10-K

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-10899

Kimco Realty Corporation

(Exact name of registrant as specified in its charter)

Maryland	13-2744380
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3333 New Hyde Park Road, New Hyde Park, NY 11042-0020

(Address of principal executive offices)     (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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-thousandth of a share of 6.00% Class I Cumulative Redeemable Preferred Stock, par value $1.00 per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.50% Class J Cumulative Redeemable Preferred Stock, par value $1.00 per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.625% Class K Cumulative Redeemable Preferred Stock, par value $1.00 per share.	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:      None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ☑ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☑

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
(Do not check if a smaller reporting company.)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐     No ☑

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $12.8 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2016.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

As of February 22, 2017, the registrant had 425,629,020 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates certain information by reference to the Registrant's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on April 25, 2017.

Index to Exhibits begins on page 36.

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TABLE OF CONTENTS

Item No.		Form 10-K Report Page
	PART I
1.	Business	3
1A.	Risk Factors	6
1B.	Unresolved Staff Comments	12
2.	Properties	12
3.	Legal Proceedings	13
4.	Mine Safety Disclosures	13
	PART II
5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	14
6.	Selected Financial Data	16
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
7A.	Quantitative and Qualitative Disclosures About Market Risk	33
8.	Financial Statements and Supplementary Data	33
9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	33
9A.	Controls and Procedures	33
9B.	Other Information	34
	PART III
10.	Directors, Executive Officers and Corporate Governance	34
11.	Executive Compensation	34
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	34
13.	Certain Relationships and Related Transactions, and Director Independence	34
14.	Principal Accounting Fees and Services	34
	PART IV
15.	Exhibits, Financial Statement Schedules	35
16.	Form 10-K Summary	35

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FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by Kimco Realty Corporation (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 the 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,” “will,” “target,” “forecast” 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 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 a 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 to the Company, (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 and managements’ ability to estimate the impact thereof, (vii) risks related to the Company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the Company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the Company’s common stock, (xiii) 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, (xiv) impairment charges, (xv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity and (xvi) the risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in this Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K that the Company files with the SEC.

PART I

Item 1. Business

Background

Kimco Realty Corporation, a Maryland corporation, is one of the nation's largest owners and operators of open-air 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 has owned and operated open-air 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, 2016, the Company had interests in 525 shopping center properties (the “Combined Shopping Center Portfolio”), aggregating 85.4 million square feet of gross leasable area (“GLA”), located in 34 states, Puerto Rico and Canada. In addition, the Company had 384 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 6.3 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.  

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. 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. As of December 31, 2016, a total of 551 persons were employed by the Company.

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 Form 10-K. On the Company’s Web site you can obtain, free of charge, a copy of this 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 SEC. The public may read and copy any materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

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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"). 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. In 1994, the Company reorganized as a Maryland corporation. 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. The Company's common stock, Class I Depositary Shares, Class J Depositary Shares and Class K Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols “KIM”, “KIMprI”, “KIMprJ” and “KIMprK”, respectively.

The Company’s initial growth resulted primarily from real estate under development and the construction of shopping centers. Subsequently, the Company revised its growth strategy to focus on the acquisition of existing shopping centers and continued its expansion across the nation. The Company implemented its investment real estate management format through the establishment of various institutional joint venture programs, in which the Company has noncontrolling interests. The Company earns management fees, acquisition fees, disposition fees as well as promoted interests based on achieving certain performance metrics. The Company continued its geographic expansion with investments in Canada, Puerto Rico, Mexico, Chile, Brazil and Peru; however, during 2013, based upon a perceived change in market conditions, the Company began its efforts to exit its investments in Mexico and South America. During 2015, the Company began its efforts to exit its investments in Canada. As of December 31, 2016, the Company had essentially sold all of its operating properties in Canada, substantially liquidated its investments in Mexico and had completely exited South America by liquidating its investments in Chile, Brazil and Peru. The Company’s revenues and equity in income (including gains on sales and impairment losses) from its foreign investments in U.S. dollar equivalents and their respective local currencies are as follows (in millions):

	2016			2015			2014
Revenues (consolidated in USD):
Mexico	$	0.6		$	1.9		$	29.4
Peru	$	-		$	-		$	0.1
Chile	$	-		$	6.7		$	8.1
Revenues (consolidated in local currencies):
Mexico (Mexican Pesos “MXN”)		11.3			28.2			382.3
Peru (Peruvian Nuevo Sol)		-			-			0.4
Chile (Chilean Pesos “CLP”)		-			4,264.9			4,485.9
Equity in income (unconsolidated joint ventures, including preferred equity investments in USD):
Canada (1)	$	152.6		$	409.1		$	49.3
Mexico (2) (3)	$	(3.6	)	$	(1.6	)	$	(3.7	)
Chile (4)	$	-		$	0.9		$	(0.1	)
Equity in income (unconsolidated joint ventures, including preferred equity investments in local currencies):
Canada (Canadian dollars “CAD”) (1)		199.5			540.1			54.6
Mexico (MXN)		29.2			(24.0	)		550.8
Chile (CLP)		-			-			(55.3	)

(1) Includes gains of $141.9 million (CAD 185.9 million) and $373.8 million (CAD 439.9 million) on disposition of equity interests for the years ended December 31, 2016 and 2015, respectively.

(2) Includes equity losses of $5.2 million, equity losses of $0.8 million, and equity income of $0.4 million for the years ended December 31, 2016, 2015 and 2014, respectively, related to foreign investments for which the reporting currency is denominated in USD and not subject to foreign translation exposure.

(3) Included in the year ended December 31, 2014 is the release of cumulative foreign currency translation adjustment (“CTA”) of $47.3 million in equity losses.

(4) Included in the year ended December 31, 2015 is the release of CTA of $0.8 million in equity income.

The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRSs”), which permit the Company to engage in certain business activities which the REIT may not conduct directly. These activities have included (i) ground-up real estate under development of open-air shopping centers and the subsequent sale thereof upon completion, (ii) retail real estate management and disposition services, which primarily focused on leasing and disposition strategies for real estate property interests of both healthy and distressed retailers and (iii) the Company’s investment in AB Acquisition, LLC, which consists of grocers Safeway, Albertsons, Vons and other banners (collectively “Albertsons”).  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  Effective August 1, 2016, the Company merged Kimco Realty Services Inc. ("KRS"), a TRS, into a wholly-owned Limited Liability Company (“LLC”) of the Company (the “Merger”) and no longer operates KRS as a TRS. The Company analyzed the individual assets of KRS and determined that substantially all of KRS’s assets constitute real estate assets and investments that can be directly owned by the Company without adversely affecting the Company’s status as a REIT, including its investment in Albertsons.  Any non-REIT qualifying assets or activities were transferred to a newly formed TRS.

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In addition, the Company has capitalized 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 management 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.

Operating and Investment Strategy

The Company’s strategy is to be the premier owner and operator of open-air shopping centers through investments primarily in the U.S. To achieve this strategy the Company is (i) continuing to transform the quality of its portfolio by disposing of lesser quality assets and acquiring larger higher quality properties in key markets identified by the Company, for which substantial progress has been achieved as of the end of 2016, (ii) simplifying its business by: (a) reducing the number of joint venture investments and (b) exiting Mexico, South America and Canada, for which the exit of South America has been completed, Mexico has been substantially completed and the Company essentially sold all operating properties in Canada, (iii) pursuing redevelopment opportunities within its portfolio to increase overall value and (iv) selectively acquiring land parcels in our key markets for real estate development projects for long-term investment. As part of the Company’s strategy each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company has an active capital recycling program which provides for the disposition of certain U.S. properties. If the Company accepts sales prices for any of these assets that are less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material. In order to execute the Company’s strategy, the Company intends to continue to strengthen its balance sheet by pursuing deleveraging efforts over time, providing it the necessary flexibility to invest opportunistically and selectively, primarily focusing on U.S. open-air shopping centers. 

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 in desirable demographic areas with successful retailers through (i) the retail 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 open-air 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 open-air shopping center properties are designed to attract local area customers and are typically anchored by a national or regional discount department store, grocery store or 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.

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, 2016, no single open-air shopping center accounted for more than 1.9% 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, or more than 1.5% of the Company’s total shopping center GLA. At December 31, 2016, the Company’s five largest tenants were TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Beyond and Albertsons which represented 3.4%, 2.4%, 2.1%, 2.0% and 1.8%, 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.

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 open-air 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.

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Item 1A. Risk Factors

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

Loss of our tax status as a REIT or changes in federal tax laws, regulations, administrative interpretations or court decisions relating to REITs 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 believe that we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Code. However, there can be no assurance that we have qualified or will continue to qualify as a REIT for federal income tax purposes.

Qualification as a REIT involves the application of highly technical and complex 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. The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and U.S. Department of the Treasury. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, regulations, administrative interpretations or court decisions could significantly and negatively 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.

In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the composition of our assets and a requirement that at least 95% of our gross income in any year be derived from qualifying sources, such as “rents from real property.” Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, excluding net capital gains. Furthermore, we own a direct or indirect interest in certain subsidiary REITs which elected to be taxed as REITs for federal income tax purposes under the Code. Provided that each subsidiary REIT qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. The failure of a subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.

If we lose our REIT status, we will face serious tax consequences that will substantially reduce the funds available to pay dividends to stockholders for each of the years involved because:

● we would not be allowed a deduction for dividends to stockholders in computing our taxable income and we 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 taxed 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 or new legislation changes in federal tax laws with respect to qualification as a REIT or the tax consequences of such qualification could also impair our ability to expand our business or raise capital and materially adversely affect the value of our securities.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of operations, cash flow and per share trading price of our common stock.

To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our net taxable income each year, excluding net capital gains, and we will be subject to regular corporate income taxes on the amount we distribute that is less than 100% of our net taxable income each year, including capital gains. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While we have historically satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distribution requirements with cash, we may need to borrow funds to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of income for federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flow and per share trading price of our common stock.

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The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.

A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

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

The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate, including but not limited to:

● 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;

● trends toward smaller store sizes as retailers reduce inventory and new prototypes;

● increasing use by customers of e-commerce and online store sites;

● the attractiveness of our properties to tenants;

● the ability of tenants to pay rent, particularly anchor tenants with leases in multiple locations;

● tenants who may declare bankruptcy and/or close stores;

● competition from other available properties to attract and retain tenants;

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

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

● acts of terrorism and war, acts of God and physical and weather-related damage to our properties; and

● the potential risk of functional obsolescence of properties over time.

Competition may limit our ability to purchase new properties or generate sufficient income from tenants and may decrease the occupancy and rental rates for our properties.

Our properties consist primarily of open-air 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;

● the impact of internet sales on the demand for retail space;

● ongoing consolidation in the retail sector; and

● the excess amount of retail space in a number of markets.

In addition, numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties and properties for acquisition. New regional malls, open-air lifestyle centers or other retail shopping centers with more convenient locations or better rents may attract tenants or cause them to seek more favorable lease terms at or prior to renewal. Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, direct mail, telemarketing or home shopping networks, all of which could (i) reduce rents payable to us; (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.

Our performance depends on our ability to collect rent from tenants, including anchor tenants, our tenants’ financial condition and our tenants maintaining leases for our properties.

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 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 the leases.

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In addition, multiple lease terminations by tenants, including anchor 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 financial condition, results of operations and cash flows.

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 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.

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

Real estate property investments are illiquid and generally cannot be disposed of quickly. In addition, the Code restricts 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 terms favorable to us within a timeframe that we would need.

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. 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 from other activities. 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 fail to recover expenses already incurred and will have devoted management’s 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 of at the time of the acquisition. In addition, development of our existing properties presents similar risks.

Newly acquired or re-developed 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, particularly in secondary markets. Also, newly acquired properties may not perform as expected.

Unsuccessful real estate under development activities or a slowdown in real estate under development activities could have a direct impact on our growth, results of operations and cash flows.

Real estate under development is a component of our operating and investment strategy. We intend to continue pursuing select real estate under development opportunities for long-term investment and construction of retail and/or mixed use properties as opportunities arise. We expect to phase in construction until sufficient preleasing is reached. Our real estate under development and construction activities include the following risks:

● we may abandon real estate under development opportunities after expending resources and could lose all or part of our investment in such opportunities, including loss of deposits or failure to recover expenses already incurred;

● development, construction or operating costs, including increased interest rates and higher materials, transportation, labor, leasing or other costs, may exceed our original estimates;

● occupancy rates and rents at a newly completed property may not meet our expectations and may not be sufficient to make the property profitable;

● construction or permanent financing may not be available to us on favorable terms or at all;

● we may not complete construction and lease-up on schedule due to a variety of factors including construction delays or contractor changes, resulting in increased expenses and construction costs or tenants or operators with the right to terminate pre-construction leases; and

● we may not be able to obtain, or may experience delays in obtaining, necessary zoning, land use, building, occupancy and other required governmental permits and authorizations.

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Additionally, new real estate under development activities typically require substantial time and attention from management, and the time frame required for development, construction and lease-up of these properties could require several years to realize any significant cash return. The foregoing risks could cause the development of properties to hinder the Company’s growth and have an adverse effect on its results of operations and cash flows.

Construction and development projects are subject to risks that materially increase the costs of completion.

In the event that we decide to develop and construct new properties or redevelop existing properties, we will be subject to risks and uncertainties associated with construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use, building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government entities or community groups, risks related to changes in economic and market conditions between development commencement and stabilization, risks related to construction labor disruptions, adverse weather, acts of God or shortages of materials which could cause construction delays and risks related to increases in the cost of labor and materials which could cause construction costs to be greater than projected and adversely impact the amount of our development fees or our results of operations or financial condition.

We face competition in pursuing acquisition or development opportunities that could increase our costs.

We face competition in the acquisition, development, operation and sale of real property from others engaged in real estate investment that could increase our costs associated with purchasing and maintaining assets. 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.

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 properties as a co-venturer or partner, 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. The co-venturer or partner may fail to provide capital or fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitment. Conflicts arising between us and our partners may be difficult to manage and/or resolve and it could be difficult to manage or otherwise monitor the existing business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in significant losses to us. 

In addition, joint venture arrangements may decrease our ability to manage risk and implicate additional risks, such as:

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

● our inability to take actions with respect to the joint venture activities that we believe are favorable to us 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 may 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.

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.

We intend to continue to sell our non-strategic assets and may not be able to recover our investments, which may result in significant losses to us.

There can be no assurance that we will be able to recover the current carrying amount of all of our non-strategic properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize impairment charges for the period in which we reached that conclusion, which could materially and adversely affect our business, financial condition, operating results and cash flows.

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We have completed, or have nearly completed, our efforts to exit our investments in Mexico, South America and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations, including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.

Our international operations have included properties in Canada, Mexico, Chile, Brazil and Peru and are subject to a variety of United States and foreign laws and regulations, including the United States Foreign Corrupt Practices Act (“FCPA”) and foreign tax laws and regulations. Although we have completely, or have nearly completed, our efforts to exit our investments in Mexico, South America and Canada, we cannot assure you that our past or any current international operations will continue to be found to be in compliance with such laws or regulations. In addition, we cannot predict the manner in which such laws or regulations might be administered or interpreted, or when, or the potential that we may face regulatory sanctions or tax audits as a result of our international operations.

We have received a subpoena from the Enforcement Division of the SEC in connection with the SEC’s investigation, In the Matter of Wal-Mart Stores, Inc. (FW-3678), that the SEC Staff is currently conducting with respect to possible violations of the FCPA. We have cooperated, and will continue to cooperate, with the SEC and the U.S. Department of Justice (“DOJ”), which is conducting a parallel investigation. At this point, we are unable to predict the duration, scope or result of the SEC or DOJ investigations. See “Item 3. Legal Proceedings,” below. The DOJ and the SEC have a broad range of civil and criminal sanctions under the FCPA and other laws and regulations, which they may seek to impose against corporations and individuals in appropriate circumstances including, but not limited to, injunctive relief, disgorgement, fines, penalties and modifications to business practices and compliance programs. Any of these remedial measures, if applicable to us, could have a material adverse impact on our business, results of operations, financial condition and liquidity.

We face risks relating to cybersecurity attacks, loss of confidential information and other business disruptions.

Our business is at risk from and may be impacted by cybersecurity attacks, including attempts to gain unauthorized access to our confidential data and other electronic security breaches. Such cyber-attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. There is no guarantee that the measures we employ to prevent, detect and mitigate these threats will be successful in preventing a cyber-attack. Cybersecurity incidents could compromise the confidential information of our tenants, employees and third party vendors and disrupt and effect the efficiency of our business operations.

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. 

We cannot assure you that we will be able to access the credit and/or equity markets to obtain additional debt or equity financing or that we will be able to obtain financing on terms favorable to us. The inability to obtain financing on a timely basis 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 terms unfavorable to us to fund our indebtedness; or

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

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

We are subject to financial covenants that may restrict our operating and acquisition activities.

Our revolving credit facility, term loan and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios and 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 our revolving credit facility, term loan and the indentures and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.

Changes in market conditions could adversely affect the market price of our 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 ours;

● 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, potential future cash dividends and risk profile;

● 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.

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, operating cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness including 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 or are requirements under the Code or state or federal laws. Any negative change in our dividend policy could have a material adverse effect on the market price of our common stock.

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

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. Where that occurs, 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.

The economic performance and value of our other investments which we do not control and are in retail operations, are subject to risks associated with owning and operating retail businesses, including:

● changes in the national, regional and local economic climate;

● the adverse financial condition of some large retailing companies;

● increasing use by customers of e-commerce and online store sites; and

● ongoing consolidation in the retail sector,

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A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the assets amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earnings, a new cost basis is established for the asset and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value.

We may be subject to liability under environmental laws, ordinances and 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 relating 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, 2016, the Company had interests in 525 shopping center properties aggregating 85.4 million square feet of GLA located in 34 states, Puerto Rico and Canada. In addition, the Company had 384 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 6.3 million square feet of GLA.  The Company’s portfolio includes noncontrolling interests. Open-air shopping centers comprise the primary focus of the Company's current portfolio.  As of December 31, 2016, the Company’s Combined Shopping Center Portfolio was 95.4% leased.

The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of 162,618 square feet as of December 31, 2016. 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. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2016, the Company expended $143.5 million in connection with these property improvements and expensed to operations $34.3 million.

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. The Company's open-air shopping centers are usually "anchored" by a national or regional discount department store, grocery store 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 TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Beyond, Albertsons, Ross Stores, Petsmart, Kohl’s, Wal-Mart and Whole Foods.

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. 

Minimum base rental revenues and operating expense reimbursements accounted for 98% and other revenues, including percentage rents, accounted for 2% of the Company's total revenues from rental properties for the year ended December 31, 2016. 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.

Approximately 29.8% of the Company's leases of consolidated properties 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 properties for the year ended December 31, 2016.  Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar inflation indices.

As of December 31, 2016, the Company’s consolidated operating portfolio, comprised of 59.2 million square feet of GLA, was 95.2% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico.  For the period January 1, 2016 to December 31, 2016, the Company increased the average base rent per leased square foot, which includes the impact of tenant concessions, in its U.S. consolidated portfolio of open-air shopping centers from $14.36 to $14.99, an increase of $0.63.  This increase primarily consists of (i) a $0.10 increase relating to acquisitions, (ii) a $0.19 increase relating to dispositions, and (iii) a $0.34 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio.

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The Company has a total of 6,120 leases in the U.S. consolidated operating portfolio. The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the Total Annual Base Rent Expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires during the respective year. Amounts in thousands except for number of lease data:

Year Ending December 31,	Number of Leases Expiring		Square Feet Expiring		Total Annual Base Rent Expiring		% of Gross Annual Rent
(1)		168		484	$	9,892		1.2	%
2017		717		4,075	$	68,822		8.2	%
2018		894		6,309	$	98,788		11.7	%
2019		903		6,653	$	100,430		11.9	%
2020		819		6,101	$	94,589		11.2	%
2021		793		6,745	$	98,678		11.7	%
2022		518		5,280	$	74,069		8.8	%
2023		273		3,425	$	47,962		5.7	%
2024		237		2,954	$	47,138		5.6	%
2025		225		2,168	$	35,144		4.2	%
2026		234		3,735	$	49,768		5.9	%
2027		156		3,033	$	40,761		4.8	%

(1) Leases currently under month to month lease or in process of renewal

During 2016, the Company executed 935 leases totaling over 6.8 million square feet in the Company’s consolidated operating portfolio comprised of 344 new leases and 591 renewals and options. The leasing costs associated with these leases are estimated to aggregate $58.4 million or $29.81 per square foot. These costs include $46.4 million of tenant improvements and $12.0 million of leasing commissions. The average rent per square foot on new leases was $18.85 and on renewals and options was $14.97. The Company will seek to obtain rents that are higher than amounts within its expiring leases, however, there are many variables and uncertainties which can significantly affect the leasing market at any time; as such, the Company cannot guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts.

Ground-Leased Properties. The Company has interests in 44 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. The Company 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 reverts to the landowner.

More specific information with respect to each of the Company's property interests is set forth in Exhibit 99.1, which is incorporated herein by reference.

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.

On January 28, 2013, the Company received a subpoena from the Enforcement Division of the SEC in connection with an investigation, In the Matter of Wal-Mart Stores, Inc. (FW-3678), that the SEC Staff is currently conducting with respect to possible violations of the Foreign Corrupt Practices Act. The Company has cooperated, and will continue to cooperate, with the SEC and the U.S. Department of Justice (“DOJ”), which is conducting a parallel investigation. At this point, we are unable to predict the duration, scope or result of the SEC or DOJ investigations. 

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

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

Market Information:    

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
2015:
First Quarter	$	28.54	$	25.20	$	0.24
Second Quarter	$	27.06	$	22.48	$	0.24
Third Quarter	$	25.70	$	22.07	$	0.24
Fourth Quarter	$	27.33	$	23.98	$	0.255	(a)
2016:
First Quarter	$	29.11	$	24.75	$	0.255
Second Quarter	$	31.38	$	26.79	$	0.255
Third Quarter	$	32.24	$	28.34	$	0.255
Fourth Quarter	$	29.23	$	24.35	$	0.27	(b)

(a) Paid on January 15, 2016 to stockholders of record on January 4, 2016.

(b) Paid on January 15, 2017 to stockholders of record on January 3, 2017.

Holders: The number of holders of record of the Company's common stock, par value $0.01 per share, was 2,292 as of January 31, 2017.

Dividends: Since the IPO, the Company has paid regular quarterly cash dividends to its stockholders. While the Company intends to continue paying regular quarterly cash dividends, future dividend declarations will be paid at the discretion of the Board of Directors and will depend on the actual cash flows 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 operating fundamentals. The Company is required by the Code 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 properties, 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 $1.02 dividend per common share paid during 2016 consisted of 62% ordinary income, an 8% return of capital and 30% capital gain to its stockholders. The $0.96 dividend per common share paid during 2015 consisted of 100% capital gain 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, unsecured bank debt, mortgage debt and construction loans, convertible preferred stock and perpetual preferred stock. Borrowings under the Company's revolving credit facility 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 Footnotes 13, 14 and 17 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The Company does not believe that the preferential rights available to the holders of its Class I Preferred Stock, Class J Preferred Stock and Class K Preferred Stock, the financial covenants contained in its public bond indentures, as amended, its term loan, 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.

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Recent Sales of Unregister Securities:

None.

Issuer Purchases of Equity Securities: During the year ended December 31, 2016, the Company repurchased 257,477 shares in connection with common shares surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the vesting of restricted stock awards under the Company’s equity-based compensation plans. The Company expended approximately $6.9 million to repurchase these shares.

Period			Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
January 1, 2016	–	January 31, 2016		35,768	$	26.46		-	$	-
February 1, 2016	–	February 29, 2016		186,476	$	26.37		-		-
March 1, 2016	–	March 31, 2016		621	$	27.78		-		-
April 1, 2016	–	April 30, 2016		-	$	-		-		-
May 1, 2016	–	May 31, 2016		16,069	$	28.61		-		-
June 1, 2016	–	June 30, 2016		1,110	$	29.66		-		-
July 1, 2016	–	July 31, 2016		-	$	-		-		-
August 1, 2016	–	August 31, 2016		11,858	$	31.27		-		-
September 1, 2016	–	September 30, 2016		2,056	$	28.64		-		-
October 1, 2016	–	October 31, 2016		3,519	$	27.71		-		-
November 1, 2016	–	November 30, 2016		-	$	-		-		-
December 1, 2016	–	December 31, 2016		-	$	-		-		-
Total				257,477	$	26.80		-	$	-

Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2016, 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, 2016, 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 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.

	Year ended December 31,
	2016		2015		2014		2013		2012(2)
	(in thousands, except per share information)
Operating Data:
Revenues from rental properties (1)	$	1,152,401	$	1,144,474	$	958,888	$	825,210	$	755,851
Interest expense (2)	$	192,549	$	218,891	$	203,759	$	212,240	$	223,736
Early extinguishment of debt charges	$	45,674	$	-	$	-	$	-	$	-
Depreciation and amortization (2)	$	355,320	$	344,527	$	258,074	$	224,713	$	214,827
Gain on sale of operating properties, net (2)	$	92,823	$	132,908	$	618	$	2,798	$	8,475
Provision for income taxes, net (3)	$	78,583	$	67,325	$	22,438	$	32,654	$	15,603
Impairment charges (4)	$	93,266	$	45,383	$	39,808	$	32,247	$	10,289
Income from continuing operations (5)	$	378,850	$	894,190	$	375,133	$	276,884	$	172,760
Income per common share, from continuing operations:
Basic	$	0.79	$	2.01	$	0.77	$	0.53	$	0.19
Diluted	$	0.79	$	2.00	$	0.77	$	0.53	$	0.19
Weighted average number of shares of common stock:
Basic		418,402		411,319		409,088		407,631		405,997
Diluted		419,709		412,851		411,038		408,614		406,689
Cash dividends declared per common share	$	1.035	$	0.975	$	0.915	$	0.855	$	0.78

	December 31,
	2016			2015			2014			2013			2012
	(in thousands)
Balance Sheet Data:
Real estate, before accumulated depreciation	$	12,008,075		$	11,568,809		$	10,018,226		$	9,123,344		$	8,947,287
Total assets	$	11,230,600		$	11,344,171		$	10,261,400		$	9,644,247		$	9,731,928
Total debt	$	5,066,368		$	5,376,310		$	4,595,970		$	4,202,018		$	4,176,011
Total stockholders' equity	$	5,256,139		$	5,046,300		$	4,774,785		$	4,632,417		$	4,765,160
Cash flow provided by operations	$	592,096		$	493,701		$	629,343		$	570,035		$	479,054
Cash flow provided by/(used for) investing activities	$	165,383		$	21,365		$	126,705		$	72,235		$	(51,000	)
Cash flow used for financing activities	$	(804,527	)	$	(512,854	)	$	(717,494	)	$	(635,377	)	$	(399,061	)

(1)   Does not include revenues (i) from rental properties relating to unconsolidated joint ventures and (ii) from properties included in discontinued operations.

