shares) Preferred Stock, Shares Outstanding (in shares) Aggregate liquidation preference Common Stock, Par or Stated Value Per Share (in dollars per share) Common Stock, Shares Authorized (in shares) Common Stock, Shares, Issued (in shares) Common Stock, Shares, Outstanding (in shares) Condensed Consolidated Statements Of Operations Condensed Consolidated Statements Of Operations [Abstract] Revenues from rental property Rental property expenses: Rental property expenses: [Abstract] Rent Real estate taxes Operating and maintenance Impairment of property carrying values Mortgage and other financing income Management and other fee income Depreciation and amortization General and administrative expenses Interest, dividends and other investment income Other expense, net Interest expense Income from other real estate investments Income from other real estate investments Gain on sale of development properties Gain on sale of development properties Impairments: Impairments: [Abstract] Impairment of Real Estate Under Development Real estate under development Investments in other real estate investments Marketable securities and other investments Investments in real estate joint ventures (Loss)/income from continuing operations before income taxes and equity in income of joint ventures Benefit for income taxes Equity in income of joint ventures, net Income from continuing operations Discontinued operations: Discontinued operations: [Abstract] (Loss)/income from discontinued operating properties Loss on operating properties held for sale/sold Gain on disposition of operating properties, net of tax Income from discontinued operations Gain on transfer of operating properties Gain on transfer of operating properties Loss on sale of operating properties Loss on sale of operating properties Gain on sale of operating properties, net of tax Total gain on transfer or sale of operating properties, net of tax Total gain on transfer or sale of operating properties, net of tax Income Before Extraordinary Item Income before extraordinary item Extraordinary Gain From Joint Venture Resulting From Purchase Price Allocation Net of Tax Extraordinary gain from joint venture resulting from purchase price allocation, net of tax Net income Net income attributable to noncontrolling interests Net (loss)/income attributable to the Company Preferred stock dividends Net (loss)/income available to common shareholders Per common share: Per common share: [Abstract] -Basic (in dollars per share) -Diluted (in dollars per share) Net (loss)/income : Net (loss)/income : [Abstract] -Basic (in dollars per share) -Diluted (in dollars per share) Weighted average shares: Weighted average shares: [Abstract] -Basic (in shares) -Diluted (in shares) Amounts attributable to the Company's common shareholders: Amounts attributable to the Company's common shareholders: [Abstract] (Loss)/income from continuing operations, net of tax Income from discontinued operations Extraordinary gain, net of tax Net (loss)/income Condensed Consolidated Statements Of Operations (Parentheticals) Condensed Consolidated Statements Of Operations (Parentheticals) [Abstract] Gain (Loss) on Sale of Properties, Applicable Income Taxes Condensed Consolidated Statements Of Comprehensive Income Condensed Consolidated Statements Of Comprehensive Income [Abstract] Net income Other comprehensive income: Other comprehensive income: [Abstract] Change in unrealized gain/(loss) on marketable securities Change in unrealized loss on interest rate swaps Change In Unrealized Loss On Foreign Currency Hedge Agreements Change in unrealized loss on foreign currency hedge agreements Change in foreign currency translation adjustment Other comprehensive income Comprehensive income Comprehensive loss/(income) attributable to noncontrolling interests Comprehensive income attributable to the Company KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) [Abstract] Balance Contributions from noncontrolling interests Comprehensive income: Comprehensive income: [Abstract] Net (loss)/income Other comprehensive income, net of tax: Other comprehensive income, net of tax: [Abstract] Change in unrealized gain/loss on marketable securities Change in unrealized gain/loss on interest rate swaps Comprehensive income RedeemableNoncontrollingInterest Redeemable noncontrolling interest Dividends per common share Distributions to noncontrolling interests Issuance Of Preferred G Stock Issuance of Preferred G Stock Unit Redemptions Unit Redemptions Issuance of Common Stock Exercise of Common Stock Options Amortization of stock option expense Comprehensive income: Comprehensive income: [Abstract]0 Other comprehensive income, net of tax: Other comprehensive income, net of tax: [Abstract]0 Issuance of units Comprehensive income: Comprehensive income: [Abstract]00 Other comprehensive income, net of tax: Other comprehensive income, net of tax: [Abstract]00 Transfers from noncontrolling interests KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) (Parentheticals) KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) (Parentheticals) [Abstract] Dividends, Common Stock, Cash (in dollars per share) Dividends, Preferred Stock, Cash Condensed Consolidated Statements Of Cash Flows Condensed Consolidated Statements Of Cash Flows [Abstract] Cash flow from operating activities: Cash flow from operating activities: [Abstract] Net income Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to reconcile net income to net cash provided by operating activities: [Abstract] Depreciation and amortization Extraordinary item Loss on operating properties held for sale/sold/transferred Impairment charges Gain on sale of development properties Gain on sale or transfer of operating properties. Gain on sale/transfer of operating properties Equity in income of joint ventures, net Equity in income of joint ventures, net Income from other real estate investments Income from other real estate investments Distributions from joint ventures Cash retained from excess tax benefits Change in accounts and notes receivable Change in accounts payable and accrued expenses Change in other operating assets and liabilities Net cash flow provided by operating activities Cash flow from investing activities: Cash flow from investing activities: [Abstract] Acquisition of and improvements to operating real estate Acquisition of and improvements to real estate under development Investment in marketable securities Proceeds from sale of marketable securities Proceeds from transferred operating/development properties Investments and advances to real estate joint ventures The cash inflow from real estate joint ventures. Reimbursements of advances to real estate joint ventures Other real estate investments Reimbursements of advances to other real estate investments Investment in mortgage loans receivable EX-101.PRE 24 kim-20091231_pre.xml XML 25 R19.xml IDEA: 10. Mortgages and Other Financing Receivables: 1.0.0.3 false 10. Mortgages and Other Financing Receivables: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Loans, Notes, Trade and Other Receivables Disclosure [Text Block] (abstract) 0 kim_LoansNotesTradeAndOtherReceivablesDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Loans, Notes, Trade and Other Receivables Disclosure [Text Block] 1 us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 10.   Mortgages and Other Financing Receivables: The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company.  For a complete listing of the Companys mortgages and other financing receivables at December 31, 2009, see Financial Statement Schedule IV included in this annual report on Form 10-K. The following table reconciles mortgage loans and other financing receivables from January 1, 2007 to December 31, 2009 (in thousands) : <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="258.867"></td> <td width="21.067"></td> <td width="65.467"></td> <td width="21.067"></td> <td width="71.6"></td> <td width="21.067"></td> <td width="67.8"></td> </tr> <tr> <td valign="bottom" width="258.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="65.467"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.6"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.8"> 2007 </td> </tr> <tr> <td valign="bottom" width="258.867"> Balance at January 1 </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="65.467"> 181,992  </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="71.6"> 153,847  </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="67.8"> 162,669  </td> </tr> <tr> <td valign="bottom" width="258.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867"> Additions: </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867">    New mortgage loans </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 8,316  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 86,247  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 62,362  </td> </tr> <tr> <td valign="bottom" width="258.867">    Additions under existing mortgage loans </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 707  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 8,268  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 38,122  </td> </tr> <tr> <td valign="bottom" width="258.867">    Foreign currency translation </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 6,324  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> -  </td> </tr> <tr> <td valign="bottom" width="258.867">    Capitalized loan costs </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 60  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 605  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 675  </td> </tr> <tr> <td valign="bottom" width="258.867">    Amortization of loan discounts </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> 247  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> 247  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> 271  </td> </tr> <tr> <td valign="bottom" width="258.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867"> Deductions: </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8">   </td> </tr> <tr> <td valign="bottom" width="258.867">    Collections of principal </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (43,578) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> (48,633) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> (105,277) </td> </tr> <tr> <td valign="bottom" width="258.867">    Loan foreclosures </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (17,312) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> -  </td> </tr> <tr> <td valign="bottom" width="258.867">    Loan impairments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (3,800) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> -  </td> </tr> <tr> <td valign="bottom" width="258.867">    Charge off/foreign currency translation </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> -  </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> (15,630) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> (1,837) </td> </tr> <tr> <td valign="bottom" width="258.867">    Amortization of loan premiums </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="65.467"> (1,024) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="71.6"> (2,279) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="67.8"> (2,298) </td> </tr> <tr> <td valign="bottom" width="258.867">    Amortization of loan costs </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="65.467"> (600) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.6"> (680) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.8"> (840) </td> </tr> <tr> <td valign="bottom" width="258.867"> Balance at December 31 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="65.467"> 131,332  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.6"> 181,992  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.8"> 153,847  </td> </tr> </table> As noted in the table above, during 2009, the Company recognized non-cash impairment charges of approximately $3.8 million, against the carrying value of two mortgage loans.  Approximately $3.5 million of the $3.8 million of impairment charges was related to a mortgage receivable that was in default.  The Company began foreclosure proceedings on the underlying property during June 2009 and the process was completed in the fourth quarter 2009.  This impairment charge reflects the decrease in the estimated fair values of the real estate collateral. 10.   Mortgages and Other Financing Receivables: The Company has various mortgages and other financing receivables which consist of loans acquired and false false No definition available. 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No authoritative reference available. false 10 Entity Current Reporting Status 1 dei_EntityCurrentReportingStatus dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 11 Entity Voluntary Filers 1 dei_EntityVoluntaryFilers dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 No No false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 12 Entity Filer Category 1 dei_EntityFilerCategory dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Large Accelerated Filer Large Accelerated Filer false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 13 Entity Well-known Seasoned Issuer 1 dei_EntityWellKnownSeasonedIssuer dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 14 Document Period End Date 1 dei_DocumentPeriodEndDate dei false na duration date No definition available. false false false false false false false false false 1 false false 0 0 2009-12-31 2009-12-31 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false false 2 13 false NoRounding NoRounding UnKnown false true XML 27 R29.xml IDEA: 20. Transactions with Related Parties: 1.0.0.3 false 20. Transactions with Related Parties: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Related Party Transactions Disclosure [Text Block] (abstract) 0 kim_RelatedPartyTransactionsDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Related Party Transactions Disclosure [Text Block] 1 us-gaap_RelatedPartyTransactionsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 20.   Transactions with Related Parties: The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests.  Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Ripco Real Estate Corp. was formed in 1991 and employs approximately 40 professionals and serves numerous retailers, REITS and developers.  Ripcos business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohls and many others, providing real estate brokerage services and principal real estate investing.  Mr. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Mr. Milton Cooper, Executive Chairman of the Board of Directors of the Company.  During 2009 and 2008, the Company paid brokerage commissions of $0.7 million and $0.5 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. The Company believes that the brokerage commissions paid were at or below the customary rates for such leasing services.   Additionally, the Company has the following joint venture investments with Ripco.  During 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company and Ripco each hold 50% noncontrolling interests.  The Company accounts for its investment in these joint ventures under the equity method of accounting.  As of December 31, 2009, these joint ventures hold three individual one-year loans aggregating $17.3 million which are scheduled to mature in 2010 and bear interest at rates of LIBOR plus 2.75%.  These loans are jointly and severally guaranteed by the Company and the joint venture partner. Reference is made to Note 8 for additional information regarding transactions with related parties. 20.   Transactions with Related Parties: The Company provides management services for shopping centers owned principally by affiliated entities and false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 28 R11.xml IDEA: 2. Impairments: 1.0.0.3 false 2. Impairments: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] (abstract) 0 kim_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Details of Impairment of Long-Lived Assets Held and Used by Asset [Text Block] 1 us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 2.   Impairments: On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Companys assets (including any related amortizable intangible assets or liabilities) may be impaired.  To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset. During 2008 and 2009, economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets. Increases in capitalization rates, discount rates and vacancies as well as deterioration of real estate market fundamentals impacted net operating income and leasing which further contributed to declines in real estate markets in general. As a result of the volatility and declining market conditions described above, as well as the Companys strategy in relation to certain of its non-retail assets, the Company recognized non-cash impairment charges during 2009, aggregating approximately $175.1 million, before income tax benefit of approximately $22.5 million and noncontrolling interests of approximately $1.2 million. The Company recognized non-cash impairment charges during 2008, aggregating approximately $147.5 million, before income tax benefit of approximately $31.1 million and noncontrolling interest of approximately $1.6 million. The Company recognized non-cash impairment charges during 2007, aggregating approximately $13.8 million, before income tax benefit of approximately $5.5 million.  Details of these non-cash impairment charges are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="294"></td> <td width="21.067"></td> <td width="70"></td> <td width="21.067"></td> <td width="70.733"></td> <td width="24.133"></td> <td width="69"></td> </tr> <tr> <td valign="bottom" width="294">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70.733"> 2008 </td> <td valign="top" width="24.133">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69"> 2007 </td> </tr> <tr> <td valign="bottom" width="294"> Impairment of property carrying values </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70"> 50,000 </td> <td valign="top" width="21.067"> $ </td> <td valign="bottom" width="70.733"> - </td> <td valign="top" width="24.133"> $ </td> <td valign="bottom" width="69"> - </td> </tr> <tr> <td valign="bottom" width="294"> Real estate under development </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70"> 2,100 </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 13,613 </td> <td valign="top" width="24.133">   </td> <td valign="bottom" width="69"> 8,500 </td> </tr> <tr> <td valign="bottom" width="294"> Investments in other real estate investments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70"> 49,279 </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> - </td> <td valign="top" width="24.133">   </td> <td valign="bottom" width="69"> - </td> </tr> <tr> <td valign="bottom" width="294"> Marketable securities and other investments </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70"> 30,050 </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="70.733"> 118,416 </td> <td valign="top" width="24.133">   </td> <td valign="bottom" width="69"> 5,296 </td> </tr> <tr> <td valign="bottom" width="294"> Investments in real estate joint ventures </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70"> 43,658 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70.733"> 15,500 </td> <td valign="top" width="24.133">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69"> - </td> </tr> <tr> <td valign="bottom" width="294">      Total impairment charges </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70"> 175,087 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70.733"> 147,529 </td> <td valign="top" width="24.133"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="69"> 13,796 </td> </tr> </table> In addition to the impairment charges above, the Company recognized impairment charges during 2009 and 2008 of approximately $38.7 million, before an income tax benefit of approximately $11.0 million, and $11.2 million, before an income tax benefit of approximately $4.5 million, respectively, relating to certain properties held by four unconsolidated joint ventures in which the Company holds noncontrolling interests ranging from 15% to 45%. These impairment charges are included in Equity in income of joint ventures, net in the Companys Consolidated Statements of Operations.  The Company will continue to assess the value of its assets on an on-going basis.  Based on these assessments, the Company may determine that one or more of its assets may be impaired due to a decline in value and would therefore write-down its cost basis accordingly (see Notes 6, 8, 9, 10, and 11). 2.   Impairments: On a continuous basis, management assesses whether there are any indicators, including property operating performance and false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 29 R10.xml IDEA: 1. Summary of Significant Accounting Policies: 1.0.0.3 false 1. Summary of Significant Accounting Policies: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Significant Accounting Policies [Text Block] (abstract) 0 kim_SignificantAccountingPoliciesTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Significant Accounting Policies [Text Block] 1 us-gaap_SignificantAccountingPoliciesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 1.   Summary of Significant Accounting Policies: Business Kimco Realty Corporation (the "Company" or "Kimco"), its subsidiaries, affiliates and related real estate joint ventures are engaged principally in the operation of neighborhood and community shopping centers which are anchored generally by discount department stores, supermarkets or drugstores.  The Company also provides property management services for shopping centers owned by affiliated entities, various real estate joint ventures and unaffiliated third parties. Additionally, in connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust ("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code, as amended (the "Code"), subject to certain limitations.  As such, the Company, through its taxable REIT subsidiaries, has been engaged in various retail real estate related opportunities including (i) ground-up development projects through its wholly-owned taxable REIT subsidiaries(TRS), which wee primarily engaged in the ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) retail real estate advisory and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers and (iii) acting as an agent or principal in connection with tax deferred exchange transactions. The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property and a large tenant base.  At December 31, 2009, the Company's single largest neighborhood and community shopping center accounted for only 1.2% of the Company's annualized base rental revenues and only 1.0% of the Companys total shopping center gross leasable area ("GLA").  At December 31, 2009, the Companys five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Wal-Mart, and Kohls which represented approximately 3.3%, 2.6%, 2.5%, 2.2% and 2.0%, respectively, of the Companys annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest. The principal business of the Company and its consolidated subsidiaries is the ownership, development, management and operation of retail shopping centers, including complementary services that capitalize on the Companys established retail real estate expertise.  The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance.  Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Principles of Consolidation and Estimates The accompanying Consolidated Financial Statements include the accounts of Kimco Realty Corporation (the Company), its subsidiaries, all of which are wholly-owned, and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (VIE) or meets certain criteria of a sole general partner or managing member in accordance with the Consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). All inter-company balances and transactions have been eliminated in consolidation.   GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period.  The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, including the assessment of impairments, equity method investments, marketable securities and other investments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable and the realizability of deferred tax assets.  Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates. Subsequent Events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements. Real Estate Real estate assets are stated at cost, less accumulated depreciation and amortization. On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired.  A property value is considered impaired only if managements estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining useful life is less than the net carrying value of the property.  Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property. When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the sales price, net of selling costs. If, in managements opinion, the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the estimated fair value to the applicable assets and liabilities. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a retrospective basis.  The Company expenses transaction costs associated with business combinations in the period incurred.   In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the leases and managements estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease.  The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases.  Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.  Unit discounts and premiums are amortized into noncontrolling interest in income, net over the period from the date of issuance to the earliest redemption date of the units. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand.  In estimating the value of tenant relationships, management considers the nature and extent of the existing tenant relationship, the expectation of lease renewals, growth prospects and tenant credit quality, among other factors.   The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases.  If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="279.6"></td> <td width="15.733"></td> <td width="165.467"></td> </tr> <tr> <td valign="top" width="279.6"> Buildings and building improvements </td> <td valign="top" width="15.733">   </td> <td valign="top" width="165.467"> 15 to 50 years </td> </tr> <tr> <td valign="top" width="279.6"> Fixtures, leasehold and tenant improvements </td> <td valign="top" width="15.733">   </td> <td valign="top" width="165.467"> Terms of leases or useful </td> </tr> <tr> <td valign="top" width="279.6"> (including certain identified intangible assets) </td> <td valign="top" width="15.733">   </td> <td valign="top" width="165.467"> lives, whichever is shorter </td> </tr> </table> Expenditures for maintenance and repairs are charged to operations as incurred.  Significant renovations and replacements, which improve and extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Real Estate Under Development Real estate under development represents both the ground-up development of neighborhood and community shopping center projects which may be subsequently sold upon completion and projects which the Company may hold as long-term investments.  These properties are carried at cost.  The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity.  If, in managements opinion, the net sales price of assets held for resale or the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities.  These investments are recorded initially at cost and subsequently adjusted for cash contributions and distributions.  Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investments net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. The Companys joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business.  These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Companys exposure to losses primarily to the amount of its equity investment; and due to the lenders exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk.  The Companys exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. The Company, on a selective basis, obtains unsecured financing for certain joint ventures.  These unsecured financings are guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make.   To recognize the character of distributions from equity investees the Company looks at the nature of the cash distribution to determine the proper character of cash flow distributions as either returns on investment, which would be included in operating activities or returns of investment, which would be included in investing activities.   On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Companys investments in unconsolidated joint ventures may be impaired. An investments value is impaired only if managements estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Companys estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property. Other Real Estate Investments Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to developers and owners of real estate.  The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investments net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period. On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Companys Other real estate investments may be impaired. An investments value is impaired only if managements estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Companys estimated fair values are based upon a discounted cash flow model for each specific property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for each respective property. Mortgages and Other Financing Receivables Mortgages and other financing receivables consist of loans acquired and loans originated by the Company.  Loan receivables are recorded at stated principal amounts net of any discount or premium or deferred loan origination costs or fees.  The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable.  The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loans yield over the term of the related loan.  The Company evaluates the collectability of both interest and principal on each loan to determine whether it is impaired.  A loan is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms.  When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loans effective interest rate or to the value of the underlying collateral if the loan is collateralized.  Interest income on performing loans is accrued as earned.  Interest income on impaired loans is recognized on a cash basis. Cash and Cash Equivalents Cash and cash equivalents (demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less) includes tenants' security deposits, escrowed funds and other restricted deposits approximating $18.3 million and $12.5 million for the years ended December 31, 2009 and 2008, respectively. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts.  The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured.  Recoverability of investments is dependent upon the performance of the issuers. Marketable Securities The Company classifies its existing marketable equity securities as available-for-sale in accordance with the FASBs Investments-Debt and Equity Securities guidance.  These securities are carried at fair market value with unrealized gains and losses reported in stockholders equity as a component of Accumulated other comprehensive income ("OCI"). Gains or losses on securities sold are based on the specific identification method. All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity, it is not more likely than not that the Company will be required to sell the debt security before its anticipated recovery and the Company expects to recover the securitys entire amortized cost basis even if the entity does not intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.  Debt securities which contain conversion features generally are classified as available-for-sale.   On a continuous basis, management assesses whether there are any indicators that the value of the Companys marketable securities may be impaired.  A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security. Deferred Leasing and Financing Costs Costs incurred in obtaining tenant leases and long-term financing, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized over the terms of the related leases or debt agreements, as applicable.  Such capitalized costs include salaries and related costs of personnel directly involved in successful leasing efforts. Revenue Recognition and Accounts Receivable Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases.  Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income may also include payments received in connection with lease termination agreements.  In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a partial noncontrolling interest.  Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements.  Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Gains and losses from the sale of depreciated operating property and ground-up development projects are generally recognized using the full accrual method in accordance with the FASBs real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met. Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASBs real estate sales guidance. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues.  The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts.  In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims.  The Companys reported net earnings is directly affected by managements estimate of the collectability of accounts receivable. Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code. In connection with the RMA, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries under the Code.  As such, the Company is subject to federal and state income taxes on the income from these activities. Income taxes are accounted for under the asset and liability method.  Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards.  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.  The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not. The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis.  The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.   Foreign Currency Translation and Transactions Assets and liabilities of the Companys foreign operations are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year.  Gains or losses resulting from translation are included in OCI, as a separate component of the Companys stockholders equity.  Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions.  The effect of the transactions gain or loss is included in the caption Other income, net in the Consolidated Statements of Operations. Derivative/Financial Instruments The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Companys rights or obligations under the applicable derivative contract.  The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.  Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.  The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB (see Note 17). Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also includes partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions.  These units have a stated redemption value (classified as mezzanine equity) or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Companys common stock ("Common Stock") and provide the unit holders various rates of return during the holding period.  The unit holders generally have the right to redeem their units for cash at any time after one year from issuance.  The Company typically has the option to settle redemption amounts in cash or Common Stock for its convertible units.  The Company evaluates the terms of the partnership units issued and determines if the units are mandatorily redeemable in accordance with the Distinguishing Liabilities from Equity guidance issued by the FASB.   The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB.  The Company identifies its noncontrolling interests separately within the equity section on the Companys Consolidated Balance Sheets.  Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Consolidated Balance Sheets.  The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented on the Companys Consolidated Statements of Operations.   Earnings Per Share The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="361.6"></td> <td width="18.6"></td> <td width="60"></td> <td width="18.6"></td> <td width="59.867"></td> <td width="15.733"></td> <td width="60.533"></td> </tr> <tr> <td valign="top" width="361.6">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60"> 2009 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="59.867"> 2008 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60.533"> 2007 </td> </tr> <tr> <td valign="bottom" width="361.6"> Computation of Basic (Loss)/Income Per Share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from continuing operations before extraordinary gain </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> 2,086  </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 248,625  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 390,534  </td> </tr> <tr> <td valign="bottom" width="361.6"> Total net gain on transfer or sale of operating properties, net of tax </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 3,867  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 1,782  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 2,708  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net income attributable to noncontrolling interests </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> (10,003) </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> (26,502) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> (44,066) </td> </tr> <tr> <td valign="bottom" width="361.6"> Discontinued operations attributable to noncontrolling interests </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 1,281  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 5,740  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain attributable to noncontrolling interests </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 4,075  </td> </tr> <tr> <td valign="bottom" width="361.6"> Preferred stock dividends </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (47,288) </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> (47,288) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> (19,659) </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations before extraordinary gain available to common shareholders </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> (51,338) </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 177,898  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 339,332  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations attributable to the Company </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 108  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 24,716  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 33,574  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 50,265  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (loss)/income attributable to the Companys common shareholders </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> (51,230) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 202,614  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 423,171  </td> </tr> <tr> <td valign="bottom" width="361.6"> Weighted average common shares Outstanding </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 350,077  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 257,811  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 252,129  </td> </tr> <tr> <td valign="bottom" width="361.6">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Basic (Loss)/Income Per Share attributable to the Company: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations before extraordinary gain </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 0.69  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 1.35  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 0.10  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 0.13  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 0.20  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (loss)/income </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 0.79  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 1.68  </td> </tr> <tr> <td valign="bottom" width="361.6">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Computation of Diluted (Loss)/Income Per Share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations before extraordinary gain available to common shareholders </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> (51,338) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 177,898  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 339,332  </td> </tr> <tr> <td valign="bottom" width="361.6"> Distributions on convertible units (a) </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> 18  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> -  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from continuing operations before extraordinary gain available to the Companys common shareholders </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> (51,338) </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 177,916  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 339,332  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations attributable to the Company </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 108  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 24,716  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 33,574  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 50,265  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (Loss)/income before extraordinary gain attributable to the Companys common shareholders </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> (51,230) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 202,632  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 423,171  </td> </tr> <tr> <td valign="bottom" width="361.6"> Weighted average common shares outstanding basic </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> 350,077  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 257,811  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 252,129  </td> </tr> <tr> <td valign="bottom" width="361.6"> Effect of dilutive securities:   Stock options </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 999  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 4,929  </td> </tr> <tr> <td valign="bottom" width="361.6">   Assumed conversion of convertible units (a) </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> 33  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> -  </td> </tr> <tr> <td valign="bottom" width="361.6"> Shares for diluted earnings per common share </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 350,077  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.867"> 258,843  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.533"> 257,058  </td> </tr> <tr> <td valign="bottom" width="361.6">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> Diluted (Loss)/Income Per Share attributable to the Company: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533">   </td> </tr> <tr> <td valign="bottom" width="361.6"> (Loss)/income from continuing operations </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="59.867"> 0.69  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="60.533"> 1.32  </td> </tr> <tr> <td valign="bottom" width="361.6"> Income from discontinued operations </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="59.867"> 0.09  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="60.533"> 0.13  </td> </tr> <tr> <td valign="bottom" width="361.6"> Extraordinary gain </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> -  </td> <td valign="bottom" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 0.20  </td> </tr> <tr> <td valign="bottom" width="361.6"> Net (loss)/income </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (0.15) </td> <td valign="bottom" width="18.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.867"> 0.78  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.533"> 1.65  </td> </tr> </table> (a)    The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations before extraordinary gain per share.  Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. In addition, there were approximately 15,870,967, 13,731,767, and 3,017,400, stock options that were anti-dilutive as of December 31, 2009, 2008 and 2007, respectively. Stock Compensation The Company maintains an equity participation plan (the Plan) pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options and restricted stock grants.  Unless otherwise determined by the Board of Directors at its sole discretion, options granted under the Plan generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants vest 100% on the fourth or fifth anniversary of the grant or ratably over four years.  In addition, the Plan provides for the granting of certain options and restricted stock to each of the Companys non-employee directors (the Independent Directors) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company accounts for stock options in accordance with the FASBs Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the statement of operations over the service period based on their fair values. Fair value is determined using the Black-Scholes option pricing formula, intended to estimate the fair value of the awards at the grant date. (See footnote 22 for additional disclosure on the assumptions and methodology.) New Accounting Pronouncements In June 2009, the FASB issued guidance (the Codification) which established the FASBs ASC as the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. This guidance was effective for financial statements issued for interim and annual periods ending after September 15, 2009.  On the effective date of this Statement, the Codification superseded all existing non-SEC accounting and reporting guidance. All other non-grandfathered non-SEC accounting literature not included in the Codification has become non-authoritative. The Company adopted the Codification during the third quarter of 2009 and as such has appropriately adjusted references to authoritative accounting literature appearing in this annual report on Form 10-K. In December 2007, the FASB issued additional Business Combinations guidance. The objective of this guidance is to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this guidance establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase, (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination and (iv) requires expensing of transaction costs associated with a business combination. This guidance applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008.  As of December 31, 2009 the adoption of this guidance has not had a material effect on the Companys financial position or results of operations. In April 2009, the FASB issued additional Business Combinations guidance, which amended and clarified the previous guidance to address application issues on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. This additional guidance has been applied prospectively to business combinations for which the acquisition date is on or after January 1, 2009. As of December 31, 2009 the adoption of this guidance has not had a material effect on the Companys results of operations or financial position. In December 2007, the FASB issued further Consolidations guidance, which establishes accounting and reporting standards that require the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled and presented in the consolidated statement of financial position within equity, but separate from the parents equity; the amount of consolidated net earnings attributable to the parent and to the noncontrolling interest be clearly identified and presented on the face of the consolidated statement of operations; changes in a parents ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently; when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value; and entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. The objective of the guidance is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements. This guidance was effective for fiscal years beginning on or after December 15, 2008.  As required, the Company has retrospectively applied the presentation to its prior year balances in its Consolidated Financial Statements. The adoption of this guidance resulted in the recording of approximately $8.0 million in income on the Companys Statement of Operations for the year ended December 31, 2009 as a result of remeasuring the Companys equity interests to fair value, in entities where there was a change in control. In March 2008, the FASB issued Derivatives and Hedging guidance, which amends and expands the previous disclosure requirements to require qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. This guidance is to be applied prospectively for the first annual reporting period beginning on or after November 15, 2008, with early application encouraged. This guidance also encourages, but does not require, comparative disclosures for earlier periods at initial adoption. The adoption of this guidance did not have a material impact on the Companys disclosures. In April 2008, the FASB issued additional Intangibles-Goodwill and Other guidance, which amended the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The addition to the guidance is intended to improve the consistency between the useful life of an intangible asset and the period of expected cash flows used to measure the fair value of the asset. This additional guidance for determining the useful life of a recognized intangible asset shall be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements in this guidance shall be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008, and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In June 2008, the FASB issued additional Earnings Per Share guidance, which classifies unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities and requires them to be included in the computation of earnings per share pursuant to the two-class method.  This guidance was effective for financial statements issued for fiscal years beginning after December 15, 2008. All prior-period earnings per share data presented are to be adjusted retrospectively. The Companys adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In November 2008, the FASB issued Investments-Equity Method and Joint Ventures guidance that clarifies the accounting for certain transactions and impairment considerations involving equity method investments. This guidance applies to all investments accounted for under the equity method. It was effective for fiscal years and interim periods beginning on or after December 15, 2008. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Fair Value Measurements and Disclosures guidance that provides additional direction for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased. This guidance also includes information on identifying circumstances that indicate a transaction is not orderly.  Additionally, this guidance emphasizes that even if there has been a significant decrease in the volume and level of activity for the asset or liability and regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions.  This guidance was effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations.   In April 2009, the FASB issued Investments-Debt and Equity Securities guidance, which amends the other-than-temporary impairment guidance in GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. This guidance does not amend existing recognition and measurement guidance related to other-than-temporary impairments of equity securities.  The guidance shall be effective for interim and annual reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In April 2009, the FASB issued Financial Instruments guidance, which amends previous guidance to require disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. It also requires those disclosures in summarized financial information at interim reporting periods.  This guidance is effective for interim reporting periods ending after June 15, 2009. The adoption of this guidance did not have a material impact on the Companys disclosures. In May 2009, the FASB issued Subsequent Events guidance, which provides further direction to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance also requires entities to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. This guidance was effective for interim and annual reporting periods ending after June 15, 2009.  The Companys adoption of this guidance did not have a material impact on the Companys financial position or results of operations. In June 2009, the FASB issued Transfers and Servicing guidance, which amends the previous derecognition guidance and eliminates the exemption from consolidation for qualifying special-purpose entities. This guidance is effective for financial asset transfers occurring after the beginning of an entity's first fiscal year that begins after November 15, 2009. This guidance will be effective for the Company beginning in fiscal 2010. The Company does not expect the adoption of this guidance to have a material impact on the Companys financial position or results of operations. In June 2009, the FASB issued Consolidation guidance, which amends the previous consolidation guidance applicable to variable interest entities. The amendments will significantly affect the overall consolidation analysis previously required. This guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009, early adoption is prohibited. It will be effective for the Company beginning in fiscal 2010. The Company is currently assessing its joint venture investments to determine the impact the adoption of this guidance will have on the Companys financial position and results of operations however, the Company does not expect the adoption of this guidance to have a material impact on the Companys financial position or results of operations. During January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation guidance, which amends and clarifies that the decrease in ownership guidance provided in the Consolidation guidance does not apply to sales of in substance real estate.  This update clarifies that an entity should apply the FASBs real estate sales guidance to such transactions.  The Company does not expect the adoption of this guidance to have a material impact on the Companys financial position or results of operations. Reclassifications Certain reclassifications have been made to 2007 and 2008 to (i) reflects a reclass of tax provisions and tax benefits from gain on sale of development properties and impairments to benefit from income taxes, net (ii) reflect a reclass of amortization of software development costs to depreciation and amortization from general and administrative expense and (iii) reflect a reclass of lender improvement escrow balances to other assets from accounts and notes receivable, to conform to the 2009 presentation. 1.   Summary of Significant Accounting Policies: Business Kimco Realty Corporation (the "Company" or "Kimco"), its subsidiaries, affiliates and false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 30 R30.xml IDEA: 21. Commitments and Contingencies: 1.0.0.3 false 21. Commitments and Contingencies: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Commitments and Contingencies Disclosure [Text Block] (abstract) 0 kim_CommitmentsAndContingenciesDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Commitments and Contingencies Disclosure [Text Block] 1 us-gaap_CommitmentsAndContingenciesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 21.   Commitments and Contingencies: Operations - The Company and its subsidiaries are primarily engaged in the operation of shopping centers which are either owned or held under long-term leases which expire at various dates through 2095.  The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised approximately 99% of total revenues from rental property for each of the three years ended December 31, 2009, 2008 and 2007. The future minimum revenues from rental property under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are approximately as follows (in millions): 2010, $609.4; 2011, $583.3; 2012, $535.5; 2013, $474.2; 2014, $402.4 and thereafter; $1,845.2. Minimum rental payments under the terms of all non-cancelable operating leases pertaining to the Companys shopping center portfolio for future years are approximately as follows (in millions): 2010, $13.2; 2011, $10.5; 2012, $9.3; 2013, $8.7; 2014, $8.1 and thereafter, $169.2. Uncertain Tax Positions - In June 2006, the FASB issued further guidance relating to income taxes which clarified the accounting for uncertainty in income taxes recognized in a companys financial statements.  The interpretation prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  The Company does not have any material unrecognized tax benefits as of December 31, 2009. Captive Insurance - In October 2007, the Company formed a wholly-owned captive insurance company, Kimco Insurance Company, Inc., ("KIC"), which provides general liability insurance coverage for all losses below the deductible under our third-party policy. The Company entered into the Insurance Captive as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program.  The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Companys properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate, like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. Guarantees - During June 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc.  This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with a fixed interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, with two one-year extension options, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay.  The outstanding balance on the three-year unsecured credit facility was $147.5 million as of December 31, 2009.  The joint venture obtained an interest rate swap at 5.37% on $128.0 million of this debt.  The swap is designated as a cash flow hedge and is deemed highly effective; as such adjustments to the swaps fair value are recorded in other comprehensive income at the joint venture level.   During November 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, to acquire a property in Houston, Texas. This investment was funded with a $24.5 million unsecured credit facility scheduled to mature in November 2009, with a six-month extension option which was exercised during 2009 and thus the maturity date is now April 2010, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company. The outstanding balance on this credit facility as of December 31, 2009 was $24.5 million. During April 2007, the Company entered into a joint venture, in which the Company has a 50% noncontrolling ownership interest to acquire a property in Visalia, CA. Subsequent to this acquisition the joint venture obtained a $6.0 million three-year promissory note which bears interest at LIBOR plus 0.75% and has an extension option of two-years.  This loan is jointly and severally guaranteed by the Company and the joint venture partner.  As of December 31, 2009, the outstanding balance on this loan was $6.0 million. During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009.  This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million.  During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010.  Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%.   This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make.  As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million. During 2006, an entity in which the Company has a preferred equity investment, located in Montreal, Canada, obtained a construction loan, which is collateralized by the respective land and project improvements.  Additionally, the Company has provided a partial guaranty to the lender of up to CAD $45 million (approximately USD $42.7 million) and the developer partner has provided an indemnity to the Company for 25% of all payments the Company is obligated to pay.  As of December 31, 2009, there was CAD $99.8 million (approximately USD $94.8 million) outstanding on this construction loan. Additionally, the RioCan Ventures have a CAD $7.0 million (approximately USD $6.6 million) letter of credit facility.  This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $4.9 million (approximately USD $4.6 million) outstanding as of December 31, 2009, relating to various development projects.   Additionally, during 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company holds 50% noncontrolling interests. Subsequent to these acquisitions, the joint ventures obtained four individual loans aggregating $20.4 million with interest rates ranging from LIBOR plus 1.00% to LIBOR plus 3.50%. During 2007, one of these properties was sold for a sales price of approximately $10.5 million, including the pay down of $5.0 million of debt.  During 2008, one of the loans was increased by $2.0 million.  During 2009 these loans were extended to mature in 2010 at an interest rate of LIBOR plus 2.75%. As of December 31, 2009, there was an aggregate of $17.3 million outstanding on these loans.  These loans are jointly and severally guaranteed by the Company and the joint venture partner. During 2009, a joint venture in which the Company has a 50% noncontrolling ownership interest obtained a new three-year $53.0 million loan which bears interest at a rate of 7.85%.  Proceeds from this mortgage and an additional $15.0 million capital contribution from the partners were used to repay $68.0 million in mortgage debt, which was scheduled to mature in 2009 and bore interest at a rate of LIBOR plus 1.16%. This mortgage is jointly and severally guaranteed by the Company and the joint venture partner. As of December 31, 2009, the outstanding balance on this loan was $52.8 million. Additionally during 2009, a joint venture in which the Company has a 30% noncontrolling ownership interest obtained a new $59.0 million three-year mortgage loan, which bears interest at a rate of LIBOR plus 350 basis points. The Company and the holder of the remaining 70% ownership interest guarantee, jointly and severally, up to $10.0 million of this mortgage.  As of December 31, 2009, the outstanding balance on this loan was $59.0 million. The Company evaluated these guarantees in connection with the provisions of the FASBs Guarantees guidance and determined that the impact did not have a material effect on the Companys financial position or results of operations. Letters of Credit - The Company has issued letters of credit in connection with the completion and repayment guarantees for construction loans encumbering certain of the Companys ground-up development projects and guaranty of payment related to the Companys insurance program.  These letters of credit aggregate approximately $23.9 million.   During August 2009, the Company became obligated to issue a letter of credit for approximately CAD $66.0 million (approximately USD $62.7 million) relating to a tax assessment dispute with the Canada Revenue Agency (CRA).  The letter of credit has been issued under the Companys CAD $250 million credit facility. The dispute is in regards to three of the Companys wholly-owned subsidiaries which hold a 50% co-ownership interest in Canadian real estate. However, applicable Canadian law requires that a non-resident corporation post sufficient collateral to cover a claim for taxes assessed. As such, the Company issued its letter of credit as required by the governing law.  The Company strongly believes that it has a justifiable defense against the dispute which will release the Company from any and all liability.   Other - In connection with the construction of its development projects and related infrastructure, certain public agencies require performance and surety bonds be posted to guarantee that the Companys obligations are satisfied.  These bonds expire upon the completion of the improvements and infrastructure.  As of December 31, 2009, there were approximately $52.8 million bonds outstanding. The Company is subject to various legal proceedings and claims that arise in the ordinary course of business.  These matters are generally covered by insurance.  Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company. 21.   Commitments and Contingencies: Operations - The Company and its subsidiaries are primarily engaged in the operation of shopping centers which false false No definition available. 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No authoritative reference available. false 51 Net cash flow (used for) provided by financing activities 3 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -74465000 -74465 false false 2 false true 262429000 262429 false false 3 false true 584056000 584056 false false No definition available. No authoritative reference available. true 52 Change in cash and cash equivalents 3 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true -14119000 -14119 false false 2 false true 48678000 48678 false false 3 false true -257566000 -257566 false false No definition available. No authoritative reference available. true 53 Cash and cash equivalents, beginning of year 1 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false true false false 1 false true 136177000 136177 false false 2 false true 87499000 87499 false false 3 false true 345065000 345065 false false No definition available. No authoritative reference available. false 54 Cash and cash equivalents, end of year 1 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false true false 1 false true 122058000 122058 false false 2 false true 136177000 136177 false false 3 false true 87499000 87499 false false No definition available. No authoritative reference available. false 55 Interest paid during the period (net of capitalized interest of $21,465, $28,753, and $25,505 respectively) 1 us-gaap_InterestPaidNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 204672000 204672 false false 2 false true 217629000 217629 false false 3 false true 215121000 215121 false false No definition available. No authoritative reference available. false 56 Income taxes paid during the period 1 us-gaap_IncomeTaxesPaidNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 4773000 4773 false false 2 true true 29652000 29652 false false 3 true true 14292000 14292 false false No definition available. No authoritative reference available. false false 3 54 false Thousands UnKnown UnKnown false true XML 32 R22.xml IDEA: 13. Mortgages Payable: 1.0.0.3 false 13. Mortgages Payable: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Schedule of Participating Mortgage Loans [Text Block] (abstract) 0 kim_ScheduleOfParticipatingMortgageLoansTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Schedule of Participating Mortgage Loans [Text Block] 1 us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 13.   Mortgages Payable: During 2009, the Company (i) obtained 21 new non-recourse mortgages aggregating approximately $400.2 million, which bear interest at rates ranging from 5.95% to 8.00% and have maturities ranging from five months to six years (ii) assumed approximately $579.2 million of individual non-recourse mortgage debt relating to the acquisition of 22 operating properties, including approximately $1.6 million of fair value debt adjustments and (iii) paid off approximately $437.7 million of individual non-recourse mortgage debt that encumbered 24 operating properties. During 2008, the Company (i) obtained an aggregate of approximately $16.7 million of non-recourse mortgage debt on three operating properties, (ii) assumed approximately $101.1 million of individual non-recourse mortgage debt relating to the acquisition of five operating properties, including approximately $0.8 million of fair value debt adjustments and (iii) paid off approximately $73.4 million of individual non-recourse mortgage debt that encumbered 11 operating properties. Mortgages payable, collateralized by certain shopping center properties and related tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2031. Interest rates range from LIBOR plus 1.40% (1.65% at December 31, 2009) to 10.50% (weighted-average interest rate of 5.99% as of December 31, 2009).  The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $3.0 million, as of December 31, 2009, were approximately as follows (in millions): 2010, $152.7; 2011, $77.6; 2012, $241.0; 2013, $192.8; 2014, $249.4; and thereafter, $471.8. 13.   Mortgages Payable: During 2009, the Company (i) obtained 21 new non-recourse mortgages aggregating approximately $400.2 million, which bear false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 33 R31.xml IDEA: 22. Incentive Plans: 1.0.0.3 false 22. Incentive Plans: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Incentive Plans (abstract) 0 kim_IncentivePlansAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 IncentivePlans 1 kim_IncentivePlans kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 22.   Incentive Plans: The Company maintains a stock option plan (the "Plan") pursuant to which a maximum of 47,000,000 shares of the Companys common stock may be issued for qualified and non-qualified options. Options granted under the Plan generally vest ratably over a three to five-year term, expire ten years from the date of grant and are exercisable at the market price on the date of grant, unless otherwise determined by the Board at its sole discretion. In addition, the Plan provides for the granting of certain options to each of the Companys non-employee directors (the "Independent Directors") and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors fees. The Company accounts for stock options in accordance with FASBs Compensation Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, be recognized in the statement of operations over the service period based on their fair values. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula.  The assumption for expected volatility has a significant affect on the grant date fair value.  Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options plus an implied volatility measure.  The more significant assumptions underlying the determination of fair values for options granted during 2009, 2008 and 2007 were as follows: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="303"></td> <td width="21"></td> <td width="73"></td> <td width="19.533"></td> <td width="67.6"></td> <td width="19.533"></td> <td width="65.133"></td> </tr> <tr> <td valign="top" width="303">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="244.8" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="top" width="303">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73"> 2009 </td> <td valign="top" width="19.533">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.6"> 2008 </td> <td valign="top" width="19.533">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.133"> 2007 </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average fair value of options granted </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="73"> 3.16 </td> <td valign="bottom" width="19.533"> $ </td> <td valign="bottom" width="67.6"> 5.73 </td> <td valign="bottom" width="19.533"> $ </td> <td valign="bottom" width="65.133"> 7.41 </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average risk-free interest rates </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 2.54% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 3.13% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 4.50% </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average expected option lives (in years) </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 6.25 </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 6.38 </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 6.50 </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average expected volatility </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 45.81% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 26.16% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 19.01% </td> </tr> <tr> <td valign="bottom" width="303"> Weighted average expected dividend yield </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="73"> 5.48% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="67.6"> 4.33% </td> <td valign="bottom" width="19.533">   </td> <td valign="bottom" width="65.133"> 3.77% </td> </tr> </table> Information with respect to stock options under the Plan for the years ended December 31, 2009, 2008, and 2007 are as follows: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="262.267"></td> <td width="82.2"></td> <td width="19.2"></td> <td width="93"></td> <td width="16.6"></td> <td width="84.2"></td> </tr> <tr> <td valign="bottom" width="262.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> Shares </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="93"> Weighted-Average Exercise Price Per Share </td> <td valign="top" width="16.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="84.2"> Aggregate Intrinsic value (in millions) </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, January 1, 2007 </td> <td valign="bottom" width="82.2"> 14,793,593 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 25.93 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 281.4 </td> </tr> <tr> <td valign="top" width="262.267"> Exercised </td> <td valign="bottom" width="82.2"> (1,884,421) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 20.22 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Granted </td> <td valign="bottom" width="82.2"> 2,971,900 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 41.41 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Forfeited </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> (257,618) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 35.87 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, December 31, 2007 </td> <td valign="bottom" width="82.2"> 15,623,454 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 29.39 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 133.7 </td> </tr> <tr> <td valign="top" width="262.267"> Exercised </td> <td valign="bottom" width="82.2"> (1,862,209) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 20.59 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Granted </td> <td valign="bottom" width="82.2"> 2,903,475 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 37.29 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Forfeited </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> (400,898) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 38.64 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, December 31, 2008 </td> <td valign="bottom" width="82.2"> 16,263,822 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 31.58 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 7.6 </td> </tr> <tr> <td valign="top" width="262.267"> Exercised </td> <td valign="bottom" width="82.2"> (116,418) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 12.79 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Granted </td> <td valign="bottom" width="82.2"> 1,746,000 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 11.58 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Forfeited </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="82.2"> (332,483) </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 33.57 </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> Options outstanding, December 31, 2009 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 17,560,921 </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93"> 29.69 </td> <td valign="bottom" width="16.6"> $ </td> <td valign="bottom" width="84.2"> 3.4 </td> </tr> <tr> <td valign="top" width="262.267"> Options exercisable (fully vested)- </td> <td valign="bottom" width="82.2">   </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="93">   </td> <td valign="bottom" width="16.6">   </td> <td valign="bottom" width="84.2">   </td> </tr> <tr> <td valign="top" width="262.267"> December 31, 2007 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 9,307,184 </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="93"> 23.10 </td> <td valign="bottom" width="16.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="84.2"> 123.8 </td> </tr> <tr> <td valign="top" width="262.267"> December 31, 2008 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 9,011,677 </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="93"> 26.00 </td> <td valign="bottom" width="16.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="84.2"> 7.6 </td> </tr> <tr> <td valign="top" width="262.267"> December 31, 2009 </td> <td style="border-bottom:3px double #000000" valign="bottom" width="82.2"> 10,869,336 </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="93"> 28.36 </td> <td valign="bottom" width="16.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="84.2"> 0.0 </td> </tr> </table> The exercise prices for options outstanding as of December 31, 2009, range from $7.22 to $53.14 per share.  The Company estimates forfeitures based on historical data.  The weighted-average remaining contractual life for options outstanding as of December 31, 2009, was approximately 6.3 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2009, was approximately 5.8 years.  Options to purchase 2,989,805, 5,031,718, and 2,996,321, shares of the Companys common stock were available for issuance under the Plan at December 31, 2009, 2008 and 2007, respectively.  As of December 31, 2009, the Company had 6,691,585 options expected to vest, with a weighted-average exercise price per share of $31.87 and an aggregate intrinsic value of $3.4 million. Cash received from options exercised under the Plan was approximately $1.5 million, $38.3 million, and $38.1 million, for the years ended December 31, 2009, 2008 and 2007, respectively.  The total intrinsic value of options exercised during 2009, 2008 and 2007 was approximately $0.2 million, $35.0 million, and $54.4 million, respectively. The Company recognized stock options expense of $11.3 million, $12.3 million, and $12.2 million for the years ended December 31, 2009, 2008 and 2007, respectively. As of December 31, 2009, the Company had $21.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Companys Plan.  That cost is expected to be recognized over a weighted average period of approximately 2.3 years. The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $170,000), is fully vested and funded as of December 31, 2009.  The Company contributions to the plan were approximately $1.8 million, $1.5 million and $1.5 million for the years ended December 31, 2009, 2008 and 2007, respectively. Due to declining economic conditions resulting in the lack of transactional activity within the real estate industry as a whole, the Company had accrued approximately $3.6 million at December 31, 2008, relating to severance costs associated with employees that had been terminated during January 2009.  Also, as a result of continued economic decline, the Company recorded an additional accrual of approximately $3.6 million for severance costs associated with employee terminations during 2009.   22.   Incentive Plans: The Company maintains a stock option plan (the "Plan") pursuant to which a maximum of 47,000,000 shares of the Companys false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 34 R18.xml IDEA: 9. Other Real Estate Investments: 1.0.0.3 false 9. Other Real Estate Investments: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Other Real Estate Investments (abstract) 0 kim_OtherRealEstateInvestmentsAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 OtherRealEstateInvestments 1 kim_OtherRealEstateInvestments kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 9.   Other Real Estate Investments: Preferred Equity Capital - The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties. During 2009, the Company provided, in separate transactions, an aggregate of approximately $0.4 million in investment capital to developers and owners of two real estate properties.  During 2008, the Company provided, in separate transactions, an aggregate of approximately $51.9 million in investment capital to developers and owners of 28 real estate properties.  As of December 31, 2009, the Companys net investment under the Preferred Equity program was approximately $520.8 million relating to 615 properties, including 402 net lease properties described below. For the years ended December 31, 2009, 2008 and 2007, the Company earned approximately $30.4 million, including $2.5 million of profit participation earned from five capital transactions, $66.8 million, including $24.6 million of profit participation earned from five capital transactions, and $67.1 million, including $30.5 million of profit participation earned from 18 capital transactions, respectively, from its preferred equity investments. Included in the capital transactions described above for the year ended December 31, 2008, was the sale of the Companys preferred equity investment in an operating property to its partner for approximately $29.5 million.  The Company provided seller financing to the partner for approximately CAD $24.0 million (approximately USD $23.5 million), which bears interest at a rate of 8.5% per annum and has a maturity date of June 2013.  The Company evaluated this transaction pursuant to the provisions of the FASBs real estate sales guidance and accordingly, recognized profit participation of approximately $10.8 million. Two of the capital transactions described above for the year ended December 31, 2007, were the result of the transfer of two operating properties, in separate transactions, to a joint venture in which the Company holds a 15% noncontrolling interest for an aggregate price of approximately $40.6 million, including the assumption of approximately $26.6 million in non-recourse debt.  These sales resulted in an aggregate profit participation of approximately $1.4 million. Also, included in the capital transactions described above for the year ended December 31, 2007, was the transfer of an operating property to the Company for approximately $4.5 million, including the assumption of $3.1 million in non-recourse mortgage debt. As a result of the Companys acquisition of this property, the Company did not recognize any profit participation. During 2007, the Company invested approximately $81.7 million of preferred equity capital in an entity which was comprised of 403 net leased properties which consist of 30 master leased pools with each pool leased to individual corporate operators (USRA Venture).  Each master leased pool is accounted for as a direct financing lease.  These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores.  The Company determined that this entity was a VIE, based on the fact that certain non-equity holders have the right to receive expected residual returns from this entity. The Company also determined that it was not the primary beneficiary of this VIE based on the fact that the Company is in a preferred position and would not absorb a majority of expected losses, nor would receive a majority of the entities expected residual returns.  As of December 31, 2009, these properties were encumbered by third party loans aggregating approximately $418.5 million with interest rates ranging from 5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from two years to 13 years. The Companys investment in this VIE as of December 31, 2009 was $102.4 million.  The Company has not provided financial support to the VIE that it was not previously contractually required to provide.   The Companys equity in income from the USRA Venture for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for the investment as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="367.133"></td> <td width="24"></td> <td width="48.6"></td> <td width="19.2"></td> <td width="51.4"></td> </tr> <tr> <td valign="top" width="367.133">   </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.6"> 2009 </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.4"> 2008 </td> </tr> <tr> <td valign="top" width="367.133"> Assets: </td> <td valign="top" width="24">   </td> <td valign="top" width="48.6">   </td> <td valign="top" width="19.2">   </td> <td valign="top" width="51.4">   </td> </tr> <tr> <td valign="top" width="367.133"> Investment in direct financing leases, net </td> <td valign="top" width="24"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="48.6"> 701.1 </td> <td valign="top" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="51.4"> 668.6 </td> </tr> <tr> <td valign="top" width="367.133">   </td> <td valign="top" width="24">   </td> <td valign="top" width="48.6">   </td> <td valign="top" width="19.2">   </td> <td valign="top" width="51.4">   </td> </tr> <tr> <td valign="top" width="367.133"> Liabilities and Members Capital: </td> <td valign="top" width="24">   </td> <td valign="top" width="48.6">   </td> <td valign="top" width="19.2">   </td> <td valign="top" width="51.4">   </td> </tr> <tr> <td valign="top" width="367.133"> Mortgages payable, including fair market value of debt of $85 million </td> <td valign="top" width="24"> $ </td> <td valign="top" width="48.6"> 503.5 </td> <td valign="top" width="19.2"> $ </td> <td valign="top" width="51.4"> 521.4 </td> </tr> <tr> <td valign="top" width="367.133"> Members capital </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="48.6"> 197.6 </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="51.4"> 147.2 </td> </tr> <tr> <td valign="top" width="367.133">   </td> <td valign="top" width="24"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="48.6"> 701.1 </td> <td valign="top" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="51.4"> 668.6 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="266.067"></td> <td width="27"></td> <td width="69.6"></td> <td width="20.4"></td> <td width="52.2"></td> <td width="21"></td> <td width="56.4"></td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="bottom" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="219.6" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="bottom" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> 2008 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> 2007 </td> </tr> <tr> <td valign="bottom" width="266.067"> Interest income from direct financing leases </td> <td valign="top" width="27"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> 52.6  </td> <td valign="top" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> 52.6  </td> <td valign="top" width="21"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> 25.8  </td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="top" width="27">   </td> <td valign="bottom" width="69.6">   </td> <td valign="top" width="20.4">   </td> <td valign="bottom" width="52.2">   </td> <td valign="top" width="21">   </td> <td valign="bottom" width="56.4">   </td> </tr> <tr> <td valign="bottom" width="266.067"> Interest expense </td> <td valign="top" width="27">   </td> <td valign="bottom" width="69.6"> (31.9) </td> <td valign="top" width="20.4">   </td> <td valign="bottom" width="52.2"> (32.9) </td> <td valign="top" width="21">   </td> <td valign="bottom" width="56.4"> (16.8) </td> </tr> <tr> <td valign="bottom" width="266.067"> Impairment (a) </td> <td valign="top" width="27">   </td> <td valign="bottom" width="69.6"> (20.0) </td> <td valign="top" width="20.4">   </td> <td valign="bottom" width="52.2"> -  </td> <td valign="top" width="21">   </td> <td valign="bottom" width="56.4"> -  </td> </tr> <tr> <td valign="bottom" width="266.067"> Other expense, net </td> <td valign="top" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> (0.1) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> (0.1) </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> (0.1) </td> </tr> <tr> <td valign="bottom" width="266.067">   </td> <td valign="top" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.6"> (52.0) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.2"> (33.0) </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.4"> (16.9) </td> </tr> <tr> <td valign="bottom" width="266.067"> Net Income </td> <td valign="top" width="27"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="69.6"> 0.6  </td> <td valign="top" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="52.2"> 19.6  </td> <td valign="top" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="56.4"> 8.9  </td> </tr> </table> During 2009, the Company recognized non-cash impairment charges of $49.2 million, primarily against the carrying value of 16 preferred equity investments, which hold 29 properties, reflecting an other-than-temporary decline in the fair value of its investment resulting from a decline in the real estate markets. The Companys estimated fair values relating to the impairment assessments above were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. The Companys equity in income from three of its preferred equity investments for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for the investments as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="214.8"></td> <td width="19.2"></td> <td width="51"></td> <td width="21"></td> <td width="42.6"></td> <td width="21"></td> <td width="45"></td> <td width="16.8"></td> <td width="45.6"></td> <td width="16.2"></td> <td width="45.6"></td> <td width="15.733"></td> <td width="50.867"></td> </tr> <tr> <td valign="bottom" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="114.6" colspan="3"> MBC(a) </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="107.4" colspan="3"> Foothills(b) </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="112.2" colspan="3"> Delray & JCC(c) </td> </tr> <tr> <td valign="bottom" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="107.4" colspan="3"> December 31, </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="bottom" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51"> 2009 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6"> 2008 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45"> 2009 </td> <td valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 2008 </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 2009 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867"> 2008 </td> </tr> <tr> <td valign="top" width="214.8"> Assets: </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="top" width="214.8"> Real estate, net </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="42.6"> 55.6 </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="45"> 93.1 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="45.6"> 95.9 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="45.6"> 21.3  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="50.867"> 31.2 </td> </tr> <tr> <td valign="top" width="214.8"> Other assets </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6"> 3.7 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45"> 4.6 </td> <td valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 5.5 </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 0.6  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867"> 0.7 </td> </tr> <tr> <td valign="top" width="214.8">   </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="42.6"> 59.3 </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45"> 97.7 </td> <td valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 101.4 </td> <td valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 21.9  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.867"> 31.9 </td> </tr> <tr> <td valign="top" width="214.8">   </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="top" width="214.8"> Liabilities and Members Capital: </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867">   </td> </tr> <tr> <td valign="top" width="214.8"> Mortgages payable </td> <td valign="bottom" width="19.2"> $ </td> <td valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="42.6"> 50.7 </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="45"> 81.0 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="45.6"> 81.0 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="45.6"> 25.0  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="50.867"> 25.0 </td> </tr> <tr> <td valign="top" width="214.8"> Other liabilities </td> <td valign="bottom" width="19.2">   </td> <td valign="bottom" width="51"> - </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="42.6"> 1.2 </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="45"> 2.3 </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="45.6"> 3.1 </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="45.6"> 0.9  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.867"> 0.3 </td> </tr> <tr> <td valign="top" width="214.8"> Members capital </td> <td valign="bottom" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.6"> 7.4 </td> <td valign="bottom" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45"> 14.4 </td> <td valign="bottom" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> 17.3 </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="45.6"> (4.0) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.867"> 6.6 </td> </tr> <tr> <td valign="top" width="214.8">   </td> <td valign="bottom" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51"> - </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="42.6"> 59.3 </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45"> 97.7 </td> <td valign="bottom" width="16.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 101.4 </td> <td valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="45.6"> 21.9  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.867"> 31.9 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="126"></td> <td width="20.4"></td> <td width="38.467"></td> <td width="20.4"></td> <td width="38.4"></td> <td width="20.4"></td> <td width="42.267"></td> <td width="20.4"></td> <td width="46.4"></td> <td width="20.4"></td> <td width="46.2"></td> <td width="20.4"></td> <td width="43.4"></td> <td width="20.4"></td> <td width="38.8"></td> <td width="20.4"></td> <td width="39.267"></td> <td width="20.4"></td> <td width="38.4"></td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="159.933" colspan="5"> MBC (a) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="176.8" colspan="5"> Foothills (b) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="157.267" colspan="5"> Delray & JCC (c) </td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="534.8" colspan="17"> Year Ended December 31, </td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 2008 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> 2007 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> 2008 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> 2007 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> 2009 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> 2008 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 2007 </td> </tr> <tr> <td valign="bottom" width="126"> Revenues from Rental Property </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> 6.9  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 7.3  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> 7.8  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> 13.3  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> 14.0  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> 13.4  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> 1.4  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> 1.4  </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 0.6  </td> </tr> <tr> <td valign="bottom" width="126"> Operating expenses </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.467"> (3.4) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (3.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="42.267"> (3.2) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.4"> (6.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.2"> (5.8) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="43.4"> (6.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.8"> (0.9) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="39.267"> (1.1) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (0.3) </td> </tr> <tr> <td valign="bottom" width="126"> Interest expense </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.467"> (2.3) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (2.7) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="42.267"> (2.8) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.4"> (5.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.2"> (5.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="43.4"> (5.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.8"> (1.2) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="39.267"> (1.4) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (0.6) </td> </tr> <tr> <td valign="bottom" width="126"> Depreciation and amortization </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.467"> (2.5) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (2.3) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="42.267"> (3.6) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.4"> (4.6) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="46.2"> (4.0) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="43.4"> (4.4) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.8"> (0.7) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="39.267"> (0.8) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="38.4"> (0.1) </td> </tr> <tr> <td valign="bottom" width="126"> Other, net </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> (0.2) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> 0.1  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> 0.3  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> 0.2  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> -  </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> -  </td> </tr> <tr> <td valign="bottom" width="126">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.467"> (8.4) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> (7.9) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="42.267"> (9.3) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.4"> (15.6) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.2"> (14.8) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="43.4"> (15.2) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.8"> (2.8) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="39.267"> (3.3) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="38.4"> (1.0) </td> </tr> <tr> <td valign="bottom" width="126"> Net loss </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.467"> (1.5) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.4"> (0.6) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="42.267"> (1.5) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="46.4"> (2.3) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="46.2"> (0.8) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="43.4"> (1.8) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.8"> (1.4) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="39.267"> (1.9) </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="38.4"> (0.4) </td> </tr> </table> Represents a preferred equity investment which holds three operating properties in Boston, MA.   The Company sold its interest in this preferred equity joint venture during 2009, as such the result from operations are for the period the investment was held. Represents a preferred equity investment which holds an operating property in Tucson, AZ. Represents a preferred equity investment which holds two properties in Delray Beach, FL. Summarized financial information relating to the Companys preferred equity investments (excluding the investments presented separately above) is as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="270.6"></td> <td width="22.2"></td> <td width="58.733"></td> <td width="21.067"></td> <td width="61.2"></td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="141" colspan="3"> December 31, </td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.733"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> 2008 </td> </tr> <tr> <td valign="top" width="270.6"> Assets: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.733">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="61.2">   </td> </tr> <tr> <td valign="top" width="270.6">    Real estate, net </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.733"> 1,886.5 </td> <td valign="top" width="21.067"> $ </td> <td valign="top" width="61.2"> 1,829.6 </td> </tr> <tr> <td valign="top" width="270.6">    Other assets </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.733"> 155.0 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.2"> 112.8 </td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.733"> 2,041.5 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.2"> 1,942.4 </td> </tr> <tr> <td valign="top" width="270.6"> Liabilities and Partners/Members Capital: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.733">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="61.2">   </td> </tr> <tr> <td valign="top" width="270.6">    Notes and mortgages payable </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.733"> 1,511.8 </td> <td valign="top" width="21.067"> $ </td> <td valign="top" width="61.2"> 1,411.2 </td> </tr> <tr> <td valign="top" width="270.6">    Other liabilities </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.733"> 64.8 </td> <td valign="top" width="21.067">   </td> <td valign="top" width="61.2"> 60.6 </td> </tr> <tr> <td valign="top" width="270.6">    Partners/Members capital </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.733"> 464.9 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.2"> 470.6 </td> </tr> <tr> <td valign="top" width="270.6">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.733"> 2,041.5 </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.2"> 1,942.4 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="220.933"></td> <td width="24"></td> <td width="62.933"></td> <td width="21.067"></td> <td width="67.667"></td> <td width="21.067"></td> <td width="68.467"></td> </tr> <tr> <td valign="top" width="220.933">   </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="241.2" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="top" width="220.933">   </td> <td valign="top" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="62.933"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> 2007 </td> </tr> <tr> <td valign="top" width="220.933"> Revenues from rental property </td> <td valign="bottom" width="24"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> 237.7  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> 238.0  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> 218.7  </td> </tr> <tr> <td valign="top" width="220.933"> Operating expenses </td> <td valign="bottom" width="24">   </td> <td valign="bottom" width="62.933"> (86.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.667"> (90.1) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.467"> (77.9) </td> </tr> <tr> <td valign="top" width="220.933"> Interest expense </td> <td valign="bottom" width="24">   </td> <td valign="bottom" width="62.933"> (72.1) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.667"> (78.1) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.467"> (82.2) </td> </tr> <tr> <td valign="top" width="220.933"> Depreciation and amortization </td> <td valign="bottom" width="24">   </td> <td valign="bottom" width="62.933"> (59.9) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.667"> (56.6) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.467"> (52.1) </td> </tr> <tr> <td valign="top" width="220.933"> Other expense, net </td> <td valign="bottom" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (9.3) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> (1.7) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> (1.6) </td> </tr> <tr> <td valign="top" width="220.933">   </td> <td valign="bottom" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (227.7) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> (226.5) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> (213.8) </td> </tr> <tr> <td valign="top" width="220.933"> Gain on disposition of properties </td> <td valign="bottom" width="24">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> 1.6  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> 8.5  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.467"> 90.5  </td> </tr> <tr> <td valign="top" width="220.933"> Net income </td> <td valign="bottom" width="24"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="62.933"> 11.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.667"> 20.0  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.467"> 95.4  </td> </tr> </table> In addition to the net leased portfolio VIE discussed above, the Companys preferred equity investments include two additional investments that are VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment. These entities were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support.  The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.  The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company is in a preferred position and would not absorb a majority of expected losses, nor would it receive a majority of the entity's expected residual returns. The Companys aggregate investment in these VIEs was approximately $3.0 million as of December 31, 2009, which is included in Other real estate investments in the Companys Consolidated Balance Sheets. The Companys maximum exposure to loss as a result of its involvement with these VIEs is estimated to be $5.5 million, which primarily represents the Companys current investment and estimated future funding commitments.  One of these entities is encumbered by third party debt aggregating $0.9 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.  All future costs of development will be funded with capital contributions from the Company and the outside partners in accordance with their respective ownership percentages.    The Companys maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.  