(2)   Does not include amounts reflected in discontinued operations.

(3)   Does not include amounts reflected in discontinued operations. Amounts include income taxes related to gain on sale of operating properties.

(4)   Amounts exclude noncontrolling interests and amounts reflected in discontinued operations.

(5)   Amounts include gain on sale of operating properties, net of tax and net of income attributable to noncontrolling interests.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations.

Executive Summary

Kimco Realty Corporation is one of the nation’s largest publicly-traded owners and operators of open-air shopping centers. As of December 31, 2016, the Company had interests in 525 shopping center properties aggregating 85.4 million square feet of GLA located in 34 states, Puerto Rico and Canada. In addition, the Company had 384 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 6.3 million square feet of GLA.

The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.

The Company’s strategy is to be the premier owner and operator of open-air shopping centers through investments primarily in the U.S.  To achieve this strategy the Company is (i) continuing to transform the quality of its portfolio by disposing of lesser quality assets and acquiring larger higher quality properties in key markets identified by the Company, for which substantial progress has been achieved as of the end of 2016, (ii) simplifying its business by: (a) reducing the number of joint venture investments and (b) exiting Mexico, South America and Canada, for which the exit of South America has been completed, Mexico has been substantially completed and the Company essentially sold all operating properties in Canada, (iii) pursuing redevelopment opportunities within its portfolio to increase overall value and (iv) selectively acquiring land parcels in our key markets for real estate development projects for long-term investment. As part of the Company’s strategy each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company has an active capital recycling program which provides for the disposition of certain U.S. properties. If the Company accepts sales prices for any of these assets that are less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material. In order to execute the Company’s strategy, the Company intends to continue to strengthen its balance sheet by pursuing deleveraging efforts over time, providing it the necessary flexibility to invest opportunistically and selectively, primarily focusing on U.S. open-air shopping centers.

The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2016:

Financial and Portfolio Information:

● Net income available to common shareholders was $332.6 million, or $0.79 per diluted share for the year ended December 31, 2016, as compared to $831.2 million, or $2.00 per diluted share for the corresponding period in 2015. This change was primarily attributable to lower gains on sales of operating properties (including joint ventures) of $378.9 million, net of tax and $49.9 million of higher impairments attributable to the sale or pending disposition of operating properties in 2016 (see “Results of Operations” for additional detail).

● Funds from operations (“FFO”) decreased to $555.7 million or $1.32 per diluted share for the year ended December 31, 2016 from $643.2 million or $1.56 per diluted share for the year ended December 31, 2015, (see additional disclosure on FFO beginning on page 30).

● FFO as adjusted increased to $629.4 million or $1.50 per diluted share for the year ended December 31, 2016 from $603.4 million or $1.46 per diluted share for the year ended December 31, 2015, (see additional disclosure on FFO beginning on page 30).

● U.S. same property net operating income (“U.S. same property NOI”) increased 2.8% for the year ended December 31, 2016, as compared to the corresponding period in 2015 (see additional disclosure on U.S. same property NOI beginning on page 32).

● Executed 935 new leases, renewals and options totaling approximately 6.8 million square feet in the Consolidated Operating Portfolio.

● The Company’s consolidated operating portfolio occupancy at December 31, 2016 was 95.2%.

Acquisition Activity (see Footnotes 3, 4 and 8 of the Notes to Consolidated Financial Statements included in this Form 10-K):

● Acquired 12 consolidated operating properties and two out-parcels comprising an aggregate 2.7 million square feet of GLA, for an aggregate purchase price of $645.6 million including the assumption of $284.7 million of non-recourse mortgage debt encumbering 10 of the properties. The Company acquired nine of these properties for an aggregate purchase price of $505.9 million from joint ventures in which the Company previously held noncontrolling ownership interests and recognized an aggregate gain on change in control of interests of $57.4 million from the fair value adjustment.

● The Company acquired from its partner the remaining ownership interest in a development project that was held in a joint venture for a gross purchase price of $84.2 million. Additionally, during the year ended December 31, 2016, the Company acquired additional land parcels related to two existing development projects for $13.8 million.

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Disposition Activity (see Footnote 5 of the Notes to Consolidated Financial Statements included in this Form 10-K):

● During 2016, the Company disposed of 30 consolidated operating properties and two out-parcels, in separate transactions, for an aggregate sales price of $378.7 million. These transactions resulted in (i) an aggregate gain of $86.8 million, after income tax expense, and (ii) aggregate impairment charges of $37.2 million, which were taken prior to sale, before income tax benefit of $10.0 million.

Capital Activity (for additional details see Liquidity and Capital Resources below):

During the years ended December 31, 2016 and 2015, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Maturity Date			Amount Repaid (USD)		Interest Rate
Canadian Notes Payable	Aug-16	Apr-18	-	Aug-20	$	270.9	3.855%	-	5.99%
Senior Unsecured Note	Aug-16		May-17		$	290.9		5.70%
Medium Term Notes	Mar-16		Mar-16		$	300.0		5.783%

Also during 2016, the Company (i) repaid $400.0 million of the Company’s $650.0 million unsecured term loan, (ii) assumed $289.0 million of individual non-recourse mortgage debt relating to the acquisition of 10 properties, including $4.3 million associated with fair value debt adjustments, (iii) paid off $703.0 million of mortgage debt (including fair value of debt adjustment of $2.1 million) that encumbered 47 operating properties and (iv) disposed of an encumbered property through foreclosure with debt of $25.6 million (including fair value of debt adjustment of $0.4 million) .

As a result of the above activity the Company was able to extend its debt maturity profile, including extension options, as of December 31, 2016 as follows:

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Critical Accounting Policies

The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly-owned subsidiaries 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 in accordance with the consolidation guidance of the FASB Accounting Standards Codification (“ASC”). The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The most significant assumptions and estimates relate to revenue recognition and the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, valuation of joint venture investments and other investments, realizability of deferred tax assets and uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could materially differ from these estimates.

The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate properties, investments in joint ventures, marketable securities and other investments. The Company’s reported net earnings are directly affected by management’s estimate of impairments and/or valuation allowances.

Revenue Recognition and Accounts Receivable

Base rental revenues from rental properties 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 recorded once the required sales level is achieved. Operating expense reimbursements are recognized as earned. 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, real estate taxes and other operating expenses.

The Company makes estimates of the uncollectability of its accounts receivable related to base rents, straight-line rent, 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 are directly affected by management’s estimate of the collectability of accounts receivable.

Real Estate

The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization. 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.

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, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. 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 recognized in the reporting period in which the adjustment is identified. The Company expenses transaction costs associated with business combinations in the period incurred. The Company has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business at the beginning of its fiscal year ended December 31, 2017, including its interim periods within the year, and will appropriately apply the guidance to its prospective asset acquisitions of operating properties, which includes the capitalization of acquisition costs.

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

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

The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the Company’s net earnings.

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On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period 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 anticipated hold period 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 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 of such asset net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book value of such asset, an adjustment to the carrying value would be recorded 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 are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and, where applicable, are 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 open-air 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 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. From time to time the joint ventures will obtain unsecured debt, which may be guaranteed by the joint venture. The Company’s exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.

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 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.

The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture 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.

Realizability of Deferred Tax Assets and Uncertain Tax Positions

The Company is subject to federal, state and local income taxes on the income from its activities relating to its TRS activities and subject to local taxes on certain non-U.S. investments. The Company accounts for income taxes using the asset and liability method, which requires that deferred tax assets and liabilities be recognized based on future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized.

The Company considers all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is needed. Information about an enterprise's current financial position and its results of operations for the current and preceding years is supplemented by all currently available information about future years. The Company must use judgment in considering the relative impact of negative and positive evidence. The Company’s reported net earnings are directly affected by management’s judgement in determining a valuation allowance.

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The Company recognizes and measures benefits for uncertain tax positions, which requires significant judgment from management. Although the Company believes it has adequately reserved for any uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in the Company’s income tax expense in the period in which a change is made, which could have a material impact on operating results (see Footnote 22 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Results of Operations

Comparison 2016 to 2015

	2016		2015		Change			% change
	(amounts in millions)
Revenues from rental properties (1)	$	1,152.4	$	1,144.5	$	7.9			0.7%
Rental property expenses: (2)
Rent	$	11.0	$	12.3	$	(1.3	)		(10.6%)
Real estate taxes		146.6		147.2		(0.6	)		(0.4%)
Operating and maintenance		140.9		145.0		(4.1	)		(2.8%)
	$	298.5	$	304.5	$	(6.0	)		(2.0%)
Depreciation and amortization (3)	$	355.3	$	344.5	$	10.8			3.1%

(1) Revenues from rental properties increased primarily from the combined effect of (i) the acquisition of operating properties during 2016 and 2015, providing incremental revenues for the year ended December 31, 2016, of $57.4 million, as compared to the corresponding period in 2015 and (ii) the completion of certain redevelopment projects, tenant buyouts and net growth in the current portfolio, providing incremental revenues for the year ended December 31, 2016, of $17.4 million, as compared to the corresponding period in 2015, partially offset by (iii) a decrease in revenues of $66.9 million from properties sold during 2016 and 2015.

(2) Rental property expenses include (i) rent expense relating to ground lease payments for which the Company is the lessee, (ii) real estate tax expense for consolidated properties for which the Company has a controlling ownership interest and (iii) operating and maintenance expense, which consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses. Rental property expenses decreased $6.0 million for the year ended December 31, 2016, as compared to the corresponding period in 2015, primarily due to the disposition of properties during 2016 and 2015, partially offset by the acquisition of properties during 2016 and 2015.

(3) Depreciation and amortization increased for the year ended December 31, 2016, as compared to the corresponding period in 2015, primarily due to operating property acquisitions during 2016 and 2015 and write-offs relating to the Company’s redevelopment projects in 2016, partially offset by property dispositions.

Management and other fee income decreased $3.9 million to $18.4 million for the year ended December 31, 2016, as compared to $22.3 million for the corresponding period in 2015. This decrease is primarily attributable to (i) the sale of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2016 and 2015, and (ii) the recognition of enhancement fee income related to the Company’s prior investment in InTown Suites of $1.2 million during 2015.

General and administrative costs include employee-related expenses (salaries, bonuses, equity awards, benefits, severance costs and payroll taxes), professional fees, office rent, travel expense and other company-specific expenses. General and administrative expenses decreased $5.4 million for the year ended December 31, 2016, as compared to the corresponding period in 2015, primarily due to a decrease in severance costs and a reduction in professional fees.

During the year ended December 31, 2016, the Company recognized impairment charges related solely to adjustments to property carrying values of $93.3 million for which the Company’s estimated fair value was primarily based on third party appraisals and third party offers through signed contracts, letters of intent or discounted cash flow models. During the year ended December 31, 2015, the Company recognized impairment charges of $45.5 million, before noncontrolling interests and income taxes, of which $0.1 million is included in discontinued operations. The 2015 impairment charges consisted of (i) $30.3 million related to adjustments to property carrying values, (ii) $9.0 million relating to a cost method investment, (iii) $5.3 million related to certain investments in other real estate investments and (iv) $0.8 million related to marketable debt securities investments. The adjustments to property carrying values for 2016 and 2015 were recognized in connection with the Company’s efforts to market for sale certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. Certain of the calculations to determine fair value utilized unobservable inputs and as such are classified as Level 3 of the fair value hierarchy. For additional disclosure, see Footnote 16 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Interest, dividends and other investment income decreased $37.6 million to $1.5 million for the year ended December 31, 2016, as compared to $39.1 million for the corresponding period in 2015. This decrease is primarily due to the sale of certain marketable securities during the year ended December 31, 2015, which resulted in an aggregate gain of $39.9 million.

Interest expense decreased $26.4 million to $192.5 million for the year ended December 31, 2016, as compared to $218.9 million for the corresponding period in 2015.  This decrease is primarily the result of lower levels of borrowings and lower interest rates on borrowings during 2016, as compared to 2015.

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During the year ended December 31, 2016, the Company incurred early extinguishment of debt charges aggregating $45.7 million in connection with the optional make-whole provisions of unsecured notes that were repaid prior to maturity and prepayment penalties on a mortgage encumbering 10 operating properties, which the Company also paid prior to the scheduled maturity date. See “Liquidity and Capital Resources” for additional details.

Provision for income taxes, net increased $12.3 million to $72.5 million for the year ended December 31, 2016, as compared to $60.2 million for the corresponding period in 2015. This increase is primarily due to (i) an increase in the Company’s valuation allowance of $63.5 million as a result of the Company’s merger of its taxable REIT subsidiary into a wholly owned LLC of the Company, partially offset by (ii) a decrease in foreign tax expense of $26.1 million primarily relating to fewer sales of unconsolidated properties within the Company’s Canadian portfolio which were subject to foreign taxes at a consolidated reporting entity level during 2016, as compared to 2015, (iii) an increase in tax benefit of $13.4 million related to impairment charges recognized during 2016, as compared to 2015, (iv) a decrease of $4.5 million in tax expense related to gains recognized during 2015, as compared to 2016, (v) a decrease of $3.0 million in tax expense on operations due to fewer properties in the taxable REIT subsidiary as a result of the TRS Merger, (vi) a decrease of $2.0 million resulting from the favorable settlement of a tax audit during 2016 and (vii) a decrease in tax expense of $2.0 million relating to equity income recognized in connection with the Company’s Albertsons investment during 2015.

Equity in income of joint ventures, net decreased $261.7 million to $218.7 million for the year ended December 31, 2016, as compared to $480.4 million for the corresponding period in 2015. This decrease is primarily due to (i) a decrease in gains of $248.1 million resulting from fewer sales of properties and interests within various joint venture investments, including the Company’s Canadian Portfolio, during 2016, as compared to 2015 and (ii) lower equity in income of $26.0 million resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2016 and 2015, partially offset by (iii) a decrease in impairment charges of $7.2 million recognized during 2016, as compared to 2015.

During 2016, the Company acquired nine operating properties and one development project from joint ventures in which the Company had a noncontrolling interest. The Company recorded a gain on change in control of interests of $57.4 million related to the fair value adjustment associated with its previously held equity interest in the operating properties.

During 2015, the Company acquired 43 properties from joint ventures in which the Company had noncontrolling interests.  The Company recorded a net gain on change in control of interests of $149.2 million related to the fair value adjustment associated with its previously held equity interests in these properties.

Equity in income from other real estate investments, net decreased $8.3 million to $27.8 million for the year ended December 31, 2016, as compared to $36.1 million for the corresponding period in 2015. This decrease is primarily due to (i) a decrease in equity in income of $4.9 million resulting from a cash distribution received in excess of the Company’s carrying basis in 2015, (ii) a decrease in income resulting from the sale of the Company’s leveraged lease portfolio of $3.8 million during 2015 and (iii) a decrease of $2.8 million in earnings from the Company’s Preferred Equity Program during the year ended December 31, 2016, primarily resulting from the sale of the Company’s interests in certain preferred equity investments during 2016 and 2015, partially offset by (iv) an increase of $3.3 million in profit participation from the Company’s Preferred Equity Program from capital transactions during the year ended December 31, 2016, as compared to the corresponding period in 2015.

During 2016, the Company disposed of 30 consolidated operating properties and two out-parcels, in separate transactions, for an aggregate sales price of $378.7 million. These transactions resulted in an aggregate gain of $86.8 million, after income tax expense, and aggregate impairment charges of $37.2 million which were taken prior to sale, before income tax benefit of $10.0 million.

During 2015, the Company disposed of 89 consolidated operating properties and eight out-parcels, in separate transactions, for an aggregate sales price of $492.5 million. These transactions resulted in an aggregate gain of $143.6 million, after income tax expense, and aggregate impairment charges of $10.2 million, before income tax expense of $2.3 million. Additionally, during 2015, the Company disposed of its remaining operating property in Chile for a sales price of $51.3 million. This transaction resulted in the release of a cumulative foreign currency translation loss of $19.6 million due to the Company’s liquidation of its investment in Chile, partially offset by a gain on sale of $1.8 million, after income tax expense.

Net income attributable to the Company was $378.9 million for the year ended December 31, 2016, as compared to $894.1 million for the year ended December 31, 2015. On a diluted per share basis, net income available to the Company for the year ended December 31, 2016 was $0.79 as compared to $2.00 for the year ended December 31, 2015. These changes are primarily attributable to (i) a decrease in equity in income of joint ventures, net, resulting from gains on sales of properties within various joint venture investments during 2015, (ii) a decrease in gain on change in control of interests, net related to the fair value adjustment associated with the Company’s previously held equity interests in properties acquired from various joint ventures during 2016 and 2015, (iii) an increase in impairments of operating properties during 2016, (iv) an increase in early extinguishment of debt charges resulting from the prepayment of secured and unsecured debt by the Company, (v) a decrease in gains on sale of operating properties, (vi) a decrease in gain on sale of marketable securities during 2016, as compared to the corresponding period in 2015, (vii) an increase in provision for income taxes due to a valuation allowance on net deferred tax assets resulting from the merger of KRS into a wholly-owned LLC of the Company and (viii) a decrease in gains through the Company’s preferred equity program and other investments, partially offset by (ix) a decrease in interest expense and (x) incremental earnings due to the acquisition of operating properties during 2016 and 2015 and increased profitability from the Company’s operating properties.

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Results of Operations

Comparison 2015 to 2014

	2015		2014		Change			% change
	(amounts in millions)
Revenues from rental properties (1)	$	1,144.5	$	958.9	$	185.6			19.4%
Rental property expenses: (2)
Rent	$	12.3	$	14.3	$	(2.0	)		(14.0%)
Real estate taxes		147.2		124.7		22.5			18.0%
Operating and maintenance		145.0		119.7		25.3			21.1%
	$	304.5	$	258.7	$	45.8			17.7%
Depreciation and amortization (3)	$	344.5	$	258.1	$	86.4			33.5%

(1) Revenues from rental properties increased primarily from the combined effect of (i) the acquisition of operating properties during 2015 and 2014, providing incremental revenues for the year ended December 31, 2015, of $179.9 million, as compared to the corresponding period in 2014 and (ii) the completion of certain redevelopment projects, tenant buyouts and net growth in the current portfolio, providing incremental revenues for the year ended December 31, 2015, of $23.5 million, as compared to the corresponding period in 2014, partially offset by (iii) a decrease in revenues of $17.8 million from properties sold during 2015 and 2014.

(2) Rental property expenses include (i) rent expense relating to ground lease payments for which the Company is the lessee, (ii) real estate tax expense for consolidated properties for which the Company has a controlling ownership interest and (iii) operating and maintenance expense, which consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses. Rental property expenses increased for the year ended December 31, 2015, as compared to the corresponding period in 2014, primarily due to the acquisitions of properties during 2015 and 2014, partially offset by the disposition of properties in 2015, which resulted in (i) a net increase in real estate taxes of $22.5 million, (ii) a net increase in repairs and maintenance costs of $9.7 million, (iii) a net increase in property services of $4.8 million, (iv) a net increase in snow removal costs of $3.6 million, (v) a net increase in professional fees of $2.4 million and (vi) a net increase in insurance expense of $3.1 million, due to an increase in insurance claims.

(3) Depreciation and amortization increased for the year ended December 31, 2015, as compared to the corresponding period in 2014, primarily due to operating property acquisitions during 2015 and 2014 and amounts relating to the Company’s redevelopment projects in 2015, partially offset by property dispositions.

Management and other fee income decreased $12.7 million to $22.3 million for the year ended December 31, 2015, as compared to $35.0 million for the corresponding period in 2014. This decrease is primarily attributable to (i) the sale of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2015 and 2014 and (ii) a decrease in enhancement fee income related to InTown Suites of $4.1 million for the year ended December 31, 2015, as compared to the corresponding period in 2014, resulting from the repayment of debt that was previously guaranteed by the Company.

During the year ended December 31, 2015, the Company recognized impairment charges of $45.5 million, before noncontrolling interests and income taxes, of which $0.1 million is included in discontinued operations. These impairment charges consist of (i) $30.3 million related to adjustments to property carrying values, (ii) $9.0 million relating to a cost method investment, (iii) $5.3 million related to certain investments in other real estate investments and (iv) $0.8 million related to marketable debt securities investments. During the year ended December 31, 2014, the Company recognized impairment charges of $217.8 million, of which $178.0 million, before income tax benefits of $1.7 million, is included in discontinued operations. These impairment charges consist of (i) $118.4 million related to adjustments to property carrying values, (ii) the release of a cumulative foreign currency translation loss of $92.9 million relating to the substantial liquidation of the Company’s investment in Mexico, (iii) $4.8 million related to a cost method investment and (iv) $1.6 million related to a preferred equity investment. The adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. Certain of the calculations to determine fair value utilized unobservable inputs and as such are classified as Level 3 of the fair value hierarchy. For additional disclosure, see Footnote 16 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Interest, dividends and other investment income increased $38.1 million to $39.1 million for the year ended December 31, 2015, as compared to $1.0 million for the corresponding period in 2014. This increase is primarily due to the sale of certain marketable securities during 2015, which resulted in an aggregate gain of $39.9 million.

Other income/(expense), net changed $10.7 million to income of $2.2 million for the year ended December 31, 2015, as compared to an expense of $8.5 million for the corresponding period in 2014. This change is primarily due to (i) the release of contingent liabilities related to potential earn-out payments, for which the Company ultimately was not required to pay of $5.8 million, (ii) a decrease in acquisition related costs of $2.3 million and (iii) an increase in gains on land sales of $0.8 million.

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Interest expense increased $15.1 million to $218.9 million for the year ended December 31, 2015, as compared to $203.8 million for the corresponding period in 2014.  This increase is primarily the result of higher levels of borrowings during 2015, as compared to 2014, primarily relating to the acquisition of operating properties during 2015 and 2014.

Provision for income taxes, net increased $37.8 million to $60.2 million for the year ended December 31, 2015, as compared to $22.4 million for the corresponding period in 2014. This increase is primarily due to (i) an increase in foreign tax expense of $33.6 million primarily resulting from the sale of certain Canadian investments during 2015, as compared to 2014 and (ii) an increase in tax expense of $4.3 million relating to equity in income recognized in connection with the Company’s Albertsons investment during 2015, as compared to 2014.

Equity in income of joint ventures, net increased $320.8 million to $480.4 million for the year ended December 31, 2015, as compared to $159.6 million for the corresponding period in 2014. This increase is primarily due to (i) an increase in gains of $316.1 million resulting from the sale of properties and sale of interests within various joint venture investments during the year ended December 31, 2015, as compared to the corresponding period in 2014 and (ii) the release of cumulative foreign currency translation loss of $47.3 million relating to the substantial liquidation of the Company’s investment in Mexico during 2014, partially offset by (iii) a decrease in equity in income of $15.6 million resulting from a cash distribution received in excess of the Company’s carrying basis in 2014, (iv) an increase in impairment charges of $14.9 million recognized during the year ended December 31, 2015, as compared to the corresponding period in 2014 and (v) lower equity in income resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2015 and 2014.

During 2015, the Company acquired 43 properties from joint ventures in which the Company had noncontrolling interests.  The Company recorded a net gain on change in control of interests of $149.2 million related to the fair value adjustment associated with its previously held equity interests in these properties.

During 2014, the Company acquired 34 properties from joint ventures in which the Company had noncontrolling interests. The Company recorded an aggregate net gain on change in control of interests of $107.2 million related to the fair value adjustment associated with its original ownership of these properties.

During 2015, the Company disposed of 89 consolidated operating properties and eight out-parcels, in separate transactions, for an aggregate sales price of $492.5 million. These transactions resulted in an aggregate gain of $143.6 million, after income tax expense, and aggregate impairment charges of $10.2 million, before income tax expense of $2.3 million. Additionally, during 2015, the Company disposed of its remaining operating property in Chile for a sales price of $51.3 million. This transaction resulted in the release of a cumulative foreign currency translation loss of $19.6 million due to the Company’s liquidation of its investment in Chile, partially offset by a gain on sale of $1.8 million, after income tax expense.

During 2014, the Company disposed of 90 consolidated operating properties, in separate transactions, for an aggregate sales price of $833.5 million, including 27 operating properties in Latin America. These transactions, which are included in Discontinued Operations on the Company’s Consolidated Statements of Income, resulted in (i) an aggregate gain of $203.3 million, before income taxes of $12.0 million, (ii) the release of a cumulative foreign currency translation loss of $92.9 million relating to the substantial liquidation of the Company’s investment in Mexico and (iii) aggregate impairment charges of $85.1 million before income tax benefits of $1.7 million.

Net income attributable to the Company was $894.1 million for the year ended December 31, 2015. Net income attributable to the Company was $424.0 million for the year ended December 31, 2014. On a diluted per share basis, net income attributable to the Company was $2.00 for the year ended December 31, 2015, as compared to $0.89 for the year ended December 31, 2014. These changes are primarily attributable to (i) incremental earnings due to the acquisition of operating properties during 2015 and 2014 and increased profitability from the Company’s operating properties, (ii) an increase in equity in income of joint ventures, net, primarily from gains on sale of Canadian assets, (iii) an increase in gains on sale of marketable securities and (iv) an increase in gain on change in control of interests, net, partially offset by (v) an increase in depreciation and amortization, (vi) the disposition of operating properties during 2015 and 2014 and (vii) an increase in provision for income taxes, net.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, mortgage and construction loan financing, borrowings under term loans and immediate access to an unsecured revolving credit facility with bank commitments of $1.75 billion at December 31, 2016, which were subsequently increased to $2.25 billion during February 2017.