As of December 31, 2009 and 2008, the Companys invested capital in its preferred equity investments approximated $520.8 million and $534.0 million, respectively. Other - - During 2008, the Company sold its 18.7% interest in a real estate company located in Mexico for approximately $23.2 million resulting in a gain of approximately $7.2 million. Investment in Retail Store Leases - The Company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers.  These premises have been sublet to retailers who lease the stores pursuant to net lease agreements. Income from the investment in these retail store leases during the years ended December 31, 2009, 2008 and 2007, was approximately $0.8 million, $2.7 million and $1.2 million, respectively. These amounts represent sublease revenues during the years ended December 31, 2009, 2008 and 2007, of approximately $5.2 million, $7.1 million and $7.7 million, respectively, less related expenses of $4.4 million, $4.4 million and $5.1 million, respectively. The Company's future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases, assuming no new or renegotiated leases are executed for such premises, for future years are as follows (in millions): 2010, $6.0 and $3.7; 2011, $4.9 and $3.7; 2012, $3.8 and $2.9; 2013, $3.0 and $2.1; 2014, $1.8 and $1.2  and thereafter, $2.6 and $1.4, respectively. Leveraged Lease - During June 2002, the Company acquired a 90% equity participation interest in an existing leveraged lease of 30 properties. The properties are leased under a long-term bond-type net lease whose primary term expires in 2016, with the lessee having certain renewal option rights.  The Companys cash equity investment was approximately $4.0 million.  This equity investment is reported as a net investment in leveraged lease in accordance with the FASBs Lease guidance.     From 2002 to 2008, 18 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $31.2 million. As of December 31, 2009, the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $38.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease. As an equity participant in the leveraged lease, the Company has no recourse obligation for principal or interest payments on the debt, which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease.  Accordingly, this obligation has been offset against the related net rental receivable under the lease. At December 31, 2009 and 2008, the Companys net investment in the leveraged lease consisted of the following (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="273.867"></td> <td width="24.6"></td> <td width="62.933"></td> <td width="21.067"></td> <td width="60"></td> </tr> <tr> <td valign="top" width="273.867">   </td> <td valign="top" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="62.933"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60"> 2008 </td> </tr> <tr> <td valign="top" width="273.867"> Remaining net rentals </td> <td valign="bottom" width="24.6"> $ </td> <td valign="bottom" width="62.933"> 44.1 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> 53.8 </td> </tr> <tr> <td valign="top" width="273.867"> Estimated unguaranteed residual value </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="62.933"> 31.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> 31.7 </td> </tr> <tr> <td valign="top" width="273.867"> Non-recourse mortgage debt </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="62.933"> (34.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (38.5) </td> </tr> <tr> <td valign="top" width="273.867"> Unearned and deferred income </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (37.0) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (43.0) </td> </tr> <tr> <td valign="top" width="273.867"> Net investment in leveraged lease </td> <td valign="bottom" width="24.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="62.933"> 4.3 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 4.0 </td> </tr> </table> 9.   Other Real Estate Investments: Preferred Equity Capital - The Company maintains a Preferred Equity program, which provides capital to developers false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 35 R32.xml IDEA: 23. Income Taxes: 1.0.0.3 false 23. Income Taxes: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Income Tax Disclosure [Text Block] (abstract) 0 kim_IncomeTaxDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Income Tax Disclosure [Text Block] 1 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 23.   Income Taxes: The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992.  To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders.  It is managements intention to adhere to these requirements and maintain the Companys REIT status.  As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.  If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years.  Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. Reconciliation between GAAP Net Income and Federal Taxable Income: The following table reconciles GAAP net (loss)/income to taxable income for the years ended December 31, 2009, 2008 and 2007 (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="354.2"></td> <td width="20.4"></td> <td width="73.933"></td> <td width="20.4"></td> <td width="60.467"></td> <td width="20.4"></td> <td width="57.333"></td> </tr> <tr> <td valign="bottom" width="354.2">   </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.933"> 2009 (Estimated) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> 2008 (Actual) </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="57.333"> 2007 (Actual) </td> </tr> <tr> <td valign="top" width="354.2"> GAAP net (loss)/income </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="73.933"> (3,942) </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="60.467"> 249,902 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="57.333"> 442,830 </td> </tr> <tr> <td valign="top" width="354.2"> Less: GAAP net loss/(income) of taxable REIT subsidiaries </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.933"> 67,843 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> (9,002) </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="57.333"> (98,542) </td> </tr> <tr> <td valign="top" width="354.2"> GAAP net income from REIT operations (a) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 63,901 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 240,900 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 344,288 </td> </tr> <tr> <td valign="top" width="354.2"> Net book depreciation in excess of tax depreciation </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 24,261 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 19,249 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 31,963 </td> </tr> <tr> <td valign="top" width="354.2"> Deferred/prepaid/above and below market rents, net </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> (18,967) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> (17,521) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> (12,879) </td> </tr> <tr> <td valign="top" width="354.2"> Book/tax differences from non-qualified stock options </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 12,107 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> (15,994) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> (26,210) </td> </tr> <tr> <td valign="top" width="354.2"> Book/tax differences from investments in real estate joint ventures </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 55,101 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 55,047 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 5,740 </td> </tr> <tr> <td valign="top" width="354.2"> Book/tax difference on sale of property </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> (13,478) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 5,617 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> (8,788) </td> </tr> <tr> <td valign="top" width="354.2"> Valuation adjustment of foreign currency contracts </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> - </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> (35) </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> 308 </td> </tr> <tr> <td valign="top" width="354.2"> Book adjustment to property carrying values and marketable equity securities </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="73.933"> 122,903 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.467"> 71,638 </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="57.333"> - </td> </tr> <tr> <td valign="top" width="354.2"> Other book/tax differences, net </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.933"> 1,312 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> 10,769 </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="57.333"> 23,911 </td> </tr> <tr> <td valign="top" width="354.2"> Adjusted taxable income subject to 90% dividend requirements </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="73.933"> 247,140 </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.467"> 369,670 </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="57.333"> 358,333 </td> </tr> </table> Certain amounts in the prior periods have been reclassified to conform to the current year presentation. (a)  All adjustments to "GAAP net (loss)/income from REIT operations" are net of amounts attributable to noncontrolling interest and taxable REIT subsidiaries. Reconciliation between Cash Dividends Paid and Dividends Paid Deductions (in thousands): For the years ended December 31, 2009, 2008 and 2007 cash dividends paid exceeded the dividends paid deduction and amounted to $ 331,025, $469,024, and $384,502, respectively.   Characterization of Distributions: The following characterizes distributions paid for the years ended December 31, 2009, 2008 and 2007, (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="182.733"></td> <td width="21.067"></td> <td width="60.933"></td> <td width="15.733"></td> <td width="50.533"></td> <td width="21.067"></td> <td width="58.667"></td> <td width="15.733"></td> <td width="46.533"></td> <td width="21.067"></td> <td width="60"></td> <td width="16"></td> <td width="47.6"></td> </tr> <tr> <td valign="bottom" width="182.733">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 2009 </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 2008 </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 2007 </td> <td valign="top" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733"> Preferred F Dividends </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733">   Ordinary income </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60.933"> 11,638 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.667"> 9,079 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 78% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> 7,123 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 61% </td> </tr> <tr> <td valign="top" width="182.733">   Capital gain </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> - </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.533"> -% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 2,559 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.533"> 22% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 4,515 </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="47.6"> 39% </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 11,638 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 11,638 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 11,638 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 100% </td> </tr> <tr> <td valign="top" width="182.733"> Preferred G Dividends </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733">   Ordinary income </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60.933"> 35,650 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.667"> 28,197 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 78% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> - </td> </tr> <tr> <td valign="top" width="182.733">   Capital gain </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> - </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.533"> -% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 7,948 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.533"> 22% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> - </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="47.6"> - </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.933"> 35,650 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.667"> 36,145 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="46.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> - </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="47.6"> - </td> </tr> <tr> <td valign="top" width="182.733"> Common Dividends </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733">   Ordinary income </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60.933"> 204,291 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 72% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.667"> 290,656 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 69% </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="60"> 207,587 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 56% </td> </tr> <tr> <td valign="top" width="182.733">   Capital gain </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> -% </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667"> 80,036 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 19% </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> 131,558 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 35% </td> </tr> <tr> <td valign="top" width="182.733">   Return of capital </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 79,446 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.533"> 28% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 50,549 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="46.533"> 12% </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 33,719 </td> <td valign="bottom" width="16">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="47.6"> 9% </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.933"> 283,737 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.667"> 421,241 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533"> 100% </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 372,864 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6"> 100% </td> </tr> <tr> <td valign="top" width="182.733">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60.933">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> <tr> <td valign="top" width="182.733"> Total dividends distributed </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.933"> 331,025 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="50.533">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.667"> 469,024 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="46.533">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 384,502 </td> <td valign="bottom" width="16">   </td> <td valign="bottom" width="47.6">   </td> </tr> </table> Taxable REIT Subsidiaries ("TRS"): The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services ("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC, and Blue Ridge Real Estate Company/Big Boulder Corporation. Income taxes have been provided for on the asset and liability method as required by the FASBs Income Tax guidance.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities. The Companys taxable income for book purposes and provision for income taxes relating to the Companys TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2009, 2008, and 2007, are summarized as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="310.4"></td> <td width="21.067"></td> <td width="73.2"></td> <td width="21.067"></td> <td width="58.067"></td> <td width="21.067"></td> <td width="67.4"></td> </tr> <tr> <td valign="top" width="310.4">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> 2007 </td> </tr> <tr> <td valign="top" width="310.4"> (Loss)/income before income taxes </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> (104,231) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> (3,972) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> 109,057  </td> </tr> <tr> <td valign="top" width="310.4"> Benefit/(provision) for income taxes: </td> <td valign="top" width="21.067">   </td> <td valign="top" width="73.2">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="58.067">   </td> <td valign="top" width="21.067">   </td> <td valign="top" width="67.4">   </td> </tr> <tr> <td valign="top" width="310.4"> Federal </td> <td valign="top" width="21.067">   </td> <td valign="top" width="73.2"> 35,254  </td> <td valign="top" width="21.067">   </td> <td valign="top" width="58.067"> 11,026  </td> <td valign="top" width="21.067">   </td> <td valign="top" width="67.4"> (6,565) </td> </tr> <tr> <td valign="top" width="310.4"> State and local </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> 1,133  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 1,948  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> (3,950) </td> </tr> <tr> <td valign="top" width="310.4"> Total tax benefit/(provision) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="73.2"> 36,387  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 12,974  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.4"> (10,515) </td> </tr> <tr> <td valign="top" width="310.4"> GAAP net (loss)/income from taxable REIT subsidiaries </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="73.2"> (67,844) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.067"> 9,002  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="67.4"> 98,542  </td> </tr> </table> The Companys deferred tax assets and liabilities at December 31, 2009 and 2008, were as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="260.667"></td> <td width="21.067"></td> <td width="62.933"></td> <td width="21.067"></td> <td width="61.8"></td> </tr> <tr> <td valign="top" width="260.667">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="62.933"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.8"> 2008 </td> </tr> <tr> <td valign="top" width="260.667"> Deferred tax assets: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8">   </td> </tr> <tr> <td valign="top" width="260.667">    Operating losses </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="62.933"> 55,613  </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="61.8"> 48,863  </td> </tr> <tr> <td valign="top" width="260.667">    Tax/GAAP basis differences </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933"> 72,023  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8"> 71,747  </td> </tr> <tr> <td valign="top" width="260.667">    Tax credit carryforwards </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933"> 6,319  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8"> -  </td> </tr> <tr> <td valign="top" width="260.667">    Valuation allowance </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (33,783) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.8"> (33,783) </td> </tr> <tr> <td valign="top" width="260.667"> Total deferred tax assets </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="62.933"> 100,172  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="61.8"> 86,827  </td> </tr> <tr> <td valign="top" width="260.667"> Deferred tax liabilities </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="62.933"> (13,833) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.8"> (2,656) </td> </tr> <tr> <td valign="top" width="260.667"> Net deferred tax assets </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="62.933"> 86,339  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="61.8"> 84,171  </td> </tr> </table> As of December 31, 2009, the Company had net deferred tax assets of approximately $86.3 million. This net deferred tax asset includes approximately $12.0 million for the tax effect of net operating losses, (NOL) after the impact of a valuation allowance of $33.8 million, relating to FNC, a consolidated entity in which the Company has a 53% ownership interest. The partial valuation allowance on the FNC deferred tax asset primarily results from current projected taxable income, being more likely than not, insufficient to utilize the full amount of the deferred tax asset. The Companys remaining net deferred tax asset of approximately $74.3 million primarily relates to KRS and consists of (i) $13.8 million in deferred tax liabilities, (ii) $9.8 million in NOL carry forwards that expire in 2029, (iii) $6.3 million in tax credit carry forwards, $4.0 million of which expire in 2029 and $2.3 million that do not expire  and (iv) $72.0 million primarily relating to differences in GAAP book basis and tax basis of accounting for (i) real estate assets (ii) real estate joint ventures, (iii) other real estate investments, and (iv) asset impairments charges that have been recorded for book purposes but not yet recognized for tax purposes and (v) other miscellaneous deductible temporary differences. As of December 31, 2009, the Company determined that no valuation allowance was needed against the $74.3 million net deferred tax asset within KRS. This determination was based upon the Companys analysis of both positive evidence, which includes future projected income for KRS and negative evidence, which consists of a three year cumulative pre-tax book loss of approximately $23.0 million for KRS. The cumulative loss was primarily the result of significant impairment charges taken by KRS during 2009 and 2008 of approximately $91.7 million and approximately $82.2 million, respectively. KRS has a strong earnings history exclusive of the impairment charges. Since 2001, KRS has produced substantial taxable income in each year through 2008. Over the prior three years (2006 through 2008) KRS generated approximately $69.3 million of taxable income, before net operating loss carryovers. KRS activities primarily consisted of a merchant building business for the ground-up development of shopping center properties and subsequent sale upon completion and investments which include redevelopment properties and joint venture investments including KRSs investment in the Albertsons joint venture.  During 2009, the Company changed its merchant building strategy from a sale upon completion strategy to a long-term hold strategy for its remaining merchant building projects. To determine future projected income the Company scheduled KRSs pre-tax book income and taxable income over a twenty year period taking into account its continuing operations (core earnings).  Core earnings consist of estimated net operating income for properties currently in service and generating rental income from existing tenants. Major lease turnover is not expected in these properties as these properties were generally constructed and leased within the past two years. To allow the forecast to remain objective and verifiable, no income growth was forecasted for any other aspect of KRSs continuing business activities including its investment in the Albertsons joint venture. The Company also included future known events in its projected income forecast such as the maturity of certain mortgages and construction loans which will significantly reduce the amount of interest expense incurred in future years. Additionally, the Company has also committed to certain actions which will result in reducing leverage at KRS. With the Companys change in its merchant building strategy, future business operations at KRS will not support its current capital structure which consists of approximately $564 million of intercompany loans the Company has made to KRS to fund its merchant building operation.  KRS incurred approximately $32.1 million of interest expense related to the intercompany financing during 2009. The Company will recapitalize a significant portion of the debt to reflect KRSs ongoing business activities.  The twenty year taxable income estimate reduces intercompany interest in accordance with this plan. The Companys projection of KRSs future taxable income, utilizing the assumptions above with respect to core earnings and reductions in interest expense due to debt maturities and the Companys recapitalization plans generates approximately $205.2 million in future taxable income, which is sufficient to fully utilize KRSs $74.3 million net deferred tax asset. As a result of this analysis the Company has determined it is more likely than not that KRSs net deferred tax asset of $74.3 million will be realized and therefore, no valuation allowance is needed at December 31, 2009. If future income projections do not occur as forecasted or the Company incurs additional impairment losses, the Company will reevaluate the need for a valuation allowance. Deferred tax assets and deferred tax liabilities are included in the caption Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 2009 and 2008.  Operating losses and the valuation allowance are primarily due to the Companys consolidation of FNC for accounting and reporting purposes.  At December 31, 2009, FNC had approximately $117.5 million of NOL carryforwards that expire from 2022 through 2025, with a tax value of approximately $45.8 million.  At December 31, 2008, FNC had approximately $125.3 million of NOL carry forwards, with a tax value of approximately $48.9 million.  A valuation allowance of $33.8 million has been established for a portion of these deferred tax assets.   (Benefit)/provision differ from the amount computed by applying the statutory federal income tax rate to taxable income before income taxes were as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="316.933"></td> <td width="21.067"></td> <td width="70"></td> <td width="21.067"></td> <td width="67.133"></td> <td width="21.067"></td> <td width="66.8"></td> </tr> <tr> <td valign="top" width="316.933">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="70"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.133"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="66.8"> 2007 </td> </tr> <tr> <td valign="top" width="316.933"> Federal (benefit)/provision at statutory tax rate (35%) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> (36,481) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="67.133"> (1,390) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="66.8"> 38,170  </td> </tr> <tr> <td valign="top" width="316.933"> State and local taxes, net of federal (benefit)/provision </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="70"> (6,775) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.133"> (258) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="66.8"> 7,089  </td> </tr> <tr> <td valign="top" width="316.933"> Other </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="70"> 6,869  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="67.133"> (8,283) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="66.8"> (3,552) </td> </tr> <tr> <td valign="top" width="316.933"> Valuation allowance decrease </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="70"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.133"> (3,043) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.8"> (31,192) </td> </tr> <tr> <td valign="top" width="316.933">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="70"> (36,387) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.133"> (12,974) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66.8"> 10,515  </td> </tr> </table> 23.   Income Taxes: The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 36 R12.xml IDEA: 3. Real Estate: 1.0.0.3 false 3. Real Estate: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Real Estate Owned [Text Block] (abstract) 0 kim_RealEstateOwnedTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Real Estate Owned [Text Block] 1 us-gaap_RealEstateOwnedTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 3.   Real Estate: The Companys components of Rental property consist of the following (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="300.6"></td> <td width="21"></td> <td width="79.8"></td> <td width="28.8"></td> <td width="81"></td> </tr> <tr> <td valign="top" width="300.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="189.6" colspan="3"> December 31, </td> </tr> <tr> <td valign="top" width="300.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="79.8"> 2009 </td> <td valign="top" width="28.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="81"> 2008 </td> </tr> <tr> <td valign="top" width="300.6"> Land </td> <td valign="top" width="21"> $ </td> <td valign="top" width="79.8"> 1,831,374  </td> <td valign="top" width="28.8"> $ </td> <td valign="top" width="81"> 1,394,460  </td> </tr> <tr> <td valign="top" width="300.6"> Undeveloped Land </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 106,054  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 1,185  </td> </tr> <tr> <td valign="top" width="300.6"> Buildings and improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8">   </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81">   </td> </tr> <tr> <td valign="top" width="300.6"> Buildings </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 4,411,565  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 3,847,544  </td> </tr> <tr> <td valign="top" width="300.6"> Building improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 1,103,798  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 692,040  </td> </tr> <tr> <td valign="top" width="300.6"> Tenant improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 669,540  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 633,883  </td> </tr> <tr> <td valign="top" width="300.6"> Fixtures and leasehold improvements </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 48,008  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 35,377  </td> </tr> <tr> <td valign="top" width="300.6"> Other rental property (1) </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="79.8"> 246,217  </td> <td valign="top" width="28.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="81"> 245,452  </td> </tr> <tr> <td valign="top" width="300.6">   </td> <td valign="top" width="21">   </td> <td valign="top" width="79.8"> 8,416,556  </td> <td valign="top" width="28.8">   </td> <td valign="top" width="81"> 6,849,941  </td> </tr> <tr> <td valign="top" width="300.6"> Accumulated depreciation and amortization </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="79.8"> (1,343,148) </td> <td valign="top" width="28.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="81"> (1,159,664) </td> </tr> <tr> <td valign="top" width="300.6"> Total </td> <td valign="top" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="79.8"> 7,073,408  </td> <td valign="top" width="28.8"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="81"> 5,690,277  </td> </tr> </table> (1) At December 31, 2009 and 2008, Other rental property consisted of intangible assets including $162,477 and $161,556 respectively, of in-place leases, $21,851 and $22,400 respectively, of tenant relationships, and $61,889 and $61,496 respectively, of above-market leases. In addition, at December 31, 2009 and 2008, the Company had intangible liabilities relating to below-market leases from property acquisitions of approximately $196.2 million and $171.4 million, respectively.  These amounts are included in the caption Other liabilities in the Companys Consolidated Balance Sheets.  The estimated amortization expense associated with the Companys intangible assets for the future five years are as follows (in millions): 2010, $14.9; 2011, $12.3; 2012, $8.1; 2013, $5.0; and 2014, $2.2. 3.   Real Estate: The Companys components of Rental property consist of the following (in thousands): false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 37 R3.xml IDEA: Condensed Consolidated Statements Of Operations 1.0.0.3 true Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Operations [Abstract] 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 3 Revenues from rental property 2 us-gaap_RealEstateRevenueNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 786887000 786887 false false 2 true true 758704000 758704 false false 3 true true 674534000 674534 false false No definition available. No authoritative reference available. false 4 Rental property expenses: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 5 Rent 2 us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -14082000 -14082 false false 2 false true -13367000 -13367 false false 3 false true -12131000 -12131 false false No definition available. No authoritative reference available. false 6 Real estate taxes 2 us-gaap_RealEstateTaxExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -112405000 -112405 false false 2 false true -98005000 -98005 false false 3 false true -82508000 -82508 false false No definition available. No authoritative reference available. false 7 Operating and maintenance 2 us-gaap_OtherCostAndExpenseOperating us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -110056000 -110056 false false 2 false true -104698000 -104698 false false 3 false true -89098000 -89098 false false No definition available. No authoritative reference available. false 8 Impairment of property carrying values 2 us-gaap_ImpairmentOfRealEstate us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -50000000 -50000 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 9 Mortgage and other financing income 2 us-gaap_OtherRealEstateRevenue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 14956000 14956 false false 2 false true 18333000 18333 false false 3 false true 14197000 14197 false false No definition available. No authoritative reference available. false 10 Management and other fee income 2 us-gaap_ManagementFeesRevenue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 42486000 42486 false false 2 false true 47666000 47666 false false 3 false true 54844000 54844 false false No definition available. No authoritative reference available. false 11 Depreciation and amortization 2 us-gaap_DepreciationAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -227729000 -227729 false false 2 false true -206002000 -206002 false false 3 false true -190116000 -190116 false false No definition available. No authoritative reference available. false 12 General and administrative expenses 2 us-gaap_GeneralAndAdministrativeExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -110091000 -110091 false false 2 false true -116187000 -116187 false false 3 false true -101829000 -101829 false false No definition available. No authoritative reference available. false 13 Interest, dividends and other investment income 2 us-gaap_InvestmentIncomeNet us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 33098000 33098 false false 2 false true 56119000 56119 false false 3 false true 36238000 36238 false false No definition available. No authoritative reference available. false 14 Other expense, net 2 us-gaap_OtherNonoperatingIncomeExpense us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -893000 -893 false false 2 false true -2208000 -2208 false false 3 false true -10550000 -10550 false false No definition available. No authoritative reference available. false 15 Interest expense 2 us-gaap_InterestExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -209879000 -209879 false false 2 false true -212591000 -212591 false false 3 false true -213086000 -213086 false false No definition available. No authoritative reference available. false 16 Income from other real estate investments 2 kim_IncomeFromOtherRealEstateInvestmentsIS kim false credit duration monetary Income from other real estate investments false false false false false false false false false 1 false true 36199000 36199 false false 2 false true 86643000 86643 false false 3 false true 78524000 78524 false false Income from other real estate investments No authoritative reference available. false 17 Gain on sale of development properties 2 kim_GainOnSaleOfDevelopmentProperties kim false credit duration monetary Gain on sale of development properties false false false false false false false false false 1 false true 5751000 5751 false false 2 false true 36565000 36565 false false 3 false true 40099000 40099 false false Gain on sale of development properties No authoritative reference available. false 18 Impairments: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 19 Real estate under development 2 kim_ImpairmentofRealEstateUnderDevelopment kim false debit duration monetary Impairment of Real Estate Under Development false false false false false false false false false 1 false true -2100000 -2100 false false 2 false true -13613000 -13613 false false 3 false true -8500000 -8500 false false Impairment of Real Estate Under Development No authoritative reference available. false 20 Investments in other real estate investments 2 us-gaap_ImpairmentOfInvestments us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -49279000 -49279 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 21 Marketable securities and other investments 2 us-gaap_OtherAssetImpairmentCharges us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -30050000 -30050 false false 2 false true -118416000 -118416 false false 3 false true -5296000 -5296 false false No definition available. No authoritative reference available. false 22 Investments in real estate joint ventures 2 us-gaap_ImpairmentLossesRelatedToRealEstatePartnerships us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -43658000 -43658 false false 2 false true -15500000 -15500 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 23 (Loss)/income from continuing operations before income taxes and equity in income of joint ventures 2 us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -40845000 -40845 false false 2 false true 103443000 103443 false false 3 false true 185322000 185322 false false No definition available. No authoritative reference available. true 24 Benefit for income taxes 2 us-gaap_IncomeTaxExpenseBenefit us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 36622000 36622 false false 2 false true 12974000 12974 false false 3 false true 31850000 31850 false false No definition available. No authoritative reference available. false 25 Equity in income of joint ventures, net 2 us-gaap_IncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 6309000 6309 false false 2 false true 132208000 132208 false false 3 false true 173362000 173362 false false No definition available. No authoritative reference available. false 26 Income from continuing operations 2 us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 2086000 2086 false false 2 false true 248625000 248625 false false 3 false true 390534000 390534 false false No definition available. No authoritative reference available. true 27 Discontinued operations: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 28 (Loss)/income from discontinued operating properties 2 us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -172000 -172 false false 2 false true 6577000 6577 false false 3 false true 35608000 35608 false false No definition available. No authoritative reference available. false 29 Loss on operating properties held for sale/sold 2 us-gaap_DiscontinuedOperationAmountOfOtherIncomeLossFromDispositionOfDiscontinuedOperationNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -141000 -141 false false 2 false true -598000 -598 false false 3 false true -1832000 -1832 false false No definition available. No authoritative reference available. false 30 Gain on disposition of operating properties, net of tax 2 us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 421000 421 false false 2 false true 20018000 20018 false false 3 false true 5538000 5538 false false No definition available. No authoritative reference available. false 31 Income from discontinued operations 2 us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 108000 108 false false 2 false true 25997000 25997 false false 3 false true 39314000 39314 false false No definition available. No authoritative reference available. true 32 Gain on transfer of operating properties 2 kim_GainOnTransferOfOperatingProperties kim false credit duration monetary Gain on transfer of operating properties false false false false false false false false false 1 false true 26000 26 false false 2 false true 1195000 1195 false false 3 false false 0 0 false false Gain on transfer of operating properties No authoritative reference available. false 33 Loss on sale of operating properties 2 kim_LossOnSaleOfOperatingProperties kim false credit duration monetary Loss on sale of operating properties false false false false false false false false false 1 false true -111000 -111 false false 2 false false 0 0 false false 3 false false 0 0 false false Loss on sale of operating properties No authoritative reference available. false 34 Gain on sale of operating properties, net of tax 2 us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 3952000 3952 false false 2 false true 587000 587 false false 3 false true 2708000 2708 false false No definition available. No authoritative reference available. false 35 Total gain on transfer or sale of operating properties, net of tax 2 kim_TotalGainOnTransferOrSaleOfOperatingPropertiesNetOfTax kim false credit duration monetary Total gain on transfer or sale of operating properties, net of tax false false false false false false false false false 1 false true 3867000 3867 false false 2 false true 1782000 1782 false false 3 false true 2708000 2708 false false Total gain on transfer or sale of operating properties, net of tax No authoritative reference available. true 36 Income before extraordinary item 2 kim_IncomeBeforeExtraordinaryItem kim false credit duration monetary Income Before Extraordinary Item false false false false false false false false false 1 false true 6061000 6061 false false 2 false true 276404000 276404 false false 3 false true 432556000 432556 false false Income Before Extraordinary Item No authoritative reference available. false 37 Extraordinary gain from joint venture resulting from purchase price allocation, net of tax 2 kim_ExtraordinaryGainFromJointVentureResultingFromPurchasePriceAllocationNetofTax kim false credit duration monetary Extraordinary Gain From Joint Venture Resulting From Purchase Price Allocation Net of Tax false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true 54340000 54340 false false Extraordinary Gain From Joint Venture Resulting From Purchase Price Allocation Net of Tax No authoritative reference available. false 38 Net income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 6061000 6061 false false 2 false true 276404000 276404 false false 3 false true 486896000 486896 false false No definition available. No authoritative reference available. true 39 Net income attributable to noncontrolling interests 2 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -10003000 -10003 false false 2 false true -26502000 -26502 false false 3 false true -44066000 -44066 false false No definition available. No authoritative reference available. false 40 Net (loss)/income attributable to the Company 2 us-gaap_NetIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -3942000 -3942 false false 2 false true 249902000 249902 false false 3 false true 442830000 442830 false false No definition available. No authoritative reference available. true 41 Preferred stock dividends 2 us-gaap_PreferredStockDividends us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -47288000 -47288 false false 2 false true -47288000 -47288 false false 3 false true -19659000 -19659 false false No definition available. No authoritative reference available. false 42 Net (loss)/income available to common shareholders 2 us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -51230000 -51230 false false 2 false true 202614000 202614 false false 3 false true 423171000 423171 false false No definition available. No authoritative reference available. false 43 Per common share: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 44 -Basic (in dollars per share) 2 us-gaap_IncomeLossFromContinuingOperationsPerBasicShare us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.15 -0.15 false false 2 true true 0.69 0.69 false false 3 true true 1.35 1.35 false false No definition available. No authoritative reference available. false 45 -Diluted (in dollars per share) 2 us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.15 -0.15 false false 2 true true 0.69 0.69 false false 3 true true 1.32 1.32 false false No definition available. No authoritative reference available. false 46 Net (loss)/income : 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 47 -Basic (in dollars per share) 2 us-gaap_EarningsPerShareBasic us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.15 -0.15 false false 2 true true 0.79 0.79 false false 3 true true 1.68 1.68 false false No definition available. No authoritative reference available. false 48 -Diluted (in dollars per share) 2 us-gaap_EarningsPerShareDiluted us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.15 -0.15 false false 2 true true 0.78 0.78 false false 3 true true 1.65 1.65 false false No definition available. No authoritative reference available. false 49 Weighted average shares: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 50 -Basic (in shares) 2 us-gaap_WeightedAverageNumberOfSharesOutstandingBasic us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 350077000 350077 false false 2 false true 257811000 257811 false false 3 false true 252129000 252129 false false No definition available. No authoritative reference available. false 51 -Diluted (in shares) 2 us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding us-gaap true na duration shares No definition available. false false false false false false false false false 1 false true 350077000 350077 false false 2 false true 258843000 258843 false false 3 false true 257058000 257058 false false No definition available. No authoritative reference available. false 52 Amounts attributable to the Company's common shareholders: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 53 (Loss)/income from continuing operations, net of tax 2 us-gaap_IncomeLossFromContinuingOperations us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -51338000 -51338 false false 2 false true 177898000 177898 false false 3 false true 339332000 339332 false false No definition available. No authoritative reference available. false 54 Income from discontinued operations 2 us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 108000 108 false false 2 false true 24716000 24716 false false 3 false true 33574000 33574 false false No definition available. No authoritative reference available. false 55 Extraordinary gain, net of tax 2 us-gaap_ExtraordinaryItemNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true 50265000 50265 false false No definition available. No authoritative reference available. false 56 Net (loss)/income 2 us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -51230000 -51230 false false 2 false true 202614000 202614 false false 3 false true 423171000 423171 false false No definition available. No authoritative reference available. true 57 Retained Earnings [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 83 Discontinued operations: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 94 Net income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -3942000 -3942 false false 2 false true 249902000 249902 false false 3 false true 442830000 442830 false false No definition available. No authoritative reference available. true 113 Parent [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 139 Discontinued operations: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 150 Net income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -3942000 -3942 false false 2 false true 249902000 249902 false false 3 false true 442830000 442830 false false No definition available. No authoritative reference available. true 169 Noncontrolling Interest [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 195 Discontinued operations: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 206 Net income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 10003000 10003 false false 2 false true 26502000 26502 false false 3 false true 44066000 44066 false false No definition available. No authoritative reference available. true 225 Comprehensive Income [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 251 Discontinued operations: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 262 Net income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 6061000 6061 false false 2 true true 276404000 276404 false false 3 true true 486896000 486896 false false No definition available. No authoritative reference available. true false 3 67 false Thousands Thousands Hundreds false true XML 38 R14.xml IDEA: 5. Dispositions of Real Estate: 1.0.0.3 false 5. Dispositions of Real Estate: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Dispositionsof Real Estate (abstract) 0 kim_DispositionsofRealEstateAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 DispositionsofRealEstate 1 kim_DispositionsofRealEstate kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 5.   Dispositions of Real Estate: Operating Real Estate - During 2009, the Company disposed of, in separate transactions, portions of six operating properties and one land parcel for an aggregate sales price of approximately $28.9 million. The Company provided seller financing for two of these transactions aggregating approximately $1.4 million, which bear interest at 9% per annum and are scheduled to mature in January and March 2012.  The Company evaluated these transactions pursuant to the FASBs real estate sales guidance. These seven transactions resulted in the Companys recognition of an aggregate net gain of approximately $4.1 million, net of income tax of $0.2 million. Additionally, during 2009, a consolidated joint venture in which the Company has a preferred equity investment disposed of a portion of a property for a sales price of approximately $1.1 million. As a result of this capital transaction, the Company received approximately $0.1 million of profit participation.  This profit participation has been recorded as Income from other real estate investments in the Companys Consolidated Statements of Operations. Also during 2009, a consolidated joint venture in which the Company has a controlling interest disposed of a parcel of land for approximately $4.8 million and recognized a gain of approximately $4.4 million, before income taxes and noncontrolling interest. This gain has been recorded as Other income/(expense), net in the Companys Consolidated Statements of Operations. During 2009, FNC Realty Corporation (FNC), a consolidated entity in which the Company holds a 53% controlling ownership interest, disposed of two properties, in separate transactions, for an aggregate sales price of approximately $2.4 million.  These transactions resulted in an aggregate pre-tax profit of approximately $0.9 million, before noncontrolling interest of $0.5 million. This income has been recorded as Income from other real estate investments in the Companys Consolidated Statements of Operations. During 2008, FNC disposed of a property for a sales price of approximately $3.3 million.  This transaction resulted in a pre-tax profit of approximately $2.1 million, before noncontrolling interest of $1.0 million. This income has been recorded as Income from other real estate investments in the Companys Consolidated Statements of Operations. During 2008, the Company disposed of seven operating properties and a portion of four operating properties, in separate transactions, for an aggregate sales price of approximately $73.0 million, which resulted in an aggregate gain of approximately $20.0 million.  In addition, the Company partially recognized deferred gains of approximately $1.2 million on three properties relating to their transfer and partial sale in connection with the Kimco Income Fund II transaction described below. During 2007, the Company transferred 11 operating properties to a wholly-owned consolidated entity, Kimco Income Fund II (KIF II), for an aggregate purchase price of approximately $278.2 million, including non-recourse mortgage debt of $180.9 million, encumbering 11 of the properties.  During 2008, the Company transferred an additional three properties for $73.9 million, including $50.6 million in non-recourse mortgage debt.  During 2008 the Company sold a 26.4% noncontrolling ownership interest in the entity to third parties for approximately $32.5 million, which approximated the Companys cost.  The Company continues to consolidate this entity. Additionally, during 2008, the Company disposed of an operating property for approximately $21.4 million.  The Company provided seller financing for approximately $3.6 million, which bears interest at 10% per annum and is scheduled to mature on May 1, 2011.  Due to the terms of this financing, the Company has deferred its gain of $3.7 million from this sale. Additionally, during 2008, a consolidated joint venture in which the Company had a preferred equity investment disposed of a property for a sales price of approximately $35.0 million. As a result of this capital transaction, the Company received approximately $3.5 million of profit participation, before noncontrolling interest of approximately $1.1 million.  This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Companys Consolidated Statements of Operations. During 2007, the Company (i) disposed of six operating properties and completed partial sales of three operating properties, in separate transactions, for an aggregate sales price of approximately $40.0 million, which resulted in an aggregate net gain of approximately $6.4 million, after income taxes of approximately $1.6 million, and (ii) transferred one operating property, which was acquired in the first quarter of 2007, to a joint venture in which the Company holds a 15% noncontrolling ownership interest for an aggregate price of approximately $4.5 million, which represented the net book value.   During 2007, FNC disposed of, in separate transactions, seven properties and completed the partial sale of an additional property for an aggregate sales price of $10.4 million.  These transactions resulted in pre-tax profits of approximately $4.7 million, before noncontrolling interest of $3.3 million.   Additionally, during 2007, two consolidated joint ventures in which the Company had preferred equity investments disposed of, in separate transactions, their respective properties for an aggregate sales price of approximately $66.5 million.  As a result of these capital transactions, the Company received approximately $22.1 million of profit participation, before noncontrolling interest of approximately $5.6 million.  This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Companys Consolidated Statements of Operations. Ground-up Development During 2009, the Company sold, in separate transactions, five out-parcels, four land parcels and three ground leases for aggregate proceeds of approximately $19.4 million.  These transactions resulted in gains on sale of development properties of approximately $5.8 million, before income taxes of $2.3 million. During 2008, the Company sold, in separate transactions, (i) two completed merchant building projects, (ii) 21 out-parcels, (iii) a partial sale of one project and (iv) a partnership interest in one project for aggregate proceeds of approximately $73.5 million and received approximately $4.1 million of proceeds from completed earn-out requirements on three previously sold merchant building projects.  These sales resulted in gains of approximately $36.6 million, before income taxes of $14.6 million. During 2007, the Company sold, in separate transactions, (i) four of its recently completed merchant building projects, (ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land and (iv) completed partial sales of two projects, for an aggregate total proceeds of approximately $310.5 million and received approximately $3.3 million of proceeds from completed earn-out requirements on previously sold projects. These sales resulted in pre-tax gains of approximately $40.1 million, before income taxes of $16.0 million. 5.   Dispositions of Real Estate: Operating Real Estate - During 2009, the Company disposed of, in separate transactions, portions of six operating false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 39 R15.xml IDEA: 6. Adjustment of Property Carrying Values: 1.0.0.3 false 6. Adjustment of Property Carrying Values: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Adjustmentof Property Carrying Values (abstract) 0 kim_AdjustmentofPropertyCarryingValuesAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 AdjustmentofPropertyCarryingValues 1 kim_AdjustmentofPropertyCarryingValues kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 6.   Adjustment of Property Carrying Values: Impairments - During 2009, as part of the Companys ongoing impairment assessment, the Company determined that there were certain redevelopment mixed-use properties with estimated recoverable values that would not exceed their estimated costs.  As a result, the Company recorded an aggregate impairment of property carrying values of approximately $50.0 million, representing the excess of the carrying values of 10 properties, primarily located in Philadelphia, Chicago, New York and Boston, over their estimated fair values.   Additionally, during 2009, the Company determined that there was one ground-up development project with an estimated recoverable value that would not exceed its estimated cost.  As a result, the Company recorded an impairment of approximately $2.1 million, representing the excess of the carrying value of the project over its estimated fair value.   During 2008, the Company had determined that for two of its ground-up development projects, located in Middleburg, FL and Miramar, FL, the estimated recoverable value will not exceed their estimated cost.  As a result, the Company recorded an aggregate pre-tax adjustment of property carrying value on these projects of $7.9 million, representing the excess of the carrying values of the projects over their estimated fair values. During 2007, the Companys recorded an aggregate pre-tax adjustment of property carrying value for two of its ground-up development projects, located in Jacksonville, FL and Anchorage, AK, of $8.5 million, representing the excess of the carrying values of the projects over their estimated fair values.   These impairments were primarily due to declines in real estate fundamentals along with adverse changes in local market conditions and the uncertainty of their recovery.  The Companys estimated fair values were based upon projected operating cash flows (discounted and unleveraged) of the property over its specified holding period. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors.  Capitalization rates and discount rates utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. 6.   Adjustment of Property Carrying Values: Impairments - During 2009, as part of the Companys ongoing impairment assessment, the Company false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 40 R24.xml IDEA: 15. Noncontrolling Interests: 1.0.0.3 false 15. Noncontrolling Interests: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Noncontrolling Interests (abstract) 0 kim_NoncontrollingInterestsAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 NoncontrollingInterests 1 kim_NoncontrollingInterests kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 15.   Noncontrolling Interests: Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASBs Consolidation guidance.   The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance issued by the FASB.  The Company identifies its noncontrolling interests separately within the equity section on the Companys Consolidated Balance Sheets.  Redeemable units are classified as Redeemable noncontrolling interests and presented between Total liabilities and Stockholders equity on the Companys Consolidated Balance Sheets.  The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Companys Consolidated Statements of Operations.   During 2006, the Company acquired seven shopping center properties located throughout Puerto Rico.  The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, the assumption of approximately $131.2 million of non-recourse debt and $116.3 million in cash. Noncontrolling interests related to these acquisitions was approximately $233.0 million of units, including premiums of approximately $13.5 million and a fair market value adjustment of approximately $15.1 million (the "Units"). The Company is restricted from disposing of these assets, other than through a tax free transaction until November 2015. The Units consisted of (i) approximately 81.8 million Preferred A Units par value $1.00 per unit, which pay the holder a return of 7.0% per annum on the Preferred A Par Value and are redeemable for cash by the holder at any time after one year or callable by the Company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% increase, (ii) 2,000 Class A Preferred Units, par value $10,000 per unit, which pay the holder a return equal to LIBOR plus 2.0% per annum on the Class A Preferred Par Value and are redeemable for cash by the holder at any time after November 30, 2010, (iii) 2,627 Class B-1 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-1 Preferred Par Value and are redeemable by the holder at any time after November 30, 2010, for cash or at the Companys option, shares of the Companys common stock, equal to the Cash Redemption Amount, as defined, (iv) 5,673 Class B-2 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-2 Preferred par value and are redeemable for cash by the holder at any time after November 30, 2010, and (v) 640,001 Class C DownReit Units, valued at an issuance price of $30.52 per unit which pay the holder a return at a rate equal to the Companys common stock dividend and are redeemable by the holder at any time after November 30, 2010, for cash or at the Companys option, shares of the Companys common stock equal to the Class C Cash Amount, as defined.   The following units have been redeemed as of December 31, 2009: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="172.333"></td> <td width="15.733"></td> <td width="115.067"></td> <td width="15.733"></td> <td width="146.267"></td> <td width="15.733"></td> <td width="130.2"></td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="172.333"> Type </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="115.067"> Units Redeemed </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="146.267"> Par Value Redeemed (in millions) </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="130.2"> Redemption Type </td> </tr> <tr> <td valign="bottom" width="172.333"> Preferred A Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 2.2 million </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $2.2 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> <tr> <td valign="bottom" width="172.333"> Class A Preferred Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 2,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $20.0 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> <tr> <td valign="bottom" width="172.333"> Class B-1 Preferred Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 2,438 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $24.4 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> <tr> <td valign="bottom" width="172.333"> Class B-2 Preferred Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 5,057 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $50.6 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash/Charitable Contribution </td> </tr> <tr> <td valign="bottom" width="172.333"> Class C DownReit Units </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="115.067"> 61,804 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="146.267"> $1.9 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="130.2"> Cash </td> </tr> </table> Noncontrolling interest relating to these units was $113.1 million and $129.8 million as of December 31, 2009 and 2008, respectively. During 2006, the Company acquired two shopping center properties located in Bay Shore and Centereach, NY. Included in Noncontrolling interests was approximately $41.6 million, including a discount of $0.3 million and a fair market value adjustment of $3.8 million, in redeemable units (the "Redeemable Units"), issued by the Company in connection with these transactions. The properties were acquired through the issuance of $24.2 million of Redeemable Units, which are redeemable at the option of the holder; approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse debt.  The Redeemable Units consist of (i) 13,963 Class A Units, par value $1,000 per unit, which pay the holder a return of 5% per annum of the Class A par value and are redeemable for cash by the holder at any time after April 3, 2011, or callable by the Company any time after April 3, 2016, and (ii) 647,758 Class B Units, valued at an issuance price of $37.24 per unit, which pay the holder a return at a rate equal to the Companys common stock dividend and are redeemable by the holder at any time after April 3, 2007, for cash or at the During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed by the holder in cash at the option of the Company. Noncontrolling interest relating to the units was $40.3 million and $40.5 million as of December 31, 2009 and 2008, respectively. Noncontrolling interests also includes 138,015 convertible units issued during 2006, by the Company, which are valued at approximately $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are redeemable at the option of the holder after one year for cash or at the option of the Company for the Companys common stock at a ratio of 1:1.  The holder is entitled to a distribution equal to the dividend rate of the Companys common stock.  The Company is restricted from disposing of these assets, other than through a tax free transaction, until January 2017. The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the year ended December 31, 2009 and December 31, 2008 (amounts in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="244.133"></td> <td width="21.067"></td> <td width="65.4"></td> <td width="21.067"></td> <td width="64"></td> </tr> <tr> <td valign="top" width="244.133">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.4"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="64"> 2008 </td> </tr> <tr> <td valign="top" width="244.133"> Balance at January 1, </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="65.4"> 115,853  </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="64"> 173,592  </td> </tr> <tr> <td valign="top" width="244.133"> Unit redemptions </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="65.4"> (14,889) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64"> (55,110) </td> </tr> <tr> <td valign="top" width="244.133"> Fair market value amortization </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="65.4"> (571) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64"> (2,524) </td> </tr> <tr> <td valign="top" width="244.133"> Other </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="65.4"> (89) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64"> (105) </td> </tr> <tr> <td valign="top" width="244.133"> Balance at December 31, </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="65.4"> 100,304  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="64"> 115,853  </td> </tr> </table> 15.   Noncontrolling Interests: Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 41 R20.xml IDEA: 11. Marketable Securities: 1.0.0.3 false 11. Marketable Securities: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Marketable Securities [Text Block] (abstract) 0 kim_MarketableSecuritiesTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Marketable Securities [Text Block] 1 us-gaap_MarketableSecuritiesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 11.   Marketable Securities: The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2009 and 2008, are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="187.867"></td> <td width="21.067"></td> <td width="71.467"></td> <td width="21.067"></td> <td width="77.267"></td> <td width="21.067"></td> <td width="75.467"></td> <td width="21.067"></td> <td width="71.133"></td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="358.533" colspan="7"> December 31, 2009 </td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> Amortized Cost </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> Gross Unrealized Gains </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> Gross Unrealized Losses </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> Estimated Fair Value </td> </tr> <tr> <td valign="top" width="187.867"> Available-for-sale: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Equity and debt securities </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.467"> 182,826 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.267"> 4,896 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="75.467"> $(21,629) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.133"> 166,093 </td> </tr> <tr> <td valign="top" width="187.867"> Held-to-maturity: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Other debt securities </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> 43,500 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> 1,454 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> (7,042) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> 37,912 </td> </tr> <tr> <td valign="top" width="187.867"> Total marketable securities </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.467"> 226,326 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="77.267"> 6,350 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="75.467"> (28,671) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.133"> 204,005 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="187.867"></td> <td width="21.067"></td> <td width="71.467"></td> <td width="21.067"></td> <td width="77.267"></td> <td width="21.067"></td> <td width="75.467"></td> <td width="21.067"></td> <td width="71.133"></td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="358.533" colspan="7"> December 31, 2008 </td> </tr> <tr> <td valign="bottom" width="187.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> Amortized Cost </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> Gross Unrealized Gains </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> Gross Unrealized Losses </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> Estimated Fair Value </td> </tr> <tr> <td valign="top" width="187.867"> Available-for-sale: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Equity and debt securities </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.467"> 220,560 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.267"> 122 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="75.467"> (60,518) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="71.133"> 160,164 </td> </tr> <tr> <td valign="top" width="187.867"> Held-to-maturity: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="75.467">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="71.133">   </td> </tr> <tr> <td valign="top" width="187.867">    Other debt securities </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.467"> 98,010 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="77.267"> 2,177 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="75.467"> (41,565) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="71.133"> 58,622 </td> </tr> <tr> <td valign="top" width="187.867"> Total marketable securities </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.467"> $ 318,570 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="77.267"> 2,299 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="75.467"> (102,083) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.133"> 218,786 </td> </tr> </table> During February 2008, the Company acquired an aggregate $190 million Australian denominated (AUD) (approximately $170.1 million USD) convertible notes issued by a subsidiary of Valad Property Group (Valad), a publicly traded Australian company listed on the Australian stock exchange that is a diversified, property fund manager, investor, developer and property investment banker with property investments in Australia, Europe and Asia.  The notes are guaranteed by Valad and bear interest at 9.5% payable semi-annually in arrears.  The notes are repayable after five years with an option for Valad to extend up to 18 months, subject to certain interest rate and conversion price resets.  The notes are convertible any time into publicly traded Valad securities at a price of AUD$1.33. In accordance with the FASBs Derivative and Hedging guidance, the Company has bifurcated the conversion option within the Valad convertible notes and has separately accounted for this option as an embedded derivative.  The original host instrument is classified as an available-for-sale security at fair value and is included in Marketable securities on the Companys Consolidated Balance Sheets with changes in the fair value recorded through Stockholders equity as a component of other comprehensive income.  At December 31, 2009 and 2008, the Company had an unrealized loss associated with these notes of approximately $21.6 million and $46.0 million, respectively.  Interest payments on the notes are current and all amounts due in accordance with contractual terms are considered probable by the Company.  The Company has the intent and ability to hold the notes to recover its investment, which may be to its maturity and therefore, does not believe that the decline in value at December 31, 2009, is other-than-temporary.  The embedded derivative is recorded at fair value and is included in Other assets on the Companys Consolidated Balance Sheets with changes in fair value recognized in the Companys Consolidated Statements of Operations.  The value attributed to the embedded convertible option was approximately AUD $14.3 million, (approximately USD $13.8 million).  As a result of the fair value remeasurement of this derivative instrument during 2009 and 2008, there was an AUD $1.4 million (approximately USD $1.6 million) and an AUD $5.5 million (approximately USD $5.9 million), respectively, unrealized increase in the fair value of the convertible option.  This unrealized increase is included in Other expense, net on the Companys Consolidated Statements of Operations. For marketable debt securities, the Company assesses current interest payments and the probability of the issuers ability to pay all amounts due under contractual terms. Additionally, in accordance with the FASBs Investments-Debt and Equity Securities guidance, the Company assesses whether it has the intent to sell the debt security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery (for example, if its cash or working capital requirements or contractual or regulatory obligations indicate that the debt security will be required to be sold before the Company forecasted recovery occurs) and whether it does not expect to recover the securitys entire amortized cost basis even if the entity does not intend to sell. During 2009, 2008 and 2007, the Company recorded non-cash impairment charges of approximately $26.1 million, $118.4 million and $5.3 million, respectively, before income tax benefits of approximately $0 million, $25.7 million and $2.1 million, respectively, due to the decline in value of certain marketable equity and other investments that were deemed to be other-than-temporary. These impairments were a result of the deterioration of the equity markets for these securities during 2009, 2008 and 2007 and the uncertainty of their future recoverability. Market value for these equity securities represents the closing price of each security as it appears on their respective stock exchange at the end of the period.  Details of these impairment charges are as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="223.2"></td> <td width="21.067"></td> <td width="64.667"></td> <td width="21.067"></td> <td width="69.2"></td> <td width="21.067"></td> <td width="65.467"></td> </tr> <tr> <td valign="bottom" width="223.2">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="241.467" colspan="5"> For the year ended December 31, </td> </tr> <tr> <td valign="bottom" width="223.2">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.667"> 2009 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.2"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.467"> 2007 </td> </tr> <tr> <td width="223.2"> Valad </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.2"> 45.5 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Six Flags, including bonds </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 7.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Innvest </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 24.2 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Plazacorp </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 5.3 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Cost method investments </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 3.0 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 17.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Sears </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 8.8 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Lexington </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 7.5 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Winthrop </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> 5.4 </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Capital & Regional </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="64.667"> 3.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.2"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="top" width="65.467"> - </td> </tr> <tr> <td width="223.2"> Other </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.667"> 6.4 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="69.2"> 9.3 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="65.467"> 5.3 </td> </tr> <tr> <td width="223.2">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="64.667"> 26.1 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="69.2"> 118.4 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="65.467"> 5.3 </td> </tr> </table> At December 31, 2009, the Companys investment in marketable securities was approximately $209.6 million which includes an aggregate unrealized loss of approximately $21.6 million relating to the Valad marketable debt securities. At December 31, 2009 there were no unrealized losses relating to marketable equity securities.  The Company does not believe that the declines in value of any of its remaining securities with unrealized losses are other-than-temporary at December 31, 2009. For each of the equity securities in the Companys portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline.  In the Companys evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis.   During 2009, the Company received approximately $79.8 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $8.5 million and gross realizable losses of approximately $2.6 million from sales of marketable securities during 2009.   During 2008, the Company received approximately $50.3 million in proceeds from the sale of certain marketable securities. The Company recognized gross realizable gains of approximately $15.9 million and gross realizable losses of approximately $1.9 million from its marketable securities during 2008.   As of December 31, 2009, the contractual maturities of Other debt securities classified as held-to-maturity are as follows: within one year, $ 1.1 million; after one year through five years, $16.2 million; after five years through 10 years, $ 11.3 million; and after 10 years, $ 14.9 million.  Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties. 11.   Marketable Securities: The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2009 false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 42 R4.xml IDEA: Condensed Consolidated Statements Of Operations (Parenthetical) 1.0.0.3 false Condensed Consolidated Statements Of Operations (Parenthetical) (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Operations (Parentheticals) [Abstract] 0 kim_CondensedConsolidatedStatementsOfOperationsParentheticalsAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 3 Gain (Loss) on Sale of Properties, Applicable Income Taxes 1 us-gaap_GainLossOnSaleOfPropertiesApplicableIncomeTaxes us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 true true 429000 429 false false 2 true true 1863000 1863 false false 3 true true 1390000 1390 false false No definition available. No authoritative reference available. false false 3 2 false Thousands UnKnown UnKnown false true XML 43 R27.xml IDEA: 18. Preferred Stock, Common Stock and Convertible Unit Transactions - 1.0.0.3 false 18. Preferred Stock, Common Stock and Convertible Unit Transactions - false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Schedule of Stock by Class [Text Block] (abstract) 0 kim_ScheduleOfStockByClassTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Schedule of Stock by Class [Text Block] 1 us-gaap_ScheduleOfStockByClassTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 18.   Preferred Stock, Common Stock and Convertible Unit Transactions During December 2009, the Company completed a primary public stock offering of 28,750,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $345.1 million (after related transaction costs of $0.75 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility. During April 2009, the Company completed a primary public stock offering of 105,225,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $717.3 million (after related transaction costs of $0.7 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.   During September 2008, the Company completed a primary public stock offering of 11,500,000 shares of the Companys common stock.  The net proceeds from this sale of common stock, totaling approximately $409.4 million (after related transaction costs of $0.6 million) were used to partially repay the outstanding balance under the Companys U.S. revolving credit facility.   During October 2007, the Company issued 18,400,000 Depositary Shares (the "Class G Depositary Shares"), after the exercise of an over-allotment option, each representing a one-hundredth fractional interest in a share of the Companys 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class G Preferred Stock").  Dividends on the Class G Depositary Shares are cumulative and payable quarterly in arrears at the rate of 7.75% per annum based on the $25.00 per share initial offering price, or $1.9375 per annum.  The Class G Depositary Shares are redeemable, in whole or part, for cash on or after October 10, 2012, at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon.  The Class G Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.  The Class G Preferred Stock (represented by the Class G Depositary Shares outstanding) ranks pari passu with the Companys Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below. During June 2003, the Company issued 7,000,000 Depositary Shares (the "Class F Depositary Shares"), each such Class F Depositary Share representing a one-tenth fractional interest of a share of the Companys 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class F Preferred Stock").  Dividends on the Class F Depositary Shares are cumulative and payable quarterly in arrears at the rate of 6.65% per annum based on the $25.00 per share initial offering price, or $1.6625 per annum.  The Class F Depositary Shares are redeemable, in whole or part, for cash on or after June 5, 2008, at the option of the Company, at a redemption price of $25.00 per Depositary Share, plus any accrued and unpaid dividends thereon.  The Class F Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. The Class F Preferred Stock (represented by the Class F Depositary Shares outstanding) ranks pari passu with the Companys Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below. Voting Rights - As to any matter on which the Class F Preferred Stock may vote, including any action by written consent, each share of Class F Preferred Stock shall be entitled to 10 votes, each of which 10 votes may be directed separately by the holder thereof.  With respect to each share of Preferred Stock, the holder thereof may designate up to 10 proxies, with each such proxy having the right to vote a whole number of votes (totaling 10 votes per share of Class F Preferred Stock). As a result, each Class F Depositary Share is entitled to one vote. As to any matter on which the Class G Preferred Stock may vote, including any actions by written consent, each share of the Class G Preferred Stock shall be entitled to 100 votes, each of which 100 votes may be directed separately by the holder thereof. With respect to each share of Class G Preferred Stock, the holder thereof may designate up to 100 proxies, with each such proxy having the right to vote a whole number of votes (totaling 100 votes per share of Class G Preferred Stock).  As a result, each Class G Depositary Share is entitled to one vote. Liquidation Rights - In the event of any liquidation, dissolution or winding up of the affairs of the Company, the Preferred Stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $250.00 Class F Preferred per share and $2,500.00 Class G Preferred per share ($25.00 per Class F and Class G Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Companys common stock or any other capital stock that ranks junior to the Preferred Stock as to liquidation rights. During October 2002, the Company acquired an interest in a shopping center property located in Daly City, CA, valued at $80.0 million, through the issuance of approximately 4.8 million Convertible Units which are convertible at a ratio of 1:1 into the Companys common stock.  The unit holder has the right to convert the Convertible Units at any time after one year.  In addition, the Company has the right to mandatorily require a conversion after ten years.  If at the time of conversion the common stock price for the 20 previous trading days is less than $16.785 per share, the unit holder would be entitled to additional shares; however, the maximum number of additional shares is limited to 503,932 based upon a floor Common Stock price of $15.180.  The Company has the option to settle the conversion in cash.  Dividends on the Convertible Units are paid quarterly at the rate of the Companys common stock dividend multiplied by 1.1057. During 2008, all of these Convertible Units were redeemed.  The Company elected to redeem these Convertible Units, at a ratio of 1:1, for 4.8 million shares of Common Stock, of which 1.0 million shares were valued at $17.26 per share and 3.8 million shares were valued at $15.02 per share. During March 2006, the shareholders of Atlantic Realty Trust ("Atlantic Realty") approved the proposed merger with the Company and the closing occurred on March 31, 2006. As consideration for this transaction, the Company issued Atlantic Realty shareholders 1,274,420 shares of Common Stock, excluding 201,930 shares of Common Stock that were to be received by the Company and 546,580 shares of Common Stock that were to be received by the Companys wholly owned TRS, at a price of $40.41 per share. During December 2008, the Company purchased the 546,580 shares from its TRS for a purchase price of $17.69 per share. The 546,580 shares had a carry-over basis from the Atlantic Realty share price of $17.10 per share.  These shares are no longer considered issued. During 2006, the Company acquired interests in seven shopping center properties located throughout Puerto Rico.  The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, approximately $131.2 million of non-recourse debt and $116.3 million in cash. The convertible units consist of (i) 2,627 Class B-1 Preferred Units, par value $10,000 per unit and 640,001 Class C DownREIT Units, valued at an issuance price of $30.52 per unit.  Both the Class B-1 Units and the Class C DownREIT Units are redeemable by the holder at any time after November 30, 2010, for cash, or at the Companys option, shares of the Companys common stock.  During 2007 - 2009, 2,438 units, or $24.4 million, of the Class B-1 Preferred Units were redeemed and 61,804 units, or $1.9 million, of the Class C DownREIT Units were redeemed under the Loan provision of the Agreement. The Company opted to settle these units in cash. The number of shares of Common Stock issued upon conversion of the Class B-1 Preferred Units would be equal to the Class B-1 Cash Redemption Amount, as defined, which ranges from $6,000 to $14,000 per Class B-1 Preferred Unit depending on the Common Stocks Adjusted Current Trading Price, as defined, divided by the average daily market price for the 20 consecutive trading days immediately preceding the redemption date. Prior to January 1, 2009, the number of shares of Common Stock issued upon conversion of the Class C DownREIT Units would be equal to the Class C Cash Amount which equals the number of Class C DownREIT Units being redeemed, multiplied by the Adjusted Current Trading Price, as defined.  After January 1, 2009, if the Adjusted Current Trading Price is greater than $36.62 then the Class C Cash Amount shall be an amount equal to the Adjusted Current Trading Price per Class C DownREIT Unit.  If the Adjusted Current Trading Price is greater than $24.41 but less than $36.62, then the Class C Cash Amount shall be an amount equal to $30.51 per Class C DownREIT Unit, or is less than $24.41, then the Class C Cash Amount shall be an amount per Class C DownREIT Unit equal to the Adjusted Current Trading Price multiplied by 1.25. During April 2006, the Company acquired interests in two shopping center properties, located in Bay Shore and Centereach, NY, valued at an aggregate $61.6 million.  The properties were acquired through the issuance of units from a consolidated subsidiary and consist of approximately $24.2 million of Redeemable Units, which are redeemable at the option of the holder, approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse mortgage debt. The Company has the option to settle the redemption of the $24.2 million redeemable units with Common Stock, at a ratio of 1:1 or in cash.  From 2007 - 2009, 30,000 units, or $1.1 million par value, of the Redeemable Units were redeemed by the holder.  The Company opted to settle these units in cash.  During June 2006, the Company acquired an interest in an office property, located in Albany, NY, valued at approximately $39.9 million.  The property was acquired through the issuance of approximately $5.0 million of redeemable units from a consolidated subsidiary, which are redeemable at the option of the holder after one year, and the assumption of approximately $34.9 million of non-recourse mortgage debt.  The Company has the option to settle the redemption with Common Stock, at a ratio of 1:1 or in cash. The amount of consideration that would be paid to unaffiliated holders of units issued from the Companys consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2009, is approximately $21.3 million.  The Company has the option to settle such redemption in cash or shares of the Companys common stock.  If the Company exercised its right to settle in Common Stock, the unit holders would receive approximately 1.6 million shares of Common Stock.    18.   Preferred Stock, Common Stock and Convertible Unit Transactions During December 2009, the Company completed a primary public stock offering false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 44 R33.xml IDEA: 24. Supplemental Financial Information: 1.0.0.3 false 24. Supplemental Financial Information: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Supplemental Financial Information (abstract) 0 kim_SupplementalFinancialInformationAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 SupplementalFinancialInformation 1 kim_SupplementalFinancialInformation kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 24.   Supplemental Financial Information: The following represents the results of operations, expressed in thousands except per share amounts, for each quarter during the years 2009 and 2008: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="276"></td> <td width="18.6"></td> <td width="64.2"></td> <td width="20.4"></td> <td width="74.4"></td> <td width="18"></td> <td width="78"></td> <td width="16.8"></td> <td width="73.8"></td> </tr> <tr> <td valign="bottom" width="276">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="345.6" colspan="7"> 2009 (Unaudited) </td> </tr> <tr> <td valign="bottom" width="276">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.2"> Mar. 31 </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="74.4"> June 30 </td> <td valign="top" width="18">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="78"> Sept. 30 </td> <td valign="top" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.8"> Dec. 31 </td> </tr> <tr> <td valign="top" width="276"> Revenues from rental property(1) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 193,895 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 189,285  </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 191,885 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 211,822 </td> </tr> <tr> <td valign="top" width="276">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="276"> Net income/(loss) attributable to the Company </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 38,424 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> (134,651) </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 40,108 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 52,177 </td> </tr> <tr> <td valign="top" width="276">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="276"> Net income/(loss) per common share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="276"> Basic </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.10 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> (0.40) </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.07 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 0.11 </td> </tr> <tr> <td valign="top" width="276"> Diluted </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.10 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> (0.40) </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.07 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 0.11 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="279.267"></td> <td width="18.6"></td> <td width="64.2"></td> <td width="20.4"></td> <td width="74.4"></td> <td width="18"></td> <td width="78"></td> <td width="16.8"></td> <td width="73.8"></td> </tr> <tr> <td valign="bottom" width="279.267">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="345.6" colspan="7"> 2008 (Unaudited) </td> </tr> <tr> <td valign="bottom" width="279.267">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.2"> Mar. 31 </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="74.4"> June 30 </td> <td valign="top" width="18">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="78"> Sept. 30 </td> <td valign="top" width="16.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="73.8"> Dec. 31 </td> </tr> <tr> <td valign="top" width="279.267"> Revenues from rental property(1) </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 188,794 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 182,970 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 189,951 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> 196,989 </td> </tr> <tr> <td valign="top" width="279.267">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="279.267"> Net income/(loss) attributable to the Company </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 98,467 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 94,374 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 108,584(a) </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> (51,523)(a) </td> </tr> <tr> <td valign="top" width="279.267">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="279.267"> Net income/(loss) per common share: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="64.2">   </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="74.4">   </td> <td valign="bottom" width="18">   </td> <td valign="bottom" width="78">   </td> <td valign="bottom" width="16.8">   </td> <td valign="bottom" width="73.8">   </td> </tr> <tr> <td valign="top" width="279.267"> Basic </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.34 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 0.33 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.38 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> (0.24) </td> </tr> <tr> <td valign="top" width="279.267"> Diluted </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="64.2"> 0.34 </td> <td valign="bottom" width="20.4"> $ </td> <td valign="bottom" width="74.4"> 0.32 </td> <td valign="bottom" width="18"> $ </td> <td valign="bottom" width="78"> 0.37 </td> <td valign="bottom" width="16.8"> $ </td> <td valign="bottom" width="73.8"> (0.24) </td> </tr> </table> (1)  All periods have been adjusted to reflect the impact of operating properties sold during 2009 and 2008 and properties classified as held for sale as of December 31, 2009, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Operations. (a)  Out-of-Period Adjustment - During the fourth quarter of 2008, the Company identified an out-of-period adjustment in its consolidated financial statements for the year ended December 31, 2008. This adjustment related to the accounting for cash distributions received in excess of the Companys carrying value of its investment in an unconsolidated joint venture.  During the third quarter of 2008, the Company recorded as income approximately $8.5 million from cash distributions received in excess of the Companys carrying value of its investment resulting from mortgage refinancing proceeds from one of its unconsolidated joint ventures. The Company recorded the $8.5 million as income as the Company had no guaranteed obligations or was otherwise committed to provide further financial support to the joint venture. It was determined in the fourth quarter of 2008, that although the Company in substance does not have any further obligations, in form, the Company is the general partner in this joint venture and does have a legal obligation relating to the partnership. As such, the Company should not have recognized the $8.5 million as income in the third quarter. The Company has reversed this amount from income in the fourth quarter of 2008. As a result of this out-of-period adjustment, net income was overstated by $8.5 million in the third quarter of 2008 and understated by $8.5 million in the fourth quarter of 2008, but correctly stated for the year ended December 31, 2008.  The Company concluded that the $8.5 million adjustment was not material to the quarter ended September 30, 2008 or the quarter ended December 31, 2008.  As such, this adjustment was recorded in the Companys Consolidated Statements of Income for the three months ended December 31, 2008, rather than restating the third quarter 2008 period. Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of approximately $12.2 million and $9.0 million of billed accounts receivable and $10.1 million and $13.3 million for accrued unbilled common area maintenance and real estate recoveries at December 31, 2009 and 2008, respectively. 24.   Supplemental Financial Information: The following represents the results of operations, expressed in thousands except per share amounts, for each false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 45 R16.xml IDEA: 7. Discontinued Operations and Assets Held for Sale: 1.0.0.3 false 7. Discontinued Operations and Assets Held for Sale: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] (abstract) 0 kim_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] 1 us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 7.   Discontinued Operations and Assets Held for Sale: The Company reports as discontinued operations assets held-for-sale as of the end of the current period and assets sold during the period.  All results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Operations under the caption Discontinued operations.  This has resulted in certain reclassifications of 2009, 2008 and 2007 financial statement amounts. The components of Income from discontinued operations for each of the three years in the period ended December 31, 2009, are shown below.  These include the results of operations through the date of each respective sale for properties sold during 2009, 2008 and 2007(in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="386.267"></td> <td width="15.733"></td> <td width="58.067"></td> <td width="15.733"></td> <td width="61.2"></td> <td width="16.2"></td> <td width="64.8"></td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.067"> 2009 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.2"> 2008 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="64.8"> 2007 </td> </tr> <tr> <td valign="top" width="386.267"> Discontinued operations: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Revenues from rental property </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="58.067"> 47  </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="61.2"> 6,316  </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="64.8"> 11,468  </td> </tr> <tr> <td valign="top" width="386.267"> Rental property expenses </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (46) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (1,031) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (3,783) </td> </tr> <tr> <td valign="top" width="386.267"> Depreciation and amortization </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (48) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (2,208) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (3,207) </td> </tr> <tr> <td valign="top" width="386.267"> Interest expense </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> -  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (116) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (597) </td> </tr> <tr> <td valign="top" width="386.267"> (Loss)/income from other real estate Investments </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (9) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> 3,451  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> 34,740  </td> </tr> <tr> <td valign="top" width="386.267"> Other (expense)/income, net </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> (116) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> 165  </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.8"> (3,013) </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> (Loss)/income from discontinued operating properties </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (172) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> 6,577  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> 35,608  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Provision for income taxes </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (235) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> -  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> -  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Loss on operating properties held for sale/sold </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> (174) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> (598) </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> (1,832) </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Gain on disposition of operating Properties </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 689  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> 20,018  </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.8"> 5,538  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Income from discontinued operations </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 108  </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2"> 25,997  </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8"> 39,314  </td> </tr> <tr> <td valign="top" width="386.267">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="61.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="64.8">   </td> </tr> <tr> <td valign="top" width="386.267"> Net income attributable to noncontrolling interests </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> -  </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.2"> (1,281) </td> <td valign="bottom" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="64.8"> (5,740) </td> </tr> <tr> <td valign="top" width="386.267"> Income from discontinued operations attributable to the Company </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.067"> 108  </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="61.2"> 24,716  </td> <td valign="bottom" width="16.2"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="64.8"> 33,574  </td> </tr> </table> During 2008, the Company classified as held-for-sale four shopping center properties comprising approximately 0.2 million square feet of GLA.  The book value of each of these properties, aggregating approximately $16.2 million, net of accumulated depreciation of approximately $11.3 million, did not exceed each of their estimated fair value.  As a result, no adjustment of property carrying value had been recorded. The Companys determination of the fair value for these properties, aggregating approximately $28.6 million, was based upon executed contracts of sale with third parties less estimated selling costs.  During 2009 and 2008, the Company reclassified one property previously classified as held-for-sale into held-for-use and completed the sale of three of these properties. During 2007, the Company classified as held-for-sale ten shopping center properties comprising approximately 0.6 million square feet of GLA.  The book value of each of these properties, aggregating approximately $80.7 million, net of accumulated depreciation of approximately $4.9 million, did not exceed each of their estimated fair values.  