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The Company’s cash flow activities are summarized as follows (in millions):

	Year Ended December 31,
	2016			2015			2014
Net cash flow provided by operating activities	$	592.1		$	493.7		$	629.3
Net cash flow provided by investing activities	$	165.4		$	21.4		$	126.7
Net cash flow used for financing activities	$	(804.5	)	$	(512.9	)	$	(717.5	)

Operating Activities

The Company anticipates that cash on hand, borrowings under its revolving credit facility, issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company.  Cash flows provided by operating activities for the year ended December 31, 2016, were $592.1 million, as compared to $493.7 million for the comparable period in 2015. The increase of $98.4 million is primarily attributable to (i) the acquisition of operating properties during 2016 and 2015, (ii) new leasing, expansion and re-tenanting of core portfolio properties and (iii) changes in operating assets and liabilities due to timing of receipts and payments, partially offset by (iv) a decrease in operational distributions from the Company’s joint venture programs due to the sale of certain joint venture properties during 2016 and 2015.

Investing Activities

Cash flows provided by investing activities for the year ended December 31, 2016, was $165.4 million, as compared to $21.4 million for the comparable period in 2015. This increase of $144.0 million resulted primarily from (i) a decrease in acquisition of operating real estate and other related net assets of $458.2 million, (ii) a decrease in investment in other investments of $190.3 million related to the Company’s KRS AB Acquisition, LLC joint venture investment in Safeway Inc. during 2015, (iii) an increase in return of investment from liquidation of real estate joint ventures of $103.2 million primarily due to the liquidation of certain Canadian joint ventures in 2016, as compared to the corresponding period in 2015, and (iv) a decrease in improvements to operating real estate of $23.2 million, partially offset by (v) a decrease in distributions from liquidation of real estate joint ventures of $235.4 million, (vi) a decrease in proceeds from the sale of operating properties of $132.4 million, (vii) a decrease in proceeds from sale/repayments of marketable securities of $74.2 million, (viii) an increase in improvements to real estate under development of $55.9 million, (ix) a decrease in collection of mortgage loan receivables of $54.2 million, (x) a decrease in reimbursements of investments and advances to real estate joint ventures and other real estate investments of $51.9 million and (xi) an increase in acquisition of real estate under development of $35.2 million.

Acquisitions of Operating Real Estate and Other Related Net Assets

During the years ended December 31, 2016 and 2015, the Company expended $203.2 million and $661.4 million, respectively, towards the acquisition of operating real estate properties. The Company continues to transform its operating portfolio through its capital recycling program by acquiring what the Company believes are high quality U.S. retail properties and disposing of lesser quality assets. The Company anticipates acquiring approximately $300.0 million to $400.0 million of operating properties during 2017. The Company intends to fund these acquisitions with proceeds from property dispositions, cash flow from operating activities, assumption of mortgage debt, if applicable, and availability under the Company’s revolving line of credit.

Improvements to Operating Real Estate

During the years ended December 31, 2016 and 2015, the Company expended $143.5 million and $166.7 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):

	Year Ended December 31,
	2016		2015
Redevelopment/renovations	$	96,319	$	125,994
Tenant improvements/tenant allowances		39,016		30,127
Other		8,154		10,549
Total (1)	$	143,489	$	166,670

(1) During the years ended December 31, 2016 and 2015, the Company capitalized interest of $2.4 million and $3.0 million, respectively, and capitalized payroll of $2.1 million and $3.0 million, respectively, in connection with the Company’s improvements to operating real estate.

During the years ended December 31, 2016 and 2015, the Company capitalized personnel costs of $15.4 million and $13.9 million, respectively, relating to deferred leasing costs.

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The Company has an ongoing program to redevelop and re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company has identified three categories of redevelopment, (i) large scale redevelopment, which involves demolishing and building new square footage, (ii) value creation redevelopment, which includes the subdivision of large anchor spaces into multiple tenant layouts, and (iii) creation of out-parcels and pads which are located in the front of the shopping center properties. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts during 2017 will be approximately $250.0 million to $300.0 million. The funding of these capital requirements will be provided by cash flow from operating activities and availability under the Company’s revolving line of credit.

Real Estate Under Development

The Company is engaged in select real estate development projects, which are expected to be held as long-term investments by the Company. As of December 31, 2016, the Company had in progress a total of six consolidated real estate development projects located in the U.S. The Company anticipates its capital commitment toward these development projects during 2017 will be approximately $150.0 million to $200.0 million. The funding of these capital requirements will be provided by cash flow from operating activities and availability under the Company’s revolving line of credit. The Company anticipates remaining costs to complete for these projects to be approximately $225.0 million to $275.0 million. Additionally, during the year ended December 31, 2016, the Company capitalized interest of $6.9 million, real estate taxes and insurance of $4.3 million and payroll of $1.8 million, in connection with these real estate development projects.

Financing Activities

Cash flow used for financing activities for the year ended December 31, 2016, was $804.5 million, as compared to $512.9 million for the comparable period in 2015. This change of $291.6 million resulted primarily from (i) an increase in repayments under unsecured term loan/notes of $511.9 million, (ii) an increase in principal payments of $135.6 million, (iii) a decrease in contributions from noncontrolling interests, net of $106.2 million, primarily relating to the joint venture investment in Safeway, (iv) a decrease in proceeds from issuance of unsecured term loan/notes of $100.0 million, (v) an increase in early extinguishment of debt charges of $45.7 million and (vi) an increase in dividends paid of $18.2 million, partially offset by (vii) an increase in proceeds from issuance of stock of $288.7 million, (viii) a decrease in redemption of preferred stock of $175.0 million, (ix) an increase in proceeds from unsecured revolving credit facility, net of $126.4 million and (x) a decrease in redemption of noncontrolling interests of $43.2 million.

The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. The Company continues to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks. The Company has noticed a continuing trend that, although pricing remains dependent on specific deal terms, generally spreads for non-recourse mortgage financing had been widening due to global economic issues, but have recently stabilized. However, the unsecured debt markets are functioning well and credit spreads are at manageable levels.

Debt maturities for 2017 consist of: $451.6 million of consolidated debt; $358.2 million of unconsolidated joint venture debt; and $59.3 million of debt on properties included in the Company’s Preferred Equity Program, assuming the utilization of extension options where available. Subsequent to December 31, 2016, the Company paid off the remaining $250.0 million outstanding balance on the Company’s unsecured term loan. The 2017 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Company’s revolving credit facility (which at December 31, 2016, had $1.725 billion available and was subsequently increased to $2.25 billion) and debt refinancing where applicable.   The 2017 debt maturities on properties in the Company’s unconsolidated joint ventures and Preferred Equity Program are anticipated to be repaid through debt refinancing, unsecured credit facilities and partner capital contributions, as deemed appropriate.

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain its investment-grade debt ratings.   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.

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 $12.2 billion.  Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air shopping centers, funding real estate under development projects, expanding and improving properties in the portfolio and other investments.

During February 2015, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for the future unlimited offerings, from time-to-time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement 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. (See Footnote 13 of the Notes to Consolidated Financial Statements included in this Form 10-K.)

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At the Market Continuous Offering Program (“ATM program”)

During February 2015, the Company established an ATM program, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the NYSE or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended December 31, 2016, the Company issued 9,806,377 shares and received proceeds of $285.2 million, net of commissions and fees of $2.9 million. As of December 31, 2016, the Company had $211.9 million available under this ATM program.

Medium Term Notes (“MTN”) and Senior Notes

The Company’s supplemental indenture governing its MTN and senior notes contains the following covenants, all of which the Company is compliant with:

Covenant	Must Be	As of 12/31/16
Consolidated Indebtedness to Total Assets	<65%	38%
Consolidated Secured Indebtedness to Total Assets	<40%	8%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	6.0x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.8x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24, 2009; the Sixth Supplemental Indenture dated as of May 23, 2013; and the Seventh Supplemental Indenture dated as of April 24, 2014, each as filed with the SEC.See the Exhibits Index for specific filing information.

During the year ended December 31, 2016, the Company issued the following Senior Unsecured Notes(dollars in millions):

Date Issued	Maturity Date		Amount Issued	Interest Rate
Nov-16	Mar-24	$	400.0	2.7%
Nov-16	Dec-46	$	350.0	4.125%
Aug-16	Oct-26	$	500.0	2.8%
May-16	Apr-45	$	150.0	4.25%

Interest on these senior unsecured notes is payable semi-annually in arrears. The Company used the net proceeds from these issuances, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s revolving credit facility.

During the year ended December 31, 2016, the Company repaid (i) its $300.0 million 5.783% medium term notes, which matured in March 2016 and (ii) its $290.9 million 5.70% senior unsecured notes, which were scheduled to mature in May 2017. The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of its $290.9 million 5.70% notes.

Canadian Notes Payable

During August 2016, Kimco North Trust III, a wholly-owned subsidiary of the Company, repaid (i) its CAD $150.0 million (USD $116.1 million) 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million (USD $154.8 million) 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

Credit Facility

The Company had a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which was scheduled to expire in March 2018 with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2019. The Credit Facility, which could be increased to $2.25 billion through an accordion feature, accrued interest at a rate of LIBOR plus 92.5 basis points (1.67% as of December 31, 2016) on drawn funds. In addition, the Credit Facility included a $500 million sub-limit which provided the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, was 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, 2016, the Credit Facility had a balance of $25.0 million outstanding and $0.7 million appropriated for letters of credit.

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In February 2017, the Company closed on a new $2.25 billion unsecured revolving credit facility (the “New Credit Facility”) with a group of banks, which is scheduled to expire in March 2021 with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2022. The New Credit Facility could be increased to $2.75 billion through an accordion feature. The New Credit Facility replaces the Company’s Credit Facility discussed above, that was scheduled to mature in March 2018. The New Credit Facility accrues interest at a rate of LIBOR plus 87.5 basis points on drawn funds. In addition, there is a $500.0 million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the New Credit Facility, the Company continues to be subject to the covenants under the Credit Facility. For a full description of the New Credit Facility’s covenants refer to the Amended and Restated Credit Agreement dated as of February 1, 2017, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 30, 2017.

Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:

Covenant	Must Be	As of 12/31/16
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	41%
Total Priority Indebtedness to GAV	<35%	8%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	4.90x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	2.84x

For a full description of the Credit Facility’s covenants refer to the Credit Agreement dated as of March 17, 2014, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 20, 2014.

Term Loan

The Company had a $650.0 million unsecured term loan (“Term Loan’) which was scheduled to mature in January 2017, with three one-year extension options at the Company’s discretion, and accrued interest at a spread (95 basis points at December 31, 2016) to LIBOR or at the Company’s option at a base rate as defined per the agreement (1.60% at December 31, 2016). During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan. As of December 31, 2016, the Term Loan had a balance of $250.0 million. Pursuant to the terms of the credit agreement for the Term Loan, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. The Term Loan covenants are similar to the Credit Facility covenants described above. During January 2017, the Company repaid the remaining $250.0 million balance on the Term Loan and terminated the agreement.

Mortgages Payable

During 2016, the Company (i) assumed $289.0 million of individual non-recourse mortgage debt relating to the acquisition of 10 properties, including $4.3 million associated with fair value debt adjustments and (ii) paid off $703.0 million of mortgage debt (including fair market value adjustment of $2.1 million) that encumbered 47 operating properties. In connection with the early prepayment of certain of these mortgages, the Company recorded an early extinguishment of debt charge of $9.2 million.

Additionally, during 2016, the Company disposed of an encumbered property through foreclosure. This transaction resulted in a net decrease in mortgage debt of $25.6 million (including fair market value adjustment of $0.4 million) and a gain on forgiveness of debt of $3.1 million, which is included in Other income/(expense), net in the Company’s Consolidated Statements of Income.

In addition to the public equity and debt markets as capital sources, the Company may, from time-to-time, obtain mortgage financing on selected properties and construction loans to partially fund the capital needs of its real estate under development projects. As of December 31, 2016, the Company had over 360 unencumbered property interests in its portfolio.

Dividends

In connection with its intention to continue to qualify as a REIT for federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as the Board of Directors monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals.  Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a conservative dividend payout ratio, reserving such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.  Cash dividends paid were $474.0 million in 2016, $455.8 million in 2015 and $427.9 million in 2014.

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Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. On October 25, 2016, the Company’s Board of Directors declared an increased quarterly cash dividend of $0.27 per common share, an annualized increase of 5.9%, payable to shareholders of record on January 3, 2017, which was paid on January 15, 2017. Additionally, on February 2, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.27 per common share payable to shareholders of record on April 5, 2017, which is scheduled to be paid on April 17, 2017.

The Board of Directors also declared quarterly dividends with respect to the Company’s various series of cumulative redeemable preferred shares (Class I, Class J and Class K). All dividends on the preferred shares are scheduled to be paid on April 17, 2017, to shareholders of record on April 4, 2017, with an ex-dividend date of March 31, 2017.

Other

The Company is subject to taxes on its activities in Canada, Puerto Rico and Mexico.  In general, under local country law applicable to the structures the Company has in place and applicable treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally are not subject to withholding tax. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

Contractual Obligations and Other Commitments

The Company has debt obligations relating to its revolving credit facility, Term Loan, MTNs, senior notes and mortgages with maturities ranging from less than one year to 30 years. As of December 31, 2016, the Company’s total debt had a weighted average term to maturity of 8.7 years. In addition, the Company has non-cancelable operating leases pertaining to its shopping center portfolio. As of December 31, 2016, the Company had 44 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. The following table summarizes the Company’s debt maturities (excluding extension options, unamortized debt issuance costs of $50.8 million and fair market value of debt adjustments aggregating $27.7 million) and obligations under non-cancelable operating leases as of December 31, 2016 (in millions):

	Payments due by period
Contractual Obligations:	2017		2018		2019		2020		2021		Thereafter		Total
Long-Term Debt-Principal (1)	$	712.4	$	449.4	$	415.9	$	101.2	$	645.4	$	2,765.2	$	5,089.5
Long-Term Debt-Interest (2)	$	181.3	$	152.4	$	140.5	$	122.7	$	107.3	$	979.7	$	1,683.9
Operating Leases:
Ground Leases (3)	$	8.7	$	8.7	$	8.8	$	8.3	$	8.3	$	143.0	$	185.8

(1) Maturities utilized do not reflect extension options, which range from one to three years.

(2) For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2016.

(3) For leases which have inflationary increases, future ground rent expense was calculated using the rent as of December 31, 2016.

The Company had a $250.0 million unsecured term loan and $462.4 million of secured debt scheduled to mature in 2017. Subsequent to December 31, 2016, the Company paid off the $250.0 million unsecured term loan. The Company anticipates satisfying the remaining maturities with a combination of operating cash flows, its unsecured revolving credit facility, exercise of extension options, where available, and new debt issuances.

The Company has issued letters of credit in connection with completion and repayment guarantees for loans encumbering certain of the Company’s development and redevelopment projects and guarantee of payment related to the Company’s insurance program. As of December 31, 2016, these letters of credit aggregated $40.8 million.

In connection with the construction of its development/redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2016, the Company had $30.1 million in performance and surety bonds outstanding.

The Company has accrued $5.0 million of non-current uncertain tax positions and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes, which are included in Other liabilities on the Company’s Consolidated Balance Sheets at December 31, 2016. These amounts are not included in the table above because a reasonably reliable estimate regarding the timing of settlements with the relevant tax authorities, if any, cannot be made.

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Off-Balance Sheet Arrangements

Unconsolidated Real Estate Joint Ventures

The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures primarily operate shopping center properties. Such arrangements are generally with third-party institutional investors and individuals. The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans, however, the Company, on a selective basis, has obtained unsecured financing for certain joint ventures. As of December 31, 2016, the Company did not guarantee any joint venture unsecured debt. Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see Footnote 8 of the Notes to Consolidated Financial Statements included in this Form 10-K). As of December 31, 2016, these investments include the following joint ventures:

Venture	Kimco Ownership Interest	Number of Properties		Non- Recourse Mortgages Payable (in millions)		Number of Encumbered Properties		Weighted Average Interest Rate	Weighted Average Term (months)*
KimPru and KimPru II (a)	15.0%		48	$	448.6		16	3.31%		73.0
KIR (b)	48.6%		45	$	730.7		38	4.69%		55.4
CPP (c)	55.0%		5	$	84.8		1	2.17%		16.0

* Average remaining term includes extensions

(a) Represents the Company’s joint ventures with Prudential Global Investment Management. As of December 31, 2016, KimPru also has an unsecured term loan with an outstanding balance of $200.0 million, which is scheduled to mature in August 2019, with two one-year extension options at the joint venture’s discretion, and bears interest at a rate equal to LIBOR plus 1.75% (2.52% at December 31, 2016).

(b) Represents the Company’s joint ventures with certain institutional investors. As of December 31, 2016, KIR has an unsecured revolving credit facility with an outstanding balance of $16.0 million, which is scheduled to mature in June 2018, with two one-year extension options at the joint venture’s discretion, and bears interest at a rate equal to LIBOR plus 1.75% (2.52% at December 31, 2016).

(c) Represents the Company’s joint ventures with Canada Pension Plan Investment Board (CPPIB).

The Company has various other unconsolidated real estate joint ventures with varying structures. As of December 31, 2016, these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $584.3 million. The aggregate debt as of December 31, 2016, of all of the Company’s unconsolidated real estate joint ventures is $2.1 billion. As of December 31, 2016, these loans had scheduled maturities ranging from one month to 10 years and bore interest at rates ranging from 2.01% to 7.25%. Approximately $358.2 million of the aggregate outstanding loan balance matures in 2017. These maturing loans are anticipated to be repaid with operating cash flows, debt refinancing and partner capital contributions, as deemed appropriate (see Footnote 8 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Other Real Estate Investments

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. As of December 31, 2016, the Company’s net investment under the Preferred Equity Program was $193.7 million relating to 365 properties, including 346 net leased properties. As of December 31, 2016, these preferred equity investment properties had individual non-recourse mortgage loans aggregating $427.4 million. These loans have scheduled maturities ranging from one month to eight years and bear interest at rates ranging from 4.19% to 10.47%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

Funds From Operations

Funds From Operations (“FFO”) is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income/(loss) attributable to common shareholders computed in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding (i) gains or losses from sales of operating real estate assets and change in control of interests, plus (ii) depreciation and amortization of operating properties and (iii) impairment of depreciable real estate and in substance real estate equity investments and (iv) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.

The Company presents FFO as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting results. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

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The Company also presents FFO as adjusted as an additional supplemental measure as it believes it is more reflective of the Company’s core operating performance. The Company believes FFO as adjusted provides investors and analysts an additional measure in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. FFO as adjusted is generally calculated by the Company as FFO excluding certain transactional income and expenses and non-operating impairments which management believes are not reflective of the results within the Company’s operating real estate portfolio.

FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative for net income as a measure of liquidity.  Our method of calculating FFO and FFO as adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company’s reconciliation of net income available to common shareholders to FFO and FFO as adjusted for the three months and years ended December 31, 2016 and 2015 is as follows (in thousands, except per share data):

	Three Months Ended December 31,						Year Ended December 31,
	2016			2015			2016			2015
Net income available to common shareholders	$	66,718		$	360,020		$	332,630		$	831,215
Gain on disposition of operating property		(10,950	)		(43,347	) (4)		(92,824	)		(131,844	) (4)
Gain on disposition of joint venture operating properties and change in control of interests		(14,880	)		(327,933	) (4)		(217,819	)		(557,744	) (4)
Depreciation and amortization - real estate related		89,476			82,732			347,315			333,840
Depreciation and amortization - real estate joint ventures		9,477			14,552			45,098			68,556
Impairment of operating properties		24,125			8,545			101,928			52,021
(Benefit)/provision for income taxes (2)		(1,227	)		51,849			39,570			53,792
Noncontrolling interests (2)		245			(3,239	)		(182	)		(6,591	)
FFO		162,984			143,179			555,716			643,245
Transactional (income)/expense:
Profit participation from other real estate investments		(830	)		(48	)		(10,883	)		(11,399	)
Transactional losses from other real estate investments		-			-			461			-
Gains from land sales		(1,255	)		(798	)		(3,607	)		(7,621	)
Acquisition costs		1,133			2,546			5,023			4,430
Prepayment penalties		-			-			45,674			-
Severance costs – Canada		-			1,974			-			1,974
Gain on forgiveness of debt		(7,357	)		-			(7,357	)		-
Distributions in excess of Company’s investment basis		-			(303	)		(845	)		(5,553	)
Gain on sale of marketable securities		-			(1,365	)		-			(39,853	)
Impairments on other investments		5,300			9,012			6,358			17,860
Preferred stock redemption charge		-			5,816			-			5,816
Other expense/(income), net		62			(5,101	)		22			(5,505	)
Provision/(benefit) for income taxes (3)		257			(1,841	)		38,433			(227	)
Noncontrolling interests (3)		125			-			410			270
Total transactional (income)/expense, net		(2,565	)		9,892			73,689			(39,808	)
FFO as adjusted	$	160,419		$	153,071		$	629,405		$	603,437
Weighted average shares outstanding for FFO calculations:
Basic		423,087			411,667			418,402			411,319
Units		841			860			853			791
Dilutive effect of equity awards		1,162			1,481			1,307			1,414
Diluted		425,090	(1)		414,008	(1)		420,562	(1)		413,524	(1)
FFO per common share – basic	$	0.39		$	0.35		$	1.33		$	1.56
FFO per common share – diluted	$	0.38	(1)	$	0.35	(1)	$	1.32	(1)	$	1.56	(1)
FFO as adjusted per common share – basic	$	0.38		$	0.37		$	1.50		$	1.47
FFO as adjusted per common share – diluted	$	0.38	(1)	$	0.37	(1)	$	1.50	(1)	$	1.46	(1)

(1) Reflects the potential impact if certain units were converted to common stock at the beginning of the period, which would have a dilutive effect on FFO. FFO would be increased by $229 and $217 for the three months ended December 31, 2016 and 2015, respectively, and $881 and $781 for the years ended December 31, 2016 and 2015, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share.  Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.

(2) Related to gains, impairment and deprecation on operating properties, where applicable.

(3) Related to transaction (income)/expense, where applicable.

(4) Includes cumulative foreign currency translation net loss of $18.8 million due to the liquidation of the Company's Chilean Portfolio as follows: (i) $19.6 million of loss in Gain on disposition of operating property, net, partially offset by (ii) $0.8 million of gain in Gain on disposition of joint venture operating properties and change in control of interests.

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U.S. Same Property Net Operating Income (“U.S. same property NOI”)

U.S. same property NOI is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. U.S. same property NOI is considered by management to be an important performance measure of the Company’s operations and management believes that it is frequently used by securities analysts and investors as a measure of the Company’s operating performance because it includes only the net operating income of U.S. properties that have been owned for the entire current and prior year reporting periods including those properties under redevelopment and excludes properties under development and pending stabilization. Properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. U.S. same property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

U.S. same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fees, amortization of above/below market rents and includes charges for bad debt) less operating and maintenance expense, real estate taxes and rent expense plus the Company’s proportionate share of U.S. same property NOI from U.S. unconsolidated real estate joint ventures, calculated on the same basis. The Company’s method of calculating U.S. same property NOI may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The following is a reconciliation of the Company’s Income from continuing operations to U.S. same property NOI (in thousands):

	Three Months Ended December 31,						Year Ended December 31,
	2016			2015			2016			2015
Income from continuing operations	$	69,836		$	339,117		$	299,353		$	774,405
Adjustments:
Management and other fee income		(4,117	)		(4,369	)		(18,391	)		(22,295	)
General and administrative expenses		27,462			33,413			117,302			122,735
Impairment charges		25,140			17,475			93,266			45,383
Depreciation and amortization		90,884			86,095			355,320			344,527
Interest and other expense, net		40,818			52,525			232,798			174,656
(Benefit)/provision for income taxes, net		(747	)		48,297			72,545			60,230
Gain on change in control of interests, net		(4,290	)		(3,091	)		(57,386	)		(149,234	)
Equity in income of other real estate investments, net		(5,241	)		(4,854	)		(27,773	)		(36,090	)
Non same property net operating income		(16,194	)		(41,218	)		(88,070	)		(173,189	)
Non-operational expense/(income) from joint ventures, net		8,474			(297,488	)		(58,563	)		(245,380	)
U.S. same property NOI	$	232,025		$	225,902		$	920,401		$	895,748

U.S. same property NOI increased by $6.1 million or 2.7% for the three months ended December 31, 2016, as compared to the corresponding period in 2015. This increase is primarily the result of an increase of $4.5 million related to lease-up and rent commencements in the portfolio and an increase of $1.6 million in other property income, net of property expenses.

U.S. same property NOI increased by $24.7 million or 2.8% for the year ended December 31, 2016, as compared to the corresponding period in 2015. This increase is primarily the result of an increase of $13.1 million related to lease-up and rent commencements in the portfolio and an increase of $11.6 million in other property income, net of property expenses.

Effects of Inflation

Many of the Company's leases contain provisions designed to mitigate the adverse impact of inflation.  Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants' gross sales above pre-determined thresholds, which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices.  In addition, many of the Company's leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. Most of the Company's leases require the tenant to pay an allocable share of operating expenses, including common area maintenance costs, real estate taxes and insurance, thereby reducing the Company's exposure to increases in costs and operating expenses resulting from inflation.  The Company periodically evaluates its exposure to short-term interest rates and foreign currency exchange rates and will, from time-to-time, enter into interest rate protection agreements and/or foreign currency hedge agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt and fluctuations in foreign currency exchange rates.

New Accounting Pronouncements

See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposures are interest rate risk and foreign currency exchange rate risk. The following table presents the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of December 31, 2016, with corresponding weighted-average interest rates sorted by maturity date. The table does not include extension options where available. The instruments’ actual cash flow amounts are in millions.