As a result, no adjustment of property carrying value had been recorded. The Companys determination of the fair value for each of these properties, aggregating approximately $116.8 million, was based primarily upon executed contracts of sale with third parties less estimated selling costs.  During 2008 and 2007, the Company completed the sale of seven of these properties and reclassified three properties as held-for-use. 7.   Discontinued Operations and Assets Held for Sale: The Company reports as discontinued operations assets held-for-sale as of the end of the current false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 46 R28.xml IDEA: Financing Activities: 1.0.0.3 false Financing Activities: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Cash Flow, Supplemental Disclosures [Text Block] (abstract) 0 kim_CashFlowSupplementalDisclosuresTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Cash Flow, Supplemental Disclosures [Text Block] 1 us-gaap_CashFlowSupplementalDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 19.   Supplemental Schedule of Non-Cash Investing/Financing Activities: The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2009, 2008 and 2007 (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="447.867"></td> <td width="18.6"></td> <td width="63"></td> <td width="16.2"></td> <td width="60"></td> <td width="15.933"></td> <td width="63.867"></td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="63"> 2009 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60"> 2008 </td> <td valign="top" width="15.933">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="63.867"> 2007 </td> </tr> <tr> <td valign="top" width="447.867"> Acquisition of real estate interests by assumption of debt </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 577,604 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 96,226 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 82,614 </td> </tr> <tr> <td valign="top" width="447.867"> Exchange of DownREIT units for Common Stock </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 80,000 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Disposition/transfer of real estate interest by origination of mortgage debt </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 27,175 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Acquisition of real estate interests through proceeds held in escrow </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 68,031 </td> </tr> <tr> <td valign="top" width="447.867"> Issuance of Restricted Common Stock </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 3,415 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 1,405 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Proceeds held in escrow through sale of real estate interest </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 11,195 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Disposition of real estate through the issuance of an unsecured obligation </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 1,366 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 6,265 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Investment in real estate joint venture by contribution of property </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 740 </td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Deconsolidation of Joint Venture: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Decrease in real estate and other assets </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 55,453 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 113,074 </td> </tr> <tr> <td valign="top" width="447.867"> Decrease in noncontrolling interest, construction loan and other liabilities </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 55,453 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 113,074 </td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Declaration of dividends paid in succeeding period </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 76,707 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 131,097 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> 112,052 </td> </tr> <tr> <td valign="top" width="447.867">   </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Consolidation of Joint Ventures: </td> <td valign="bottom" width="18.6">   </td> <td valign="bottom" width="63">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60">   </td> <td valign="bottom" width="15.933">   </td> <td valign="bottom" width="63.867">   </td> </tr> <tr> <td valign="top" width="447.867"> Increase in real estate and other assets </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 47,368 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> 68,360 </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> <tr> <td valign="top" width="447.867"> Increase in mortgage payable </td> <td valign="bottom" width="18.6"> $ </td> <td valign="bottom" width="63"> 35,104 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60"> - </td> <td valign="bottom" width="15.933"> $ </td> <td valign="bottom" width="63.867"> - </td> </tr> </table> 19.   Supplemental Schedule of Non-Cash Investing/Financing Activities: The following schedule summarizes the non-cash investing and financing activities false false No definition available. 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No authoritative reference available. false 115 Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 116 Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 884000 884 false false 2 false true 884000 884 false false 3 false true 884000 884 false false No definition available. No authoritative reference available. false 127 Issuance of Preferred G Stock 2 kim_IssuanceOfPreferredGStock kim false credit duration monetary Issuance Of Preferred G Stock false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true 184000 184 false false Issuance Of Preferred G Stock No authoritative reference available. false 134 Additional Paid-in Capital [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 135 Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 5283204000 5283204 false false 2 false true 4217806000 4217806 false false 3 false true 3677509000 3677509 false false No definition available. No authoritative reference available. false 146 Issuance of Preferred G Stock 2 kim_IssuanceOfPreferredGStock kim false credit duration monetary Issuance Of Preferred G Stock false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true 444283000 444283 false false Issuance Of Preferred G Stock No authoritative reference available. false 149 Issuance of Common Stock 2 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 1061823000 1061823 false false 2 false true 486709000 486709 false false 3 false true 2413000 2413 false false No definition available. No authoritative reference available. false 150 Exercise of Common Stock Options 2 us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 6263000 6263 false false 2 false true 41330000 41330 false false 3 false true 40546000 40546 false false No definition available. No authoritative reference available. false 151 Transfers from noncontrolling interests 2 kim_TransfersFromNoncontrollingInterests kim false credit duration monetary No definition available. false false false false false false false false false 1 false true -11126000 -11126 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. 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No authoritative reference available. false 154 Balance 2 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant monetary No definition available. false false false false false false false false false 1 false true 4852973000 4852973 false false 2 false true 3983698000 3983698 false false 3 false true 3894225000 3894225 false false No definition available. No authoritative reference available. false 156 Net (loss)/income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -3942000 -3942 false false 2 false true 249902000 249902 false false 3 false true 442830000 442830 false false No definition available. No authoritative reference available. false 157 Change in unrealized gain/loss on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43662000 43662 false false 2 false true -71535000 -71535 false false 3 false true -25803000 -25803 false false No definition available. No authoritative reference available. false 158 Change in unrealized gain/loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -233000 -233 false false 2 false true -170000 -170 false false 3 false true -176000 -176 false false No definition available. 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No authoritative reference available. false 165 Issuance of Preferred G Stock 2 kim_IssuanceOfPreferredGStock kim false credit duration monetary Issuance Of Preferred G Stock false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true 444467000 444467 false false Issuance Of Preferred G Stock No authoritative reference available. false 168 Issuance of Common Stock 2 us-gaap_StockIssuedDuringPeriodValueNewIssues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 1063164000 1063164 false false 2 false true 486873000 486873 false false 3 false true 2414000 2414 false false No definition available. 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No authoritative reference available. false 185 Unit Redemptions 2 kim_UnitRedemptions kim false credit duration monetary Unit Redemptions false false false false false false false false false 1 false true -346000 -346 false false 2 false true -80000000 -80000 false false 3 false true -34391000 -34391 false false Unit Redemptions No authoritative reference available. false 186 Issuance of units 2 kim_IssuanceOfUnits kim false credit duration monetary No definition available. false false false false false false false false false 1 false true 126000 126 false false 2 false true 1194000 1194 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 189 Transfers from noncontrolling interests 2 kim_TransfersFromNoncontrollingInterests kim false credit duration monetary No definition available. false false false false false false false false false 1 false true -4337000 -4337 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 191 Comprehensive Income [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 194 Net (loss)/income 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 6061000 6061 false false 2 false true 276404000 276404 false false 3 false true 486896000 486896 false false No definition available. No authoritative reference available. false 195 Change in unrealized gain/loss on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43662000 43662 false false 2 false true -71535000 -71535 false false 3 false true -25803000 -25803 false false No definition available. No authoritative reference available. false 196 Change in unrealized gain/loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -233000 -233 false false 2 false true -170000 -170 false false 3 false true -176000 -176 false false No definition available. No authoritative reference available. false 197 Change in unrealized loss on foreign currency hedge agreements 2 kim_ChangeInUnrealizedLossOnForeignCurrencyHedgeAgreements kim false credit duration monetary Change In Unrealized Loss On Foreign Currency Hedge Agreements false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -1294000 -1294 false false Change In Unrealized Loss On Foreign Currency Hedge Agreements No authoritative reference available. false 198 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 20658000 20658 false false 2 false true -149836000 -149836 false false 3 false true 15696000 15696 false false No definition available. No authoritative reference available. false 199 Comprehensive income 2 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 70148000 70148 false false 2 true true 54863000 54863 false false 3 true true 475319000 475319 false false No definition available. No authoritative reference available. false false 3 76 false Thousands UnKnown UnKnown false true XML 49 R5.xml IDEA: Condensed Consolidated Statements Of Comprehensive Income 1.0.0.3 true Condensed Consolidated Statements Of Comprehensive Income (USD $) In Thousands false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 3 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Condensed Consolidated Statements Of Comprehensive Income [Abstract] 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 3 Net income 2 us-gaap_NetIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true -3942000 -3942 false false 2 true true 249902000 249902 false false 3 true true 442830000 442830 false false No definition available. No authoritative reference available. false 4 Other comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 5 Change in unrealized gain/(loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43662000 43662 false false 2 false true -71535000 -71535 false false 3 false true -25803000 -25803 false false No definition available. No authoritative reference available. false 6 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -233000 -233 false false 2 false true -170000 -170 false false 3 false true -176000 -176 false false No definition available. No authoritative reference available. false 7 Change in unrealized loss on foreign currency hedge agreements 2 kim_ChangeInUnrealizedLossOnForeignCurrencyHedgeAgreements kim false credit duration monetary Change In Unrealized Loss On Foreign Currency Hedge Agreements false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -1294000 -1294 false false Change In Unrealized Loss On Foreign Currency Hedge Agreements No authoritative reference available. false 8 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 20658000 20658 false false 2 false true -149836000 -149836 false false 3 false true 15696000 15696 false false No definition available. No authoritative reference available. false 9 Other comprehensive income 2 us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 64087000 64087 false false 2 false true -221541000 -221541 false false 3 false true -11577000 -11577 false false No definition available. No authoritative reference available. true 10 Comprehensive income 2 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 70148000 70148 false false 2 false true 54863000 54863 false false 3 false true 475319000 475319 false false No definition available. No authoritative reference available. true 11 Comprehensive loss/(income) attributable to noncontrolling interests 2 us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 9019000 9019 false false 2 false true -17801000 -17801 false false 3 false true -45959000 -45959 false false No definition available. No authoritative reference available. false 12 Comprehensive income attributable to the Company 2 us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 79167000 79167 false false 2 false true 37062000 37062 false false 3 false true 429360000 429360 false false No definition available. No authoritative reference available. true 13 Accumulated Other Comprehensive Income [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 16 Other comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 17 Change in unrealized gain/(loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43662000 43662 false false 2 false true -71535000 -71535 false false 3 false true -25803000 -25803 false false No definition available. No authoritative reference available. false 18 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -233000 -233 false false 2 false true -170000 -170 false false 3 false true -176000 -176 false false No definition available. No authoritative reference available. false 19 Change in unrealized loss on foreign currency hedge agreements 2 kim_ChangeInUnrealizedLossOnForeignCurrencyHedgeAgreements kim false credit duration monetary Change In Unrealized Loss On Foreign Currency Hedge Agreements false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -1294000 -1294 false false Change In Unrealized Loss On Foreign Currency Hedge Agreements No authoritative reference available. false 20 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 39680000 39680 false false 2 false true -141135000 -141135 false false 3 false true 15480000 15480 false false No definition available. No authoritative reference available. false 25 Parent [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 28 Other comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 29 Change in unrealized gain/(loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43662000 43662 false false 2 false true -71535000 -71535 false false 3 false true -25803000 -25803 false false No definition available. No authoritative reference available. false 30 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -233000 -233 false false 2 false true -170000 -170 false false 3 false true -176000 -176 false false No definition available. No authoritative reference available. false 31 Change in unrealized loss on foreign currency hedge agreements 2 kim_ChangeInUnrealizedLossOnForeignCurrencyHedgeAgreements kim false credit duration monetary Change In Unrealized Loss On Foreign Currency Hedge Agreements false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -1294000 -1294 false false Change In Unrealized Loss On Foreign Currency Hedge Agreements No authoritative reference available. false 32 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 39680000 39680 false false 2 false true -141135000 -141135 false false 3 false true 15480000 15480 false false No definition available. No authoritative reference available. false 37 Noncontrolling Interest [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 40 Other comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 44 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true -19022000 -19022 false false 2 false true -8701000 -8701 false false 3 false true 216000 216 false false No definition available. No authoritative reference available. false 49 Comprehensive Income [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. No authoritative reference available. false 52 Other comprehensive income: 2 kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false No definition available. false 53 Change in unrealized gain/(loss) on marketable securities 2 us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 43662000 43662 false false 2 false true -71535000 -71535 false false 3 false true -25803000 -25803 false false No definition available. No authoritative reference available. false 54 Change in unrealized loss on interest rate swaps 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -233000 -233 false false 2 false true -170000 -170 false false 3 false true -176000 -176 false false No definition available. No authoritative reference available. false 55 Change in unrealized loss on foreign currency hedge agreements 2 kim_ChangeInUnrealizedLossOnForeignCurrencyHedgeAgreements kim false credit duration monetary Change In Unrealized Loss On Foreign Currency Hedge Agreements false false false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false true -1294000 -1294 false false Change In Unrealized Loss On Foreign Currency Hedge Agreements No authoritative reference available. false 56 Change in foreign currency translation adjustment 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 20658000 20658 false false 2 false true -149836000 -149836 false false 3 false true 15696000 15696 false false No definition available. No authoritative reference available. false 58 Comprehensive income 2 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 70148000 70148 false false 2 true true 54863000 54863 false false 3 true true 475319000 475319 false false No definition available. No authoritative reference available. true false 3 33 false Thousands UnKnown UnKnown false true XML 50 R23.xml IDEA: 14. Construction Loans Payable: 1.0.0.3 false 14. Construction Loans Payable: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Construction Loans Payable (abstract) 0 kim_ConstructionLoansPayableAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 ConstructionLoansPayable 1 kim_ConstructionLoansPayable kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 14.   Construction Loans Payable: During 2009, the Company fully repaid nine construction loans aggregating approximately $212.2 million.  As of December 31, 2009, total loan commitments on the Companys four remaining construction loans aggregated approximately $69.7 million of which approximately $45.8 million has been funded.  These loans have scheduled maturities ranging from 11 months to 56 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 2.13% to 4.50% at December 31, 2009.  These construction loans are collateralized by the respective projects and associated tenants leases.  The scheduled maturities of all construction loans payable as of December 31, 2009, were approximately as follows (in millions):  2010, $3.4; 2011, $26.8; 2012, $13.6; 2013, $0 and 2014, $2.0. During 2008, the Company obtained construction financing on three merchant building projects with total loan commitment amounts up to $35.4 million, of which $8.7 million was outstanding as of December 31, 2008.  As of December 31, 2008, total loan commitments on the Companys 16 outstanding construction loans aggregated approximately $364.2 million of which approximately $268.3 million has been funded.  These loans have scheduled maturities ranging from two months to 42 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 1.81% to 3.19% at December 31, 2008. These construction loans are collateralized by the respective projects and associated tenants leases. 14.   Construction Loans Payable: During 2009, the Company fully repaid nine construction loans aggregating approximately $212.2 million.  As of false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 51 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gain on sale or transfer of operating properties. No authoritative reference available. No authoritative reference available. No authoritative reference available. Impairment of Real Estate Under Development No authoritative reference available. No authoritative reference available. No authoritative reference available. Land And Building Improvements Less Accumulated Depreciation And Amortization No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Loss on sale of operating properties No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. RedeemableNoncontrollingInterest No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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No authoritative reference available. Aggregate liquidation preference No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Total gain on transfer or sale of operating properties, net of tax No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Income from other real estate investments No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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Extraordinary Gain From Joint Venture Resulting From Purchase Price Allocation Net of Tax No authoritative reference available. Income Before Extraordinary Item No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Equity in income of joint ventures, net No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gain on transfer of operating properties No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Total stockholders' equity excluding accumulated other comprehensive income No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Income from other real estate investments No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Change In Unrealized Loss On Foreign Currency Hedge Agreements No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The cash inflow from real estate joint ventures. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Issuance Of Preferred G Stock No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The cash inflow from other investments. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Unit Redemptions No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gain on sale of development properties No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. XML 52 R21.xml IDEA: 12. Notes Payable: 1.0.0.3 false 12. Notes Payable: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Long-term Debt [Text Block] (abstract) 0 kim_LongTermDebtTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Long-term Debt [Text Block] 1 us-gaap_LongTermDebtTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 12.   Notes Payable: Medium Term Notes The Company has implemented a medium-term notes ("MTN") program pursuant to which it may, from time to time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities. During the year ended December 31, 2009, the Company repaid (i) its $20.0 million 7.56% Medium Term Note, which matured in May 2009 and (ii) its $25.0 million 7.06% Medium Term Note, which matured in July 2009.   During the year ended December 31, 2008, the Company repaid its $100.0 million 3.95% Medium Term Notes, which matured on August 5, 2008 and its $25.0 million 7.2% Senior Notes, which matured on September 15, 2008. Additionally during 2009, the Company repurchased in aggregate approximately $36.1 million in face value of its Medium Term Notes  and Fixed Rate Bonds for an aggregate discounted purchase price of approximately $33.7 million.  These transactions resulted in an aggregate gain of approximately $2.4 million.   As of December 31, 2009, a total principal amount of approximately $1.1 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to six years as of December 31, 2009, and bear interest at rates ranging from 4.62% to 5.98%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Companys portfolio and the repayment of certain debt obligations of the Company. As of December 31, 2008, a total principal amount of approximately $1.2 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to seven years as of December 31, 2009, and bear interest at rates ranging from 4.62% to 7.56%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Companys portfolio and the repayment of certain debt obligations of the Company. Senior Unsecured Notes During September 2009, the Company issued $300.0 million of 10-year Senior Unsecured Notes at an interest rate of 6.875% payable semi-annually in arrears.  These notes were sold at 99.84% of par value.  Net proceeds from the issuance were approximately $297.3 million, after related transaction costs of approximately $0.3 million.  The proceeds from this issuance were primarily used to repay the Companys $220.0 million unsecured term loan described below.  The remaining proceeds were used to repay certain construction loans that were scheduled to mature in 2010.   During 2009, the Company repaid its $130.0 million 6.875% senior notes, which matured on February 10, 2009.   As of December 31, 2009, the Company had a total principal amount of approximately $1.3 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from nine months to nine years as of December 31, 2009, and bear interest at rates ranging from 4.70% to 7.95%.  Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. As of December 31, 2008, the Company had a total principal amount of approximately $1.2 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from one month to eight years as of December 31, 2008, and bear interest at rates ranging from 4.70% to 7.95%.  Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. The scheduled maturities of all unsecured notes payable as of December 31, 2009, were approximately as follows (in millions): 2010, $223.7; 2011, $481.7; 2012, $215.9; 2013, $542.8; 2014, $295.3; and thereafter, $1,240.9. During September 2009, the Company entered into a fifth supplemental indenture, under the indenture governing its Medium Term Notes and Senior Notes, which included the financial covenants for future offerings under this indenture that were removed by the fourth supplemental indenture. In accordance with the terms of the Indenture, as amended, pursuant to which the Company's Senior Unsecured Notes, except for the $300.0 million issued during April 2007 under the fourth supplemental indenture, have been issued, the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios, (c) certain asset to debt ratios and (d) restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. During April 2009, the Company obtained a two-year $220.0 million unsecured term loan with a consortium of banks, which accrued interest at a spread of 4.65% to LIBOR (subject to a 2% LIBOR floor) or at the Companys option, at a spread of 3.65% to the ABR, as defined in the Credit Agreement.  The term loan was scheduled to mature in April 2011.  The Company utilized proceeds from this term loan to partially repay the outstanding balance under the Companys U.S. revolving credit facility and for general corporate purposes.  During September 2009, the Company fully repaid the $220.0 million outstanding balance and terminated this loan.   Credit Facilities During October 2007, the Company established a new $1.5 billion unsecured U.S. revolving credit facility (the "U.S. Credit Facility") with a group of banks, which is scheduled to expire in October 2011.  The Company has a one-year extension option related to this facility.  This credit facility has made available funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Companys institutional management programs, (iii) development and redevelopment costs, and (iv) any short-term working capital requirements.  Interest on borrowings under the U.S. Credit Facility accrues at LIBOR plus 0.425% and fluctuates in accordance with changes in the Companys senior debt ratings.  As part of this U.S. Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $750.0 million of its requested borrowings to the bank group.  This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread. A facility fee of 0.15% per annum is payable quarterly in arrears.  As part of the U.S. Credit Facility, the Company has a $200.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Pounds Sterling, Japanese Yen or Euros.  Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt, and (ii) minimum interest and fixed coverage ratios.  As of December 31, 2009, there was $139.5 million outstanding and $22.5 million appropriated letters of credit under this credit facility. The Company also has a three-year CAD $250.0 million unsecured credit facility with a group of banks.  This facility bears interest at a rate of CDOR plus 0.425%, subject to change in accordance with the Companys senior debt ratings and is scheduled to mature March 2011 with an additional one year extension option.  A facility fee of 0.15% per annum is payable quarterly in arrears.  This facility also permits U.S. dollar denominated borrowings.  Proceeds from this facility are used for general corporate purposes, including the funding of Canadian denominated investments.  As of December 31, 2009, there was no outstanding balance under this credit facility.  There are approximately CAD $67.4 million (approximately USD $64.0 million) appropriated for letters of credit under this credit facility at December 31, 2009 (see Note 21, Commitments and Contingencies).  The Canadian facility covenants are the same as the U.S. Credit Facility covenants described above. During March 2008, the Company obtained a MXP 1.0 billion term loan, which bears interest at a rate of 8.58%, subject to change in accordance with the Companys senior debt ratings, and is scheduled to mature in March 2013.  The Company utilized proceeds from this term loan to fully repay the outstanding balance of a MXP 500.0 million unsecured revolving credit facility, which had been terminated by the Company. Remaining proceeds from this term loan were used for funding MXP denominated investments.  As of December 31, 2009, the outstanding balance on this term loan was MXP 1.0 billion (approximately USD $76.6 million). 12.   Notes Payable: Medium Term Notes The Company has implemented a medium-term notes ("MTN") program pursuant to which it may, from time to false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 53 R13.xml IDEA: 4. Property Acquisitions, Developments and Other Investments: 1.0.0.3 false 4. Property Acquisitions, Developments and Other Investments: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Business Combination Disclosure [Text Block] (abstract) 0 kim_BusinessCombinationDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Business Combination Disclosure [Text Block] 1 us-gaap_BusinessCombinationDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 4.   Property Acquisitions, Developments and Other Investments: Operating property acquisitions, ground-up development costs and other investments have been funded principally through the application of proceeds from the Company's public equity and unsecured debt issuances, proceeds from mortgage and construction financings, availability under the Companys revolving lines of credit and issuance of various partnership units. Operating Properties Acquisition of Operating Properties During the year ended December 31, 2009, the Company acquired, in separate transactions, 33 operating properties, comprising an aggregate 6.8 million square feet of a GLA, for an aggregate purchase price of approximately $955.4 million including the assumption of approximately $577.6 million of non-recourse mortgage debt encumbering 21 of the properties and $50.0 million in preferred stock.  Details of these transactions are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="156.667"></td> <td width="15.733"></td> <td width="104.267"></td> <td width="15.733"></td> <td width="67.667"></td> <td width="15.733"></td> <td width="58.067"></td> <td width="15.733"></td> <td width="54.467"></td> <td width="15.733"></td> <td width="49.667"></td> <td width="15.733"></td> <td width="40.733"></td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="193.667" colspan="5"> Purchase Price </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="156.667"> Property Name </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="104.267"> Location </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> Month Acquired </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> Cash/Net Assets and Liabilities </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> Debt/ Preferred Stock Assumed </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> Total </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> GLA </td> </tr> <tr> <td valign="bottom" width="156.667"> Novato Fair </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Novato, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jul-09 (1) </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="58.067"> 9,902 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="54.467"> 13,524 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.667"> 23,426 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 125 </td> </tr> <tr> <td valign="bottom" width="156.667"> Canby Square </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Canby, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 7,052 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 7,052 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 116 </td> </tr> <tr> <td valign="bottom" width="156.667"> Garrison Square </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Vancouver, WA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 3,535 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 3,535 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 70 </td> </tr> <tr> <td valign="bottom" width="156.667"> Oregon Trail Center </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Gresham, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 18,135 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 18,135 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 208 </td> </tr> <tr> <td valign="bottom" width="156.667"> Pioneer Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Springfield, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 9,823 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 9,823 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 96 </td> </tr> <tr> <td valign="bottom" width="156.667"> Powell Valley Junction </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Gresham, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 5,062 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 5,062 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 107 </td> </tr> <tr> <td valign="bottom" width="156.667"> Troutdale Market </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Troutdale, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Oct-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 4,809 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 4,809 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 90 </td> </tr> <tr> <td valign="bottom" width="156.667"> Angels Camp </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Angels Camp, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 6,801 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 6,801 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 78 </td> </tr> <tr> <td valign="bottom" width="156.667"> Albany Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Albany, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 6,075 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 6,075 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 110 </td> </tr> <tr> <td valign="bottom" width="156.667"> Elverta Crossing </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Antelope, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 8,765 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 8,765 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 120 </td> </tr> <tr> <td valign="bottom" width="156.667"> Park Place </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Vallejo, CA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 15,655 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 15,655 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 151 </td> </tr> <tr> <td valign="bottom" width="156.667"> Medford, Center </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Medford, OR </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 21,158 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 21,158 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 335 </td> </tr> <tr> <td valign="bottom" width="156.667"> PL Retail, LLC Acquisition </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Various </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Nov-09 (3) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 210,994 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> 614,081 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> 825,075 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> 5,160 </td> </tr> <tr> <td valign="top" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="top" width="104.267"> Total Acquisitions </td> <td valign="top" width="15.733">   </td> <td valign="top" width="67.667">   </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.067"> 327,766 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="54.467"> 627,605 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.667"> 955,371 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="40.733"> 6,766 </td> </tr> </table> The Company acquired this property from a joint venture in which the Company had a 10% noncontrolling ownership interest.  This transaction resulted in a gain of approximately $0.3 million as a result of remeasuring the Companys 10% noncontrolling equity interest to fair value. The Company acquired this property from a joint venture in which the Company had a 15% noncontrolling ownership interest.  This transaction resulted in a gain of approximately $0.1 million as a result of remeasuring the Companys 15% noncontrolling equity interest to fair value. The Company purchased the remaining 85% interest in PL Retail LLC, an entity that indirectly owns through wholly-owned subsidiaries 21 shopping centers, in which the Company held a 15% noncontrolling interest prior to this transaction.  The 21 shopping centers comprise approximately 5.2 million square feet of GLA are located in California (8 assets; 27% of GLA), Florida (6 assets; 42% of GLA), the Phoenix, Arizona metro area (2 assets; 7.3% of GLA), New Jersey (2), Long Island, New York (1), Arlington, Virginia, near metro Washington, D.C. (1) and Greenville, South Carolina (1).  The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLCs gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock.  The purchase price includes approximately $20 million for the purchase of development rights for one shopping center.  Subsequent to the acquisition of these properties, the Company repaid an aggregate of approximately $269 million of the non-recourse mortgage debt which encumbered 10 properties.  This transaction resulted in a gain of approximately $7.6 million as a result of remeasuring the Companys 15% noncontrolling equity interest to fair value.   During the year ended December 31, 2008, the Company acquired, in separate transactions, 10 operating properties, comprising an aggregate 1.2 million square feet of a GLA, for an aggregate purchase price of approximately $215.9 million including the assumption of approximately $96.2 million of non-recourse mortgage debt encumbering four of the properties.  Details of these transactions are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="156.667"></td> <td width="15.733"></td> <td width="104.267"></td> <td width="15.733"></td> <td width="67.667"></td> <td width="15.733"></td> <td width="58.067"></td> <td width="15.733"></td> <td width="54.467"></td> <td width="15.733"></td> <td width="49.667"></td> <td width="15.733"></td> <td width="40.733"></td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="193.667" colspan="5"> Purchase Price </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="156.667"> Property Name </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="104.267"> Location </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="67.667"> Month Acquired </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> Cash </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> Debt Assumed </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> Total </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> GLA </td> </tr> <tr> <td valign="top" width="156.667">   </td> <td valign="top" width="15.733">   </td> <td valign="top" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="top" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td valign="bottom" width="156.667"> U.S. Acquisitions: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td valign="bottom" width="156.667"> 108 West Germania </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Chicago, IL </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jan-08 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="58.067"> 9,250 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.667"> 9,250 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 41 </td> </tr> <tr> <td valign="bottom" width="156.667"> 1429 Walnut St </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Philadelphia, PA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jan-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 22,100 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 6,400 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 28,500 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 76 </td> </tr> <tr> <td valign="bottom" width="156.667"> 168 North Michigan Ave </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Chicago, IL </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jan-08 (1) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 13,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 13,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 74 </td> </tr> <tr> <td valign="bottom" width="156.667"> 118 Market St </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Philadelphia, PA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Feb-08 (1) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 600 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 600 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 1 </td> </tr> <tr> <td valign="bottom" width="156.667"> Alison Building </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Philadelphia, PA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Apr-08 (1) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 15,875 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 15,875 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 58 </td> </tr> <tr> <td valign="bottom" width="156.667"> Lorden Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Milford, NH </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Apr-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 5,650 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 26,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 31,650 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 149 </td> </tr> <tr> <td valign="bottom" width="156.667"> East Windsor Village </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> East Windsor, NJ </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> May-08 (2) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 10,370 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 19,780 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 30,150 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 249 </td> </tr> <tr> <td valign="bottom" width="156.667"> Potomac Run Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Sterling, VA </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Sep-08 (5) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 21,430 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> 44,046 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> 65,476 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> 361 </td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 98,275 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> 96,226 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 194,501 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 1,009 </td> </tr> <tr> <td valign="bottom" width="156.667"> Latin American Acquisitions: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267">   </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733">   </td> </tr> <tr> <td valign="bottom" width="156.667"> Valinhos </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Valinhos, Brazil </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Jun-08  (3) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.067"> 17,384 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.667"> 17,384 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="40.733"> 121 </td> </tr> <tr> <td valign="bottom" width="156.667"> Vicuna Mackenna </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Santiago, Chile </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667"> Aug-08 (4) </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.067"> 4,025 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.467"> - </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.667"> 4,025 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="40.733"> 26 </td> </tr> <tr> <td valign="bottom" width="156.667">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="104.267"> Total Acquisitions </td> <td valign="top" width="15.733">   </td> <td valign="bottom" width="67.667">   </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.067"> 119,684 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="54.467"> 96,226 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.667"> 215,910 </td> <td valign="bottom" width="15.733">   </td> <td style="border-bottom:3px double #000000" valign="bottom" width="40.733"> 1,156 </td> </tr> </table> Property is scheduled for redevelopment. The Company acquired this property from a joint venture in which the Company had an approximate 15% noncontrolling ownership interest.   The Company provided $12.2 million as part of its 70% economic interest in this newly formed joint venture for the acquisition of this operating property and land parcel.  The Company has determined, under the provisions of the FASBs Consolidation guidance, that this joint venture is a VIE and that the Company is the primary beneficiary.  As such, the Company has consolidated this entity for accounting and reporting purposes. The Company provided a $3.0 million equity investment to a newly formed joint venture in which the Company has a 75% economic interest for the acquisition of this operating property and has determined under the provisions of the FASBs Consolidation guidance that this joint venture is a VIE and that the Company is the primary beneficiary.  As such, the Company has consolidated this entity for accounting and reporting purposes. The Company acquired this property from a joint venture in which the Company holds a 20% noncontrolling interest. The aggregate purchase price of the above mentioned 2009 and 2008 properties have been allocated to the tangible and intangible assets and liabilities of the properties in accordance with the FASBs Business Combinations guidance, at the date of acquisition, based on evaluation of information and estimates available at such date. As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation on a retrospective basis.  The allocations are finalized no later than twelve months from the acquisition date. The total aggregate fair value was allocated as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="289.2"></td> <td width="19.8"></td> <td width="66"></td> <td width="19.2"></td> <td width="63.4"></td> </tr> <tr> <td valign="top" width="289.2">   </td> <td valign="top" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="66"> 2009 </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="63.4"> 2008 </td> </tr> <tr> <td valign="top" width="289.2"> Land </td> <td valign="top" width="19.8"> $ </td> <td valign="top" width="66"> 317,052  </td> <td valign="top" width="19.2"> $ </td> <td valign="top" width="63.4"> 55,323  </td> </tr> <tr> <td valign="top" width="289.2"> Buildings </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 383,666  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 121,927  </td> </tr> <tr> <td valign="top" width="289.2"> Below Market Rents </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> (52,982) </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> (8,926) </td> </tr> <tr> <td valign="top" width="289.2"> Above Market Rents </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 38,681  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 2,167  </td> </tr> <tr> <td valign="top" width="289.2"> In-Place Leases </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 34,042  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 6,879  </td> </tr> <tr> <td valign="top" width="289.2"> Other Intangibles </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 12,602  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 2,739  </td> </tr> <tr> <td valign="top" width="289.2"> Building Improvements </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 182,318  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 28,589  </td> </tr> <tr> <td valign="top" width="289.2"> Tenant Improvements </td> <td valign="top" width="19.8">   </td> <td valign="top" width="66"> 27,664  </td> <td valign="top" width="19.2">   </td> <td valign="top" width="63.4"> 7,147  </td> </tr> <tr> <td valign="top" width="289.2"> Mortgage Fair Value Adjustment </td> <td valign="top" width="19.8">   </td> <td valign="bottom" width="66"> 1,670  </td> <td valign="top" width="19.2">   </td> <td valign="bottom" width="63.4"> 65  </td> </tr> <tr> <td valign="top" width="289.2"> Other Assets </td> <td valign="top" width="19.8">   </td> <td valign="bottom" width="66"> 20,088  </td> <td valign="top" width="19.2">   </td> <td valign="bottom" width="63.4"> -  </td> </tr> <tr> <td valign="top" width="289.2"> Other Liabilities </td> <td valign="top" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> (9,430) </td> <td valign="top" width="19.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.4"> -  </td> </tr> <tr> <td valign="top" width="289.2">   </td> <td valign="top" width="19.8"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="66"> 955,371  </td> <td valign="top" width="19.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="63.4"> 215,910  </td> </tr> </table> Included within the Companys consolidated operating properties are 12 consolidated entities that are VIEs and for which the Company is the primary beneficiary.   All of these entities have been established to own and operate real estate property. The Companys involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the voting rights of the equity investors is not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity's activities are conducted on behalf of the investor which has disproportionately fewer voting rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. At December 31, 2009, total assets of these VIEs were approximately $1.0 billion and total liabilities were approximately $542.1 million, including $363.4 million of non-recourse mortgage debt.  The classification of these assets is primarily within real estate and the classification of liabilities are primarily within mortgages payable and noncontrolling interests in the Companys Consolidated Balance Sheets. The majority of the operations of these VIEs are funded with cash flows generated from the properties.  Four of these entities are encumbered by third party non-recourse mortgage debt aggregating approximately $363.4 million.  The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience. Included within the VIEs noted above is a joint venture investment which, during 2009, the Company provided a capital contribution to and another joint venture investment for which the Company entered into an amendment to its LLC agreement.  These events were both considered reconsideration events under FASBs Consolidation guidance.  Such reconsideration determined that these two joint ventures were now VIEs and that the Company is the primary beneficiary of each joint venture.   Ground-Up Development - The Company is engaged in ground-up development projects which consist of (i) U.S. ground-up development projects which will be held as long-term investments by the Company and (ii) various ground-up development projects located in Latin America for long-term investment.  During 2009, the Company changed its merchant building business strategy from a sale upon completion strategy to a long-term hold strategy. Those properties previously considered merchant building have been either placed in service as long-term investment properties or included in U.S. ground-up development projects.  The ground-up development projects generally have significant pre-leasing prior to the commencement of construction. As of December 31, 2009, the Company had in progress a total of 11 ground-up development projects, consisting of seven ground-up development projects located throughout Mexico, two ground-up development projects located in the U.S., one ground-up development project located in Chile, and one ground-up development project located in Brazil. During 2009, the Company expended approximately $9.9 million to purchase its partners noncontrolling partnership interests in five of its former merchant building projects.  Since there was no change in control, these transactions resulted in an adjustment to the Companys Paid-in capital of approximately $7.2 million. Long-term Investment Projects - During 2009, the Company acquired a land parcel located in Rio Claro, Brazil through a newly formed joint venture in which the Company has a 70% controlling ownership interest for a purchase price of 3.3 million Brazilian Reals (approximately USD $1.5 million).  This parcel will be developed into a 48,000 square foot retail shopping center.  Due to future commitments from the partners to fund construction costs throughout the construction period the Company has determined that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.   During 2008, the Company acquired (i) 5 land parcels located throughout Mexico for an aggregate purchase price of approximately 368.2 million Mexican Pesos (MXP) (approximately USD $33.3 million), (ii) one land parcel located in Lima, Peru for a purchase price of approximately 1.9 million Peruvian Nuevo Sol (PEN) (approximately USD $0.7 million), (iii) two land parcels located in Chile for a purchase price of approximately 7.9 billion CLP (approximately USD $16.1 million) and (iv) one land parcel located in Hortolandia, Brazil for a purchase price of approximately 7.4 BRL (approximately USD $3.2 million). These nine land parcels will be developed into retail centers aggregating approximately 1.7 million square feet of gross leasable area with a total estimated aggregate project cost of approximately USD $195.5 million. During 2008, the Company acquired, through an unconsolidated joint venture investment, 11 land parcels, in separate transactions, located in various cities throughout Mexico for an aggregate purchase price of approximately 554.9 million MXP (approximately USD $48.5 million) which will be held for investment or possible future development.   Additionally, during 2008, the Company acquired, through an existing consolidated joint venture, a redevelopment property in Bronx, NY, for a purchase price of approximately $5.2 million. The property will be redeveloped into a retail center with a total estimated project cost of approximately $17.7 million. Included within the Companys ground-up development projects at December 31, 2009 are 10 consolidated entities that are VIEs and for which the Company is the primary beneficiary. These entities were established to develop real estate property to hold as long-term investments.  The Companys involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its economic ownership percentage which provides that the Company would absorb a majority of the entitys expected losses, receive a majority of the entitys expected residual returns, or both.   At December 31, 2009, total assets of these VIEs were approximately $276.3 million and total liabilities were approximately $32.7 million. The classification of these assets is primarily within real estate and the classification of liabilities are primarily within accounts payable and accrued expenses in the Companys Consolidated Balance Sheets. The majority of the projected development costs to be funded to these VIEs, aggregating approximately $41.1 million, will be funded with capital contributions from the Company and when contractually obligated by the outside partner.  The Company has not provided financial support to the VIE that it was not previously contractually required to provide. Also included within the Companys ground-up developments at December 31, 2009, are 10 unconsolidated joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment.  These entities were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entity to finance its activities without additional financial support.  The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period.  The Company determined that it was not the primary beneficiary of these VIEs based on the fact that Company would receive less than a majority of the entity's expected losses, receive less than a majority of the entity's expected residual returns, or both.     The Companys aggregate investment in these VIEs was approximately $153.9 million as of December 31, 2009, which is included in Real estate under development in the Companys Consolidated Balance Sheets. The Companys maximum exposure to loss as a result of its involvement with these VIEs is estimated to be $230.6 million, which primarily represents the Companys current investment and estimated future funding commitments.  The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.  All future costs of development will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages. Kimsouth - On May 12, 2006, the Company acquired an additional 48% interest in Kimsouth Realty Inc. (Kimsouth), a joint venture investment in which the Company had previously held a 44.5% noncontrolling interest, for approximately $22.9 million.  As a result of this transaction, the Companys total ownership increased to 92.5% and the Company became the controlling shareholder.  The Company commenced consolidation of Kimsouth upon the closing date.  The acquisition of the additional 48% ownership interest has been accounted for as a step acquisition with the purchase price being allocated to the identified assets and liabilities of Kimsouth. As of May 12, 2006, Kimsouth consisted of five properties, all of which have been subsequently sold and/or transferred. As of May 12, 2006, Kimsouth had approximately $133.0 million of NOL carryforwards, which could be utilized to offset future taxable income of Kimsouth.  The Company evaluated the need for a valuation allowance based on projected taxable income and determined that a valuation allowance of approximately $34.2 million was required.  As such, a purchase price adjustment of $17.5 million was recorded.  As of December 31, 2008, Kimsouth had fully utilized its NOLs.  (See Note 22 for additional information). During 2009, the Company acquired the remaining 7.5% interest in Kimsouth for approximately $5.5 million. Since there was no change in control, this transaction resulted in an adjustment to the Companys Additional paid in capital of approximately $3.9 million. During June 2006, Kimsouth contributed approximately $51.0 million, of which $47.2 million or 92.5% was provided by the Company, to fund its 15% noncontrolling interest in a newly formed joint venture with an investment group to acquire a portion of Albertsons Inc.  To maximize investment returns, the investment groups strategy with respect to this joint venture, includes refinancing, selling selected stores and the enhancement of operations at the remaining stores. Kimsouth accounts for this investment under the equity method of accounting.  During 2007, this joint venture completed the disposition of certain operating stores and a refinancing of the remaining assets in the joint venture.  As a result of these transactions, Kimsouth received a cash distribution of approximately $148.6 million.  Kimsouth had a remaining capital commitment obligation to fund up to an additional $15.0 million for general purposes.  This amount was included in Other liabilities in the Consolidated Balance Sheets.  During March 2008, the Albertsons partnership agreement was amended to release the Company of its remaining capital commitment obligation, as a result the Company recognized pre-tax income of $15.0 million from cash received in excess of the Companys investment. During 2008, the Albertsons joint venture disposed of 121 operating properties for an aggregate sales price of approximately $564.0 million, resulting in a gain of approximately $552.3 million, of which Kimsouths share was approximately $73.1 million.  During 2008, Kimsouth recognized equity in income from the Albertsons joint venture of approximately $64.4 million before income taxes, including the $73.1 million of gain and $15.0 million from cash received in excess of the Companys investment.  As a result of these transactions, Kimsouth fully reduced its deferred tax asset valuation allowance and utilized all of its remaining NOL carryforwards, which provided a tax benefit of approximately $3.1 million.   Additionally, during 2008, the Albertsons joint venture acquired six operating properties and four leasehold properties for approximately $26.0 million, including the assumption of approximately $5.8 million in non-recourse mortgage debt encumbering one of the properties. During the year ended December 31, 2007, Kimsouths income from the Albertsons joint venture aggregated approximately $49.6 million, net of income tax.  This amount includes (i) an operating loss of approximately $15.1 million, net of an income tax benefit of approximately $10.1 million, (ii) distribution in excess of Kimsouths investment of approximately $10.4 million, net of income tax expense of approximately $6.9 million, and (iii) an extraordinary gain of approximately $54.3 million, net of income tax expense of approximately $36.2 million, resulting from purchase price allocation adjustments as determined in accordance with the FASBs Business Combination guidance. In accordance with the FASBs Equity Method and Joint Venture guidance, the Company has classified its 15% share of the extraordinary gain, net of income taxes, as a separate component on the Companys Consolidated Statements of Operations. During 2007, Kimsouth sold its remaining property for an aggregate sales price of approximately $9.1 million.  This sale resulted in a gain of approximately $7.9 million, net of income taxes. 4.   Property Acquisitions, Developments and Other Investments: Operating property acquisitions, ground-up development costs and other investments have false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 54 R34.xml IDEA: 25. Pro Forma Financial Information (Unaudited): 1.0.0.3 false 25. Pro Forma Financial Information (Unaudited): false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Pro Forma Financial Information (abstract) 0 kim_ProFormaFinancialInformationAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 ProFormaFinancialInformation 1 kim_ProFormaFinancialInformation kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 25.   Pro Forma Financial Information (Unaudited): As discussed in Notes 5, 6 and 7, the Company and certain of its subsidiaries acquired and disposed of interests in certain operating properties during 2009.  The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Operations for the years ended December 31, 2009 and 2008, adjusted to give effect to these transactions at the beginning of each year. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of operations for future periods.  (Amounts presented in millions, except per share figures.) <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="314.6"></td> <td width="21"></td> <td width="71.733"></td> <td width="27"></td> <td width="67.133"></td> </tr> <tr> <td valign="top" width="314.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="165.867" colspan="3"> Year ended December 31, </td> </tr> <tr> <td valign="top" width="314.6">   </td> <td valign="top" width="21">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="71.733"> 2009 </td> <td valign="top" width="27">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="67.133"> 2008 </td> </tr> <tr> <td valign="bottom" width="314.6"> Revenues from rental property </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="71.733"> 864.0  </td> <td valign="bottom" width="27"> $ </td> <td valign="bottom" width="67.133"> 853.5 </td> </tr> <tr> <td valign="bottom" width="314.6"> Net income </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="71.733"> 22.4  </td> <td valign="bottom" width="27"> $ </td> <td valign="bottom" width="67.133"> 274.1 </td> </tr> <tr> <td valign="bottom" width="314.6"> Net (loss)/income attributable to the Companys common shareholders </td> <td valign="bottom" width="21"> $ </td> <td valign="bottom" width="71.733"> (34.9) </td> <td valign="bottom" width="27"> $ </td> <td valign="bottom" width="67.133"> 201.6 </td> </tr> <tr> <td valign="bottom" width="314.6">   </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="71.733">   </td> <td valign="bottom" width="27">   </td> <td valign="bottom" width="67.133">   </td> </tr> <tr> <td valign="bottom" width="314.6"> Net (loss)/income attributable to the Companys common shareholders per common share: </td> <td valign="bottom" width="21">   </td> <td valign="bottom" width="71.733">   </td> <td valign="bottom" width="27">   </td> <td valign="bottom" width="67.133">   </td> </tr> <tr> <td valign="bottom" width="314.6"> Basic </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.733"> (0.10) </td> <td valign="bottom" width="27"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.133"> 0.78 </td> </tr> <tr> <td valign="bottom" width="314.6"> Diluted </td> <td valign="bottom" width="21"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="71.733"> (0.10) </td> <td valign="bottom" width="27"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="67.133"> 0.78 </td> </tr> </table> 25.   Pro Forma Financial Information (Unaudited): As discussed in Notes 5, 6 and 7, the Company and certain of its subsidiaries acquired and disposed of false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 55 R26.xml IDEA: 17. Financial Instruments - Derivatives and Hedging: 1.0.0.3 false 17. Financial Instruments - Derivatives and Hedging: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Derivative Instruments and Hedging Activities Disclosure [Text Block] (abstract) 0 kim_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Derivative Instruments and Hedging Activities Disclosure [Text Block] 1 us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 17.   Financial Instruments - Derivatives and Hedging: The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives. Cash Flow Hedges of Interest Rate Risk -  The Company, from time to time, hedges the future cash flows of its floating-rate debt instruments to reduce exposure to interest rate risk principally through interest rate swaps and interest rate caps with major financial institutions. The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings.  Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.  During the year ended December 31, 2009, the Company had no hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on the Companys variable-rate debt.  During 2010, the Company estimates that an additional $0.4 million will be reclassified as an increase to interest expense. As of December 31, 2009, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="187"></td> <td width="173.333"></td> <td width="156.267"></td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="187"> Interest Rate Derivates </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="173.333"> Number of Instruments </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="156.267"> Notional </td> </tr> <tr> <td style="background-color:#FFFFFF" valign="top" width="187"> Interest Rate Caps </td> <td style="background-color:#FFFFFF" valign="top" width="173.333"> 2 </td> <td style="background-color:#FFFFFF" valign="top" width="156.267"> $ 83.1 million </td> </tr> <tr> <td style="background-color:#FFFFFF" valign="top" width="187"> Interest Rate Swaps </td> <td style="background-color:#FFFFFF" valign="top" width="173.333"> 2 </td> <td style="background-color:#FFFFFF" valign="top" width="156.267"> $ 23.6 million </td> </tr> </table> The fair value of these derivative financial instruments classified as asset derivatives was $0.4 million and $0 for December 31, 2009 and 2008, respectively.  The fair value of these derivative financial instruments classified as liability derivatives was $(0.5) million and $(0.8) million for December 31, 2009 and 2008, respectively.   Credit-risk-related Contingent Features The Company has agreements with one of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has an agreement with a derivative counterparty that incorporates the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. 17.   Financial Instruments - Derivatives and Hedging: The Company is exposed to certain risk arising from both its business operations and economic false false No definition available. 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No authoritative reference available. false false 2 63 false Thousands UnKnown UnKnown false true XML 57 R2.xml IDEA: Condensed Consolidated Balance Sheets (Parenthetical) 1.0.0.3 true Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Preferred Stock, Par or Stated Value Per Share (in dollars per share) 2 us-gaap_PreferredStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 1.00 1.00 false false 2 true true 1.00 1.00 false false No definition available. 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No authoritative reference available. false 10 Common Stock, Shares, Outstanding (in shares) 2 us-gaap_CommonStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 405532566 405532566.00 false false 2 false true 271080525 271080525.00 false false No definition available. No authoritative reference available. false 11 Series F Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 12 Preferred Stock, Par or Stated Value Per Share (in dollars per share) 2 us-gaap_PreferredStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 1.00 1.00 false false 2 true true 1.00 1.00 false false No definition available. No authoritative reference available. false 13 Preferred Stock, Shares Authorized (in shares) 2 us-gaap_PreferredStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 700000 700000.00 false false 2 false true 700000 700000.00 false false No definition available. No authoritative reference available. false 14 Preferred Stock, Shares Issued (in shares) 2 us-gaap_PreferredStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 700000 700000.00 false false 2 false true 700000 700000.00 false false No definition available. No authoritative reference available. false 15 Preferred Stock, Shares Outstanding (in shares) 2 us-gaap_PreferredStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 700000 700000.00 false false 2 false true 700000 700000.00 false false No definition available. No authoritative reference available. false 16 Aggregate liquidation preference 2 kim_AggregateLiquidationPreference kim false credit instant monetary Aggregate liquidation preference false false false false false false false false false 1 true true 175000000 175000 false false 2 true true 175000000 175000 false false Aggregate liquidation preference No authoritative reference available. false 21 Series G Preferred Stock [Member] 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. 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No authoritative reference available. false 26 Aggregate liquidation preference 2 kim_AggregateLiquidationPreference kim false credit instant monetary Aggregate liquidation preference false false false false false false false false false 1 true true 460000000 460000 false false 2 true true 460000000 460000 false false Aggregate liquidation preference No authoritative reference available. false false 2 18 false Thousands NoRounding Hundreds false true XML 58 FilingSummary.xml IDEA: XBRL DOCUMENT 1.0.0.3 true Sheet 01 - Statement - Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets R1.xml false Sheet 02 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Condensed Consolidated Balance Sheets (Parenthetical) R2.xml false Sheet 03 - Statement - Condensed Consolidated Statements Of Operations Condensed Consolidated Statements Of Operations R3.xml false Sheet 04 - Statement - Condensed Consolidated Statements Of Operations (Parenthetical) Condensed Consolidated Statements Of Operations (Parenthetical) R4.xml false Sheet 05 - Statement - Condensed Consolidated Statements Of Comprehensive Income Condensed Consolidated Statements Of Comprehensive Income R5.xml false Sheet 06 - Statement - KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) R6.xml false Sheet 07 - Statement - KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) (Parenthetical) KIMCO REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the Years Ended December 31, 2009, 2008 and 2007 (in thousands) (Parenthetical) R7.xml false Sheet 08 - Statement - Condensed Consolidated Statements Of Cash Flows Condensed Consolidated Statements Of Cash Flows R8.xml false Sheet 09 - Statement - Condensed Consolidated Statements Of Cash Flows (Parenthetical) Condensed Consolidated Statements Of Cash Flows (Parenthetical) R9.xml false Sheet 10 - Disclosure - 1. Summary of Significant Accounting Policies: 1. Summary of Significant Accounting Policies: R10.xml false Sheet 11 - Disclosure - 2. Impairments: 2. Impairments: R11.xml false Sheet 12 - Disclosure - 3. Real Estate: 3. Real Estate: R12.xml false Sheet 13 - Disclosure - 4. Property Acquisitions, Developments and Other Investments: 4. Property Acquisitions, Developments and Other Investments: R13.xml false Sheet 14 - Disclosure - 5. Dispositions of Real Estate: 5. Dispositions of Real Estate: R14.xml false Sheet 15 - Disclosure - 6. Adjustment of Property Carrying Values: 6. Adjustment of Property Carrying Values: R15.xml false Sheet 16 - Disclosure - 7. Discontinued Operations and Assets Held for Sale: 7. Discontinued Operations and Assets Held for Sale: R16.xml false Sheet 17 - Disclosure - 8. Investment and Advances in Real Estate Joint Ventures: 8. Investment and Advances in Real Estate Joint Ventures: R17.xml false Sheet 18 - Disclosure - 9. Other Real Estate Investments: 9. Other Real Estate Investments: R18.xml false Sheet 19 - Disclosure - 10. Mortgages and Other Financing Receivables: 10. Mortgages and Other Financing Receivables: R19.xml false Sheet 20 - Disclosure - 11. Marketable Securities: 11. Marketable Securities: R20.xml false Notes 21 - Disclosure - 12. Notes Payable: 12. Notes Payable: R21.xml false Sheet 22 - Disclosure - 13. Mortgages Payable: 13. Mortgages Payable: R22.xml false Sheet 23 - Disclosure - 14. Construction Loans Payable: 14. Construction Loans Payable: R23.xml false Sheet 24 - Disclosure - 15. Noncontrolling Interests: 15. Noncontrolling Interests: R24.xml false Sheet 25 - Disclosure - 16. Fair Value Disclosure of Financial Instruments: 16. Fair Value Disclosure of Financial Instruments: R25.xml false Sheet 26 - Disclosure - 17. Financial Instruments - Derivatives and Hedging: 17. Financial Instruments - Derivatives and Hedging: R26.xml false Sheet 27 - Disclosure - 18. Preferred Stock, Common Stock and Convertible Unit Transactions - 18. Preferred Stock, Common Stock and Convertible Unit Transactions - R27.xml false Sheet 28 - Disclosure - 19. Supplemental Schedule of Non-Cash Investing/Financing Activities: Financing Activities: R28.xml false Sheet 29 - Disclosure - 20. Transactions with Related Parties: 20. Transactions with Related Parties: R29.xml false Sheet 30 - Disclosure - 21. Commitments and Contingencies: 21. Commitments and Contingencies: R30.xml false Sheet 31 - Disclosure - 22. Incentive Plans: 22. Incentive Plans: R31.xml false Sheet 32 - Disclosure - 23. Income Taxes: 23. Income Taxes: R32.xml false Sheet 33 - Disclosure - 24. Supplemental Financial Information: 24. Supplemental Financial Information: R33.xml false Sheet 34 - Disclosure - 25. Pro Forma Financial Information (Unaudited): 25. Pro Forma Financial Information (Unaudited): R34.xml false Sheet 35 - Disclosure - Document And Entity Information Document And Entity Information R35.xml false Book All Reports All Reports 1 72 11 0 3 196 false false c8_From1Jan2007To31Dec2007 104 c48_AsOf31Dec2008_AccumulatedOtherComprehensiveIncomeMember 1 c12_AsOf31Dec2006_CommonStockMember 1 c51_AsOf31Dec2008_AdditionalPaidInCapitalMember 1 c18_From1Jan2007To31Dec2007_RetainedEarningsMember 2 c2_From1Jan2009To31Dec2009 140 c21_From1Jan2007To31Dec2007_AccumulatedOtherComprehensiveIncomeMember 4 c54_From1Jan2009To31Dec2009_NoncontrollingInterestMember 8 c35_AsOf31Dec2007_NoncontrollingInterestMember 1 c38_From1Jan2008To31Dec2008_RetainedEarningsMember 2 c19_From1Jan2007To31Dec2007_ParentMember 10 c27_From1Jan2007To31Dec2007_AdditionalPaidInCapitalMember 4 c34_AsOf31Dec2007_ParentMember 1 c60_From1Jan2009To31Dec2009_SeriesFPreferredStockMember 1 c67_AsOf31Dec2009_CommonStockMember 1 c15_AsOf31Dec2006_NoncontrollingInterestMember 1 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Fair Value Disclosure of Financial Instruments: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Fair Value Disclosures [Text Block] (abstract) 0 kim_FairValueDisclosuresTextBlockAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Fair Value Disclosures [Text Block] 1 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 16.   Fair Value Disclosure of Financial Instruments: All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in managements estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are reflected.  The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities.  The fair values for marketable securities are based on published or securities dealers estimated market values.  Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.  The following are financial instruments for which the Companys estimate of fair value differs from the carrying amounts (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="292.267"></td> <td width="21.067"></td> <td width="69.867"></td> <td width="21.067"></td> <td width="77.333"></td> <td width="21.067"></td> <td width="70"></td> <td width="21.067"></td> <td width="74.667"></td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="355.067" colspan="7"> December 31, </td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="168.267" colspan="3"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="165.733" colspan="3"> 2008 </td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="69.867"> Carrying Amounts </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="77.333"> Estimated Fair Value </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="70"> Carrying Amounts </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="74.667"> Estimated Fair Value </td> </tr> <tr> <td valign="top" width="292.267">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="69.867">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="77.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="70">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="74.667">   </td> </tr> <tr> <td valign="top" width="292.267"> Marketable Securities </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 209,593 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 204,006 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 258,174 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 218,786 </td> </tr> <tr> <td valign="top" width="292.267"> Notes Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 3,000,303 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 3,099,139 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 3,440,819 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 2,766,187 </td> </tr> <tr> <td valign="top" width="292.267"> Mortgages Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 1,388,259 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 1,377,224 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 847,491 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 838,503 </td> </tr> <tr> <td valign="top" width="292.267"> Construction Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 45,821 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 44,725 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 268,337 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 262,485 </td> </tr> <tr> <td valign="top" width="292.267"> Mandatorily Redeemable Noncontrolling Interests (termination dates ranging from 2019 2027) </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="69.867"> 2,768 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="77.333"> 5,256 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="70"> 2,895 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="74.667"> 5,444 </td> </tr> </table> The Company has certain financial instruments that must be measured under the FASBs Fair Value Measurements and Disclosures guidance, including: available for sale securities, convertible notes and derivatives. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.   As a basis for considering market participant assumptions in fair value measurements, the FASBs Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Available for sale securities are measured at fair value using quoted market prices and are classified within Level 1 of the valuation hierarchy. The Company has an investment in convertible notes for which it separately accounts for the conversion option as an embedded derivative. The convertible notes and conversion option are measured at fair value using widely accepted valuation techniques including pricing models. These models reflect the contractual terms of the convertible notes, including the term to maturity, and uses observable market-based inputs, including interest rate curves, implied volatilities, stock price, dividend yields and foreign exchange rates.  Based on these inputs the Company has determined that its convertible notes and conversion option valuations are classified within Level 2 of the fair value hierarchy. The Company uses interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.  Based on these inputs the Company has determined that its interest rate swap valuations are classified within Level 2 of the fair value hierarchy.  To comply with the FASBs Fair Value Measurements and Disclosures guidance, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterpartys nonperformance risk in the fair value measurements. The credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties.  However, as of December 31, 2009, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.   The table below presents the Companys assets and liabilities measured at fair value on a recurring basis as of December 31, 2009 and 2008, aggregated by the level in the fair value hierarchy within which those measurements fall. Assets and liabilities measured at fair value on a recurring basis at December 31, 2009 and 2008 (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="336.467"></td> <td width="15.733"></td> <td width="118.8"></td> <td width="16.2"></td> <td width="58.2"></td> <td width="16.2"></td> <td width="60.467"></td> <td width="15.733"></td> <td width="58.2"></td> </tr> <tr> <td valign="top" width="336.467">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="118.8"> Balance at December 31,2009 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 1 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> Level 2 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 3 </td> </tr> <tr> <td valign="top" width="336.467"> Assets: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Marketable equity securities </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 25,812 </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="58.2"> 25,812 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Convertible notes </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 140,281 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60.467"> 140,281 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Conversion option </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 9,095 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60.467"> 9,095 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Liabilities: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td width="16.2" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td width="15.733" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Interest rate swaps </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="118.8"> 150 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td valign="bottom" width="16.2"> $ </td> <td valign="bottom" width="60.467"> 150 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="336.467"></td> <td width="15.733"></td> <td width="118.8"></td> <td width="16.2"></td> <td width="58.2"></td> <td width="16.2"></td> <td width="60.467"></td> <td width="15.733"></td> <td width="58.2"></td> </tr> <tr> <td valign="top" width="336.467">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="118.8"> Balance at December 31,2008 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 1 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> Level 2 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 3 </td> </tr> <tr> <td valign="top" width="336.467"> Assets: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Marketable equity securities </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 46,452 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 46,452 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Convertible notes </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 113,713 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> 113,713 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Conversion option </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 6,063 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> 6,063 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> <tr> <td valign="top" width="336.467"> Liabilities: </td> <td width="15.733" align="right" valign="bottom">   </td> <td valign="bottom" width="118.8">   </td> <td width="16.2" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> <td width="16.2" align="right" valign="bottom">   </td> <td valign="bottom" width="60.467">   </td> <td width="15.733" align="right" valign="bottom">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="336.467"> Interest rate swaps </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 734 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> 734 </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> </tr> </table> Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2009 are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="334.667"></td> <td width="15.733"></td> <td width="118.8"></td> <td width="16.2"></td> <td width="58.2"></td> <td width="16.2"></td> <td width="60.467"></td> <td width="15.733"></td> <td width="58.2"></td> </tr> <tr> <td valign="bottom" width="334.667">   </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="118.8"> Balance at December 31, 2009 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 1 </td> <td valign="top" width="16.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.467"> Level 2 </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> Level 3 </td> </tr> <tr> <td valign="top" width="334.667"> Assets: </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="118.8">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="58.2">   </td> <td valign="bottom" width="16.2">   </td> <td valign="bottom" width="60.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="58.2">   </td> </tr> <tr> <td valign="top" width="334.667"> Investments and advances in real estate joint ventures </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 177,037 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 177,037 </td> </tr> <tr> <td valign="top" width="334.667"> Real estate under development/ redevelopment </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 89,939 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 89,939 </td> </tr> <tr> <td valign="top" width="334.667"> Other real estate investments </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="118.8"> 43,383 </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> - </td> <td width="16.2" align="right" valign="bottom"> $ </td> <td valign="bottom" width="60.467"> - </td> <td width="15.733" align="right" valign="bottom"> $ </td> <td valign="bottom" width="58.2"> 43,383 </td> </tr> </table> During 2009, the Company recognized non-cash impairment charges of approximately $145.0 million relating to investments in real estate joint ventures, real estate under development, and other real estate investments.   During 2008, the Company recognized non-recurring non-cash impairment charges of $15.5 million against the carrying value of its investment in its unconsolidated joint ventures with PREI, KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from further significant declines in the real estate markets during 2008. The Companys estimated fair values relating to these impairment assessments were based upon discounted cash flow models that included all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums. These cash flows are comprised of unobservable inputs which include contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties.  Based on these inputs the Company determined that its valuation in these investments were classified within Level 3 of the fair value hierarchy.  16.   Fair Value Disclosure of Financial Instruments: All financial instruments of the Company are reflected in the accompanying Consolidated Balance false false No definition available. 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Investment and Advances in Real Estate Joint Ventures: false 1 $ false false shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 usd Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 usdPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Investment And Advances In Real Estate Joint Ventures (abstract) 0 kim_InvestmentAndAdvancesInRealEstateJointVenturesAbstract kim false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 InvestmentAndAdvancesInRealEstateJointVentures 1 kim_InvestmentAndAdvancesInRealEstateJointVentures kim false na duration string No definition available. false false false false false false false false false 1 false false 0 0 8.   Investment and Advances in Real Estate Joint Ventures: Kimco Prudential Joint Ventures ("KimPru") - On October 31, 2006, the Company completed the merger of Pan Pacific Retail Properties Inc. (Pan Pacific), which had a total transaction value of approximately $4.1 billion, including Pan Pacifics outstanding debt totaling approximately $1.1 billion.  As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington and Nevada. Immediately following the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (PREI) through three separate accounts managed by PREI.  In accordance with the joint venture agreements, all Pan Pacific assets and respective non-recourse mortgage debt and a newly obtained $1.2 billion credit facility used to fund the transaction were transferred to the separate accounts.  PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios.  The Company holds a 15% noncontrolling ownership interest in each of the joint ventures, collectively, KimPru. The Company accounts for its investment in KimPru under the equity method of accounting.  In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.   During August 2008, KimPru entered into a $650.0 million credit facility, which bears interest at a rate of LIBOR plus 1.25% and was initially scheduled to mature in August 2009.  This facility included an option to extend the maturity date for one year, subject to certain requirements including a reduction of the outstanding balance to $485.0 million.  During August 2009, KimPru exercised the one-year extension option and made an additional payment to reduce the balance to $485.0 million; as such the credit facility is scheduled to mature in August 2010.  Proceeds from this credit facility were used to repay the outstanding balance of $658.7 million under the $1.2 billion credit facility, referred to above, which was scheduled to mature in October 2008 and bore interest at a rate of LIBOR plus 0.45%. This facility is guaranteed by the Company with a guarantee from PREI to the Company for 85% of any guaranty payment the Company is obligated to make.  As of December 31, 2009, the outstanding balance on the credit facility was $331.0 million. This outstanding balance is anticipated to be repaid with proceeds from property sales and partner capital contributions. During 2009, KimPru sold 22 operating properties for an aggregate sales price of approximately $214.0 million, comprised of (i) 11 operating properties sold to the Company for an aggregate sales price of approximately $106.9 million.  These sales resulted in an aggregate net gain of approximately $0.9 million of which the Companys share was approximately $0.1 million and (ii) 11 operating properties and its interest in an unconsolidated joint venture, sold in separate transactions, for an aggregate sales price of approximately $107.1 million.  These sales resulted in an aggregate net loss of approximately $0.1 million.  Proceeds from these property sales were used to repay a portion of the outstanding balance on the $650.0 million credit facility.   During 2008, KimPru sold four operating properties for an aggregate sales price of approximately $45.3 million.  Proceeds from this property sale were used to repay a portion of the outstanding balance on the $1.2 billion credit facility.   During 2007, KimPru sold, in separate transactions, 27 operating properties, two of which were sold to the Company and one development property in separate transactions, for an aggregate sales price of approximately $517.0 million.  These sales resulted in an aggregate loss of approximately $2.8 million, of which the Companys share was approximately $0.4 million. During 2009, KimPru (i) repaid approximately $52.4 million of non-recourse mortgage debt which bore interest at rates ranging from 4.92% to 8.30% and was scheduled to mature in 2009, (ii) refinanced an aggregate $46.5 million in mortgage debt encumbering four properties, which bore interest at a rate of 7.10% and matured during 2009, with $48.0 million in mortgage debt which bears interest at a rate of 7.875% and is scheduled to mature in 2016 and (iii) obtained new mortgages encumbering three properties aggregating approximately $33.0 million which bear interest at a rate of LIBOR plus 5.75% and are scheduled to mature in 2012.  Proceeds from these mortgages were used to repay a portion of the outstanding balance on the $650.0 million credit facility. During 2009, the Company recognized non-cash impairment charges of $28.5 million, against the carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets. In addition to the impairment charges above, KimPru recognized impairment charges during 2009 of approximately $223.1 million relating to (i) certain properties held by an unconsolidated joint venture within the KimPru joint venture based on estimated sales prices and (ii) a writedown against the carrying value of an unconsolidated joint venture, reflecting an other-than-temporary decline in the fair value of its investment resulting from a decline in the real estate markets.  The Companys share of these impairment charges were approximately $33.4 million, before income tax benefits of approximately $11.0 million, which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations.   During 2008, the Company recognized non-cash impairment charges of $15.5 million, against its carrying value of its investment in KimPru, reflecting an other-than-temporary decline in the fair value of its investment resulting from a significant decline in the real estate markets during 2008.   In addition to the impairment charges above, KimPru recognized impairment charges during 2008 of approximately $74.6 million, of which the Companys share was $11.2 million, before an income tax benefit of approximately $4.5 million, relating to certain properties held by an unconsolidated joint venture within the KimPru joint venture that are deemed held-for-sale or were transitioned from held-for-sale to held-for-use properties.  During January 2007, the Company and PREI entered into a new joint venture in which the Company holds a 15% noncontrolling interest (KimPru II), which acquired 16 operating properties, aggregating 3.3 million square feet of GLA, for an aggregate purchase price of approximately $822.5 million, including the assumption of approximately $487.0 million in non-recourse mortgage debt.  Six of these properties were transferred from a joint venture in which the Company held a 5% noncontrolling ownership interest.  One of the properties was transferred from a joint venture in which the Company held a 30% noncontrolling ownership interest.  As a result of this transaction, the Company recognized profit participation of approximately $3.7 million and recognized its share of the gain. The Company accounts for its investment in KimPru II under the equity method of accounting.  In addition, the Company manages the portfolios and earns acquisition fees, leasing commissions, property management fees and construction management fees.   During June 2009, the Company recognized a non-cash impairment charge of $4.0 million, against the carrying value of KimPru II.  This impairment reflects an other-than-temporary decline in the fair value of its investment resulting from a further decline in the real estate markets.   In addition to the impairment charges above, during 2009, KimPru II recognized non-cash impairment charges relating to two properties aggregating approximately $11.4 million based on estimated sales price.  The Companys share of these impairment charges were approximately $1.7 million, which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations.  These operating properties were sold, in separate transactions, during 2009 for an aggregate sales price of approximately $43.5 million, which resulted in no gain or loss.   The Companys estimated fair values relating to the impairment assessments above are based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. As of December 31, 2009, the KimPru and KimPru II portfolios were comprised of 97 shopping center properties aggregating approximately 16.3 million square feet of GLA located in 12 states.   For the year ended December 31, 2009, two of the ventures within KimPru (PRK Holdings I LLC and PRK Holdings II LLC) are considered significant subsidiaries of the Company based upon reaching certain income thresholds per the Securities and Exchange Commissions (SEC) Regulation S-X Rule 3-09.  The Companys equity in income from each of these ventures for the year ended December 31, 2009, exceeded 20% of the Companys income from continuing operations, as such the Company has included audited financial statements of these ventures as Exhibit 99.3 and Exhibit 99.4 to this annual report on Form 10-K.  Additionally, the Companys equity in income from KimPru II for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for KimPru II as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="237.467"></td> <td width="21.067"></td> <td width="53.333"></td> <td width="21.067"></td> <td width="51.067"></td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="125.467" colspan="3"> KimPru II </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="125.467" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.067"> 2008 </td> </tr> <tr> <td valign="bottom" width="237.467"> Assets: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067">   </td> </tr> <tr> <td valign="bottom" width="237.467"> Real estate, net </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="53.333"> 731.3 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.067"> 797.5 </td> </tr> <tr> <td valign="bottom" width="237.467"> Other assets </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 22.6 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.067"> 23.7 </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 753.9 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.067"> 821.2 </td> </tr> <tr> <td valign="bottom" width="237.467"> Liabilities and Members' Capital: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067">   </td> </tr> <tr> <td valign="bottom" width="237.467"> Notes payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="53.333"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.067"> - </td> </tr> <tr> <td valign="bottom" width="237.467"> Mortgages payable </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 442.8 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067"> 481.9 </td> </tr> <tr> <td valign="bottom" width="237.467"> Other liabilities </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 9.6 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067"> 10.9 </td> </tr> <tr> <td valign="bottom" width="237.467"> Noncontrolling interests </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.067"> - </td> </tr> <tr> <td valign="bottom" width="237.467"> Members' capital </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 301.5 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.067"> 328.4 </td> </tr> <tr> <td valign="bottom" width="237.467">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 753.9 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.067"> 821.2 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="197.4"></td> <td width="21.067"></td> <td width="48.2"></td> <td width="21.067"></td> <td width="48.8"></td> <td width="21.067"></td> <td width="48.533"></td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="187.667" colspan="5"> KimPru II </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="187.667" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> 2007 </td> </tr> <tr> <td valign="bottom" width="197.4"> Revenues from rental properties </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> 69.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> 73.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> 65.7  </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533">   </td> </tr> <tr> <td valign="bottom" width="197.4"> Operating expenses </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (18.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> (19.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> (17.5) </td> </tr> <tr> <td valign="bottom" width="197.4"> Interest expense </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (24.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> (25.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> (24.4) </td> </tr> <tr> <td valign="bottom" width="197.4"> Depreciation and amortization </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (23.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> (26.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> (18.2) </td> </tr> <tr> <td valign="bottom" width="197.4"> Impairments </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (11.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> -  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> -  </td> </tr> <tr> <td valign="bottom" width="197.4"> Other income/(expense), net </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> 11.0  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> 0.1  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> 0.4  </td> </tr> <tr> <td valign="bottom" width="197.4">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> (67.2) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> (70.9) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> (59.7) </td> </tr> <tr> <td valign="bottom" width="197.4"> (Loss)/income from continuing operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> 2.4  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> 2.7  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> 6.0  </td> </tr> <tr> <td valign="bottom" width="197.4"> Discontinued operations: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533">   </td> </tr> <tr> <td valign="bottom" width="197.4"> (Loss)/income from discontinued operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.2"> (7.