	2017			2018			2019			2020			2021			Thereafter			Total			Fair Value
Secured Debt
Fixed Rate	$	451.5		$	96.2		$	2.7		$	103.9		$	161.3		$	204.1		$	1,019.7		$	1,022.2
Average Interest Rate		5.68	%		4.72	%		5.29	%		5.39	%		5.39	%		4.46	%		5.27	%
Variable Rate	$	-		$	19.4		$	100.0		$	-		$	-		$	-		$	119.4		$	118.8
Average Interest Rate		-			3.37	%		1.91	%		-			-			-			2.15	%
Unsecured Debt
Fixed Rate	$	-		$	299.5		$	299.2		$	-		$	496.8		$	2,559.1		$	3,654.6		$	3,618.3
Average Interest Rate		-			4.30	%		6.88	%		-			3.20	%		3.40	%		3.73	%
Variable Rate	$	250.0		$	22.7		$	-		$	-		$	-		$	-		$	272.7		$	272.5
Average Interest Rate		1.60	%		1.67	%		-			-			-			-			1.61	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $3.9 million for the year ended December 31, 2016, if short-term interest rates were 1.0% higher.

The following table presents the Company’s foreign investments and respective cumulated translation adjustments (“CTA”) as of December 31, 2016. Investment amounts are shown in their respective local currencies and the U.S. dollar equivalents, CTA balances are shown in U.S. dollars:

Foreign Investment (in millions)
Country	Local Currency		U.S. Dollars		CTA Gain
Mexican real estate investments (MXN)		181.4	$	14.3	$	-
Canadian real estate investments (CAD)		47.5	$	35.3	$	6.3

The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes.

Currency fluctuations between local currency and the U.S. dollar, for investments for which the Company has determined that the local currency is the functional currency, for the period in which the Company held its investment result in a CTA. This CTA is recorded as a component of Accumulated other comprehensive income (“AOCI”) on the Company’s Consolidated Balance Sheets. The CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Changes in exchange rates are impacted by many factors that cannot be forecasted with reliable accuracy. Any change could have a favorable or unfavorable impact on the Company’s CTA balance. The Company’s aggregate CTA gain balance at December 31, 2016, is $6.3 million.

Under GAAP, the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. The Company may, in the near term, substantially liquidate its remaining investment in Canada, which will require the then unrealized gain on foreign currency translation to be recognized as earnings. 

Item 8. Financial Statements and Supplementary Data

The response to this Item 8 is included in our audited Consolidated Financial Statements and Notes to Consolidated Financial Statements, which are contained in Part IV Item 15 of this Form 10-K.

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

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.

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Changes in Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2016, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control - Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective as of December 31, 2016.

The effectiveness of our internal control over financial reporting as of December 31, 2016, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item is incorporated by reference to “Proposal 1—Election of Directors,” “Corporate Governance,” “Committees of the Board of Directors,” “Executive Officers” and “Other Matters” in our definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on April 25, 2017 (“Proxy Statement”).

We have adopted a Code of Business Conduct and Ethics that applies to all employees (the “Code of Ethics”). The Code of Ethics is available at the Investors/Governance/Governance Documents section of our website at www.kimcorealty.com. A copy of the Code of Ethics is available in print, free of charge, to stockholders upon request to us at the address set forth in Item 1 of this Annual Report on Form 10-K under the section “Business - Background.” We intend to satisfy the disclosure requirements under the Securities and Exchange Act of 1934, as amended, regarding an amendment to or waiver from a provision of our Code of Ethics by posting such information on our web site.

Item 11. Executive Compensation

The information required by this item is incorporated by reference to “Compensation Discussion and Analysis,” “Executive Compensation Committee Report,” “Compensation Tables,” “Compensation of Directors” and “Other Matters” in our Proxy Statement.

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

The information required by this item is incorporated by reference to “Security Ownership of Certain Beneficial Owners and Management” and “Compensation Tables” in our Proxy Statement.

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

The information required by this item is incorporated by reference to “Certain Relationships and Related Transactions” and “Corporate Governance” in our Proxy Statement.

Item 14. Principal Accounting Fees and Services

The information required by this item is incorporated by reference to “Independent Registered Public Accountants” in our Proxy Statement.

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PART IV

Item 15. Exhibits, Financial Statement Schedules

			Form 10-K Report Page
(a)   1.	Financial Statements –  The following consolidated financial information is included as a separate section of this annual report on Form 10-K.
	Report of Independent Registered Public Accounting Firm		40
	Consolidated Financial Statements
	Consolidated Balance Sheets as of December 31, 2016 and 2015		41
	Consolidated Statements of Income for the years ended December 31, 2016, 2015 and 2014		42
	Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014		43
	Consolidated Statements of Changes in Equity for the years ended December 31, 2016, 2015 and 2014		44
	Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014		45
	Notes to Consolidated Financial Statements		46
2	. Financial Statement Schedules -
	Schedule II -	Valuation and Qualifying Accounts	87
	Schedule III -	Real Estate and Accumulated Depreciation	88
	Schedule IV -	Mortgage Loans on Real Estate	90
	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.		36

Item 16. Form 10-K Summary

None

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INDEX TO EXHIBITS

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished  Herewith	Page Number
3.1(a)	Articles of Restatement of Kimco Realty Corporation, dated January 14, 2011	10-K	1-10899	02/28/11	3.1(a)
3.1(b)	Amendment to Articles of Restatement of Kimco Realty Corporation, dated May 8, 2014					*	91
3.1(c)	Articles Supplementary of Kimco Realty Corporation, dated November 8, 2010	10-K	1-10899	02/28/11	3.1(b)
3.1(d)	Articles Supplementary of Kimco Realty Corporation, dated March 12, 2012	8-A12B	1-10899	03/13/12	3.2
3.1(e)	Articles Supplementary of Kimco Realty Corporation, dated July 17, 2012	8-A12B	1-10899	07/18/12	3.2
3.1(f)	Articles Supplementary of Kimco Realty Corporation, dated November 30, 2012	8-A12B	1-10899	12/03/12	3.2
3.2	Amended and Restated Bylaws of Kimco Realty Corporation, dated February 25, 2009	10-K	1-10899	02/27/09	3.2
4.1	Agreement of Kimco Realty Corporation pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K	S-11	333-42588	09/11/91	4.1
4.2	Form of Certificate of Designations for the Preferred Stock	S-3	333-67552	09/10/93	4(d)
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)	S-3	333-67552	09/10/93	4(a)
4.4	First Supplemental Indenture, dated August 4, 1994, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	10-K	1-10899	03/28/96	4.6
4.5	Second Supplemental Indenture, dated April 7, 1995, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	8-K	1-10899	04/07/95	4(a)
4.6	Third Supplemental Indenture, dated June 2, 2006, between Kimco Realty Corporation and The Bank of New York, as trustee	8-K	1-10899	06/05/06	4.1
4.7	Fourth Supplemental Indenture, dated April 26, 2007, between Kimco Realty Corporation and The Bank of New York, as trustee	8-K	1-10899	04/26/07	1.3
4.8	Fifth Supplemental Indenture, dated September 24, 2009, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee	8-K	1-10899	09/24/09	4.1
4.9	Sixth Supplemental Indenture, dated May 23, 2013, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee	8-K	1-10899	05/23/13	4.1
4.10	Seventh Supplemental Indenture, dated April 24, 2014, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee	8-K	1-10899	04/24/14	4.1
10.1	Amended and Restated Stock Option Plan	10-K	1-10899	03/28/95	10.3
10.2	Second Amended and Restated 1998 Equity Participation Plan of Kimco Realty Corporation (restated February 25, 2009)	10-K	1-10899	02/27/09	10.9
10.3	Form of Indemnification Agreement	10-K	1-10899	02/27/09	99.1
10.4	Agency Agreement, dated July 17, 2013, by and among Kimco North Trust III, Kimco Realty Corporation and Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc.	10-Q	1-10899	08/02/13	99.1
10.5	Kimco Realty Corporation Executive Severance Plan, dated March 15, 2010	8-K	1-10899	03/19/10	10.5
10.6	Restated Kimco Realty Corporation 2010 Equity Participation Plan	-	-	-	-	*	93
10.7	Form of Performance Share Award Grant Notice and Performance Share Award Agreement	8-K	1-10899	03/19/10	10.8
10.8	First Amendment to the Kimco Realty Corporation Executive Severance Plan, dated March 20, 2012	10-Q	1-10899	05/10/12	10.3

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		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished  Herewith	Page Number
10.9	$1.75 Billion Amended and Restated Credit Agreement, dated March 17, 2014, among Kimco Realty Corporation, the subsidiaries of Kimco party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	03/20/14	10.1
10.10	$2.25 Billion Amended and Restated Credit Agreement, dated February 1, 2017, among Kimco Realty Corporation, the subsidiaries of Kimco party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	02/02/17	10.1
10.11	Credit Agreement, dated January 30, 2015, among Kimco Realty Corporation and each of the parties named therein	8-K	1-10899	02/05/15	10.1
10.12	Consulting Agreement, dated June 11, 2015, between Kimco Realty Corporation and David B. Henry	8-K	1-10899	06/12/15	10.1
12.1	Computation of Ratio of Earnings to Fixed Charges	—	—	—	—	*	116
12.2	Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	—	—	—	—	*	117
21.1	Significant Subsidiaries of the Company	—	—	—	—	*	118
23.1	Consent of PricewaterhouseCoopers LLP	—	—	—	—	*	119
31.1	Certification of the Company’s Chief Executive Officer, Conor C. Flynn, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*	120
31.2	Certification of the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*	121
32.1	Certification of the Company’s Chief Executive Officer, Conor C. Flynn, and the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	**	122
99.1	Property Chart	—	—	—	—	*	123
101.INS	XBRL Instance Document	—	—	—	—	*
101.SCH	XBRL Taxonomy Extension Schema	—	—	—	—	*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	—	—	—	—	*
101.DEF	XBRL Taxonomy Extension Definition Linkbase	—	—	—	—	*
101.LAB	XBRL Taxonomy Extension Label Linkbase	—	—	—	—	*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	—	—	—	—	*

* Filed herewith

** Furnished herewith

37

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KIMCO REALTY CORPORATION
By:	/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer

Dated:     February 24, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Milton Cooper	Executive Chairman of the Board of Directors	February 24, 2017
Milton Cooper
/s/ Conor C. Flynn	President - Chief Executive Officer	February 24, 2017
Conor C. Flynn	and Director
/s/ Richard G. Dooley	Director	February 24, 2017
Richard G. Dooley
/s/ Joe Grills	Director	February 24, 2017
Joe Grills
/s/ Frank Lourenso	Director	February 24, 2017
Frank Lourenso
/s/ Richard Saltzman	Director	February 24, 2017
Richard Saltzman
/s/ Philip Coviello	Director	February 24, 2017
Philip Coviello
/s/ Colombe Nicholas	Director	February 24, 2017
Colombe Nicholas
/s/ Mary Hogan Preusse	Director	February 24, 2017
Mary Hogan Preusse
/s/ Glenn G. Cohen	Executive Vice President -	February 24, 2017
Glenn G. Cohen	Chief Financial Officer and
	Treasurer
/s/ Paul Westbrook	Vice President -	February 24, 2017
Paul Westbrook	Chief Accounting Officer

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ANNUAL REPORT ON FORM 10-K

ITEM 8, ITEM 15 (a) (1) and (2)

INDEX TO FINANCIAL STATEMENTS

AND

FINANCIAL STATEMENT SCHEDULES

		Form 10-K Page
KIMCO REALTY CORPORATION AND SUBSIDIARIES
Report of Independent Registered Public Accounting Firm		40
Consolidated Financial Statements and Financial Statement Schedules:
Consolidated Balance Sheets as of December 31, 2016 and 2015		41
Consolidated Statements of Income for the years ended December 31, 2016, 2015 and 2014		42
Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014		43
Consolidated Statements of Changes in Equity for the years ended December 31, 2016, 2015 and 2014		44
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014		45
Notes to Consolidated Financial Statements		46
Financial Statement Schedules:
II.	Valuation and Qualifying Accounts	87
III.	Real Estate and Accumulated Depreciation	88
IV.	Mortgage Loans on Real Estate	90

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders

of Kimco Realty Corporation:

In our opinion, the consolidated financial statements listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of Kimco Realty Corporation and its subsidiaries at December 31, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedules listed in the index appearing under Item 15(a)(2) present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements and financial statement schedules, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedules, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits 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 and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included 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. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2017

40

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

(in thousands, except share information) 

	December 31, 2016			December 31, 2015
Assets:
Real Estate
Rental property
Land	$	2,845,186		$	2,728,257
Building and improvements		8,827,861			8,661,362
		11,673,047			11,389,619
Less: accumulated depreciation and amortization		(2,278,292	)		(2,115,320	)
		9,394,755			9,274,299
Real estate under development		335,028			179,190
Real estate, net		9,729,783			9,453,489
Investments and advances in real estate joint ventures		504,209			742,559
Other real estate investments		209,146			215,836
Mortgages and other financing receivables		23,197			23,824
Cash and cash equivalents		142,486			189,534
Marketable securities		8,101			7,565
Accounts and notes receivable, net		181,823			175,252
Deferred charges and prepaid expenses		147,694			152,349
Other assets		284,161			383,763
Total assets	$	11,230,600		$	11,344,171
Liabilities:
Notes payable	$	3,927,251		$	3,761,328
Mortgages payable		1,139,117			1,614,982
Accounts payable and accrued expenses		145,751			150,059
Dividends payable		124,517			115,182
Other liabilities		404,137			433,960
Total liabilities		5,740,773			6,075,511
Redeemable noncontrolling interests		86,953			86,709
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 6,029,100 shares, 32,000 shares issued and outstanding (in series)
Aggregate liquidation preference $800,000		32			32
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 425,034,113 and 413,430,756 shares, respectively		4,250			4,134
Paid-in capital		5,922,958			5,608,881
Cumulative distributions in excess of net income		(676,867	)		(572,335	)
Accumulated other comprehensive income		5,766			5,588
Total stockholders' equity		5,256,139			5,046,300
Noncontrolling interests		146,735			135,651
Total equity		5,402,874			5,181,951
Total liabilities and equity	$	11,230,600		$	11,344,171

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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME 

(in thousands, except share information) 

	Year Ended December 31,
	2016			2015			2014
Revenues
Revenues from rental properties	$	1,152,401		$	1,144,474		$	958,888
Management and other fee income		18,391			22,295			35,009
Total revenues		1,170,792			1,166,769			993,897
Operating expenses
Rent		10,993			12,347			14,250
Real estate taxes		146,615			147,150			124,670
Operating and maintenance		140,910			144,980			119,697
General and administrative expenses		117,302			122,735			122,201
Provision for doubtful accounts		5,563			6,075			4,882
Impairment charges		93,266			45,383			39,808
Depreciation and amortization		355,320			344,527			258,074
Total operating expenses		869,969			823,197			683,582
Operating income		300,823			343,572			310,315
Other income/(expense)
Mortgage financing income		1,634			2,940			3,129
Interest, dividends and other investment income		1,478			39,061			966
Other income/(expense), net		2,313			2,234			(8,544	)
Interest expense		(192,549	)		(218,891	)		(203,759	)
Early extinguishment of debt charges		(45,674	)		-			-
Income from continuing operations before income taxes, equity in income of joint ventures, gain on change in control of interests and equity in income from other real estate investments		68,025			168,916			102,107
Provision for income taxes, net		(72,545	)		(60,230	)		(22,438	)
Equity in income of joint ventures, net		218,714			480,395			159,560
Gain on change in control of interests, net		57,386			149,234			107,235
Equity in income of other real estate investments, net		27,773			36,090			38,042
Income from continuing operations		299,353			774,405			384,506
Discontinued operations
(Loss)/income from discontinued operating properties, net of tax		-			(15	)		36,780
Impairment/loss on operating properties, net of tax		-			(60	)		(176,315	)
Gain on disposition of operating properties, net of tax		-			-			190,520
(Loss)/income from discontinued operations		-			(75	)		50,985
Gain on sale of operating properties, net, net of tax		86,785			125,813			389
Net income		386,138			900,143			435,880
Net income attributable to noncontrolling interests		(7,288	)		(6,028	)		(11,879	)
Net income attributable to the Company		378,850			894,115			424,001
Preferred stock redemption charges		-			(5,816	)		-
Preferred dividends		(46,220	)		(57,084	)		(58,294	)
Net income available to the Company's common shareholders	$	332,630		$	831,215		$	365,707
Per common share:
Income from continuing operations:
-Basic	$	0.79		$	2.01		$	0.77
-Diluted	$	0.79		$	2.00		$	0.77
Net income available to the Company:
-Basic	$	0.79		$	2.01		$	0.89
-Diluted	$	0.79		$	2.00		$	0.89
Weighted average shares:
-Basic		418,402			411,319			409,088
-Diluted		419,709			412,851			411,038
Amounts available to the Company's common shareholders:
Income from continuing operations	$	332,630		$	831,290		$	316,839
(Loss)/income from discontinued operations		-			(75	)		48,868
Net income	$	332,630		$	831,215		$	365,707

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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(in thousands) 

	Year Ended December 31,
	2016			2015			2014
Net income	$	386,138		$	900,143		$	435,880
Other comprehensive income:
Change in unrealized gain on marketable securities		8			(45,799	)		20,202
Change in unrealized loss on interest rate swaps		451			(22	)		(1,404	)
Change in foreign currency translation adjustment		(281	)		6,287			96,895
Other comprehensive income/(loss)		178			(39,534	)		115,693
Comprehensive income		386,316			860,609			551,573
Comprehensive income attributable to noncontrolling interests		(7,288	)		(6,028	)		(17,468	)
Comprehensive income attributable to the Company	$	379,028		$	854,581		$	534,105

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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 

For the Years Ended December 31, 2016, 2015 and 2014

(in thousands)

	Cumulative			Accumulated
	Distributions in Excess			Other Comprehensive			Preferred Stock						Common Stock									Total
	of Net Income			Income			Issued			Amount			Issued			Amount			Paid-in Capital			Stockholders' Equity			Noncontrolling Interests			Total Equity
Balance, January 1, 2014	$	(996,058	)	$	(64,982	)		102		$	102			409,731		$	4,097		$	5,689,258		$	4,632,417		$	137,109		$	4,769,526
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			6,259			6,259
Comprehensive income:
Net income		424,001			-			-			-			-			-			-			424,001			11,879			435,880
Other comprehensive income, net of tax:
Change in unrealized gain on marketable securities		-			20,202			-			-			-			-			-			20,202			-			20,202
Change in unrealized loss on interest rate swaps		-			(1,404	)		-			-			-			-			-			(1,404	)		-			(1,404	)
Change in foreign currency translation adjustment		-			91,306			-			-			-			-			-			91,306			5,589			96,895
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(6,335	)		(6,335	)
Dividends ($0.915 per common share; $1.725 per
Class H Depositary Share, $1.5000 per
Class I Depositary Share, $1.3750 per
Class J Depositary Share, and $1.40625 per
Class K Depositary Share, respectively)		(434,521	)		-			-			-			-			-			-			(434,521	)		-			(434,521	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(26,755	)		(26,755	)
Issuance of common stock		-			-			-			-			805			8			14,039			14,047			-			14,047
Surrender of restricted stock		-			-			-			-			(190	)		(2	)		(4,049	)		(4,051	)		-			(4,051	)
Exercise of common stock options		-			-			-			-			1,474			15			23,859			23,874			-			23,874
Acquisition of noncontrolling interests		-			-			-			-			-			-			(294	)		(294	)		(766	)		(1,060	)
Amortization of equity awards		-			-			-			-			-			-			9,208			9,208			-			9,208
Balance, December 31, 2014		(1,006,578	)		45,122			102			102			411,820			4,118			5,732,021			4,774,785			126,980			4,901,765
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			66,163			66,163
Comprehensive income:
Net income		894,115			-			-			-			-			-			-			894,115			6,028			900,143
Other comprehensive income, net of tax:
Change in unrealized gain on marketable securities		-			(45,799	)		-			-			-			-			-			(45,799	)		-			(45,799	)
Change in unrealized loss on interest rate swaps		-			(22	)		-			-			-			-			-			(22	)		-			(22	)
Change in foreign currency translation adjustment		-			6,287			-			-			-			-			-			6,287			-			6,287
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(7,061	)		(7,061	)
Dividends ($0.975 per common share; $1.485 per
Class H Depositary Share, $1.5000 per
Class I Depositary Share, $1.3750 per
Class J Depositary Share, and $1.40625 per
Class K Depositary Share, respectively)		(459,872	)		-			-			-			-			-			-			(459,872	)		-			(459,872	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(8,539	)		(8,539	)
Issuance of common stock		-			-			-			-			824			8			485			493			-			493
Surrender of restricted stock		-			-			-			-			(232	)		(2	)		(5,680	)		(5,682	)		-			(5,682	)
Exercise of common stock options		-			-			-			-			1,019			10			18,698			18,708			-			18,708
Sale of interests in investments, net of tax of $16.0 million		-			-			-			-			-			-			23,993			23,993			-			23,993
Acquisition of noncontrolling interests		-			-			-			-			-			-			262			262			(47,920	)		(47,658	)
Amortization of equity awards		-			-			-			-			-			-			14,032			14,032			-			14,032
Redemption of preferred stock		-			-			(70	)		(70	)		-			-			(174,930	)		(175,000	)		-			(175,000	)
Balance, December 31, 2015		(572,335	)		5,588			32			32			413,431			4,134			5,608,881			5,046,300			135,651			5,181,951
Contributions from noncontrolling interests		-			-			-			-			-			-			-			-			16,667			16,667
Comprehensive income:
Net income		378,850			-			-			-			-			-			-			378,850			7,288			386,138
Other comprehensive income, net of tax:
Change in unrealized gain on marketable securities		-			8			-			-			-			-			-			8			-			8
Change in unrealized loss on interest rate swaps		-			451			-			-			-			-			-			451			-			451
Change in foreign currency translation adjustment		-			(281	)		-			-			-			-			-			(281	)		-			(281	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(4,349	)		(4,349	)
Dividends ($1.035 per common share; $1.5000 per
Class I Depositary Share, $1.3750 per
Class J Depositary Share, and $1.40625 per
Class K Depositary Share, respectively)		(483,382	)		-			-			-			-			-			-			(483,382	)		-			(483,382	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(8,522	)		(8,522	)
Issuance of common stock		-			-			-			-			10,711			107			286,314			286,421			-			286,421
Surrender of restricted stock		-			-			-			-			(276	)		(3	)		(7,005	)		(7,008	)		-			(7,008	)
Exercise of common stock options		-			-			-			-			1,168			12			21,048			21,060			-			21,060
Amortization of equity awards		-			-			-			-			-			-			13,720			13,720			-			13,720
Balance, December 31, 2016	$	(676,867	)	$	5,766			32		$	32			425,034		$	4,250		$	5,922,958		$	5,256,139		$	146,735		$	5,402,874

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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2016			2015			2014
Cash flow from operating activities:
Net income	$	386,138		$	900,143		$	435,880
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		355,320			344,527			273,093
Impairment charges		93,266			45,464			217,858
Deferred taxes		55,068			4,498			15,128
Early extinguishment of debt charges		45,674			-			-
Equity award expense		19,071			18,465			17,879
Gain on sale of operating properties		(92,823	)		(132,907	)		(203,889	)
Gain on sale of marketable securities		-			(39,852	)		-
Gain on change in control of interests, net		(57,386	)		(149,234	)		(107,235	)
Equity in income of joint ventures, net		(218,714	)		(480,395	)		(159,560	)
Equity in income from other real estate investments, net		(27,773	)		(36,090	)		(38,042	)
Distributions from joint ventures and other real estate investments		90,589			126,263			255,532
Change in accounts and notes receivable		(6,571	)		(2,867	)		(8,060	)
Change in accounts payable and accrued expenses		(7,886	)		164			(1,095	)
Change in Canadian withholding tax receivable		23,571			(37,040	)		-
Change in other operating assets and liabilities		(65,448	)		(67,438	)		(68,146	)
Net cash flow provided by operating activities		592,096			493,701			629,343
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(203,190	)		(661,423	)		(384,828	)
Improvements to operating real estate		(143,489	)		(166,670	)		(131,795	)
Acquisition of real estate under development		(51,588	)		(16,355	)		(65,724	)
Improvements to real estate under development		(72,759	)		(16,861	)		(418	)
Investment in marketable securities		(2,466	)		(257	)		(11,445	)
Proceeds from sale/repayments of marketable securities		1,937			76,170			3,780
Investments and advances to real estate joint ventures		(86,453	)		(91,609	)		(93,845	)
Reimbursements of investments and advances to real estate joint ventures		71,656			94,053			222,590
Distributions from liquidation of real estate joint ventures		138,475			373,833			-
Return of investment from liquidation of real estate joint ventures		191,902			88,672			-
Investment in other real estate investments		(233	)		(641	)		(4,338	)
Reimbursements of investments and advances to other real estate investments		11,019			40,556			16,312
Investment in mortgage loans receivable		-			-			(50,000	)
Collection of mortgage loans receivable		921			55,145			8,302
Investment in other investments		-			(190,278	)		-
Reimbursements of other investments		500			-			-
Proceeds from sale of operating properties		304,600			437,030			612,748
Proceeds from sale of development properties		4,551			-			5,366
Net cash flow provided by investing activities		165,383			21,365			126,705
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization		(700,853	)		(555,627	)		(327,963	)
Principal payments on rental property debt		(19,039	)		(28,632	)		(22,841	)
Proceeds from mortgage loan financings		-			-			15,700
Proceeds/(repayments) under the unsecured revolving credit facility, net		26,445			(100,000	)		(94,354	)
Proceeds from issuance of unsecured term loan/notes		1,400,000			1,500,030			500,000
Repayments under unsecured term loan/notes		(1,261,850	)		(750,000	)		(370,842	)
Financing origination costs		(25,679	)		(19,017	)		(11,911	)
Payment of early extinguishment of debt charges		(45,674	)		-			-
Change in tenants' security deposits		1,367			2,116			-
Contributions from noncontrolling interests		-			106,154			1,917
Conversion/distribution of noncontrolling interests		(12,594	)		(55,753	)		(3,201	)
Dividends paid		(474,045	)		(455,833	)		(427,873	)
Proceeds from issuance of stock		307,395			18,708			23,874
Redemption of preferred stock		-			(175,000	)		-
Net cash flow used for financing activities		(804,527	)		(512,854	)		(717,494	)
Change in cash and cash equivalents		(47,048	)		2,212			38,554
Cash and cash equivalents, beginning of year		189,534			187,322			148,768
Cash and cash equivalents, end of year	$	142,486		$	189,534		$	187,322
Interest paid during the year including payment of early extinguishment of debt charges of $45,674, $0 and $0, respectively (net of capitalized interest of $9,247, $5,618 and $2,383, respectively)	$	252,482		$	232,950		$	207,632
Income taxes paid during the year (net of refunds received of $113,934, $0 and $0, respectively)	$	6,090		$	100,366		$	23,292

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt average interest rates and terms and estimated project costs are unaudited.

1. Summary of Significant Accounting Policies:

Business

Kimco Realty Corporation and subsidiaries (the "Company" or "Kimco"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and 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").

The Company elected status as a Real Estate Investment Trust (“REIT”) for federal income tax purposes beginning in its taxable year January 1, 1992 and operates in a manner that enables the Company to maintain its status as a REIT. 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 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 wholly-owned taxable REIT subsidiaries (“TRS”), has been engaged in various retail real estate related opportunities including retail real estate management 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. The Company may consider other investments through its TRS should suitable opportunities arise.

Effective August 1, 2016, the Company merged Kimco Realty Services Inc. ("KRS"), a TRS, into a wholly-owned Limited Liability Company (“LLC”) of the Company (the “Merger”) and no longer operates KRS as a TRS. The Company analyzed the individual assets of KRS and determined that substantially all of KRS’s assets constitute real estate assets and investments that can be directly owned by the Company without adversely affecting the Company’s status as a REIT.  Any non-REIT qualifying assets or activities were transferred to a newly formed TRS (see Footnote 22 of the Notes to Consolidated Financial Statements).

Principles of Consolidation and Estimates

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries 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”) 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, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. 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 (see Footnote 13 of the Notes to Consolidated Financial Statements).

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Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. 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-market and below-market leases, in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. 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 for an acquisition qualifying as a business combination, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are recognized in the reporting period in which the adjustment is identified. The Company expenses transaction costs associated with business combinations in the period incurred. The Company has elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business at the beginning of its fiscal year ended December 31, 2017, including its interim periods within the year, and will appropriately apply the guidance to its prospective asset acquisitions of operating properties, which includes the capitalization of acquisition costs.

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, including fixed rate below-market lease renewal options, 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, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

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. 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:

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

The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or 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.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value 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 estimated costs of sale and the asset is classified as other assets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period 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 hold period 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.

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Real Estate Under Development

Real estate under development represents the development of open-air shopping center projects which the Company plans to 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 and placed into service. This usually occurs upon substantial completion of all costs necessary to bring the property to the condition needed for its intended use, but no later than one year from the completion of major construction activity. However, the Company may continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects 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, distributions and our share of earnings and losses. Earnings or losses 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 open-air 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, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings may be 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. As of December 31, 2016, the Company did not guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

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.

The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture 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.

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Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers 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.

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.

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing 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. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.

Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

The Company has determined that it has one portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does not provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company’s loans are evaluated individually for impairment purposes.

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Cash and Cash Equivalents

Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less. 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 up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities

The Company classifies its 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 ("AOCI"). Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

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 more likely than not that the Company will not 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, which includes reviewing the underlying cause of any 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. 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 Costs

Costs incurred in obtaining tenant leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a three to five-year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.  As of December 31, 2016 and 2015, the Company had unamortized software development costs of $10.2 million and $16.1 million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed $8.0 million, $10.7 million and $9.2 million in amortization of software development costs during the years ended December 31, 2016, 2015 and 2014, respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes Payable and Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

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Revenue, Gain Recognition and Accounts Receivable

Base rental revenues from rental properties 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 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 real estate under development projects are 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 uncollectable accounts receivables related to base rents, straight-line rent, 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 are directly affected by management’s estimate of the collectability of accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $12.3 million and $13.9 million of billed accounts receivable at December 31, 2016 and 2015, respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $11.9 million and $17.9 million of straight-line rent receivable at December 31, 2016 and 2015, respectively.

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. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  

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 by entities which elect to be treated as taxable REIT subsidiaries (“TRSs”) under the Code. Certain subsidiaries of the Company have made a joint election with the Company to be treated as TRSs.  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiaries. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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.

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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.

The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

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 AOCI, 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 transaction’s gain or loss is included in the caption Other income/(expense), net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity.

Derivative/Financial Instruments

The Company is exposed to certain risks 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.

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 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.

The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI 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 2016, 2015 and 2014, the Company had no hedge ineffectiveness.

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Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. 

Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides 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. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets.

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):

	For the year ended December 31,
	2016			2015			2014
Computation of Basic Earnings Per Share:
Income from continuing operations	$	299,353		$	774,405		$	384,506
Gain on sale of operating properties, net, net of tax		86,785			125,813			389
Net income attributable to noncontrolling interests		(7,288	)		(6,028	)		(11,879	)
Discontinued operations attributable to noncontrolling interests		-			-			2,117
Preferred stock redemption charges		-			(5,816	)		-
Preferred stock dividends		(46,220	)		(57,084	)		(58,294	)
Income from continuing operations available to the common Shareholders		332,630			831,290			316,839
Earnings attributable to participating securities		(2,018	)		(4,134	)		(1,749	)
Income from continuing operations available to common Shareholders		330,612			827,156			315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Net income available to the Company’s common shareholders for basic earnings per share	$	330,612		$	827,081		$	363,958
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Basic Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.01		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.01		$	0.89
Computation of Diluted Earnings Per Share:
Income from continuing operations available to common shareholders	$	330,612		$	827,156		$	315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Distributions on convertible units		-			192			529
Net income available to the Company’s common shareholders for diluted earnings per share	$	330,612		$	827,273		$	364,487
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Effect of dilutive securities (a): Equity awards		1,307			1,414			1,227
Assumed conversion of convertible units		-			118			723
Shares for diluted earnings per common share		419,709			412,851			411,038
Diluted Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.00		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.00		$	0.89

(a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,490,400, 5,300,680 and 7,137,120 stock options that were not dilutive as of December 31, 2016, 2015 and 2014, respectively.

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The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

Stock Compensation

The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the “Prior Plan”) and the 2010 Equity Participation Plan (the “2010 Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of 47,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective May 1, 2012, the 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans 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 generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three, four and five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards, which vest over a period of one to three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

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New Accounting Pronouncements

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU 2017-01 at the beginning of its fiscal year ended December 31, 2017, including its interim periods within the year, and appropriately apply the guidance to its prospective asset acquisitions of operating properties. Under this amendment, the Company’s prospective operating property acquisitions will qualify for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations, and will result in capitalization of asset acquisition costs instead of directly expensing these costs.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB’s Emerging Issues Task Force (“ASU 2016-15”). The new guidance addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. One identified cash flow issue relates to distributions received from equity method investees whereby the reporting entity should make an accounting policy election to classify distributions received from equity method investees using either the cumulative earnings approach or the nature of the distribution approach. Another issue relates to the classification of cash payments for debt prepayment or debt extinguishment costs. The standard is retrospectively effective for public companies on January 1, 2018, with early adoption permitted. The Company elected to early adopt ASU 2016-15 beginning in its quarter ended September 30, 2016. In connection with the adoption of ASU 2016-15, the Company made a policy election to classify distributions received from equity method investees using the cumulative earnings approach. This election did not have a material impact on the presentation in the Company’s Consolidated Statements of Cash Flows. During the quarter ended September 30, 2016, the Company incurred early extinguishment of debt charges and in accordance with the adoption of ASU 2016-15 has included these charges in cash flows used for financing activities on the Company’s Consolidated Statements of Cash Flows. The adoption of the remaining cash flow issues addressed in ASU 2016-15 did not have a material impact on the Company’s Consolidated Statements of Cash Flows.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. The standard is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early application of the guidance permitted. The adoption of ASU 2016-13 is not expected to have a material effect on the Company’s financial position and/or results of operations.

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption is permitted. The adoption of ASU 2016-09 is not expected to have a material effect on the Company’s financial position and/or results of operations.

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In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). The standard is effective for the Company on January 1, 2019, with early adoption permitted. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption of ASU 2016-02 will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing overhead costs will continue to be capitalized, however, indirect internal leasing overhead costs previously capitalized will be expensed under the ASU 2016-02.

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 did not have a material effect on the Company’s financial position or results of operations.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter, early adoption is permitted. The adoption of ASU 2014-15 did not have a material effect on the Company’s consolidated financial statements. 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”), which delayed the effective date of ASU 2014-09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017. Subsequently, in March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations,” which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying performance obligations and licensing,” an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-scope improvements and practical expedients,” which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the Company does not expect the adoption of ASU 2014-09 to have a material impact on the Company’s rental income. The Company continues to evaluate the effect the adoption of ASU 2014-09 will have on the Company’s other sources of revenue. These include management and other fee income and reimbursement amounts the Company receives from tenants for operating expenses such as real estate taxes, insurance and other common area maintenance. However, the Company currently does not believe the adoption of ASU 2014-09 will significantly affect the timing of the recognition of the Company’s management and other fee income and reimbursement revenue.

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2.    Real Estate:

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

	December 31,
	2016			2015
Land	$	2,786,255		$	2,660,722
Undeveloped land		58,931			67,535
Buildings and improvements:
Buildings		5,790,681			5,643,629
Building improvements		1,562,439			1,559,652
Tenant improvements		733,993			727,036
Fixtures and leasehold improvements		47,199			47,055
Above-market leases		150,207			155,451
In-place leases and tenant relationships		543,342			528,539
		11,673,047			11,389,619
Accumulated depreciation and amortization (1)		(2,278,292	)		(2,115,320	)
Total	$	9,394,755		$	9,274,299

(1) At December 31, 2016 and 2015, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $409,062 and $357,581, respectively.

In addition, at December 31, 2016 and 2015, the Company had intangible liabilities relating to below-market leases from property acquisitions of $292.6 million and $291.7 million, respectively, net of accumulated amortization of $193.9 million and $193.7 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2016, 2015 and 2014, resulted in net increases to revenue of $21.4 million, $18.5 million and $13.5 million, respectively. The Company’s amortization expense associated with leases in place and tenant relationships, which is included in depreciation and amortization, for the years ended December 31, 2016, 2015 and 2014 was $66.6 million, $68.3 million and $41.2 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases, tenant relationships and leases in place for the next five years are as follows (in millions):

	2017			2018			2019			2020			2021
Above-market and below-market leases amortization, net	$	10.7		$	10.8		$	11.3		$	11.5		$	11.5
In-place leases and tenant relationships amortization	$	(46.5	)	$	(34.1	)	$	(26.3	)	$	(19.3	)	$	(15.4	)

3.    Property Acquisitions, Developments and Other Investments:

Acquisition of Operating Properties

During the year ended December 31, 2016, the Company acquired the following operating properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt Assumed		Other**		Total		GLA***
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

* The Company utilized $66.0 million associated with Internal Revenue Code §1031 sales proceeds.

** Includes the Company’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(1) The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other. The Company’s previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in millions):

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Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Oakwood Plaza		55.0	%	$	46.5
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6.6
KimPru Portfolio (2 properties)		15.0	%		0.8
Hamden Mart		47.95	%		3.5
				$	57.4

During the year ended December 31, 2015, the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt  Assumed		Other **		Total		GLA***
Elmont Plaza	Elmont, NY (1)	Jan-15	$	2,400	$	-	$	3,358	$	5,758		13
Garden State Pavilion Parcel	Cherry Hill, NJ	Jan-15		16,300		-		-		16,300		111
Kimstone Portfolio (39 properties)	Various (1)	Feb-15		513,513		637,976		236,011		1,387,500		5,631
Copperfield Village	Houston, TX	Feb-15		18,700		20,800		-		39,500		165
Snowden Square Parcel	Columbia, MD	Mar-15		4,868		-		-		4,868		25
Dulles Town Crossing Parcel	Sterling, VA	Mar-15		4,830		-		-		4,830		9
Flagler Park S.C.	Miami, FL	Mar-15		1,875		-		-		1,875		5
West Farms Parcel	New Britain, CT	Apr-15		6,200		-		-		6,200		24
Milleridge Inn	Jericho, NY	Apr-15		7,500		-		-		7,500		-
Woodgrove Festival (2 Parcels)	Woodridge, IL	Jun-15		5,611		-		-		5,611		12
Montgomery Plaza	Fort Worth, TX (1)	Jul-15		34,522		29,311		9,044		72,877		291
125 Coulter Avenue Parcel	Ardmore, PA	Sep-15		1,925		-		-		1,925		6
Conroe Marketplace	Conroe, TX (1)	Oct-15		18,546		42,350		3,104		64,000		289
Laurel Plaza	Laurel, MD	Oct-15		1,200		-		-		1,200		4
District Heights	District Heights, MD (1)	Nov-15		13,140		13,255		950		27,345		91
Village on the Park	Aurora, CO	Nov-15		824		-		-		824		10
Christown Mall	Phoenix, AZ	Nov-15		51,351		63,899		-		115,250		833
Washington St. Plaza Parcels	Brighton, MA	Dec-15		8,750		-		-		8,750		-
			$	712,055	$	807,591	$	252,467	$	1,772,113		7,519

*   The Company utilized $89.5 million associated with Internal Revenue Code §1031 sales proceeds.

** Includes the Company’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(1) The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other. The Company’s previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in millions):

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Elmont Plaza		50.0	%	$	(0.2	)
Kimstone Portfolio (39 properties)		33.3	%		140.0
Montgomery Plaza		20.0	%		6.3
Conroe Marketplace		15.0	%		2.4
District Heights		15.0	%		0.7
				$	149.2

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Included in the Company’s Consolidated Statements of Income are $23.8 million, $112.2 million and $75.3 million in revenues from rental properties from the date of acquisition through December 31, 2016, 2015 and 2014, respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The purchase price for acquisitions is preliminarily allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price allocations and related accounting is finalized upon completion of the Company’s valuation studies. Accordingly, the fair values allocated to these assets and liabilities are subject to revision. The Company records allocation adjustments, where applicable, when purchase price allocations are finalized.

The preliminary allocations, allocation adjustments and revised allocations for properties acquired during the year ended December 31, 2016, are as follows (in thousands):

	Preliminary Allocation			Allocation Adjustments			Revised Allocation as of December 31, 2016			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(13,352	)	$	165,798			-
Buildings		309,493			69,581			379,074			50.0
Above-market leases		11,982			(4,304	)		7,678			8.1
Below-market leases		(31,903	)		(4,327	)		(36,230	)		19.1
In-place leases		44,094			(4,162	)		39,932			6.4
Building improvements		124,105			(40,194	)		83,911			45.0
Tenant improvements		12,788			(2,548	)		10,240			7.1
Mortgage fair value adjustment		(4,292	)		(694	)		(4,986	)		4.1
Other assets		234			-			234			-
Other liabilities		(27	)		-			(27	)		-
Net assets acquired	$	645,624		$	-		$	645,624

The allocation adjustments and revised allocations for properties acquired during the year ended December 31, 2015, are as follows (in thousands):

	Allocation as of December 31, 2015			Allocation Adjustments			Revised Allocation as of December 31, 2016			Weighted-Average Amortization Period (in Years)
Land	$	444,626		$	33,918		$	478,544			-
Buildings		1,063,124			(7,980	)		1,055,144			50.0
Above-market leases		34,182			(2,133	)		32,049			7.2
Below-market leases		(74,997	)		(6,306	)		(81,303	)		17.7
In-place leases		125,993			1,425			127,418			4.7
Building improvements		169,116			(20,724	)		148,392			45.0
Tenant improvements		34,814			1,800			36,614			6.1
Mortgage fair value adjustment		(27,615	)		-			(27,615	)		3.0
Other assets		3,058			-			3,058			-
Other liabilities		(188	)		-			(188	)		-
Net assets acquired	$	1,772,113		$	-		$	1,772,113

Other Investments

During the year ended December 31, 2015, the Company entered into an agreement to acquire the remaining 50.0% interest in a property previously held in a joint venture in which the Company had a noncontrolling interest for a gross purchase price of $23.0 million. Upon signing this contract, which closed in January 2016, the Company effectively gained control of the entity and is entitled to all economics and risk of loss and as such, the Company consolidated this property pursuant to the FASB’s Consolidation guidance. Additionally, as the Company was required to purchase the partners interest at a fixed and determinable price in January 2016, the Company recognized $11.5 million within Other liabilities in the Company’s Consolidated Balance Sheets at December 31, 2015. Based upon the Company’s intent to redevelop a portion of the property, the Company allocated $8.4 million of the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets and the remaining $14.6 million was allocated to Operating real estate on the Company’s Consolidated Balance Sheets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During the year ended December 31, 2015, the Company acquired three land parcels, in separate transactions, for an aggregate purchase price of $30.0 million.

Pro Forma Financial Information (Unaudited)

As discussed above, the Company and certain of its subsidiaries acquired interests in certain operating properties during 2016 and 2015. The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Income for the years ended December 31, 2016 and 2015, adjusted to give effect to properties acquired during the years ended December 31, 2016 and 2015, as if they were acquired at the beginning of 2014 and 2013. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures).

	Year ended December 31,
	2016		2015		2014
Revenues from rental properties	$	1,174.9	$	1,198.6	$	1,097.8
Net income	$	397.7	$	921.6	$	521.9
Net income available to the Company	$	344.2	$	852.6	$	451.7
Net income available to the Company per common share:
Basic	$	0.82	$	2.07	$	1.10
Diluted	$	0.82	$	2.07	$	1.10

4.   Real Estate Under Development:

The Company is engaged in various real estate under development projects, which will be held as long-term investments by the Company. As of December 31, 2016, the Company had in progress a total of six real estate under development projects located in the U.S. These projects will be developed into open-air shopping centers aggregating 2.2 million square feet of GLA with a total estimated aggregate project cost of $514.0 million.

The costs incurred to date for these real estate under development projects are as follows (in thousands):

		December 31,
Property Name	Location	2016		2015
Grand Parkway Marketplace	Spring, TX	$	94,841	$	42,032
Dania Pointe (1)	Dania Beach, FL		107,113		-
Promenade at Christiana	New Castle, DE		25,521		16,063
Owings Mills	Owings Mills, MD		25,119		8,640
Avenues Walk	Jacksonville, FL		73,048		77,544
Staten Island Plaza (2)	Staten Island, NY		9,386		-
Shoppes at Wynnewood (3)	Lower Merion, PA		-		34,911
		$	335,028	$	179,190

(1) During the year ended December 31, 2016, the Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company has a 55.0% noncontrolling interest for a gross purchase price of $84.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company’s previously held equity interest. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets.

(2) Land held for future development.

(3) During the year ended December 31, 2016, this development project, aggregating $38.0 million, was completed and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

During 2016 and 2015, the Company acquired, in separate transactions, three additional land parcels adjacent to two existing development projects and two additional land parcels adjacent to existing development projects for an aggregate purchase price of $13.8 million and $20.7 million, respectively.

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5.    Dispositions of Real Estate and Assets Held-for-Sale:

Operating Real Estate

During 2016, the Company disposed of 30 consolidated operating properties and two out-parcels, in separate transactions, for an aggregate sales price of $378.7 million. These transactions resulted in an aggregate gain of $86.8 million, after income tax expense, and aggregate impairment charges of $37.2 million, which were taken prior to sale, before income tax benefit of $10.0 million.

During 2015, the Company disposed of 89 consolidated operating properties and eight out-parcels, in separate transactions, for an aggregate sales price of $492.5 million. These transactions resulted in an aggregate gain of $143.6 million, after income tax expense, and aggregate impairment charges of $10.2 million, before income tax benefit of $2.3 million.

Additionally, during 2015, the Company disposed of its remaining operating property in Chile for a sales price of $51.3 million. This transaction resulted in the release of a cumulative foreign currency translation loss of $19.6 million due to the Company’s liquidation of its investment in Chile offset by a gain on sale of $1.8 million, after income tax expense.

During 2014, the Company disposed of 90 consolidated operating properties, in separate transactions, for an aggregate sales price of $833.5 million, including 27 operating properties in Latin America. These transactions, which are included in Discontinued operations on the Company’s Consolidated Statements of Income, resulted in an aggregate gain of $203.3 million, before income taxes and noncontrolling interests and aggregate impairment charges of $178.0 million, before income taxes and noncontrolling interests, including $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico. The Company provided financing aggregating $52.7 million on three of these transactions which bore interest at rates ranging from LIBOR plus 250 basis points to 7% per annum, which matured and were repaid in full during 2015. The Company evaluated these transactions pursuant to the FASB’s real estate guidance to determine sale and gain recognition.

Land Sales

During 2016, 2015 and 2014, the Company sold six, 13 and three land parcels, respectively, for an aggregate sales price of $3.9 million, $31.5 million and $5.1 million, respectively. These transactions resulted in an aggregate gain of $1.9 million, $4.3 million and $3.5 million, before income taxes expense and noncontrolling interest for the years ended December 31, 2016, 2015 and 2014, respectively. The gains from these transactions are recorded as other income, which is included in Other income/(expense), net, in the Company’s Consolidated Statements of Income.

Held-for-Sale

At December 31, 2016, the Company had two consolidated property interests in Mexico classified as held-for-sale at an aggregate carrying amount of Mexican peso (“MXN”) 121.9 million (USD $9.2 million), net of accumulated depreciation of MXN 51.1 million (USD $3.5 million), which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company’s determination of the fair value of the properties was based upon executed contracts of sale with third parties. The book value of one of these properties exceeded its estimated fair value, less costs to sell, and as such an impairment charge of MXN 25.8 million (USD $1.3 million) was recognized.

6.   Discontinued Operations:

The components of Income from discontinued operations for the years ended December 31, 2015 and 2014 are shown below. These include the results of income through the date of each respective sale for properties sold during 2014, and the operations for the applicable periods for those assets classified as held-for-sale as of December 31, 2014 (in thousands):

	2015			2014
Discontinued operations:
Revenues from rental properties	$	124		$	71,906
Rental property expenses		(49	)		(16,657	)
Depreciation and amortization		-			(15,019	)
Provision for doubtful accounts		(57	)		(719	)
Interest expense		-			(1,823	)
Income from other real estate investments		-			680
Other expense, net		(12	)		(756	)
Income from discontinued operating properties, before income taxes		6			37,612
Impairment of property carrying value, before income taxes (1)		(82	)		(178,048	)
Gain on disposition of operating properties, before income taxes		-			203,271
Benefit/(provision) for income taxes		1			(11,850	)
(Loss)/income from discontinued operating properties		(75	)		50,985
Net income attributable to noncontrolling interests		-			(2,117	)
(Loss)/income from discontinued operations attributable to the Company	$	(75	)	$	48,868

(1) The year ended December 31, 2014, includes $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico.

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7.    Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period 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 2014, the Company implemented a plan to accelerate the disposition of certain U.S. properties and substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss. These disposition plans effectively shortened the Company’s anticipated hold period for these properties and as a result the Company recognized impairment charges on various consolidated operating properties (see Footnote 16 of the Notes to Consolidated Financial Statements for fair value disclosure).

The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended December 31, 2016, 2015 and 2014 as follows (in millions):

	2016			2015			2014
Impairment of property carrying values* (1) (2) (3)	$	93.3		$	30.3		$	33.3
Impairment of investments in other real estate investments* (4)		-			5.3			1.7
Impairment of marketable securities and other investments* (5)		-			9.8			4.8
Total Impairment charges included in operating expenses		93.3			45.4			39.8
Cumulative foreign currency translation loss included in discontinued operations (6)		-			-			92.9
Impairment of property carrying values included in discontinued operations**		-			0.1			85.1
Total gross impairment charges		93.3			45.5			217.8
Noncontrolling interests		(0.4	)		(5.6	)		(0.4	)
Income tax benefit included in discontinued operations		-			-			(1.7	)
Income tax benefit		(21.1	)		(9.0	)		(6.1	)
Total net impairment charges	$	71.8		$	30.9		$	209.6

* See Footnote 16 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

**See Footnotes 5 & 6 of the Notes to Consolidated Financial Statements above for additional disclosure

(1) During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 22 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

(2) During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

(3) During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million.

(4) Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company’s preferred equity investments, during 2015 and 2014. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

(5) During 2015 and 2014, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments’ estimated fair value.

(6) Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million.

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In addition to the impairment charges above, the Company recognized pretax impairment charges during 2016, 2015 and 2014 of $15.0 million, $22.2 million, and $54.5 million (including $47.3 million in cumulative foreign currency translation loss relating to the Company’s substantial liquidation of its investment in Mexico), respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Income (see Footnote 8 of the Notes to Consolidated Financial Statements).

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 and would therefore write-down its carrying basis accordingly.

8.   Investment and Advances in Real Estate Joint Ventures:

The Company and its subsidiaries have investments and advances in various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.

As of December 31, 2016 and 2015, the Company’s had interests in 135 and 191 shopping center properties, respectively, aggregating 26.2 million and 35.4 million square feet of GLA, respectively, held in joint venture investments. The table below presents joint venture investments for which the Company held an ownership interest at December 31, 2016 and 2015 (in millions, except number of properties):

	As of December 31, 2016						As of December 31, 2015
Venture	Ownership Interest		Number of Properties		The Company's Investment		Ownership Interest		Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)		15.0%		48	$	182.5		15.0%		53	$	175.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		45		145.2		48.6%		47		131.0
Canada Pension Plan Investment Board (“CPP”) (2) (3)		55.0%		5		111.8		55.0%		7		195.6
Other Institutional Programs (2)		Various		2		0.4		Various		9		5.2
Other Joint Venture Programs (4)		Various		34		60.4		Various		40		64.0
Canadian Properties		50.0%		1		3.9		Various		35		171.3
Total				135	$	504.2				191	$	742.6

(1) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management (“PGIM”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

(2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

(3) During the year ended December 31, 2016, the CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

(4) Includes five land parcels located in Mexico.