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.8"> 0.2  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="48.533"> 0.3  </td> </tr> <tr> <td valign="bottom" width="197.4"> Loss on disposition of properties </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.2"> (4.5) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.8"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.533"> -  </td> </tr> <tr> <td valign="bottom" width="197.4"> Net (loss)/income </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="48.2"> (9.1) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="48.8"> 2.9  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="48.533"> 6.3  </td> </tr> </table> Kimco Income Operating Partnership, L.P. ("KIR") - The Company holds a 45% noncontrolling limited partnership interest in KIR and has a master  management agreement whereby the Company performs services for fees relating to the management, operation, supervision and maintenance of the joint venture properties.   During 2009, KIR repaid three maturing non-recourse mortgages aggregating approximately $40.3 million, which bore interest at 7.57%. KIR also obtained five new non-recourse mortgages on four previously unencumbered properties aggregating approximately $45.9 million bearing interest at rates ranging from 6.30% to 7.25% with maturity dates ranging from 2012 to 2019.   In addition, during 2009, KIR refinanced approximately $27.2 million of mortgage debt  encumbering one property, which bore interest at a rate of 8.3% and matured during 2009, with new mortgage debt of approximately $27.5 million which bears interest at 7.25% and is scheduled to mature in 2014.   During 2008, KIR repaid 16 non-recourse mortgages aggregating approximately $209.6 million, which were scheduled to mature in 2008 and bore interest at rates ranging from 6.57% to 7.28%.  Proceeds from eight individual non-recourse mortgages obtained during 2008, aggregating approximately $218.3 million, bearing interest at rates ranging from 6.0% to 6.5% with maturity dates ranging from 2015 to 2018 were used to fund these repayments.   During 2008, KIR disposed of one operating property for a sales price of approximately $1.9 million.  This sale resulted in an aggregate loss of approximately $0.6 million of which the Companys share was approximately $0.3 million. During 2007, KIR disposed of three operating properties, in separate transactions, for an aggregate sales price of approximately $149.3 million.  These sales resulted in an aggregate gain of approximately $46.0 million of which the Companys share was approximately $20.7 million. During 2009, KIR recognized an impairment charge relating to one property of approximately $5.0 million.  The Companys share of this impairment charge was approximately $2.3 million which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations. This operating property is currently in foreclosure proceedings with the third party mortgage lender.   KIRs estimated fair value relating to the impairment assessment above was based upon a discounted cash flow model that include all estimated cash inflows and outflows over a specified holding period.  Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective property. As of December 31, 2009, the KIR portfolio was comprised of 62 shopping center properties aggregating approximately 13.1 million square feet of GLA located in 18 states. For the year ended December 31, 2009, KIR is considered a significant subsidiary of the Company based upon reaching certain income thresholds per the SEC Regulation S-X Rule 3-09.  The Companys equity in income from KIR for the year ended December 31, 2009, exceeded 20% of the Companys income from continuing operations, as such the Company has included audited financial statements of KIR as Exhibit 99.2 to this annual report on Form 10-K. RioCan Investments - During October 2001, the Company formed three joint ventures (collectively, the "RioCan Ventures") with RioCan Real Estate Investment Trust ("RioCan"), in which the Company has 50% noncontrolling interests, to acquire retail properties and development projects in Canada. The acquisition and development projects are to be sourced and managed by RioCan and are subject to review and approval by a joint oversight committee consisting of RioCan management and the Companys management personnel.  Capital contributions will only be required as suitable opportunities arise and are agreed to by the Company and RioCan. During 2009, the RioCan Ventures refinanced approximately $30.3 million in mortgage debt with approximately $46.1 million in mortgage debt which bears interest at rates ranging from 5.90% to 6.82% and maturity dates ranging from five years to ten years. Additionally, during June 2008, the RioCan Ventures, through a newly formed joint venture, acquired 10 operating properties, aggregating 1.1 million square feet of GLA, for an aggregate purchase price of approximately $153.4 million, including the assumption of approximately $81.1 million in non-recourse mortgage debt.   As of December 31, 2009, the RioCan Ventures, were comprised of 45 operating properties and one joint venture investment consisting of approximately 9.3 million square feet of GLA. The Companys equity in income from the Riocan Ventures for the year ended December 31, 2009, exceeded 10% of the Companys income from continuing operations, as such the Company is providing summarized financial information for the RioCan Ventures  as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="222"></td> <td width="24.6"></td> <td width="66.533"></td> <td width="21.067"></td> <td width="58.8"></td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="146.4" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.533"> 2009 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.8"> 2009 </td> </tr> <tr> <td valign="bottom" width="222"> Assets: </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="66.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.8">   </td> </tr> <tr> <td valign="bottom" width="222"> Real estate, net </td> <td valign="bottom" width="24.6"> $ </td> <td valign="bottom" width="66.533"> 1,137.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.8"> 993.5 </td> </tr> <tr> <td valign="bottom" width="222"> Other assets </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.533"> 24.3 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.8"> 24.3 </td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66.533"> 1,161.7 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.8"> 1,017.8 </td> </tr> <tr> <td valign="bottom" width="222"> Liabilities and Members' Capital: </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="66.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.8">   </td> </tr> <tr> <td valign="bottom" width="222"> Mortgages payable </td> <td valign="bottom" width="24.6"> $ </td> <td valign="bottom" width="66.533"> 899.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="58.8"> 767.8 </td> </tr> <tr> <td valign="bottom" width="222"> Other liabilities </td> <td valign="bottom" width="24.6">   </td> <td valign="bottom" width="66.533"> 16.4 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="58.8"> 14.0 </td> </tr> <tr> <td valign="bottom" width="222"> Members' capital </td> <td valign="bottom" width="24.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66.533"> 245.9 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.8"> 236.0 </td> </tr> <tr> <td valign="bottom" width="222">   </td> <td valign="bottom" width="24.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66.533"> 1,161.7 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="58.8"> 1,017.8 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="213.867"></td> <td width="27.6"></td> <td width="66"></td> <td width="26.4"></td> <td width="61.133"></td> <td width="21.067"></td> <td width="60"></td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="top" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="234.6" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="top" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> 2009 </td> <td valign="top" width="26.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 2007 </td> </tr> <tr> <td valign="bottom" width="213.867"> Revenues from rental properties </td> <td valign="bottom" width="27.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> 175.6  </td> <td valign="bottom" width="26.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> 179.7  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 170.6  </td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66">   </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60">   </td> </tr> <tr> <td valign="bottom" width="213.867"> Operating expenses </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66"> (65.1) </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133"> (64.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (60.4) </td> </tr> <tr> <td valign="bottom" width="213.867"> Interest expense </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66"> (47.5) </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133"> (47.3) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (42.7) </td> </tr> <tr> <td valign="bottom" width="213.867"> Depreciation and amortization </td> <td valign="bottom" width="27.6">   </td> <td valign="bottom" width="66"> (31.4) </td> <td valign="bottom" width="26.4">   </td> <td valign="bottom" width="61.133"> (28.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="60"> (26.0) </td> </tr> <tr> <td valign="bottom" width="213.867"> Other income, net </td> <td valign="bottom" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> - </td> <td valign="bottom" width="26.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> 0.6  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> 0.5  </td> </tr> <tr> <td valign="bottom" width="213.867">   </td> <td valign="bottom" width="27.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="66"> (144.0) </td> <td valign="bottom" width="26.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.133"> (139.6) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60"> (128.6) </td> </tr> <tr> <td valign="bottom" width="213.867"> Net income </td> <td valign="bottom" width="27.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="66"> 31.6  </td> <td valign="bottom" width="26.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="61.133"> 40.1  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60"> 42.0  </td> </tr> </table> Kimco / G.E. Joint Venture ("KROP") During 2001, the Company formed Kimco Retail Opportunity Portfolio ("KROP") with GE Capital Real Estate ("GECRE"), in which the Company has a 20% noncontrolling interest and manages the portfolio. During August 2006, the Company and GECRE agreed to market for sale the properties within the KROP venture. During 2009, KROP recognized an impairment charge relating to one property of approximately $2.2 million based on the estimated fair value.  The Companys share of this impairment charge was approximately $1.0 million which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations. This operating property was foreclosed on by the third party mortgage lender in exchange for forgiveness of the outstanding debt, this transaction resulted in no gain or loss.   KROPs estimated fair value relating to the impairment assessment above was based upon a discounted cash flow model that include all estimated cash inflows and outflows over a specified holding period.  Capitalization rates and discount rates utilized in this model were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective property. During 2008, KROP transferred an operating property to the Company for a sales price of approximately $65.5 million, including the assumption of approximately $44.0 million in non-recourse mortgage debt.  This sale resulted in a gain of $15.0 million of which the Companys share was approximately $3.0 million.  As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties. During 2007, KROP sold seven operating properties for an aggregate sales price of approximately $162.9 million.  These sales resulted in an aggregate gain of $43.1 million of which the Companys share was approximately $8.6 million. During 2007, KROP transferred ten operating properties for an aggregate sales price of approximately $267.8 million, including approximately $111.6 million of non-recourse mortgage debt, to a new joint venture in which the Company holds a 15% noncontrolling ownership interest. As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties.  The Company manages this joint venture and accounts for this investment under the equity method of accounting. Additionally, during 2007, KROP sold four operating properties to the Company for an aggregate sales price of approximately $89.1 million, including the assumption of $41.9 million in non-recourse mortgage debt. The Companys share of the gains related to these transactions has been deferred. As of December 31, 2009, the KROP portfolio was comprised of two operating properties aggregating approximately 0.1 million square feet of GLA located in two states. The Companys equity in income from KROP for the year ended December 31, 2007, exceeded 10% of the Companys income from continuing operations; as such the Company is providing summarized financial information for KROP as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="256.2"></td> <td width="21.6"></td> <td width="63.533"></td> <td width="21.067"></td> <td width="68.333"></td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="152.933" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 2008 </td> </tr> <tr> <td valign="bottom" width="256.2"> Assets: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Real estate, net </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> 67.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 83.5 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other assets </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 7.6 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 5.5 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> 75.0 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 89.0 </td> </tr> <tr> <td valign="bottom" width="256.2"> Liabilities and Members' Capital: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Mortgages payable </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> 56.4 </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 68.4 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other liabilities </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> 0.7 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 1.4 </td> </tr> <tr> <td valign="bottom" width="256.2"> Noncontrolling interests </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> 4.2 </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 3.9 </td> </tr> <tr> <td valign="bottom" width="256.2"> Members' capital </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 13.7 </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 15.3 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> 75.0 </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 89.0 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="275.667"></td> <td width="21.067"></td> <td width="49.133"></td> <td width="21.067"></td> <td width="49.133"></td> <td width="21.067"></td> <td width="52.467"></td> </tr> <tr> <td valign="bottom" width="275.667">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="192.867" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="275.667">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> 2007 </td> </tr> <tr> <td valign="bottom" width="275.667"> Revenues from rental properties </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 69.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 73.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> 65.7  </td> </tr> <tr> <td valign="bottom" width="275.667"> Operating expenses </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (18.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (19.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> (17.5) </td> </tr> <tr> <td valign="bottom" width="275.667"> Interest expense </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (24.8) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (25.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> (24.4) </td> </tr> <tr> <td valign="bottom" width="275.667"> Depreciation and amortization </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (23.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (26.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> (18.2) </td> </tr> <tr> <td valign="bottom" width="275.667"> Impairments of real estate </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (11.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> -  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> -  </td> </tr> <tr> <td valign="bottom" width="275.667"> Other income, net </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 10.8  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> 0.1  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> 0.4  </td> </tr> <tr> <td valign="bottom" width="275.667">   </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> (67.2) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> (70.9) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> (59.7) </td> </tr> <tr> <td valign="bottom" width="275.667"> Income from continuing operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> 2.4  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> 2.7  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> 6.0  </td> </tr> <tr> <td valign="bottom" width="275.667"> Discontinued operations: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467">   </td> </tr> <tr> <td valign="bottom" width="275.667"> (Loss)/income from discontinued operations </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> (7.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="49.133"> 0.2  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="52.467"> 0.3  </td> </tr> <tr> <td valign="bottom" width="275.667"> Loss on disposition of properties </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> (4.5) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.133"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="52.467"> -  </td> </tr> <tr> <td valign="bottom" width="275.667"> Net (loss)/income </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.133"> (9.1) </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.133"> 2.9  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="52.467"> 6.3  </td> </tr> </table> PL Retail - During December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC ("PL Retail"), in which the Company had a 15% noncontrolling interest and managed the portfolio.  In connection with this transaction, PL Retail had acquired 33 operating properties aggregating approximately 7.6 million square feet of GLA located in ten states.   During November 2009, the 85% owner in PL Retail sold its interest to the Company.  At the time of the transaction, PL Retail indirectly owned through wholly-owned subsidiaries 21 shopping centers, comprising approximately 5.2 million square feet of GLA, in which the Company held a 15% noncontrolling interest just prior to this transaction. The Company paid a purchase price equal to approximately $175.0 million, after customary adjustments and closing prorations, which was equivalent to 85% of PL Retail LLCs gross asset value, which equaled approximately $825 million, less the assumption of $564 million of non-recourse mortgage debt encumbering 20 properties and $50 million of perpetual preferred stock.  This transfer resulted in an aggregate net gain of approximately $57.5 million of which the Companys share was approximately $8.6 million. As a result of this transaction the Company now consolidates this entity. During 2009, prior to the Company acquiring PL Retail, PL Retail refinanced an aggregate $118.6 million in mortgage debt, which bore interest at rates ranging from 8.18% to 10.18% and matured during 2009, with $131.5 million in mortgage debt which bears interest at rates ranging from LIBOR plus 400 basis points to 7.70% and maturity dates ranging from 2014 to 2016. Additionally, during 2009, prior to the Company acquiring PL Retail, PL Retail recognized a non-cash impairment charge of approximately $2.6 million relating to a property held-for-sale based on its estimated sales price.  The Companys share of this impairment charge was approximately $0.4 million which is included in Equity in income of joint ventures, net on the Companys Consolidated Statements of Operations. PL Retail, subsequently sold this property for a sales price of $104.0 million which resulted in a loss of approximately $1.1 million, of which the Companys share was approximately $0.2 million.  Proceeds from this sale were used to partially pay down the outstanding balance on PL Retails revolving credit facility described below. During 2007, PL Retail sold one operating property for a sales price of $40.1 million which resulted in a gain of approximately $13.5 million, of which the Companys share was approximately $2.0 million.  Proceeds from this sale were used to partially pay down the outstanding balance on PL Retails revolving credit facility described below. PL Retail had a $39.5 million unsecured revolving credit facility, which bore interest at LIBOR plus 400 basis points, with a LIBOR floor of 1.5%,and was scheduled to mature in February 2010. This facility was guaranteed by the Company and the joint venture partner had guaranteed reimbursement to the Company of 85% of any guaranty payment the Company was obligated to make.  During 2009, the joint venture fully repaid the outstanding balance and terminated this credit facility utilizing proceeds from the property sale transactions described above. The Companys equity in income from PL Retail for the period from January 1, 2009 through the transaction date of November 4, 2009, exceeded 10% of the Companys income from continuing operations; as such the Company is providing summarized financial information for PL Retail as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="256.2"></td> <td width="21.6"></td> <td width="63.533"></td> <td width="21.067"></td> <td width="68.333"></td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="152.933" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 2008 </td> </tr> <tr> <td valign="bottom" width="256.2"> Assets: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Real estate, net </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 861.8 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other assets </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533" style="border-bottom:1px solid #000000"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333" style="border-bottom:1px solid #000000"> 117.3 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 979.1 </td> </tr> <tr> <td valign="bottom" width="256.2"> Liabilities and Members' Capital: </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333">   </td> </tr> <tr> <td valign="bottom" width="256.2"> Notes payable </td> <td valign="bottom" width="21.6"> $ </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="68.333"> 35.6 </td> </tr> <tr> <td valign="bottom" width="256.2"> Mortgages payable </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 649.0 </td> </tr> <tr> <td valign="bottom" width="256.2"> Other liabilities </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 10.6 </td> </tr> <tr> <td valign="bottom" width="256.2"> Noncontrolling interests </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="68.333"> 56.9 </td> </tr> <tr> <td valign="bottom" width="256.2"> Members' capital </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="68.333"> 227.0 </td> </tr> <tr> <td valign="bottom" width="256.2">   </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="63.533"> - </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="68.333"> 979.1 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="274.267"></td> <td width="22.8"></td> <td width="53.333"></td> <td width="21.067"></td> <td width="53.333"></td> <td width="21.067"></td> <td width="56.2"></td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="top" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="205" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="top" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 2009 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 2007 </td> </tr> <tr> <td valign="bottom" width="274.267"> Revenues from rental properties </td> <td valign="bottom" width="22.8"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 58.6  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 83.1  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 87.2  </td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2">   </td> </tr> <tr> <td valign="bottom" width="274.267"> Operating expenses </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (20.7) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> (23.9) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> (26.1) </td> </tr> <tr> <td valign="bottom" width="274.267"> Interest expense </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (27.0) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> (30.2) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> (37.1) </td> </tr> <tr> <td valign="bottom" width="274.267"> Depreciation and amortization </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (19.7) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> (23.4) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> (22.8) </td> </tr> <tr> <td valign="bottom" width="274.267"> Impairments of real estate </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (2.6) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> -  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> -  </td> </tr> <tr> <td valign="bottom" width="274.267"> Other (expense)/income, net </td> <td valign="bottom" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> (0.1) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 1.2  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 1.7  </td> </tr> <tr> <td valign="bottom" width="274.267">   </td> <td valign="bottom" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> (70.1) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> (76.3) </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> (84.3) </td> </tr> <tr> <td valign="bottom" width="274.267"> (Loss)/income from continuing operations </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> (11.5) </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 6.8  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> 2.9  </td> </tr> <tr> <td valign="bottom" width="274.267"> Discontinued operations: </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333">   </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2">   </td> </tr> <tr> <td valign="bottom" width="274.267"> Income from discontinued operations </td> <td valign="bottom" width="22.8">   </td> <td valign="bottom" width="53.333"> 18.9  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="53.333"> 0.3  </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="56.2"> 1.1  </td> </tr> <tr> <td valign="bottom" width="274.267"> Gain on disposition of properties </td> <td valign="bottom" width="22.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> 57.5  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="53.333"> -  </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="56.2"> 13.5  </td> </tr> <tr> <td valign="bottom" width="274.267"> Net income </td> <td valign="bottom" width="22.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 64.9  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="53.333"> 7.1  </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="56.2"> 17.5  </td> </tr> </table> InTown Suites During June 2007, the Company entered into a joint venture, in which the Company has a noncontrolling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc, which holds 138 extended stay residential properties (InTown Suites).  This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with a fixed interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, with two one-year extension options, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay. The outstanding balance on the three-year unsecured credit facility was $147.5 million as of December 31, 2008. For the year ended December 31, 2009, InTown Suites is considered a significant subsidiary of the Company based upon reaching certain income thresholds per the SEC Regulation S-X Rule 3-09.  The Companys equity in income from InTown Suites for the year ended December 31, 2009, exceeded 20% of the Companys income from continuing operations, as such the Company has included  audited financial statements of InTown Suites as Exhibit 99.1 to this annual report of Form 10-K. Kimco/UBS Joint Ventures ("KUBS") - The Company has joint venture investments with UBS Wealth Management North American Property Fund Limited ("UBS"), in which the Company has noncontrolling interests ranging from 15% to 20%.  These joint ventures, (collectively "KUBS"), were established to acquire high quality retail properties primarily financed through the use of individual non-recourse mortgages.  Capital contributions are only required as suitable opportunities arise and are agreed to by the Company and UBS.  The Company manages the properties. During 2009, KUBS refinanced $7.4 million in mortgage debt encumbering one property, which bore interest at a rate of 4.74% and matured during 2009, with $6.0 million in mortgage debt which bears interest at a rate of 6.64% and is scheduled to mature in 2014.   As of December 31, 2009, the KUBS portfolio was comprised of 43 operating properties aggregating approximately 6.2 million square feet of GLA located in 12 states. Other Real Estate Joint Ventures The Company and its subsidiaries have investments in and advances to various other real estate joint ventures.  These joint ventures are engaged primarily in the operation and development of shopping centers which are either owned or held under long-term operating leases. During 2009, the Company acquired a land parcel located in San Luis Potosi, Mexico, through a joint venture in which the Company has a noncontrolling interest, for an aggregate purchase price of approximately $0.8 million.  The Company accounts for its investment in this joint venture under the equity method of accounting.  The Companys aggregate investment resulting from this transaction was approximately $0.4 million.   During 2009, a joint venture in which the Company held a 10% noncontrolling interest sold an operating property to the Company for a sales price of approximately $23.6 million, including the assumption of a $13.5 million non-recourse mortgage. This sale resulted in a gain of approximately $3.4 million at the joint venture level of which the Companys share of the gain was approximately $0.3 million.  As a result of this transaction, the Company recognized a gain of approximately $0.3 million related to a change in control and remeasuring the Companys 10% noncontrolling equity interest to fair value, the Company now consolidates this entity.     During 2009, a joint venture in which the Company had a noncontrolling interest refinanced approximately $13.2 million in mortgage debt encumbering one property, which bore interest at a rate of 4.00% and matured during 2009, with $13.6 million in mortgage debt which bears interest at a rate of LIBOR plus 350 basis points and is scheduled to mature in 2012. Also during 2009, a joint venture in which the Company has a 50% noncontrolling ownership interest obtained a new three-year $53.0 million loan which bears interest at a rate of 7.85%.  Proceeds from this mortgage and an additional $15.0 million capital contribution from the partners were used to repay $68.0 million in mortgage debt, which was scheduled to mature in 2009 and bore interest at a rate of LIBOR plus 1.16%. This mortgage is jointly and severally guaranteed by the Company and the other 50% noncontrolling ownership interest holder. As of December 31, 2009, the outstanding balance on this loan was $52.8 million. Additionally during 2009, a joint venture in which the Company has a 30% noncontrolling ownership interest obtained a new $59.0 million three-year mortgage loan, which bears interest at a rate of LIBOR plus 350 basis points. The Company and the holder of the remaining 70% ownership interest guarantee, jointly and severally, up to $10.0 million of this mortgage.  As of December 31, 2009, the outstanding balance on this loan was $59.0 million. During June 2009, the Company recognized non-cash impairment charges of approximately $12.2 million, against the carrying value of its investments in six joint ventures, reflecting an other-than-temporary decline in the fair value of these investments resulting from a further decline in the real estate markets.  Estimated fair values were based upon discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and where applicable, any estimated fair value debt premiums.  Capitalization rates, discount rates and credit spreads utilized in these models were based upon rates that the Company believes to be within a reasonable range of current market rates for the respective properties. During 2008, the Company acquired nine operating properties, one leasehold interest and two land parcels through joint ventures in which the Company has noncontrolling interests for an aggregate purchase price of approximately $62.2 million including the assumption of approximately $20.6 million of non-recourse mortgage debt encumbering two of the properties.  The Company accounts for its investment in these joint ventures under the equity method of accounting.  The Companys aggregate investment resulting from these transactions was approximately $32.3 million.  Details of these transactions are as follows (in thousands): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="175.2"></td> <td width="15.733"></td> <td width="137.867"></td> <td width="15.733"></td> <td width="63.467"></td> <td width="15.733"></td> <td width="49.067"></td> <td width="15.733"></td> <td width="49.067"></td> <td width="15.733"></td> <td width="48.6"></td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="178.2" colspan="5"> Purchase Price </td> </tr> <tr> <td style="border-bottom:1px solid #000000" valign="bottom" width="175.2"> Property Name </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="137.867"> Location </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="63.467"> Month Acquired </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.067"> Cash </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.067"> Debt </td> <td valign="top" width="15.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="48.6"> Total </td> </tr> <tr> <td valign="bottom" width="175.2"> InTown Suites (2 extended stay residential properties, 299 units) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Houston,TX </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Feb-08 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.067"> 8,750 </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733"> $ </td> <td valign="bottom" width="48.6"> 8,750 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> American Industries (land parcel) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Chihuahua,Mexico </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Feb-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 1,933 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 1,933 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> American Industries </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Monterrey,Mexico </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Apr-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 8,700 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 8,700 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> Little Ferry(leasehold interest) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> LittleFerry,NJ </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> June-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 5,000 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 5,000 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> Tacoma Plaza </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Dartmouth,Canada </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Sept-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 8,714 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 9,026 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 17,740 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> American Industries (land parcel) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> SanLuisPotosi,Mexico </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Sept-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 224 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 224 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> River Point Shopping Center </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> BritishColumbia,Canada </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Nov-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 4,486 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 11,606 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 16,092 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6">   </td> </tr> <tr> <td valign="bottom" width="175.2"> Patio-Portfolio II (4 properties) </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Santiago,Chile </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467"> Nov-08 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> 3,810 </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="49.067"> - </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="48.6"> 3,810 </td> </tr> <tr> <td valign="bottom" width="175.2">   </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="137.867"> Total Acquisitions </td> <td valign="bottom" width="15.733">   </td> <td valign="bottom" width="63.467">   </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-top:1px solid #000000; border-bottom:3px double #000000" valign="bottom" width="49.067"> 41,617 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-top:1px solid #000000; border-bottom:3px double #000000" valign="bottom" width="49.067"> 20,632 </td> <td valign="bottom" width="15.733"> $ </td> <td style="border-top:1px solid #000000; border-bottom:3px double #000000" valign="bottom" width="48.6"> 62,249 </td> </tr> </table> In addition, during 2008, two joint venture investments in which the Company holds a 50% interest in each obtained individual non-recourse mortgages totaling $77.0 million. These mortgages have interest rates ranging from 6.38% to 6.47% and maturities ranging from 2018 to 2019. Proceeds from these mortgages were used to retire $36.0 million of mortgage debt encumbering two properties held by the joint ventures. The Companys equity in income for the year ended December 31, 2009, from a joint venture that holds an operating property in Tustin, CA, in which the Company holds a noncontrolling interest (Tustin) exceeded 10% of the Companys income from continuing operations), as such the Company is providing summarized financial information for this investment below (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="235.867"></td> <td width="21.067"></td> <td width="51.2"></td> <td width="23.267"></td> <td width="49.2"></td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="123.667" colspan="3"> Tustin </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="123.667" colspan="3"> December 31, </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.2"> 2009 </td> <td valign="top" width="23.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.2"> 2008 </td> </tr> <tr> <td valign="bottom" width="235.867"> Assets: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.2">   </td> <td valign="bottom" width="23.267">   </td> <td valign="bottom" width="49.2">   </td> </tr> <tr> <td valign="bottom" width="235.867"> Real estate, net </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.2"> 187.2  </td> <td valign="bottom" width="23.267"> $ </td> <td valign="bottom" width="49.2"> 195.8 </td> </tr> <tr> <td valign="bottom" width="235.867"> Other assets </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.2"> 13.6  </td> <td valign="bottom" width="23.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.2"> 13.9 </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.2"> 200.8  </td> <td valign="bottom" width="23.267"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.2"> 209.7 </td> </tr> <tr> <td valign="bottom" width="235.867"> Liabilities and Members Capital: </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.2">   </td> <td valign="bottom" width="23.267">   </td> <td valign="bottom" width="49.2">   </td> </tr> <tr> <td valign="bottom" width="235.867"> Mortgages Payable </td> <td valign="bottom" width="21.067"> $ </td> <td valign="bottom" width="51.2"> 206.0  </td> <td valign="bottom" width="23.267"> $ </td> <td valign="bottom" width="49.2"> 206.0 </td> </tr> <tr> <td valign="bottom" width="235.867"> Other liabilities </td> <td valign="bottom" width="21.067">   </td> <td valign="bottom" width="51.2"> 2.8  </td> <td valign="bottom" width="23.267">   </td> <td valign="bottom" width="49.2"> 3.3 </td> </tr> <tr> <td valign="bottom" width="235.867"> Members (deficit)/capital </td> <td valign="bottom" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.2"> (8.0) </td> <td valign="bottom" width="23.267">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="49.2"> 0.4 </td> </tr> <tr> <td valign="bottom" width="235.867">   </td> <td valign="bottom" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.2"> 200.8  </td> <td valign="bottom" width="23.267"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="49.2"> 209.7 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="197.2"></td> <td width="21.067"></td> <td width="50.4"></td> <td width="22.733"></td> <td width="54.867"></td> <td width="21.067"></td> <td width="51.267"></td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="200.333" colspan="5"> Tustin </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="200.333" colspan="5"> December 31, </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> 2009 </td> <td valign="top" width="22.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> 2008 </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> 2007 </td> </tr> <tr> <td valign="bottom" width="197.2"> Revenues from rental properties </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> 22.6  </td> <td valign="top" width="22.733"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> 21.8  </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> 3.7  </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4">   </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867">   </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267">   </td> </tr> <tr> <td valign="bottom" width="197.2"> Operating expenses </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4"> (6.5) </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867"> (8.0) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267"> (1.8) </td> </tr> <tr> <td valign="bottom" width="197.2"> Interest expense </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4"> (14.0) </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867"> (15.3) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267"> (3.6) </td> </tr> <tr> <td valign="bottom" width="197.2"> Depreciation and amortization </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="50.4"> (10.4) </td> <td valign="top" width="22.733">   </td> <td valign="bottom" width="54.867"> (10.6) </td> <td valign="top" width="21.067">   </td> <td valign="bottom" width="51.267"> (3.3) </td> </tr> <tr> <td valign="bottom" width="197.2"> Other (expense)/income, net </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> (0.1) </td> <td valign="top" width="22.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> 4.3  </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> 4.4  </td> </tr> <tr> <td valign="bottom" width="197.2">   </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="50.4"> (31.0) </td> <td valign="top" width="22.733">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="54.867"> (29.6) </td> <td valign="top" width="21.067">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="51.267"> (4.3) </td> </tr> <tr> <td valign="bottom" width="197.2"> Net loss </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="50.4"> (8.4) </td> <td valign="top" width="22.733"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="54.867"> (7.8) </td> <td valign="top" width="21.067"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="51.267"> (0.6) </td> </tr> </table> Summarized financial information for real estate joint ventures (excluding the seven discussed above, which are presented separately) is as follows (in millions): <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="276.267"></td> <td width="22.2"></td> <td width="58.2"></td> <td width="18.6"></td> <td width="61.8"></td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="138.6" colspan="3"> December 31, </td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="58.2"> 2009 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="61.8"> 2008 </td> </tr> <tr> <td valign="top" width="276.267"> Assets: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2">   </td> <td valign="top" width="18.6"> </td> <td valign="top" width="61.8"> </td> </tr> <tr> <td valign="top" width="276.267"> Real estate, net </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.2"> 4,725.2 </td> <td valign="top" width="18.6"> $ </td> <td valign="top" width="61.8"> 4,739.5 </td> </tr> <tr> <td valign="top" width="276.267"> Other assets </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.2"> 333.9 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.8"> 267.1 </td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.2"> 5,059.1 </td> <td valign="top" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.8"> 5,006.6 </td> </tr> <tr> <td valign="top" width="276.267"> Liabilities and Partners/Members Capital: </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2">   </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8">   </td> </tr> <tr> <td valign="top" width="276.267"> Notes payable </td> <td valign="top" width="22.2"> $ </td> <td valign="top" width="58.2"> 88.3 </td> <td valign="top" width="18.6"> $ </td> <td valign="top" width="61.8"> 137.1 </td> </tr> <tr> <td valign="top" width="276.267"> Mortgages payable </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 2,862.6 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 2,842.2 </td> </tr> <tr> <td valign="top" width="276.267"> Construction loans </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 109.0 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 119.6 </td> </tr> <tr> <td valign="top" width="276.267"> Other liabilities </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 146.2 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 149.0 </td> </tr> <tr> <td valign="top" width="276.267"> Noncontrolling interests </td> <td valign="top" width="22.2">   </td> <td valign="top" width="58.2"> 1.6 </td> <td valign="top" width="18.6">   </td> <td valign="top" width="61.8"> 1.0 </td> </tr> <tr> <td valign="top" width="276.267"> Partners/Members capital </td> <td valign="top" width="22.2">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="58.2"> 1,851.4 </td> <td valign="top" width="18.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="61.8"> 1,757.7 </td> </tr> <tr> <td valign="top" width="276.267">   </td> <td valign="top" width="22.2"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="58.2"> 5,059.1 </td> <td valign="top" width="18.6"> $ </td> <td style="border-bottom:3px double #000000" valign="top" width="61.8"> 5,006.6 </td> </tr> </table> <table style="font-size:10pt" cellspacing="0" align="center"> <tr style="font-size:0"> <td width="232.467"></td> <td width="20.4"></td> <td width="60.6"></td> <td width="19.8"></td> <td width="60.6"></td> <td width="21.6"></td> <td width="59.4"></td> </tr> <tr> <td valign="top" width="232.467">   </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="222" colspan="5"> Year Ended December 31, </td> </tr> <tr> <td valign="top" width="232.467">   </td> <td valign="top" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60.6"> 2009 </td> <td valign="top" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="60.6"> 2008 </td> <td valign="top" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="top" width="59.4"> 2007 </td> </tr> <tr> <td valign="top" width="232.467"> Revenues from rental property </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 588.8  </td> <td valign="bottom" width="19.8"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 586.4  </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> 558.3  </td> </tr> <tr> <td valign="top" width="232.467"> Operating expenses </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> (191.9) </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> (190.7) </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> (184.5) </td> </tr> <tr> <td valign="top" width="232.467"> Interest expense </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> (166.8) </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> (180.4) </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> (174.9) </td> </tr> <tr> <td valign="top" width="232.467"> Depreciation and amortization </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> (164.5) </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> (162.4) </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> (144.4) </td> </tr> <tr> <td valign="top" width="232.467"> Other expense, net </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (36.6) </td> <td valign="bottom" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (27.0) </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> (14.7) </td> </tr> <tr> <td valign="top" width="232.467">   </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (559.8) </td> <td valign="bottom" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> (560.5) </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> (518.5) </td> </tr> <tr> <td valign="top" width="232.467"> Income from continuing operations </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> 29.0  </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> 25.9  </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> 39.8  </td> </tr> <tr> <td valign="top" width="232.467"> Discontinued Operations: </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6">   </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6">   </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4">   </td> </tr> <tr> <td valign="top" width="232.467"> Income from discontinued operations </td> <td valign="bottom" width="20.4">   </td> <td valign="bottom" width="60.6"> 2.1  </td> <td valign="bottom" width="19.8">   </td> <td valign="bottom" width="60.6"> -  </td> <td valign="bottom" width="21.6">   </td> <td valign="bottom" width="59.4"> 0.1  </td> </tr> <tr> <td valign="top" width="232.467"> Gain on dispositions of properties </td> <td valign="bottom" width="20.4">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 7.8  </td> <td valign="bottom" width="19.8">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="60.6"> 13.4  </td> <td valign="bottom" width="21.6">   </td> <td style="border-bottom:1px solid #000000" valign="bottom" width="59.4"> 104.9  </td> </tr> <tr> <td valign="top" width="232.467"> Net income </td> <td valign="bottom" width="20.4"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.6"> 38.9  </td> <td valign="bottom" width="19.8"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="60.6"> 39.3  </td> <td valign="bottom" width="21.6"> $ </td> <td style="border-bottom:3px double #000000" valign="bottom" width="59.4"> 144.8  </td> </tr> </table> Other liabilities included in the Companys accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling approximately $25.5 million and $9.7 million at December 31, 2009 and 2008, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP. The Companys maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.  Generally such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE.  As of December 31, 2009 and 2008, the Companys carrying value in these investments approximated $1.1 billion and $1.2 billion, respectively.   8.   Investment and Advances in Real Estate Joint Ventures: Kimco Prudential Joint Ventures ("KimPru") - On October 31, 2006, the Company completed the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true -----END PRIVACY-ENHANCED MESSAGE-----