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The table below presents the Company’s share of net income for these investments which is included in the Company’s Consolidated Statements of Income under Equity in income of joint ventures, net for the years ended December 31, 2016, 2015 and 2014 (in millions):

	Year Ended December 31,
	2016		2015		2014
KimPru and KimPru II	$	16.4	$	7.1	$	8.1
KIR		44.0		41.0		26.5
CPP		7.7		9.6		7.1
Other Institutional Programs		1.1		4.7		28.8
Other Joint Venture Programs		3.9		14.2		49.7
Canadian Properties		145.6		403.8		39.4
Total	$	218.7	$	480.4	$	159.6

During 2016, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners 45 operating properties and one land parcel, in separate transactions, for an aggregate sales price of $1.1 billion. These transactions resulted in an aggregate net gain to the Company of $151.2 million, before income taxes, for the year ended December 31, 2016. In addition, during 2016, the Company acquired the remaining interest in nine operating properties and one development project from various joint ventures, in separate transactions, for a gross purchase price of $590.1 million. See Footnotes 3 and 4 of the Notes to Consolidated Financial Statements for the operating properties and development projects acquired by the Company.

During 2015, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners 98 operating properties and 11 land parcels, in separate transactions, for an aggregate sales price of $1.8 billion. These transactions resulted in an aggregate net gain to the Company of $380.6 million, before income taxes, for the year ended December 31, 2015. In addition, during 2015, the Company acquired the remaining interest in 43 operating properties from various joint ventures, in separate transactions for a gross purchase price of $1.6 billion. See Footnote 3 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.

During 2014, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners 37 operating properties, in separate transactions, for an aggregate sales price of $811.7 million. These transactions resulted in an aggregate net gain to the Company of $96.0 million, before income taxes, for the year ended December 31, 2014. In addition, during 2014, the Company acquired the remaining interest in 34 operating properties from various joint ventures, in separate transactions for a gross purchase price of $1.0 billion.

The table below presents debt balances within the Company’s joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2016 and 2015 (dollars in millions):

	As of December 31, 2016							As of December 31, 2015
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	647.4		3.07	%		67.5	$	777.1		5.54	%		12.6
KIR		746.5		4.64	%		54.9		811.6		4.64	%		62.3
CPP		84.8		2.17	%		16.0		109.9		5.25	%		3.5
Other Institutional Programs		94.7		4.09	%		19.0		218.5		4.92	%		20.5
Other Joint Venture Programs		482.1		5.67	%		24.5		540.7		5.61	%		36.1
Canadian Properties		7.5		4.70	%		9.1		341.3		4.64	%		56.4
Total	$	2,063.0						$	2,799.1

* Average remaining term includes extensions

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Summarized financial information for the Company’s investment and advances in real estate joint ventures is as follows (in millions):

	December 31,
	2016		2015
Assets:
Real estate, net	$	3,741.9	$	4,855.5
Other assets		224.6		279.3
	$	3,966.5	$	5,134.8
Liabilities and Partners’/Members’ Capital:
Notes payable	$	214.5	$	29.7
Mortgages payable and construction loans		1,848.5		2,769.4
Other liabilities		82.3		119.6
Noncontrolling interests		15.9		16.2
Partners’/Members’ capital		1,805.3		2,199.9
	$	3,966.5	$	5,134.8

	Year Ended December 31,
	2016			2015			2014
Revenues from rental properties	$	597.5		$	842.5		$	1,059.9
Operating expenses		(178.1	)		(265.9	)		(333.5	)
Interest expense		(117.3	)		(202.8	)		(247.3	)
Depreciation and amortization		(138.1	)		(191.9	)		(260.0	)
Impairment charges		(38.6	)		(63.4	)		(23.1	)
Other income/(expense), net	20.1				4.4			(14.4	)
		(452.0	)		(719.6	)		(878.3	)
Income from continuing operations		145.5			122.9			181.6
Discontinued Operations:
Income from discontinued operations		-			-			2.8
Impairment on dispositions of properties		-			-			(3.8	)
Gain on dispositions of properties		-			-			471.1
		-			-			470.1
Gain on sale of operating properties		296.2			1,166.7			-
Net income	$	441.7		$	1,289.6		$	651.7

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling $11.0 million and $12.6 million at December 31, 2016 and 2015, 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 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, 2016 and 2015, the Company’s carrying value in these investments is $504.2 million and $742.6 million, respectively.

9.   Other Real Estate Investments:

Preferred Equity Capital –

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of December 31, 2016, the Company’s net investment under the Preferred Equity program was $193.7 million relating to 365 properties, including 346 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2016, the Company earned $27.5 million from its preferred equity investments, including $10.5 million in profit participation earned from five capital transactions. As of December 31, 2015, the Company’s net investment under the Preferred Equity program was $199.9 million relating to 421 properties, including 385 net leased properties. For the year ended December 31, 2015, the Company earned $27.0 million from its preferred equity investments, including $9.3 million in profit participation earned from nine capital transactions.

As of December 31, 2016, these preferred equity investment properties had non-recourse mortgage loans aggregating $427.4 million. These loans have scheduled maturities ranging from one month to eight years and bear interest at rates ranging from 4.19% to 10.47%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

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

	December 31,
	2016		2015
Assets:
Real estate, net	$	187.0	$	258.0
Other assets		587.1		628.3
	$	774.1	$	886.3
Liabilities and Partners’/Members’ Capital:
Notes and mortgages payable	$	454.7	$	563.7
Other liabilities		8.3		12.9
Partners’/Members’ capital		311.1		309.7
	$	774.1	$	886.3

	Year Ended December 31,
	2016			2015			2014
Revenues from rental properties	$	102.6		$	122.1		$	146.0
Operating expenses		(27.4	)		(35.6	)		(47.0	)
Interest expense		(26.7	)		(35.7	)		(47.1	)
Depreciation and amortization		(6.7	)		(11.4	)		(19.2	)
Other expense, net		(11.5	)		(9.2	)		(7.2	)
Income from continuing operations		30.3			30.2			25.5
Discontinued Operations:
Gain on disposition of properties		-			-			31.5
		-			-			31.5
Gain on sale of operating properties		5.3			6.0			-
Net income	$	35.6		$	36.2		$	57.0

Kimsouth –

Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) is a subsidiary of Kimsouth that has a noncontrolling interest in AB Acquisition, LLC (“AB Acquisition”), a joint venture which owns Albertsons Inc. (“Albertsons”) and NAI Group Holdings Inc. (“NAI”). The Company holds a controlling interest in the ABS Venture and consolidates this entity.

During January 2015, two new noncontrolling members were admitted into the ABS Venture, including Colony Capital, Inc. and affiliates (“Colony”), after which the Company contributed $85.3 million and the two noncontrolling members contributed an aggregate $105.0 million, of which Colony contributed $100.0 million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway Inc. (“Safeway”). In January 2017, Colony Capital, Inc. merged with NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. to form Colony NorthStar, Inc. (“Colony NorthStar”). As a result, the ABS Venture now holds a combined 14.35% interest in AB Acquisition, of which the Company holds a combined 9.8% ownership interest and Colony NorthStar holds a 4.3% ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. The combined company of Albertsons, NAI and Safeway operates over 2,200 grocery stores across 33 states. The Company continues to consolidate the ABS Venture as there was no change in control following the admission of the members described above. As such, the Company recorded (i) the gross investment in Safeway of $190.3 million in Other assets on the Company’s Consolidated Balance Sheets and accounts for this investment under the cost method of accounting (ii) a noncontrolling interest of $65.0 million and (iii) an increase in Paid-in capital of $24.0 million, net of a deferred tax effect of $16.0 million, representing the amount contributed by the newly admitted members in excess of their proportionate share of the historic book value of the net assets of ABS Venture.

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10.  Variable Interest Entities:

Consolidated Operating Properties

Included within the Company’s consolidated operating properties at December 31, 2016, are 21 consolidated entities that are VIEs, for which the Company is the primary beneficiary. 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. The entities were deemed VIEs primarily based on the fact that the unrelated investors do not have substantial kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do not have participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest.

At December 31, 2016, total assets of these VIEs were $902.0 million and total liabilities were $174.2 million. The classification of these assets are primarily within operating real estate, cash and cash equivalents and accounts and notes receivable and the classification of these liabilities are primarily within other liabilities and mortgages payable on the Company’s Consolidated Balance Sheets.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. 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.

Consolidated Real Estate Under Development Projects

Included within the Company’s real estate under development projects at December 31, 2016, are two consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to develop real estate properties 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 investments at risk are not sufficient to permit the entities to finance their 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 controlling financial interest.

At December 31, 2016, total assets of these real estate under development VIEs were $183.1 million and total liabilities were $2.3 million. The classification of these assets is primarily within Real estate under development in the Company’s Consolidated Balance Sheets and the classification of these liabilities are primarily within Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets.

Substantially all of the projected development costs to be funded for these development projects, aggregating $68.7 million, will be funded with capital contributions from the Company, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

Unconsolidated Redevelopment Investment

Included in the Company’s joint venture investments at December 31, 2016, is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to develop real estate property for long-term investment and was deemed a VIE 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 this entity 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 this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

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As of December 31, 2016, the Company’s investment in this VIE was a negative $7.4 million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities on the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be $7.4 million, which is the remaining capital commitment obligation. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of redevelopment will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

11.  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, 2016, 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, 2014 to December 31, 2016 (in thousands):

	2016			2015			2014
Balance at January 1,	$	23,824		$	74,013		$	30,243
Additions:
New mortgage loans		-			5,730			52,728
Write-off of loan discounts		-			-			286
Foreign currency translation		397			-			-
Amortization of loan discounts		112			112			126
Deductions:
Loan repayments		-			(53,646	)		(7,330	)
Charge off/foreign currency translation		(213	)		(884	)		(1,066	)
Collections of principal		(921	)		(1,499	)		(972	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	23,197		$	23,824		$	74,013

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2016, the Company had a total of 12 loans, all of which were identified as performing loans.

12.  Marketable Securities:

The amortized cost and gross unrealized gains/(losses) of securities available-for-sale and held-to-maturity at December 31, 2016 and 2015, are as follows (in thousands):

	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Total
Available-for-sale:
Equity securities	$	6,096	$	406	$	6,502
Held-to-maturity:
Debt securities		1,599		-		1,599
Total marketable securities	$	7,695	$	406	$	8,101

	December 31, 2015
	Amortized Cost		Gross Unrealized Gains/(Losses)			Total
Available-for-sale:
Equity securities	$	5,511	$	398		$	5,909
Held-to-maturity:
Debt securities		1,656		(1	)		1,655
Total marketable securities	$	7,167	$	397		$	7,564

During 2015, the Company received $76.2 million in proceeds from the sale or redemption of certain marketable securities. In connection with these transactions, the Company recognized $39.9 million of realizable gains.

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As of December 31, 2016, the contractual maturities of debt securities classified as held-to-maturity are within the next five years. Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties.

13.  Notes Payable:

As of December 31, 2016 and 2015 the Company’s Notes payable consisted of the following (dollars in millions):

	Balance at 12/31/16			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	3,400.0			2.70%		6.88%		Oct-2019		Dec-2046
Medium Term Notes (“MTN”)		300.0			4.30%		4.30%		Feb-2018		Feb-2018
Term Loan (a)		250.0			(a)		(a)		Jan-2017		Jan-2017
Credit Facility (b)		25.0			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(47.7	)		-		-		-		-
	$	3,927.3

	Balance at 12/31/15			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	2,290.9			3.13%		6.88%		May-2017		Apr-2045
MTN		600.0			4.30%		5.78%		Mar-2016		Feb-2018
Term Loan (a)		650.0			(a)		(a)		Jan-2017		Jan-2017
Canadian Notes Payable		251.8			3.86%		5.99%		Apr-2018		Aug-2020
Credit Facility (b)		-			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(31.4	)		-		-		-		-
	$	3,761.3

(a) Interest rate is equal to LIBOR + 0.95% (1.60% and 1.37% at December 31, 2016 and 2015, respectively). During January 2017, the Company repaid the $250.0 million outstanding balance on the Term Loan and terminated the agreement.

(b) Interest rate is equal to LIBOR + 0.925% (1.67% and 1.35% at December 31, 2016 and 2015, respectively). During February 2017, the Company repaid the outstanding balance on the Credit Facility and terminated the agreement. The Company closed on a new $2.25 billion unsecured revolving credit facility which is scheduled to mature March 2021 with two six-month extension options at an interest rate of LIBOR plus 87.5 basis points.

The weighted-average interest rate for all unsecured notes payable is 3.58% as of December 31, 2016. The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of $47.7 million, as of December 31, 2016, were as follows (in millions): 2017, $250.0; 2018, $325.0; 2019, $300.0; 2020, $0.0; 2021, $500.0 and thereafter, $2,600.0.

During the years ended December 31, 2016 and 2015, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Maturity Date	Amount Repaid (USD)		Interest Rate
Canadian Notes Payable (1)	Aug-16	(1)	$	270.9		(1)
Senior Unsecured Note (2)	Aug-16	May-17	$	290.9		5.70%
MTN	Mar-16	Mar-16	$	300.0		5.783%
MTN	Nov-15	Nov-15	$	150.0		5.584%
Senior Unsecured Note	Sep-15	Sep-15	$	100.0		5.25%
MTN	Feb-15	Feb-15	$	100.0		4.904%

(1) On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated (“CAD”) $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

(2) The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

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Senior Unsecured Notes / MTN –

The Company’s supplemental indentures governing its MTN and Senior Unsecured Notes contain covenants whereby 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 and (c) certain asset to debt ratios. In addition, the Company is 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. The Company was in compliance with all of the covenants as of December 31, 2016.   

Interest on the Company’s fixed-rate senior unsecured notes and medium term notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

The Company had a MTN program pursuant to which it offered 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 years ended December 31, 2016 and 2015, the Company issued the following Senior Unsecured Notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Nov-16	Mar-24	$	400.0		2.7%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.8%
May-16	Apr-45	$	150.0		4.25%
Oct-15	Nov-22	$	500.0		3.40%
Mar-15	Apr-45	$	350.0		4.25%

The Company used the net proceeds from these issuances, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s revolving credit facility.

Credit Facility –

The Company had a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which was scheduled to expire in March 2018 with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2019. The Credit Facility, which could be increased to $2.25 billion through an accordion feature, accrued interest at a rate of LIBOR plus 92.5 basis points (1.67% as of December 31, 2016) on drawn funds. In addition, the Credit Facility included a $500 million sub-limit which provided the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, was 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. The Company was in compliance with all of the covenants as of December 31, 2016. As of December 31, 2016, the Credit Facility had a balance of $25.0 million outstanding and $0.7 million appropriated for letters of credit.

In February 2017, the Company closed on a new $2.25 billion unsecured revolving credit facility with a group of banks, which is scheduled to expire in March 2021, with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2022. This new credit facility, which accrues interest at a rate of LIBOR plus 87.5 basis points, could be increased to $2.75 billion through an accordion feature. The new credit facility replaces the Company’s $1.75 billion Credit Facility that was scheduled to mature in March 2018. In addition, the facility includes a $500.0 million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Under this new credit facility, the Company continues to be subject to certain covenants as in the Credit Facility described above.

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Term Loan -

During January 2015, the Company entered into a $650.0 million unsecured term loan (“Term Loan”) which had an initial maturity date in January 2017 (with three one-year extension options at the Company’s discretion) and accrued interest at a spread (95 basis points at December 31, 2016) to LIBOR or at the Company’s option at a base rate as defined per the agreement (1.60% at December 31, 2016). The proceeds from the Term Loan were used to repay the Company’s $400.0 million term loan, which was scheduled to mature in April 2015 (with two additional one-year extension options) and bore interest at LIBOR plus 105 basis points, and for general corporate purposes. During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan. As of December 31, 2016, the Term Loan had a balance of $250.0 million. Pursuant to the terms of the credit agreement for the Term Loan, the Company, among other things, was subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. The Company was in compliance with all of the covenants as of December 31, 2016. During January 2017, the Company paid the remaining $250.0 million outstanding balance on the Company’s Term Loan and terminated the agreement.

14.  Mortgages Payable:

During 2016, the Company (i) assumed $289.0 million of individual non-recourse mortgage debt relating to the acquisition of 10 properties, including $4.3 million associated with fair value debt adjustments and (ii) paid off $703.0 million of mortgage debt (including fair market value adjustment of $2.1 million) that encumbered 47 operating properties. In connection with the early prepayment of certain of these mortgage debts, the Company recorded an early extinguishment of debt charge of $9.2 million.

Additionally, during 2016, the Company disposed of an encumbered property through foreclosure. This transaction resulted in a net decrease in mortgage debt of $25.6 million (including fair market value adjustment of $0.4 million) and a gain on forgiveness of debt of $3.1 million, which is included in Other income/(expense), net in the Company’s Consolidated Statements of Income.

During 2015, the Company (i) assumed $835.2 million of individual non-recourse mortgage debt relating to the acquisition of 38 operating properties, including an increase of $27.6 million associated with fair value debt adjustments and (ii) repaid $557.0 million of mortgage debt (including fair market value adjustment of $1.4 million) that encumbered 27 operating properties.

Mortgages payable, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K) 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 135 basis points (1.91% as of December 31, 2016) to 9.75% (weighted-average interest rate of 4.94% as of December 31, 2016). The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of $27.7 million and unamortized debt issuance costs of $3.0 million, as of December 31, 2016, were as follows (in millions): 2017, $462.4; 2018, $124.4; 2019, $115.9; 2020, $101.2; 2021, $145.4 and thereafter, $165.1.

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.  

The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Units that are determined to be contingently redeemable are classified as Redeemable noncontrolling interests and presented in the mezzanine section 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 separately on the Company’s Consolidated Statements of Income.  

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The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). Noncontrolling interests relating to the remaining units was $86.2 million and $88.9 million as of December 31, 2016 and 2015, respectively. The Units, related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2016 and 2015:

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Preferred A Units (1)	$	1.00		79,642,697		5.0%
Class B-1 Preferred Units (2)	$	10,000		189		7.0%
Class B-2 Preferred Units (1)	$	10,000		42		7.0%
Class C DownReit Units (2)	$	30.52		52,797	Equal to the Company’s common stock dividend

(1) These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets.

(2) These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets.

The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758 redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of 1:1. These units are callable by the Company any time after April 3, 2026, and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. As of both December 31, 2016 and 2015, noncontrolling interest relating to the remaining Class B Units was $26.5 million.

Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $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 currently redeemable at the option of the holder 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, through January 2017.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2016 and 2015 (in thousands):

	2016			2015
Balance at January 1,	$	86,709		$	91,480
Income (1)		4,349			7,061
Distribution		(4,105	)		(5,922	)
Conversion of redeemable units		-			(5,910	)
Balance at December 31,	$	86,953		$	86,709

(1) Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2015.

During the year ended December 31, 2015, the Company acquired its partner’s interest in three previously consolidated joint ventures for $31.6 million. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining interests resulted in an aggregate decrease in noncontrolling interest of $25.2 million for the year ended December 31, 2015, and a net decrease of $6.4 million to the Company’s Paid-in capital, during 2015.

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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 disclosed. 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, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

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 following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	December 31,
	2016				2015
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Marketable securities (1)	$	8,101	$	8,101	$	7,565	$	7,564
Notes payable (2)	$	3,927,251	$	3,890,797	$	3,761,328	$	3,820,205
Mortgages payable (3)	$	1,139,117	$	1,141,047	$	1,614,982	$	1,629,760

(1) As of December 31, 2016 and 2015, the Company determined that $6.5 million and $5.9 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $1.6 million and $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy.

(2) The Company determined that its valuation of the Senior Unsecured Notes and MTNs were classified within Level 2 of the fair value hierarchy and the Term Loan and Credit Facility were classified within Level 3 of the fair value hierarchy. 

(3) The Company determined that its valuation of these Mortgages payable was classified within Level 3 of the fair value hierarchy. 

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. 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.

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.

The Company from time to time has used 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 interest rate swap valuations are classified within Level 2 of the fair value hierarchy.

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 2016		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	6,502	$	6,502	$	-	$	-
Liabilities:
Interest rate swaps	$	975	$	-	$	975	$	-

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	Balance at December 31, 2015		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	5,909	$	5,909	$	-	$	-
Liabilities:
Interest rate swaps	$	1,426	$	-	$	1,426	$	-

Assets measured at fair value on a non-recurring basis at December 31, 2016 and 2015 are as follows (in thousands):

	Balance at December 31, 2016		Level 1		Level 2		Level 3
Real estate	$	117,930	$	-	$	-	$	117,930

	Balance at December 31, 2015		Level 1		Level 2		Level 3
Real estate	$	52,439	$	-	$	-	$	52,439

During the year ended December 31, 2016, the Company recognized impairment charges related solely to adjustments to property carrying values of $93.3 million. The Company’s estimated fair values were primarily based upon estimated sales prices from third party offers that were based on signed contracts, appraisals or letters of intent for which the Company does not have access to the unobservable inputs used to determine these estimated fair values. For the appraisals, the capitalization rates primarily range from 7.75% to 9.00% and discount rates primarily range from 9.25% to 12.17% which were utilized in the models based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

During the year ended December 31, 2015, the Company recognized impairment charges of $45.5 million, of which $0.1 million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i) $20.2 million related to adjustments to property carrying values, (ii) $10.2 million related to the sale of operating properties, (iii) $9.0 million related to a cost method investment, (iv) $5.3 million related to certain investments in other real estate investments and (v) $0.8 million related to marketable debt securities investments.

The Company’s estimated fair values for the year ended December 31, 2015, as it relates to property carrying values were primarily based upon (i) estimated sales prices from third party offers based on signed contracts or letters of intent (this method was used to determine $5.7 million of the $20.2 million in impairments recognized during the year ended December 31, 2015), for which the Company does not have access to the unobservable inputs used to determine these estimated fair values, (ii) third party appraisals (this method was used to determine $8.9 million of the $20.2 million in impairments recognized during the year ended December 31, 2015) and (iii) discounted cash flow models (this method was used to determine $5.6 million of the $20.2 million in impairments recognized during the year ended December 31, 2015). The discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rates primarily ranging from 8.25% to 8.5% and discount rates primarily ranging from 9.25% to 9.75% which were utilized in the models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for each respective investment.

Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy. The property carrying value impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions.

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17.  Preferred Stock, Common Stock and Convertible Unit Transactions:

Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of December 31, 2016 and 2015
Series of  Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value
Series I		18,400		16,000	$	400,000		6.00	%	$	1.50000	$	1.00
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00
		35,450		32,000	$	800,000

Series of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, After Expenses (in millions)		Offering/ Redemption Price		Optional Redemption Date
Series I	3/20/2012		16,000,000	1/1000	$	387.2	$	25.00	3/20/2017
Series J	7/25/2012		9,000,000	1/1000	$	217.8	$	25.00	7/25/2017
Series K	12/7/2012		7,000,000	1/1000	$	169.1	$	25.00	12/7/2017

The following Preferred Stock series was redeemed during the year ended December 31, 2015:

Series of  Preferred Stock	Date Issued	Depositary Shares Issued		Redemption Amount (in millions)		Offering/ Redemption Price		Optional Redemption Date	Actual Redemption Date
Series H (1)	8/30/2010		7,000,000	$	175.0	$	25.00	8/30/2015	11/25/2015

(1) In connection with this redemption the Company recorded a non-cash charge of $5.8 million resulting from the difference between the redemption amount and the carrying amount of the Class H Preferred Stock on the Company’s Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. The $5.8 million was subtracted from net income to arrive at net income available to common shareholders and is used in the calculation of earnings per share for the year ended December 31, 2015.

The Company’s Preferred Stock Depositary Shares for all series are not convertible or exchangeable for any other property or securities of the Company. 

Voting Rights - The Class I Preferred Stock, Class J Preferred Stock and Class K Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the Class I, J, or K Preferred Stock may vote, including any actions by written consent, each share of the Class I, J or K Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class I, J or K Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class I, J or K Preferred Stock). As a result, each Class I, J or K 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, 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 $25,000.00 Class I Preferred Stock per share, $25,000.00 Class J Preferred Stock per share and $25,000.00 Class K Preferred Stock per share ($25.00 per each Class I, Class J and Class K 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.

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Common Stock

During February 2015, the Company established an at the market continuous offering program (the “ATM program”), pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended December 31, 2016, the Company issued 9,806,377 shares and received proceeds of $285.2 million, net of commissions and fees of $2.9 million. As of December 31, 2016 the Company had $211.9 million available under this ATM program.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares in connection with the exercise of stock options or the issuance of restricted stock awards. These share repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2016, 2015 and 2014, the Company repurchased 257,477 shares, 179,696 shares and 128,147 shares, respectively, in connection with common shares surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 15 of the Notes to Consolidated Financial Statements). 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, 2016, is $24.1 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 0.9 million shares of Common Stock.   

18.  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, 2016, 2015 and 2014 (in thousands):

	2016			2015			2014
Acquisition of real estate interests by assumption of mortgage debt	$	33,174		$	84,699		$	210,232
Acquisition of real estate interests by issuance of redeemable units	$	-		$	-		$	8,219
Acquisition of real estate interests through proceeds held in escrow	$	66,044		$	89,504		$	179,387
Proceeds held in escrow through sale of real estate interests	$	66,044		$	71,623		$	197,270
Disposition of real estate interests by assignment of debt	$	-		$	47,742		$	-
Disposition of real estate interests through the issuance of mortgage receivable	$	-		$	5,730		$	2,728
Disposition of real estate interests by foreclosure of debt	$	22,080		$	-		$	-
Forgiveness of debt due to foreclosure	$	26,000		$	-		$	-
Investment in real estate joint venture through contribution of real estate	$	-		$	-		$	35,080
Decrease of noncontrolling interests through sale of real estate	$	-		$	-		$	17,650
Increase in capital expenditures accrual	$	15,078		$	8,581		$	12,622
Issuance of common stock	$	85		$	493		$	14,047
Surrender of common stock	$	(7,008	)	$	(5,682	)	$	(4,051	)
Declaration of dividends paid in succeeding period	$	124,517		$	115,182		$	111,143
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	407,813		$	1,039,335		$	687,538
Increase in mortgages payable, other liabilities and noncontrolling interests	$	268,194		$	750,135		$	492,318

19.  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. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes 3, 8 and 9 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

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Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s 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 2016, 2015 and 2014, the Company paid brokerage commissions of $0.2 million, $0.6 million and $0.3 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

ProHEALTH is a multi-specialty physician group practice offering one-stop health care. ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Company. ProHEALTH and/or its affiliates (“ProHEALTH”) have leasing arrangements with the Company whereby two consolidated property locations are currently under lease. Total annual base rent for these properties leased to ProHEALTH for the years ended December 31, 2016, 2015 and 2014 aggregated to $0.4 million, $0.4 million and $0.1 million, respectively.

During January 2015, Colony contributed $100.0 million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway. The ABS Venture now holds a combined 14.35% interest in AB Acquisition, of which the Company holds a combined 9.8% ownership interest, Colony NorthStar holds a 4.3% ownership interest and an unrelated third party holds a 0.25% ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. (see Footnote 9 of the Notes to Consolidated Financial Statements).

20.  Commitments and Contingencies:

Operations

The Company and its subsidiaries are primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2115. 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 and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2016, 2015 and 2014.

The minimum revenues from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises, are as follows (in millions): 2017, $834.6; 2018, $755.9; 2019, $664.1; 2020, $567.7; 2021, $471.5 and thereafter; $1,971.7.

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis before allowances for the years ended December 31, 2016, 2015 and 2014 was $16.5 million, $14.8 million and $8.4 million, respectively.

Minimum rental payments to be made by the Company under the terms of all non-cancelable operating ground leases for future years are as follows (in millions): 2017, $10.3; 2018, $9.9; 2019, $9.2; 2020, $8.6; 2021, $8.3 and thereafter, $143.0.

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees for loans encumbering certain of the Company’s development and redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2016, these letters of credit aggregated $40.8 million.

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Other

In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2016, there were $30.1 million in performance and surety bonds outstanding.

On January 28, 2013, the Company received a subpoena from the Enforcement Division of the SEC in connection with an investigation, In the Matter of Wal-Mart Stores, Inc. (FW-3678), that the SEC Staff is currently conducting with respect to possible violations of the Foreign Corrupt Practices Act. The Company has cooperated, and will continue to cooperate, with the SEC and the U.S. Department of Justice (“DOJ”), which is conducting a parallel investigation. At this point, we are unable to predict the duration, scope or result of the SEC or DOJ investigations.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. 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 as of December 31, 2016.

21.  Incentive Plans:

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The Company recognized expense associated with its equity awards of $19.1 million, $18.5 million and $17.9 million, for the years ended December 31, 2016, 2015 and 2014, respectively.  As of December 31, 2016, the Company had $31.1 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of 3.3 years. The Company had 10,015,040, 9,095,416 and 9,251,021, shares of the Company’s common stock available for issuance under the Plans at December 31, 2016, 2015 and 2014, respectively.

Stock Options

During 2016, 2015 and 2014, the Company did not grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended December 31, 2016, 2015 and 2014 are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2014		15,374,145		$	28.79	$	13.1
Exercised		(1,474,432	)	$	16.19	$	9.4
Forfeited		(2,005,952	)	$	28.68
Options outstanding, December 31, 2014		11,893,761		$	30.23	$	29.8
Exercised		(1,019,240	)	$	18.36	$	7.4
Forfeited		(1,862,080	)	$	32.55
Options outstanding, December 31, 2015		9,012,441		$	31.09	$	27.4
Exercised		(1,167,819	)	$	18.03	$	12.4
Forfeited		(1,830,893	)	$	39.69
Options outstanding, December 31, 2016		6,013,729		$	32.09	$	12.1
Options exercisable (fully vested) -
December 31, 2014		10,159,570		$	31.96	$	19.9
December 31, 2015		7,617,882		$	32.90	$	20.0
December 31, 2016		5,144,416		$	32.56	$	11.3

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The exercise prices for options outstanding as of December 31, 2016, range from $11.54 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, 2016 was 2.4 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2016, was 2.3 years. The weighted-average remaining contractual term of options expected to vest as of December 31, 2016, was 6.2 years. As of December 31, 2016, the Company had 225,695 options expected to vest, with a weighted-average exercise price per share of $21.54 and an aggregate intrinsic value of $0.8 million. Cash received from options exercised under the Plan was $21.1 million, $18.7 million and $23.9 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended December 31, 2016, 2015 and 2014 are as follows:

	2016			2015			2014
Restricted stock outstanding as of January 1,		1,712,534			1,911,145			1,591,082
Granted		756,530			729,160			804,465
Vested		(520,539	)		(875,202	)		(418,309	)
Forfeited		(17,793	)		(52,569	)		(66,093	)
Restricted stock outstanding as of December 31,		1,930,732			1,712,534			1,911,145

Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. The dividends paid on restricted shares were $2.2 million, $1.8 million, and $1.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2016, 2015 and 2014 were $26.15, $25.98 and $21.60, respectively.

Performance Shares

As of December 31, 2016, 2015 and 2014, the Company had performance share awards outstanding of 197,249, 202,754 and 171,400, respectively. The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2016, 2015 and 2014 were $28.60, $27.87 and $22.65, respectively. The more significant assumptions underlying the determination of fair values for these awards granted during 2016, 2015 and 2014 were as follows:

	2016			2015				2014
Stock price	$	26.29		$		26.83		$			21.49
Dividend yield (1)		0	%			0	%				0	%
Risk-free rate		0.87	%			0.98	%				0.65	%
Volatility		18.80	%			16.81	%				25.93	%
Term of the award (years)		2.88			1.88,	2.88			0.88,	1.88,	2.88

(1) Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

Other

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, is fully vested and funded as of December 31, 2016. The Company’s contributions to the plan were $2.0 million, $2.1 million and $2.2 million for the years ended December 31, 2016, 2015 and 2014, respectively.

The Company recognized severance costs associated with employee terminations during the years ended December 31, 2016, 2015 and 2014, of $1.7 million, $4.8 million and $6.3 million, respectively.

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22.  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 several organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income to its stockholders. Management intends 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 dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company failed to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be permitted to elect REIT status 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 TRSs is subject to federal, state and local income taxes. The Company is also subject to local taxes on certain Non-U.S. investments.

Reconciliation between GAAP Net Income and Federal Taxable Income

The following table reconciles GAAP net income to taxable income for the years ended December 31, 2016, 2015 and 2014 (in thousands):

	2016			2015			2014
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	378,850		$	894,115		$	424,001
GAAP net loss/(income) of taxable REIT Subsidiaries		2,414			(6,073	)		(13,110	)
GAAP net income from REIT operations (a)		381,264			888,042			410,891
Net book depreciation in excess of tax depreciation		73,409			21,515			24,890
Capitalized leasing/legal commissions		(11,894	)		(14,246	)		(13,576	)
Deferred/prepaid/above-market and below-market rents, net		(35,230	)		(32,848	)		(17,967	)
Fair market value debt amortization		(15,953	)		(19,723	)		(6,236	)
Restricted stock		(4,490	)		(3,094	)		(1,078	)
Book/tax differences from non-qualified stock options		(11,301	)		(4,786	)		(5,144	)
Book/tax differences from investments in real estate joint ventures		(4,205	)		(294	)		8,614
Book/tax difference on sale of properties		(75,445	)		(64,270	)		(146,173	)
Foreign income tax from capital gains		-			5,873			-
Cumulative foreign currency translation adjustment & deferred tax adjustment		3,267			-			139,976
Book adjustment to property carrying values and marketable equity securities		29,042			4,484			62,817
Taxable currency exchange loss, net		(6,775	)		(47,297	)		(100,602	)
Tangible property regulations deduction (b)		(58,000	)		(126,957	)		-
Dividends from taxable REIT subsidiaries		-			647			67,590
GAAP change in control gain		(57,386	)		(149,407	)		(107,235	)
Valuation allowance against net deferred tax assets (see discussion below)		40,097			-			-
Other book/tax differences, net		(9,505	)		(3,618	)		(16,100	)
Adjusted REIT taxable income	$	236,895		$	454,021		$	300,667

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

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

(b) In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers must deduct such costs as repairs. Pursuant to these Regulations the Company deducted certain expenditures that would previously have been capitalized for tax purposes. The Regulations also allowed the Company to make an election to immediately deduct certain amounts that were capitalized in previous years but qualify as repairs under the new Regulations. The Company made such election in 2015 and deducted approximately $85.9 million.

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Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended December 31, 2016, 2015 and 2014, (in thousands):

	2016				2015				2014
Preferred H Dividends
Ordinary income	$	-	-		$	-	-		$	6,762	56	%
Capital gain		-	-			13,417	100	%		5,313	44	%
	$	-	-		$	13,417	100	%	$	12,075	100	%
Preferred I Dividends
Ordinary income	$	16,320	68	%	$	-	-		$	13,440	56	%
Capital gain		7,680	32	%		24,000	100	%		10,560	44	%
	$	24,000	100	%	$	24,000	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	8,415	68	%	$	-	-		$	6,930	56	%
Capital gain		3,960	32	%		12,375	100	%		5,445	44	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	6,694	68	%	$	-	-		$	5,513	56	%
Capital gain		3,150	32	%		9,844	100	%		4,331	44	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Common Dividends
Ordinary income	$	263,892	62	%	$	-	-		$	132,498	36	%
Capital gain		127,689	30	%		394,400	100	%		103,054	28	%
Return of capital		34,050	8	%		-	-			132,498	36	%
	$	425,631	100	%	$	394,400	100	%	$	368,050	100	%
Total dividends distributed for tax purposes	$	471,850			$	454,036			$	426,344

For the years ended December 31, 2016, 2015 and 2014 cash dividends paid for tax purposes were equivalent to, or in excess of, the dividends paid deduction. 

Taxable REIT Subsidiaries and Taxable Entities

The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRSs included KRS, FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. As part of the Company’s overall strategy to simplify its business model, the Company merged KRS, a TRS holding REIT-qualifying real estate and the Company’s investment in Albertsons, into a wholly-owned LLC and KRS was dissolved effective August 1, 2016. Any non-REIT-qualifying assets or activities received by the Company in the Merger were transferred to a newly formed TRS, Kimco Realty Services II, Inc.

The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S.  In general, under local country law applicable to the entity ownership structures the Company has in place and applicable tax treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally is not subject to withholding tax. The Company is subject to and includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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 taxable assets and liabilities.

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The Company’s pre-tax book (loss)/income and benefit/(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, 2016, 2015 and 2014, are summarized as follows (in thousands):

	2016			2015			2014
(Loss)/income before income taxes – U.S.	$	(23,810	)	$	23,729		$	22,176
Benefit/(provision) for income taxes, net:
Federal:
Current		2,199			(638	)		(522	)
Deferred		(45,097	)		(7,355	)		(7,156	)
Federal tax provision		(42,898	)		(7,993	)		(7,678	)
State and local:
Current		1,057			(2,535	)		(165	)
Deferred		(8,812	)		(1,474	)		(1,223	)
State tax provision		(7,755	)		(4,009	)		(1,388	)
Total tax provision – U.S.		(50,653	)		(12,002	)		(9,066	)
Net (loss)/income from U.S. taxable REIT subsidiaries	$	(74,463	)	$	11,727		$	13,110
Income before taxes – Non-U.S.	$	138,253		$	381,999		$	116,184
(Provision)/benefit for Non-U.S. income taxes:
Current (1)	$	(24,393	)	$	(58,365	)	$	(18,131	)
Deferred		(3,537	)		4,331			(6,749	)
Non-U.S. tax provision	$	(27,930	)	$	(54,034	)	$	(24,880	)

(1) For the years ended December 31, 2016 and 2015 includes $24.9 million and $53.5 million, respectively, in expense related to the sale of interests in properties located in Canada.

(Provision)/ benefit differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):

	2016			2015			2014
Federal provision at statutory tax rate (35%) (1)	$	(47,155	)	$	(8,304	)	$	(7,762	)
State and local provision, net of federal benefit (2)		(3,498	)		(3,698	)		(1,304	)
Total tax provision – U.S.	$	(50,653	)	$	(12,002	)	$	(9,066	)

(1) For the year ended December 31, 2016, includes a $55.6 million charge related to the recording of a deferred tax valuation allowance.

(2) For the year ended December 31, 2016, includes a $7.9 million charge related to the recording of a deferred tax valuation allowance.

Deferred Tax Assets, Liabilities and Valuation Allowances

The Company’s deferred tax assets and liabilities at December 31, 2016 and 2015, were as follows (in thousands):

	2016			2015
Deferred tax assets:
Tax/GAAP basis differences	$	63,167		$	49,601
Net operating losses (1)		44,833			40,100
Related party deferred losses		952			1,549
Tax credit carryforwards (2)		5,368			5,304
Capital loss carryforwards		3,659			4,593
Charitable contribution carryforwards		35			22
Non-U.S. tax/GAAP basis differences		513			4,555
Valuation allowance – U.S.		(95,126	)		(25,045	)
Valuation allowance – Non-U.S.		-			(2,860	)
Total deferred tax assets		23,401			77,819
Deferred tax liabilities – U.S.		(19,599	)		(19,326	)
Deferred tax liabilities – Non-U.S.		(559	)		(3,493	)
Net deferred tax assets	$	3,243		$	55,000

(1) Expiration dates ranging from 2021 to 2033.

(2) Expiration dates ranging from 2027 to 2034 and includes alternative minimum tax credit carryovers of $3.1 million that do not expire.

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The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of impairment charges recorded for GAAP purposes, but not recognized for tax purposes, depreciation and amortization, rental revenue recognized on the straight line method for GAAP, reserves for doubtful accounts, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.

Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 2016 and 2015. Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its taxable REIT subsidiaries for accounting and reporting purposes. For the tax year ended August 1, 2016, KRS Consolidated produced $20.6 million of taxable income and utilized $20.6 million of its $44.0 million of available net operating loss carryovers. For the year ended December 31, 2015, KRS Consolidated produced $19.7 million of taxable income and utilized $19.7 million of its $70.3 million of available net operating loss carryovers.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized.  The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. As a result of the Merger, the Company determined that the realization of $63.5 million of its net deferred tax assets was not deemed more likely than not and as such, the Company recorded a full valuation allowance against these net deferred tax assets that existed at the time of the Merger.

The Company prepared an analysis of the tax basis built-in tax gain or built-in loss inherent in each asset acquired from KRS in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRS are subject to corporate tax on the aggregate net built-in gain (built-in gains in excess of built-in losses) during a recognition period. Accordingly, the Company is subject to corporate-level taxation on the aggregate net built-in gain from the sale of KRS assets within 60 months from the Merger date (the recognition period). The maximum taxable amount with respect to all merged assets disposed within 60 months of the Merger is limited to the aggregate net built-in gain at the Merger date. The Company compared fair value to tax basis for each property or asset to determine its built-in gain (value over basis) or built-in loss (basis over value) which could be subject to corporate level taxes if the Company disposed of the asset previously held by KRS during the 60 months following the Merger date. In the event that sales of KRS assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRS will be utilized to reduce the corporate level tax for GAAP purposes.

Uncertain Tax Positions

The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency and Mexican Tax Authority. The resolution of these audits are not expected to have a material effect on the Company’s financial statements. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2016, will significantly increase or decrease within the next 12 months.

The liability for uncertain tax benefits principally consists of estimated foreign, federal and state income tax liabilities in years for which the statute of limitations is open. Open years range from 2010 through 2016 and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2016 and 2015 were as follows (in thousands):

	2016			2015
Balance at January 1,	$	4,263		$	4,649
Increases for tax positions related to current year		41			1,084
Increase for tax position due to ASU 2013-11		4,930			-
Decreases relating to settlements with taxing authorities		(2,000	)		-
Reductions due to lapsed statute of limitations		(2,272	)		(1,470	)
Balance at December 31,	$	4,962		$	4,263

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company previously had unrecognized tax benefits reported as deferred tax assets primarily related to book to tax timing differences for depreciation expense on its Canadian real estate operating properties. With respect to the Company’s uncertain tax positions in Canada and in accordance with ASU 2013-11 "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," (“ASU 2013-11”), the uncertain tax position liabilities in Canada were netted against these deferred tax assets. As of December 31, 2016, the Company, due to the sale of certain operating real estate properties in Canada, no longer had these related deferred tax assets to net against the related deferred tax liability and thus, the amount of its liability increased for uncertain tax positions associated with its Canadian operations. As of December 31, 2016, the Company’s Canadian uncertain tax positions aggregated $4.9 million.

The Company and its subsidiaries had been under audit by the U.S. Internal Revenue Service (“IRS”) with respect to taxable years 2004-2009. The IRS proposed, pursuant to Section 482 of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company, and to assert a 100 percent “penalty” tax on the Company pursuant to Section 857(b)(7) of the Code in the amount of $40.9 million with respect to its 2009 taxable year. In 2016, the Company and its subsidiaries favorably settled all matters relating to the audit, agreeing to a net refund of $0.1 million. In connection with this favorable settlement, the Company released its uncertain tax position liability of $2.0 million.

In August 2016, the Mexican Tax Authority issued tax assessments for various wholly-owned entities of the Company that had previously held interests in operating properties in Mexico. These assessments relate to certain interest expense and withholding tax items subject to the United States-Mexico Income Tax Convention (the “Treaty”). The assessments are for the 2010 tax year and include amounts for taxes aggregating $33.7 million, interest aggregating $16.5 million and penalties aggregating $11.4 million. The Company believes that it has operated in accordance with the Treaty provisions and has therefore concluded that no amounts are payable with respect to this matter. The Company has submitted appeals for these assessments and the U.S. Competent Authority (Department of Treasury) is representing the Company regarding this matter with the Mexican Competent Authority. The Company intends to vigorously defend its position and believes it will prevail, however this outcome cannot be assured.

23. Accumulated Other Comprehensive Income:

The following table displays the change in the components of AOCI for the years ended December 31, 2016 and 2015:

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for- Sale Investments		Unrealized Gain/(Loss) on Interest Rate Swaps			Total
Balance as of January 1, 2016	$	6,616		$	398	$	(1,426	)	$	5,588
Other comprehensive income before reclassifications		(281	)		8		451			178
Amounts reclassified from AOCI		-			-		-			-
Net current-period other comprehensive income		(281	)		8		451			178
Balance as of December 31, 2016	$	6,335		$	406	$	(975	)	$	5,766

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for- Sale Investments			Unrealized Gain/(Loss) on Interest Rate Swaps			Total
Balance as of January 1, 2015	$	329		$	46,197		$	(1,404	)	$	45,122
Other comprehensive income before reclassifications		(12,493	)		(5,946	)		(22	)		(18,461	)
Amounts reclassified from AOCI		18,780	(1)		(39,853	)(2)		-			(21,073	)
Net current-period other comprehensive income		6,287			(45,799	)		(22	)		(39,534	)
Balance as of December 31, 2015	$	6,616		$	398		$	(1,426	)	$	5,588

(1) During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company’s investment in Chile. Amounts were reclassified on the Company’s Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net.

(2) Amounts reclassified to Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

At December 31, 2016, the Company had a net $6.3 million of unrealized cumulative foreign currency translation adjustment (“CTA”) gains relating to its foreign entity investments in Canada. CTA results from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under U.S. GAAP, the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. During 2015, the Company began selling properties within its Canadian portfolio and as such, the Company may, in the near term, substantially liquidate its remaining investment in Canada, which will require the then unrealized gain on foreign currency translation to be recognized as a benefit to earnings.           

24.  Supplemental Financial Information:

The following represents the quarterly results of income, expressed in thousands except per share amounts, for each quarter during the years 2016 and 2015:

	2016 (Unaudited)
	Mar. 31		Jun. 30		Sept. 30			Dec. 31
Revenues from rental properties	$	293,091	$	287,115	$	279,286		$	292,909
Net income/(loss) attributable to the Company	$	140,713	$	203,409	$	(43,545	)	$	78,273
Net income/(loss) per common share:
Basic	$	0.31	$	0.46	$	(0.13	)	$	0.16
Diluted	$	0.31	$	0.46	$	(0.13	)	$	0.16

	2015 (Unaudited)
	Mar. 31		Jun. 30		Sept. 30		Dec. 31
Revenues from rental properties	$	275,506	$	289,080	$	283,387	$	296,501
Net income attributable to the Company	$	310,342	$	127,000	$	77,572	$	379,201
Net income per common share:
Basic	$	0.72	$	0.27	$	0.15	$	0.87
Diluted	$	0.71	$	0.27	$	0.15	$	0.87

25.  Captive Insurance Company:

In October 2007, the Company formed a wholly-owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC 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.

KIC assumes occurrence basis general liability coverage for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

From October 1, 2007 through October 1, 2017, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $11.5 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 9.5% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through September 30, 2017. These amounts do not erode the Company’s per occurrence or aggregate limits.

As of December 31, 2016 and 2015, the Company maintained a letter of credit in the amount of $23.0 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreement with the reinsurance provider. The letter of credit maintained as of December 31, 2016, has an expiration date of February 15, 2018, with automatic renewals for one year.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2016 and 2015, is summarized as follows (in thousands):

	2016			2015
Balance at the beginning of the year	$	20,046		$	18,078
Incurred related to:
Current year		6,247			7,469
Prior years		(67	)		652
Total incurred		6,180			8,121
Paid related to:
Current year		(962	)		(1,214	)
Prior years		(5,749	)		(4,939	)
Total paid		(6,711	)		(6,153	)
Balance at the end of the year	$	19,515		$	20,046

For the years ended December 31, 2016 and 2015, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of $0.1 million and an increase of $0.7 million, respectively, which was primarily due to continued regular favorable loss development on the general liability coverage assumed.

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SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For Years Ended December 31, 2016, 2015 and 2014

(in thousands)

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2016
Allowance for uncollectable accounts	$	13,918	$	5,249	$	-		$	(6,894	)	$	12,273
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126
Year Ended December 31, 2015
Allowance for uncollectable accounts	$	10,368	$	7,333	$	-		$	(3,783	)	$	13,918
Allowance for deferred tax asset	$	34,302	$	-	$	(6,397	)	$	-		$	27,905
Year Ended December 31, 2014
Allowance for uncollectable accounts	$	10,771	$	3,886	$	-		$	(4,289	)	$	10,368
Allowance for deferred tax asset	$	63,712	$	-	$	(29,410	)	$	-		$	34,302