Maryland		13-2744380
(State of incorporation)		(I.R.S. Employer Identification No.)


Title of each class		Name of each exchange on which registered

Common Stock, par value $.01 per share.		New York Stock Exchange

Depositary Shares, each representing one-tenth of a share of 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share.		New York Stock Exchange

Depositary Shares, each representing one-hundredth of a share of 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share.		New York Stock Exchange


Large accelerated filer	þ	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
(Do not check if a small reporting company.)


		Year ended December 31, (2)
		2009		2008		2007		2006		2005
		(in thousands, except per share information)
Operating Data:
Revenues from rental property (1)	$	786,887	$	758,704	$	674,534	$	580,551	$	494,467
Interest expense (3)	$	209,879	$	212,591	$	213,086	$	170,079	$	125,825
Depreciation and amortization (3)	$	227,729	$	206,002	$	190,116	$	140,573	$	102,519
Gain on sale of development properties	$	5,751	$	36,565	$	40,099	$	37,276	$	33,636
Gain on transfer/sale of operating properties, net (3)	$	3,867	$	1,782	$	2,708	$	2,460	$	2,833
Benefit for income taxes (4)	$	36,388	$	12,974	$	30,346	$	-	$	-
Provision for income taxes (5)	$	-	$	-	$	-	$	17,253	$	10,989
Impairment charges (6)	$	175,087	$	147,529	$	13,796	$	-	$	-
(Loss)/income from continuing operations (7)	$	(4,050)	$	225,186	$	358,991	$	342,790	$	321,646
(Loss)/income per common share, from continuing operations:
Basic	$	(0.15)	$	0.69	$	1.35	$	1.38	$	1.37
Diluted	$	(0.15)	$	0.69	$	1.32	$	1.35	$	1.34
Weighted average number of shares of common stock:
Basic		350,077		257,811		252,129		239,552		226,641
Diluted		350,077		258,843		257,058		244,615		230,868
Cash dividends declared per common share	$	0.72	$	1.68	$	1.52	$	1.38	$	1.27


		December 31,
		2009	2008	2007	2006	2005

Balance Sheet Data:
Real estate, before accumulated depreciation	$	8,882,341	7,818,916	7,325,035	6,001,319	4,560,406
Total assets	$	10,162,205	9,397,147	9,097,816	7,869,280	5,534,636
Total debt	$	4,434,383	4,556,646	4,216,415	3,587,243	2,691,196
Total stockholders' equity	$	4,852,973	3,983,698	3,894,225	3,366,826	2,387,214

Cash flow provided by operations	$	403,582	567,599	665,989	455,569	410,797
Cash flow used for investing activities	$	(343,236)	(781,350)	(1,507,611)	(246,221)	(716,015)
Cash flow provided by (used for) financing activities	$	(74,465)	262,429	584,056	59,444	343,271


		2009		2008		Increase/ (Decrease)	% change
		(all amounts in millions)
Revenues from rental property (1)	$	786.9	$	758.7	$	28.2	3.7%
Rental property expenses: (2)
Rent	$	14.1	$	13.4	$	0.7	5.2%
Real estate taxes		112.4		98.0		14.4	14.7%
Operating and maintenance		110.1		104.7		5.4	5.2%
	$	236.6	$	216.1	$	20.5	9.5%
Depreciation and amortization (3)	$	227.7	$	206.0	$	21.7	10.5%


Covenant	Must Be	As of 12/31/09
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	50%
Total Priority Indebtedness to GAV	<35%	16%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	2.80x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	2.06x
Limitation of Investments, Loans and Advances	<30% of GAV	18% of GAV


Venture	Kimco Ownership Interest	Number of Properties	Total GLA (in thousands)	Non-Recourse Mortgage Payable (in millions)	Recourse Notes Payable (in millions)	Number of Encumbered Properties	Average Interest Rate	Weighted Average Term (months)

KimPru (c)	15.00%	97	16,296	$1,957.1	$331.0(b)	83	5.57%	72.0

KIR (d)	45.00%	62	13,067	$ 991.5	$ -	51	6.83%	30.3

KUBS (e)	18.26%(a)	43	6,178	$ 746.4	$ -	43	5.69%	68.5

SEB Immobilien (f)	15.00%	10	1.382	$ 193.5	$ -	10	5.67%	83.4

Kimco Income Fund (g)	15.20%	12	1,534	$ 169.2	$ -	12	5.47%	52.1

InTown Suites (h)	(j)	138	N/A	$ 486.4	$ 147.5(b)	135	5.17%	63.6

RioCan Venture (i)	50.00%	45	9,318	$ 899.4	$ -	45	5.94%	61.1


Canadian Dollar Denominated

Unsecured Debt
Fixed Rate	$ 142.5	$ -	$ -	$ 190.0	$ -	$ -	$ 332.5	$ 330.1
Average Interest Rate	4.45%	-	-	5.18%	-	-	4.87%

Mexican Pesos Denominated

Unsecured Debt
Fixed Rate	$ -	$ -	$ -	$ 76.6	$ -	$ -	$ 76.6	$ 68.9
Average Interest Rate	-	-	-	8.58%	-	-	8.58%


Item 15. Exhibits and Financial Statement Schedules

(a)	1. Financial Statements – The following consolidated financial information is included as a separate section of this annual report on Form 10-K.		Form10-K Report Page

	Report of Independent Registered Public Accounting Firm		79

	Consolidated Financial Statements

	Consolidated Balance Sheets as of December 31, 2009 and 2008		80

	Consolidated Statements of Operations for the years ended December 31, 2009, 2008 and 2007		81

	Consolidated Statements of Comprehensive Income for the years ended December 31, 2009, 2008 and 2007		82

	Consolidated Statements of Changes in Equity for the years ended December 31, 2009, 2008 and 2007		83

	Consolidated Statements of Cash Flows for the years ended December 31, 2009, 2008 and 2007		84

	Notes to Consolidated Financial Statements		85

	2. Financial Statement Schedules -

	Schedule II -	Valuation and Qualifying Accounts	142
	Schedule III -	Real Estate and Accumulated Depreciation	143
	Schedule IV -	Mortgage Loans on Real Estate	160

	All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule.

	3. Exhibits -

	The exhibits listed on the accompanying Index to Exhibits are filed as part of this report.		73


Exhibits		Form 10-K Page
2.1 –	Form of Plan of Reorganization of Kimco Realty Corporation [Incorporated by reference to Exhibit 2.1 to the Company's Registration Statement on Form S-11 No. 33-42588].
2.2 –	Agreement and Plan of Merger by and between Kimco Realty Corporation, KRC CT Acquisition Limited Partnership, KRC PC Acquisition Limited Partnership, Pan Pacific Retail Properties, Inc., CT Operating Partnership L.P., and Western/PineCreek, Ltd. dated July 9, 2006. [Incorporated by reference to Exhibit 2.1 to the Company’s Form 10-Q filed July 28, 2006].
2.3 –	Amendment No. 1 to Agreement and Plan of Merger, dated as of October 30, 2006, by and between Kimco Realty Corporation, KRC CT Acquisition Limited Partnership, KRC PC Acquisition Limited Partnership, Pan Pacific Retail Properties, Inc., CT Operating Partnership L.P., and Western/PineCreek, Ltd. [Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated November 3, 2006].
2.4 –	Entity Purchase and Sale Agreement, dated November 4, 2009, between Kimco PL Retail, Inc. and DRA PL Retail Real Estate Investment Trust [Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on form 8-K/A dated November 4, 2009].
3.1 –	Articles of Amendment and Restatement of the Company, dated August 4, 1994 [Incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994].
3.1(ii) –	Articles Supplementary relating to the 8 1/2% Class B Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated July 25, 1995. [Incorporated by reference to Exhibit 3.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 1995 (file #1-10899) the "1995 Form 10-K")].
3.1(iii) –	Articles Supplementary relating to the 8 3/8% Class C Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated April 9, 1996 [Incorporated by reference to Exhibit 3.4 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1996].
3.1(iv) –	Articles Supplementary relating to the 7 1/2% Class D Cumulative Convertible Preferred Stock, par value $1.00 per share, of the Company [Incorporated by reference to Exhibit A of Annex A of the Company's and The Price REIT, Inc.'s Joint Proxy Statement/Prospectus on Form S-4 filed May 14, 1998].
3.1(v) –	Articles Supplementary relating to the Class E Floating Rate Cumulative Preferred Stock, par value $1.00 per share, of the Company [Incorporated by reference to Exhibit B of Exhibit 4(a) of the Company’s Current Report on Form 8-K dated June 4, 1998].
3.1(vi) –	Articles Supplementary relating to the 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated May 7, 2003 [Incorporated by reference to the Company’s filing on Form 8-A dated June 3, 2003].
3.1(vii) –	Articles Supplementary relating to the 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated October 2, 2007 [Incorporated by reference to the Company’s filing on Form 8-A12B dated October 9, 2007].
3.2 –	Amended and Restated By-laws of the Company dated February 25, 2009 [Incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008].
4.1 –	Agreement of the Company pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K [Incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the Company's Registration Statement on Form S-11 No. 33-42588].
4.2 –	Certificate of Designations [Incorporated by reference to Exhibit 4(d) to Amendment No. 1 to the Registration Statement on Form S-3 dated September 10, 1993 (the "Registration Statement", Commission File No. 33-67552)].
4.3 –	Indenture dated September 1, 1993, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company) [Incorporated by reference to Exhibit 4(a) to the Registration Statement].
4.4 –	First Supplemental Indenture, dated as of August 4, 1994. [Incorporated by reference to Exhibit 4.6 to the 1995 Form 10-K.]
4.5 –	Second Supplemental Indenture, dated as of April 7, 1995 [Incorporated by reference to Exhibit 4(a) to the Company's Current Report on Form 8-K dated April 7, 1995 (the "April 1995 8-K")].


Exhibits		Form 10-K Page
4.6 –	Indenture dated April 1, 2005, between Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as Trustee [Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 21, 2005].
4.7 –	Third Supplemental Indenture dated as of June 2, 2006. [Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated June 5, 2006].
4.8 –	Fifth Supplemental Indenture, dated as of October 31, 2006, among Kimco Realty Corporation, Pan Pacific Retail Properties, Inc. and Bank of New York Trust Company, N.A., as trustee [Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 3, 2006 (the “November 2006 8-K”)].
4.9 –	First Supplemental Indenture, dated as of October 31, 2006, among Kimco Realty Corporation, Pan Pacific Retail Properties, Inc. and Bank of New York Trust Company, N.A., as trustee [Incorporated by reference to Exhibit 4.2 to the November 2006 8-K].
4.10 –	First Supplemental Indenture, dated as of June 2, 2006, among Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as trustee. [Incorporated by reference to Exhibit 4.12 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 (the “2006 Form 10-K”)].
4.11 –	Second Supplemental Indenture, dated as of August 16, 2006,among Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as trustee. [Incorporated by reference to Exhibit 4.13 to the 2006 Form 10-K].
4.12 –	Fifth Supplemental Indenture, dated September 24, 2009, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee [Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K dated September 17, 2009].
10.1 –	Management Agreement between the Company and KC Holdings, Inc. [Incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-11 No. 33-47915].
10.2 –	Amended and Restated Stock Option Plan [Incorporated by reference to Exhibit 10.3 to the 1995 Form 10-K].
10.3 –	CAD $150,000,000 Credit Agreement dated September 21, 2004, among Kimco North Trust I, North Trust II, North Trust III, North Trust V, North Trust VI, Kimco North Loan Trust IV, Kimco Realty Corporation, the Several Lenders from Time-to-Time Parties Hereto, Royal Bank of Canada, as Issuing Lender and Administrative Agent, The Bank of Nova Scotia and Bank of America, N.A., as Syndication Agents, Canadian Imperial Bank of Commerce as Documentation Agent and RBC Capital Markets, as Bookrunner and Lead Arranger [Incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K dated September 21, 2004].
10.4 –	CAD $250,000,000 Amended and Restated Credit Facility dated March 31, 2005, with Royal Bank of Canada, as Issuing Lender and Administrative Agent and various lenders [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 31, 2005].
10.5 –	CAD $250,000,000 Amended and Restated Credit Facility dated January 25, 2006, with Royal Bank of Canada, as Issuing Lender and Administrative Agent and various lenders.
10.6 –	$1.5 Billion Credit Agreement, dated as of October 25, 2007, among Kimco Realty Corporation, the subsidiaries of Kimco from time-to-time parties thereto, the several banks, financial institutions and other entities from time-to-time parties thereto, Bank of America, N.A., the Bank of Nova Scotia, New York Agency, and Wachovia Bank, National Association, as Syndication Agents, UBS Securities LLC, Deutsche Bank Securities, Inc., Royal Bank of Canada and the Royal Bank of Scotland PLC, as Documentation Agents, the Bank of Tokyo-Mitsubishi UFJ, Ltd., Citicorp North America, Inc., Merrill Lynch Bank USA, Morgan Stanley Bank, Regions Bank, Sumitomo Mitsui Banking Corporation and U.S. Bank National Association, as Managing Agents, The Bank of New York, Barclays Bank PLC, Eurohypo AG New York Branch, Suntrust Bank and Wells Fargo Bank National Association, as Co-Agents, and JPMorgan Chase Bank, N.A., as Administrative Age nt for the lenders thereunder. [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated October 25, 2007].
10.7 –	Employment Agreement between Kimco Realty Corporation and David B. Henry, dated March 8, 2007. [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 21, 2007].


Exhibits		Form 10-K Page
10.8 –	CAD $250,000,000 Amended and Restated Credit Facility dated January 11, 2008, with Royal Bank of Canada as Issuing Lender and Administrative Agent and various lenders. [Incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2007].
10.9 –	Second Amended and Restated 1998 Equity Participation Plan of Kimco Realty Corporation (restated February 25, 2009)[Incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008].
10.10 –	Employment Agreement between Kimco Realty Corporation and Michael V. Pappagallo dated November 3, 2008. [Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed on November 10, 2008].
10.11 –	Letter Agreement dated November 3, 2008 and Employment Agreement dated November 3, 2008 between Kimco Realty Corporation and David R. Lukes. [Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed on November 10, 2008].
10.12 –	Amendment to Employment Agreement between Kimco Realty Corporation and David B. Henry dated December 17, 2008. [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 7, 2009 (the “January 2009 8-K”)].
10.13 –	Amendment to Employment Agreement between Kimco Realty Corporation and Michael V. Pappagallo dated December 17, 2008. [Incorporated by reference to Exhibit 10.2 to the January 2009 8-K].
10.14 –	Amendment to Employment Agreement between Kimco Realty Corporation and David R. Lukes dated December 17, 2008. [Incorporated by reference to Exhibit 10.3 to the January 2009 8-K].
10.15 –	Form of Indemnification Agreement [Incorporated by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008].
10.16 –	Employment Agreement between Kimco Realty Corporation and Glenn G. Cohen dated February 25, 2009 [Incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008].
10.17 –	$650 Million Credit Agreement, dated as of August 26, 2008, among PK Sale LLC, as borrower, PRK Holdings I LLC, PRK Holdings II LLC and PK Holdings III LLC, as guarantors, Kimco Realty Corporation, as guarantor, the lenders party hereto from time to time, JP Morgan Chase Bank, N.A., as Administrative Agent and Wachovia Bank, National Association, The Bank Of Nova Scotia, as Syndication AgentsBank of America, N.A., as Co-Syndication Agents, Wells Fargo Bank, National Association and Royal Bank of Canada, as Co-Documentation Agents.
10.18 –	1 billion MXP Credit Agreement, dated as of March 3, 2008, among KRC Mexico Acquisition, LLC, as borrower, Kimco Realty Corporation, as guarantor, and Scotiabank Inverlat, S.A., Institucio De Banca Multiple, Grupo Financiero Scotiabank Inverlat, as lender [Incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008].
10.19 –	Credit Agreement, dated as of April 17, 2009, among the Company, The Bank of Nova Scotia, as administrative agent, joint lead arranger and joint bookrunner, RBC Capital Markets, as syndication agent, joint lead arranger and joint bookrunner, PNC Bank, National Association, Regions Bank and U.S. Bank National Association as documentation agents, and The Bank of Nova Scotia, Royal Bank of Canada, PNC Bank, National Association, Regions Bank, U.S. Bank National Association, Deutsche Bank Trust Company Americas, UBS Loan Finance LLC, Bank of America, N.A., CIBC Inc., Citicorp North America, Inc., Wells Fargo Bank NA and Barclays Bank PLC as lenders [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 17, 2009].
10.20 –	Underwriting Agreement and Terms Agreement, dated April 3, 2009, by and among Kimco Realty Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc. and UBS Securities LLC as representatives of the several underwriters named therein [Incorporated by reference to Exhibits 1.1 and 1.2 to the Company’s Current Report on Form 8-K dated April 3, 2009].
10.21 –	Underwriting Agreement and Terms Agreement, dated September 17, 2009, by and among Kimco Realty Corporation and J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated, Wells Fargo Securities, LLC, Barclays Capital Inc., RBC Capital Markets Corporation, RBS Securities Inc. and Scotia Capital (USA) Inc. [Incorporated by reference to Exhibits 1.1 and 1.2 to the Company’s Current Report on Form 8-K dated September 17, 2009].


Exhibits		Form 10-K Page
10.22 –	Underwriting Agreement and Terms Agreement, dated December 8, 2009, by and among Kimco Realty Corporation and Deutsche Bank Securities Inc. as representatives of the several underwriters named therein [Incorporated by reference to Exhibits 1.1 and 1.2 to the Company’s Current Report on Form 8-K dated December 8, 2009].
*12.1 –	Computation of Ratio of Earnings to Fixed Charges	161
*12.2 –	Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	162
*21.1 –	Subsidiaries of the Company	163
*23.1 –	Consent of PricewaterhouseCoopers LLP	172
*23.2 –	Consent of PricewaterhouseCoopers LLP	173
*23.3 –	Consent of PricewaterhouseCoopers LLP	174
*23.4 –	Consent of PricewaterhouseCoopers LLP	175
*23.5 –	Consent of PricewaterhouseCoopers LLP	176
*31.1 –	Certification of the Company’s Chief Executive Officer, David B. Henry, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	177
*31.2 –	Certification of the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	178
*32.1 –	Certification of the Company’s Chief Executive Officer, David B. Henry, and the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	179
*99.1 –	Intown Hospitality Investors LP and Subsidiaries Consolidated Financial Statements	180
*99.2 –	Kimco Income Operating Partnership LP Consolidated Financial Statements	201
*99.3 –	PRK Holdings I LLC and Subsidiaries Consolidated Financial Statements	219
*99.4 –	PRK Holdings II LLC and Subsidiaries Consolidated Financial Statements	239


Signature	Title	Date

/s/ Milton Cooper	Executive Chairman of the Board of Directors	February 26, 2010
Milton Cooper

/s/ David B. Henry	Vice Chairman of the Board of Directors,	February 26, 2010
David B. Henry	Chief Executive Officer, and
	Chief Investment Officer

/s/ David R. Lukes	Executive Vice President -	February 26, 2010
David R. Lukes	Chief Operating Officer

/s/ Richard G. Dooley	Director	February 26, 2010
Richard G. Dooley

/s/ Joe Grills	Director	February 26, 2010
Joe Grills

/s/ F. Patrick Hughes	Director	February 26, 2010
F. Patrick Hughes

/s/ Frank Lourenso	Director	February 26, 2010
Frank Lourenso

/s/ Richard Saltzman	Director	February 26, 2010
Richard Saltzman

/s/ Philip Coviello	Director	February 26, 2010
Philip Coviello

/s/ Michael V. Pappagallo	Executive Vice President -	February 26, 2010
Michael V. Pappagallo	Chief Financial Officer and
	Chief Administrative Officer

/s/ Glenn G. Cohen	Senior Vice President -	February 26, 2010
Glenn G. Cohen	Treasurer and
	Chief Accounting Officer

/s/ Paul Westbrook	Director of Accounting	February 26, 2010
Paul Westbrook



		Form10-K Page

KIMCO REALTY CORPORATION AND SUBSIDIARIES

Report of Independent Registered Public Accounting Firm		79

Consolidated Financial Statements and Financial Statement Schedules:

Consolidated Balance Sheets as of December 31, 2009 and 2008		80

Consolidated Statements of Operations for the years ended December 31, 2009, 2008 and 2007		81

Consolidated Statements of Comprehensive Income for the years ended December 31, 2009, 2008 and 2007		82

Consolidated Statements of Changes in Equity for the years ended December 31, 2009, 2008 and 2007		83

Consolidated Statements of Cash Flows for the years ended December 31, 2009, 2008 and 2007		84

Notes to Consolidated Financial Statements		85

Financial Statement Schedules:

II.	Valuation and Qualifying Accounts	142
III.	Real Estate and Accumulated Depreciation	143
IV.	Mortgage Loans on Real Estate	160


		Retained Earnings/ (Cumulative Distributions in Excess of Net Income)		Accumulated Other Comprehensive Income		Preferred Stock		Common Stock		Paid-in Capital		Total Stockholders' Equity		Noncontrolling Interests		Total Equity		Comprehensive Income
Balance, January 1, 2007	$	140,509	$	45,092	$	700	$	2,509	$	3,178,016	$	3,366,826	$	243,375	$	3,610,201

Contributions from noncontrolling interests		-		-		-		-		-		-		70,418		70,418
Comprehensive income:
Net income		442,830		-		-		-		-		442,830		44,066		486,896	$	486,896
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities		-		(25,803)		-		-		-		(25,803)		-		(25,803)		(25,803)
Change in unrealized loss on interest rate swaps		-		(176)		-		-		-		(176)		-		(176)		(176)
Change in unrealized loss on foreign currency hedge agreements		-		(1,294)		-		-		-		(1,294)		-		(1,294)		(1,294)
Change in foreign currency translation adjustment		-		15,480		-		-		-		15,480		216		15,696		15,696
Comprehensive income												-					$	475,319
Redeemable noncontrolling interest		-		-		-		-		-		-		(6,279)		(6,279)
Dividends ($1.52 per common share; $1.6625 per Class F Depositary Share, and $0.4359 per Class G Depositary Share, respectively)		(403,334)		-		-		-		-		(403,334)		-		(403,334)
Distributions to noncontrolling interests		-		-		-		-		-		-		(42,489)		(42,489)
Issuance of Preferred G Stock		-		-		184		-		444,283		444,467		-		444,467
Redemption of units		-		-		-		-		-		-		(34,391)		(34,391)
Issuance of common stock		-		-		-		1		2,413		2,414		-		-
Exercise of common stock options		-		-		-		18		40,546		40,564		-		40,564
Amortization of stock option expense		-		-		-		-		12,251		12,251		-		12,251
Balance, December 31, 2007		180,005		33,299		884		2,528		3,677,509		3,894,225		274,916		4,169,141

Contributions from noncontrolling interests		-		-		-		-		-		-		92,490		92,490
Comprehensive income:
Net income		249,902		-		-		-		-		249,902		26,502		276,404	$	276,404
Other comprehensive income, net of tax:
Change in unrealized loss on marketable securities		-		(71,535)		-		-		-		(71,535)		-		(71,535)		(71,535)
Change in unrealized loss on interest rate swaps		-		(170)		-		-		-		(170)		-		(170)		(170)
Change in foreign currency translation adjustment		-		(141,135)		-		-		-		(141,135)		(8,701)		(149,836)		(149,836)
Comprehensive income												-				-	$	54,863
Redeemable noncontrolling interest		-		-		-		-		-		-		(7,906)		(7,906)
Dividends ($1.64 per common share; $1.6625 per Class F Depositary Share, and $1.9375 per Class G Depositary Share, respectively)		(488,069)		-		-		-		-		(488,069)		-		(488,069)
Distributions to noncontrolling interests		-		-		-		-		-		-		(77,460)		(77,460)
Unit redemptions		-		-		-		-		-		-		(80,000)		(80,000)
Issuance of units		-		-		-		-		-		-		1,194		1,194
Issuance of common stock		-		-		-		164		486,709		486,873		-		486,873
Exercise of common stock options		-		-		-		19		41,330		41,349		-		41,349
Amortization of stock option expense		-		-		-		-		12,258		12,258		-		12,258
Balance, December 31, 2008		(58,162)		(179,541)		884		2,711		4,217,806		3,983,698		221,035		4,204,733

Contributions from noncontrolling interests		-		-		-		-		-		-		73,601		73,601
Comprehensive income:
Net (loss)/income		(3,942)		-		-		-		-		(3,942)		10,003		6,061	$	6,061
Other comprehensive income, net of tax:
Change in unrealized gain on marketable securities		-		43,662		-		-		-		43,662		-		43,662		43,662
Change in unrealized loss on interest rate swaps		-		(233)		-		-		-		(233)		-		(233)		(233)
Change in foreign currency translation adjustment		-		39,680		-		-		-		39,680		(19,022)		20,658		20,658
Comprehensive income																	$	70,148
Redeemable noncontrolling interest		-		-		-		-		-		-		(6,429)		(6,429)
Dividends ($0.72 per common share; $1.6625 per Class F Depositary Share, and $1.9375 per Class G Depositary Share, respectively)		(276,634)		-		-		-		-		(276,634)		-		(276,634)
Distributions to noncontrolling interests		-		-		-		-		-		-		(9,626)		(9,626)
Issuance of units		-		-		-		-		-		-		126		126
Unit redemptions		-		-		-		-		-		-		(346)		(346)
Issuance of common stock		-		-		-		1,341		1,061,823		1,063,164		-		1,063,164
Exercise of common stock options		-		-		-		3		6,263		6,266		-		6,266
Transfers from noncontrolling interests				-		-		-		(11,126)		(11,126)		(4,337)		(15,463)
Amortization of stock option expense		-		-		-		-		8,438		8,438		-		8,438
Balance, December 31, 2009	$	(338,738)	$	(96,432)	$	884	$	4,055	$	5,283,204	$	4,852,973	$	265,005	$	5,117,978