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016

	INITIAL COST							TOTAL COST,
		BUILDING	SUBSEQUENT		BUILDING		ACCUMULATED	NET OF ACCUMULATED		DATE OF	DATE OF
	LAND	& IMPROVEMENT	TO ACQUISITION	LAND	& IMPROVEMENT	TOTAL	DEPRECIATION	DEPRECIATION	ENCUMBRANCES	ACQUISITION(A)	CONSTRUCTION(C)
KEY BANK BUILDING	1,500,000	40,486,755	(12,256,024)	672,719	29,058,012	29,730,731	18,250,563	11,480,168	-	2006
THE GROVE	18,951,763	6,403,809	2,321,874	6,793,454	20,883,992	27,677,446	6,572,921	21,104,525	-		2007
EL MIRAGE	6,786,441	503,987	130,064	6,786,441	634,051	7,420,492	73,155	7,347,337	-		2008
TALAVI TOWN CENTER	8,046,677	17,291,542	394,536	8,046,677	17,686,078	25,732,755	10,390,068	15,342,687	-	2007
MESA PAVILIONS NORTH	6,060,018	35,955,005	24,517	6,060,018	35,979,522	42,039,540	7,909,208	34,130,332	-	2009
MESA RIVERVIEW	15,000,000	-	139,963,982	307,992	154,655,990	154,963,982	48,059,971	106,904,011	-		2005
MESA PAVILLIONS - SOUTH	-	148,508	99,649	-	248,157	248,157	96,454	151,703	-	2011
METRO SQUARE	4,101,017	16,410,632	1,249,341	4,101,017	17,659,973	21,760,990	8,377,898	13,383,092	-	1998
HAYDEN PLAZA NORTH	2,015,726	4,126,509	5,114,019	2,015,726	9,240,528	11,256,254	4,030,084	7,226,170	-	1998
PLAZA DEL SOL	5,324,502	21,269,943	2,164,169	4,577,870	24,180,744	28,758,614	8,268,728	20,489,886	-	1998
PLAZA @ MOUNTAINSIDE	2,450,341	9,802,046	1,809,711	2,450,341	11,611,757	14,062,098	5,707,659	8,354,439	-	1997
VILLAGE CROSSROADS	5,662,554	24,981,223	607,424	5,662,554	25,588,647	31,251,201	4,248,058	27,003,143	-	2011
NORTH VALLEY	6,861,564	18,200,901	6,140,408	3,861,272	27,341,601	31,202,873	4,277,047	26,925,826	-	2011
CHRISTOWN SPECTRUM	33,831,349	91,004,070	12,655,279	76,638,512	60,852,186	137,490,698	5,027,963	132,462,735	63,919,515	2015
ASANTE RETAIL CENTER	8,702,635	3,405,683	2,866,807	11,039,471	3,935,654	14,975,125	422,495	14,552,630	-		2004
SURPRISE SPECTRUM	4,138,760	94,572	1,035	4,138,760	95,607	4,234,367	11,331	4,223,036	-		2008
BELL CAMINO CENTER	2,427,465	6,439,065	209,620	2,427,465	6,648,685	9,076,150	1,662,105	7,414,045	-	2012
COLLEGE PARK SHOPPING CENTER	3,276,952	7,741,323	937,255	3,276,952	8,678,578	11,955,530	2,032,716	9,922,814	-	2011
COSTCO PLAZA - 541	4,995,639	19,982,557	454,041	4,995,639	20,436,598	25,432,237	9,919,333	15,512,904	-	1998
BROOKHURST CENTER	10,492,714	31,357,513	-	10,492,715	31,357,512	41,850,227	170,330	41,679,897	-	2016
LAKEWOOD PLAZA	1,294,176	3,669,266	(90,654)	-	4,872,788	4,872,788	1,253,991	3,618,797	-	2014
MADISON PLAZA	5,874,396	23,476,190	2,639,269	5,874,395	26,115,460	31,989,855	11,883,068	20,106,787	-	1998
BROADWAY PLAZA - 544	6,460,743	25,863,153	12,015,147	6,460,743	37,878,300	44,339,043	15,834,816	28,504,227	-	1998
CORONA HILLS PLAZA	13,360,965	53,373,453	7,747,951	13,360,965	61,121,404	74,482,369	30,140,783	44,341,586	-	1998
280 METRO CENTER	38,734,566	94,903,404	978,329	38,734,567	95,881,732	134,616,299	8,594,553	126,021,746	-	2015
LABAND VILLAGE SHOPPING CENTER	5,600,000	13,289,347	161,263	5,607,237	13,443,373	19,050,610	7,224,966	11,825,644	8,089,040	2008
CUPERTINO VILLAGE	19,886,099	46,534,919	21,651,908	19,886,099	68,186,827	88,072,926	18,539,471	69,533,455	-	2006
NORTH COUNTY PLAZA	10,205,305	28,934,219	(1,428,787)	20,894,811	16,815,926	37,710,737	2,511,204	35,199,533	-	2014
CHICO CROSSROADS	9,975,810	30,534,524	1,278,945	9,985,651	31,803,628	41,789,279	8,872,060	32,917,219	-	2008
CHICO EAST & ESPLANADE(RALEYS)	2,508,716	12,886,184	(1,312,384)	2,284,856	11,797,660	14,082,516	687,471	13,395,045	3,994,238	2015
CORONA HILLS MARKETPLACE	9,727,446	24,778,390	667,593	9,727,446	25,445,983	35,173,429	8,199,536	26,973,893	-	2007
RIVER PARK CROSSING	4,324,000	18,018,653	1,136,480	4,324,000	19,155,133	23,479,133	3,859,696	19,619,437	-	2009
CREEKSIDE CENTER	3,870,823	11,562,580	-	3,870,823	11,562,580	15,433,403	62,601	15,370,802	-	2016
GOLD COUNTRY CENTER	3,272,212	7,864,878	29,687	3,278,290	7,888,487	11,166,777	3,425,408	7,741,369	-	2008
LA MIRADA THEATRE CENTER	8,816,741	35,259,965	(3,469,732)	6,888,680	33,718,294	40,606,974	14,838,975	25,767,999	-	1998
KENNETH HAHN PLAZA	4,114,863	7,660,855	880,557	4,114,863	8,541,412	12,656,275	3,046,335	9,609,940	-	2010
LA VERNE TOWN CENTER	8,414,328	23,856,418	10,840,420	16,362,169	26,748,997	43,111,166	2,401,901	40,709,265	-	2014
LINCOLN HILLS TOWN CENTER	8,228,587	26,127,322	28,378	8,228,586	26,155,701	34,384,287	2,281,415	32,102,872	24,416,451	2015
NOVATO FAIR S.C.	9,259,778	15,599,790	723,259	9,259,778	16,323,049	25,582,827	5,779,281	19,803,546	-	2009
SOUTH NAPA MARKET PLACE	1,100,000	22,159,086	20,615,121	23,119,071	20,755,136	43,874,207	9,867,595	34,006,612	-	2006
PLAZA DI NORTHRIDGE	12,900,000	40,574,842	892,428	12,900,000	41,467,270	54,367,270	14,601,761	39,765,509	-	2005
LINDA MAR SHPPING CENTER	16,548,592	37,521,194	1,418,767	16,548,592	38,939,961	55,488,553	5,972,288	49,516,265	-	2014
POWAY CITY CENTRE	5,854,585	13,792,470	8,378,985	7,247,813	20,778,227	28,026,040	8,030,783	19,995,257	-	2005
REDWOOD CITY PLAZA	2,552,000	6,215,168	5,900,877	2,552,000	12,116,045	14,668,045	1,083,976	13,584,069	-	2009
STANFORD RANCH	10,583,764	30,007,231	(1,670,000)	9,982,626	28,938,369	38,920,995	2,938,618	35,982,377	14,751,853	2014
TYLER STREET PLAZA	3,020,883	7,811,339	(12,456)	3,200,516	7,619,250	10,819,766	2,612,860	8,206,906	-	2008
CROCKER RANCH	7,526,146	24,877,611	16,984	7,526,146	24,894,595	32,420,741	1,545,850	30,874,891	11,237,112	2015
HOME DEPOT PLAZA	4,592,364	18,345,258	-	4,592,365	18,345,257	22,937,622	8,870,544	14,067,078	-	1998
SANTEE TROLLEY SQUARE	40,208,683	62,963,757	535,614	40,208,683	63,499,371	103,708,054	13,018,268	90,689,786	-	2015
SAN/DIEGO CARMEL MOUNTAIN	5,322,600	8,873,991	88,334	5,322,600	8,962,325	14,284,925	2,125,865	12,159,060	-	2009
FULTON MARKET PLACE	2,966,018	6,920,710	1,237,558	2,966,018	8,158,268	11,124,286	2,988,086	8,136,200	-	2005
MARIGOLD SHOPPING CENTER	15,300,000	25,563,978	4,183,111	15,300,000	29,747,089	45,047,089	14,620,807	30,426,282	-	2005
CANYON SQUARE PLAZA	2,648,112	13,876,095	978,581	2,648,112	14,854,676	17,502,788	2,484,006	15,018,782	-	2013
BLACK MOUNTAIN VILLAGE	4,678,015	11,913,344	684,763	4,678,014	12,598,108	17,276,122	4,228,513	13,047,609	-	2007
RANCHO PENASQUITOS TOWNE CTR I	14,851,595	20,342,165	304,024	14,851,595	20,646,189	35,497,784	1,745,657	33,752,127	14,384,811	2015
RANCHO PENASQUITOS TWN CTR. II	12,944,972	20,323,961	177,977	12,944,972	20,501,938	33,446,910	1,794,662	31,652,248	11,038,466	2015
CITY HEIGHTS	10,687,472	28,324,896	(752,643)	13,908,563	24,351,162	38,259,725	2,778,412	35,481,313	-	2012
TRUCKEE CROSSROADS	2,140,000	8,255,753	1,146,729	2,140,000	9,402,482	11,542,482	5,382,067	6,160,415	2,340,536	2006
GATEWAY AT DONNER PASS	4,515,688	8,318,667	226,813	4,515,688	8,545,480	13,061,168	997,166	12,064,002	2,719,649	2015
WESTLAKE SHOPPING CENTER	16,174,307	64,818,562	99,467,618	16,174,307	164,286,180	180,460,487	48,298,485	132,162,002	-	2002
LAKEWOOD VILLAGE	8,597,100	24,374,615	(1,241,442)	11,683,364	20,046,909	31,730,273	2,648,966	29,081,307	-	2014
SAVI RANCH	7,295,646	29,752,511	126,568	7,295,646	29,879,079	37,174,725	4,753,605	32,421,120	-	2012
VILLAGE ON THE PARK	2,194,463	8,885,987	9,224,144	3,018,391	17,286,203	20,304,594	5,791,482	14,513,112	-	1998
QUINCY PLACE S.C.	1,148,317	4,608,249	1,611,804	1,148,318	6,220,052	7,368,370	2,869,681	4,498,689	-	1998
EAST BANK S.C.	1,500,568	6,180,103	1,873,781	1,500,568	8,053,884	9,554,452	3,620,475	5,933,977	-	1998
NORTHRIDGE SHOPPING CENTER	4,932,690	16,496,176	1,722,954	8,934,385	14,217,435	23,151,820	1,758,919	21,392,901	-	2013
SPRING CREEK S.C.	1,423,260	5,718,813	(1,654,650)	603,270	4,884,153	5,487,423	3,549,720	1,937,703	-	1998
DENVER WEST 38TH STREET	161,167	646,983	69	161,167	647,052	808,219	313,795	494,424	-	1998
ENGLEWOOD PLAZA	805,837	3,232,650	442,081	805,836	3,674,732	4,480,568	1,798,011	2,682,557	-	1998
FORT COLLINS S.C.	1,253,497	7,625,278	1,599,607	1,253,496	9,224,886	10,478,382	3,647,392	6,830,990	-	2000
GREELEY COMMONS	3,313,095	20,069,559	104,137	3,313,095	20,173,696	23,486,791	3,605,618	19,881,173	-	2012
HIGHLANDS RANCH VILLAGE S.C.	8,135,427	21,579,936	(659,420)	5,337,081	23,718,862	29,055,943	3,641,248	25,414,695	-	2011
VILLAGE CENTER WEST	2,010,519	8,361,085	60,687	2,010,520	8,421,771	10,432,291	1,248,737	9,183,554	5,503,328	2011
HIGHLANDS RANCH II	3,514,837	11,755,916	204,961	3,514,837	11,960,877	15,475,714	2,272,093	13,203,621	-	2013
HIGHLANDS RANCH PARCEL	1,140,000	2,660,000	64,239	1,140,000	2,724,239	3,864,239	120,726	3,743,513	-	2014
HERITAGE WEST S.C.	1,526,576	6,124,074	1,126,064	1,526,576	7,250,138	8,776,714	3,320,154	5,456,560	-	1998
MARKET AT SOUTHPARK	9,782,769	20,779,522	264,140	9,782,769	21,043,662	30,826,431	3,881,881	26,944,550	-	2011
NEWTOWN S.C.	-	15,635,442	-	-	15,635,442	15,635,442	1,421,090	14,214,352	8,502,201	2014
WEST FARM SHOPPING CENTER	5,805,969	23,348,024	14,403,752	7,585,116	35,972,629	43,557,745	13,063,627	30,494,118	-	1998
HAMDEN MART	13,668,167	40,890,166	-	13,668,167	40,890,166	54,558,333	221,050	54,337,283	22,404,073	2016
HOME DEPOT PLAZA	7,704,968	30,797,640	2,712,557	7,704,968	33,510,197	41,215,165	13,564,341	27,650,824	-	1998
WILTON RIVER PARK SHOPPING CTR	7,154,585	27,509,279	(224,537)	7,154,585	27,284,742	34,439,327	3,581,639	30,857,688	-	2012
BRIGHT HORIZONS	1,211,748	4,610,610	9,499	1,211,748	4,620,109	5,831,857	684,714	5,147,143	-	2012
WILTON CAMPUS	10,168,872	31,893,016	254,233	10,168,872	32,147,249	42,316,121	6,500,963	35,815,158	-	2013
CAMDEN SQUARE	122,741	66,738	4,309,722	3,024,375	1,474,826	4,499,201	155,208	4,343,993	-	2003
PROMENADE AT CHRISTIANA	14,371,686	-	11,148,877	25,520,563	-	25,520,563	-	25,520,563	-		2014
BRANDYWINE COMMONS	-	36,057,487	(505,731)	-	35,551,756	35,551,756	3,276,507	32,275,249	-	2014
CAMINO SQUARE	573,875	2,295,501	2,665,024	733,875	4,800,525	5,534,400	3,636,784	1,897,616	-	1992
BONITA GRANDE CROSSINGS	3,370,941	8,179,481	52,500	3,370,941	8,231,981	11,602,922	668,033	10,934,889	-	2015
HOLLYWOOD VIDEO BONITA GRANDE	341,958	771,935	-	341,958	771,935	1,113,893	68,673	1,045,220	-	2015
CORAL SQUARE PROMENADE	710,000	2,842,907	3,993,496	710,000	6,836,403	7,546,403	3,565,857	3,980,546	-	1994
MAPLEWOOD PLAZA	1,649,000	6,626,301	1,161,119	1,649,000	7,787,420	9,436,420	3,541,619	5,894,801	-	1997
CURLEW CROSSING SHOPPING CTR	5,315,955	12,529,467	2,107,472	5,315,954	14,636,940	19,952,894	5,461,751	14,491,143	-	2005
SHOPS AT SANTA BARBARA PHASE 1	743,463	5,373,994	-	743,463	5,373,994	6,117,457	462,609	5,654,848	-	2015
SHOPS AT SANTA BARBARA PHASE 2	331,692	2,488,832	-	331,692	2,488,832	2,820,524	200,524	2,620,000	-	2015
SHOPS AT SANTA BARBARA PHASE 3	329,726	2,358,700	(12,082)	329,726	2,346,618	2,676,344	217,112	2,459,232	-	2015
CORAL POINTE S.C.	2,411,608	20,507,735	(25,164)	2,411,608	20,482,571	22,894,179	1,580,664	21,313,515	-	2015
PUBLIX AT ADDISON	3,211,156	6,747,895	-	3,211,156	6,747,895	9,959,051	350,697	9,608,354	-	2015
ADDISON CENTER PROF.BUILDING	802,789	1,310,012	(45,779)	802,789	1,264,233	2,067,022	75,322	1,991,700	-	2015
DANIA POINTE	105,113,024	-	2,000,000	107,113,024	-	107,113,024	-	107,113,024	-	2016
FT.LAUDERDALE/CYPRESS CREEK	14,258,760	28,042,390	2,415,038	14,258,760	30,457,428	44,716,188	9,171,140	35,545,048	-	2009
HOMESTEAD-WACHTEL LAND LEASE	150,000	-	-	150,000	-	150,000	-	150,000	-	2013
OAKWOOD PLAZA NORTH	35,300,961	141,731,019	-	35,300,961	141,731,019	177,031,980	4,333,815	172,698,165	100,000,000	2016
OAKWOOD PLAZA SOUTH	11,126,610	40,592,103	-	11,126,610	40,592,103	51,718,713	1,487,871	50,230,842	-	2016
OAKWOOD BUSINESS CTR-BLDG 1	6,792,500	18,662,565	3,027,668	6,792,500	21,690,233	28,482,733	5,592,134	22,890,599	-	2009
AMELIA CONCOURSE	7,600,000	-	2,508,435	676,791	9,431,644	10,108,435	2,819,327	7,289,108	-		2003
KIMCO AVENUES WALK, LLC	26,984,546	-	47,260,955	29,784,056	44,461,445	74,245,501	63,344	74,182,157	-		2005
DUVAL STATION S.C.	1,807,792	11,863,692	114,840	1,807,792	11,978,532	13,786,324	828,285	12,958,039	-	2015
RIVERPLACE SHOPPING CTR.	7,503,282	31,011,027	1,375,379	7,200,050	32,689,638	39,889,688	8,655,946	31,233,742	-	2010
MERCHANTS WALK	2,580,816	10,366,090	6,496,524	2,580,816	16,862,614	19,443,430	7,283,589	12,159,841	-	2001
WAL-MART PLAZA	293,686	792,119	1,726,636	293,686	2,518,755	2,812,441	2,210,865	601,576	-		1968
LEESBURG SHOPS	-	171,636	193,651	-	365,287	365,287	365,287	-	-		1969
TRI-CITY PLAZA	2,832,296	11,329,185	19,606,325	2,832,296	30,935,510	33,767,806	2,730,210	31,037,596	-	1992
FT LAUDERDALE #1, FL	1,002,733	2,602,415	12,831,516	1,774,443	14,662,221	16,436,664	9,613,856	6,822,808	-		1974
LAKE WALES S.C.	601,052	-	-	601,052	-	601,052	-	601,052	-	2009
NASA PLAZA	-	1,754,000	2,653,265	-	4,407,265	4,407,265	3,243,997	1,163,268	-		1968
GROVE GATE S.C.	365,893	1,049,172	1,207,100	365,893	2,256,272	2,622,165	1,959,640	662,525	-		1968
CHEVRON OUTPARCEL	530,570	1,253,410	-	530,570	1,253,410	1,783,980	334,762	1,449,218	-	2010
IVES DAIRY CROSSING	732,914	4,080,460	11,065,138	732,914	15,145,598	15,878,512	9,101,199	6,777,313	-	1985
MILLER ROAD S.C.	1,138,082	4,552,327	4,535,416	1,138,082	9,087,743	10,225,825	5,760,824	4,465,001	-	1986
TRI-CITIES SHOPPING PLAZA	1,011,000	4,062,890	3,190,909	1,011,000	7,253,799	8,264,799	596,772	7,668,027	-	1997
KENDALE LAKES PLAZA	18,491,461	28,496,001	(2,055,786)	15,362,227	29,569,449	44,931,676	6,605,625	38,326,051	-	2009
PLANTATION CROSSING	7,524,800	-	(5,003,280)	2,008,617	512,903	2,521,520	91,054	2,430,466	-		2005
CENTRE OF MERRITT	1,806,275	9,592,435	-	1,806,275	9,592,435	11,398,710	623,343	10,775,367	-	2015
MILLER WEST PLAZA	6,725,660	10,661,420	-	6,725,660	10,661,420	17,387,080	774,598	16,612,482	-	2015
CORSICA SQUARE S.C.	7,225,100	10,757,386	112,000	7,225,100	10,869,386	18,094,486	918,110	17,176,376	10,840,743	2015
MILTON, FL	1,275,593	-	-	1,275,593	-	1,275,593	-	1,275,593	-	2007
FLAGLER PARK	26,162,980	80,737,041	3,482,952	26,725,480	83,657,493	110,382,973	20,442,791	89,940,182	-	2007
PARK HILL PLAZA	10,763,612	19,264,248	187,262	10,763,612	19,451,510	30,215,122	3,784,223	26,430,899	-	2011
WINN DIXIE-MIAMI	2,989,640	9,410,360	(51,872)	3,544,297	8,803,831	12,348,128	677,157	11,670,971	-	2013
MARATHON SHOPPING CENTER	2,412,929	8,069,450	1,013,493	1,514,731	9,981,141	11,495,872	1,112,710	10,383,162	-	2013
SODO S.C.	-	68,139,271	8,283,273	142,195	76,280,349	76,422,544	16,306,907	60,115,637	-	2008
RENAISSANCE CENTER	9,104,379	36,540,873	14,913,118	9,122,758	51,435,612	60,558,370	17,171,361	43,387,009	-	1998
MILLENIA PLAZA PHASE II	7,711,000	20,702,992	1,650,193	7,698,200	22,365,985	30,064,185	7,880,425	22,183,760	-	2009
RIVERSIDE LANDINGS S.C.	3,512,202	14,439,668	96,924	3,512,202	14,536,592	18,048,794	1,012,519	17,036,275	-	2015
GRAND OAKS VILLAGE	7,409,319	19,653,869	(627,365)	5,846,339	20,589,484	26,435,823	3,451,536	22,984,287	-	2011
LOWES S.C.	1,620,203	-	40,689	954,876	706,016	1,660,892	125,514	1,535,378	-	2007
POMPANO POINTE S.C.	10,516,500	10,469,592	530,900	10,516,500	11,000,492	21,516,992	456,268	21,060,724	-	2012
UNIVERSITY TOWN CENTER	5,515,265	13,041,400	426,693	5,515,265	13,468,093	18,983,358	2,378,907	16,604,451	-	2011
PALM BEACH GARDENS	2,764,953	11,059,812	668,875	2,764,953	11,728,687	14,493,640	1,551,717	12,941,923	-	2009
OAK TREE PLAZA	-	917,360	1,562,941	-	2,480,301	2,480,301	1,264,152	1,216,149	-		1968
TUTTLEBEE PLAZA	254,961	828,465	2,142,270	254,961	2,970,735	3,225,696	2,193,861	1,031,835	-	2008
SOUTH MIAMI S.C.	1,280,440	5,133,825	3,121,059	1,280,440	8,254,884	9,535,324	4,254,038	5,281,286	-	1995
CARROLLWOOD COMMONS	5,220,445	16,884,228	2,339,166	5,220,445	19,223,394	24,443,839	8,996,615	15,447,224	-	1997
VILLAGE COMMONS SHOPPING CENT.	2,192,331	8,774,158	2,760,666	2,192,331	11,534,824	13,727,155	5,417,404	8,309,751	-	1998
MISSION BELL SHOPPING CENTER	5,056,426	11,843,119	8,634,466	5,067,033	20,466,978	25,534,011	6,509,898	19,024,113	-	2004
VILLAGE COMMONS S.C.	2,026,423	5,106,476	1,923,704	2,026,423	7,030,180	9,056,603	1,236,632	7,819,971	-	2013
BELMART PLAZA	1,656,097	3,394,420	5,585,602	1,656,097	8,980,022	10,636,119	403,154	10,232,965	-	2014
AUGUSTA SQUARE	1,482,564	5,928,122	2,007,334	1,482,564	7,935,456	9,418,020	4,260,861	5,157,159	-	1995
MARKET AT HAYNES BRIDGE	4,880,659	21,549,424	1,238,043	4,889,863	22,778,263	27,668,126	6,751,969	20,916,157	-	2008
EMBRY VILLAGE	18,147,054	33,009,514	908,584	18,160,525	33,904,627	52,065,152	17,260,605	34,804,547	-	2008
PERIMETER EXPO PROPERTY	14,770,275	44,295,457	-	14,770,275	44,295,457	59,065,732	477,748	58,587,984	40,983,821	2016
RIVERWALK MARKETPLACE	3,512,202	18,862,571	-	3,512,202	18,862,571	22,374,773	995,324	21,379,449	-	2015
VILLAGE SHOPPES-FLOWERY BRANCH	4,444,148	10,510,657	303,983	4,444,148	10,814,640	15,258,788	2,395,174	12,863,614	-	2011
LAWRENCEVILLE MARKET	8,878,266	29,691,191	(44,182)	9,060,436	29,464,839	38,525,275	4,125,715	34,399,560	-	2013
FIVE FORKS CROSSING	2,363,848	7,906,257	372,465	2,363,848	8,278,722	10,642,570	1,646,665	8,995,905	-	2013
BRAELINN VILLAGE	7,314,719	20,738,792	1,149,049	6,342,926	22,859,634	29,202,560	2,185,264	27,017,296	-	2014
SAVANNAH CENTER	2,052,270	8,232,978	3,599,399	2,052,270	11,832,377	13,884,647	6,520,291	7,364,356	-	1993
CHATHAM PLAZA	13,390,238	35,115,882	2,092,634	13,403,262	37,195,492	50,598,754	12,496,124	38,102,630	-	2008
CLIVE PLAZA	500,525	2,002,101	-	500,525	2,002,101	2,502,626	1,073,777	1,428,849	-	1996
DUBUQUE CENTER	-	2,152,476	239,217	-	2,391,693	2,391,693	1,516,782	874,911	-	1997
TREASURE VALLEY	6,501,240	-	(4,284,637)	1,110,530	1,106,073	2,216,603	127,733	2,088,870	-		2005
BLOOMINGTON COMMONS	805,521	2,222,353	4,494,864	805,521	6,717,217	7,522,738	4,816,390	2,706,348	-		1972
87TH STREET CENTER	-	2,687,046	8,092,727	6,992,648	3,787,125	10,779,773	2,284,313	8,495,460	-	1997
ELSTON CHICAGO	1,010,374	5,692,212	498,828	1,010,374	6,191,040	7,201,414	2,763,188	4,438,226	-	1997
DOWNERS PARK PLAZA	2,510,455	10,164,494	1,967,032	2,510,455	12,131,526	14,641,981	5,418,098	9,223,883	-	1999
DOWNERS PARK PLAZA	811,778	4,322,956	3,348,460	811,778	7,671,416	8,483,194	3,600,499	4,882,695	-	1997
TOWN & COUNTRY S.C.	842,555	2,108,674	2,767,311	500,927	5,217,613	5,718,540	3,320,591	2,397,949	-		1972
FAIRVIEW CITY CENTRE	-	11,866,880	12,943,654	1,900,000	22,910,534	24,810,534	1,853,323	22,957,211	-	1998
SHOPS AT KILDEER	5,259,542	28,141,501	2,486,761	5,259,542	30,628,262	35,887,804	4,422,498	31,465,306	-	2013
MOUNT PROSPECT CENTER	1,017,345	6,572,176	4,047,329	1,017,345	10,619,505	11,636,850	5,762,647	5,874,203	-	1997
MUNDELEIN SHOPPING CENTER	1,127,720	5,826,129	136,968	1,129,634	5,961,183	7,090,817	2,800,456	4,290,361	-	1998
MARKETPLACE OF OAKLAWN	-	678,668	108,483	-	787,151	787,151	714,718	72,433	-	1998
OAK LAWN CENTER	1,530,111	8,776,631	666,590	1,530,111	9,443,221	10,973,332	4,656,435	6,316,897	-	1997
22ND STREET PLAZA	1,527,188	8,679,108	4,081,004	1,527,188	12,760,112	14,287,300	5,611,968	8,675,332	-	1997
ROCKFORD CROSSINGS	4,575,990	11,654,022	(2,628,093)	3,816,080	9,785,839	13,601,919	3,208,253	10,393,666	-	2008
SKOKIE POINTE	-	2,276,360	9,487,443	2,628,440	9,135,363	11,763,803	3,686,787	8,077,016	-	1997
HAWTHORN HILLS SQUARE	6,783,928	33,033,624	4,028,883	6,783,928	37,062,507	43,846,435	6,266,665	37,579,770	19,375,231	2012
WOODGROVE FESTIVAL	5,049,149	20,822,993	5,130,768	4,805,866	26,197,044	31,002,910	12,562,704	18,440,206	-	1998
GROVE PARCEL	907,291	2,240,810	-	907,291	2,240,810	3,148,101	216,402	2,931,699	-	2016
WOODRIDGE PAD	702,757	1,746,223	-	702,757	1,746,223	2,448,980	81,704	2,367,276	-	2016
GREENWOOD S.C.	423,371	1,883,421	10,388,475	1,801,822	10,893,445	12,695,267	4,145,861	8,549,406	-		1970
SOUTH PARK S.C.	1,675,031	6,848,209	6,362,777	1,551,079	13,334,938	14,886,017	7,913,763	6,972,254	-	1993
CENTRE AT WESTBANK	9,554,230	24,401,082	1,070,226	9,329,880	25,695,658	35,025,538	8,296,073	26,729,465	18,533,743	2008
AMBASSADOR PLAZA	1,803,672	4,260,966	251,561	1,796,972	4,519,227	6,316,199	1,186,224	5,129,975	4,374,638	2010
EAST SIDE PLAZA	3,295,799	7,785,942	180,773	3,295,635	7,966,879	11,262,514	2,197,127	9,065,387	-	2010
ABINGTON PLAZA	10,457,183	494,652	-	10,457,183	494,652	10,951,835	89,429	10,862,406	4,387,721	2014
WASHINGTON ST.PLAZA	11,007,593	5,652,368	8,851,085	12,957,593	12,553,453	25,511,046	878,925	24,632,121	5,914,448	2014
MEMORIAL PLAZA	16,411,388	27,553,908	323,380	16,411,388	27,877,288	44,288,676	2,467,356	41,821,320	16,309,360	2014
MAIN ST. PLAZA	555,898	2,139,494	-	555,898	2,139,494	2,695,392	215,377	2,480,015	1,375,084	2014
MORRISSEY PLAZA	4,097,251	3,751,068	-	4,097,251	3,751,068	7,848,319	505,455	7,342,864	3,150,546	2014
GLENDALE SQUARE	4,698,891	7,141,090	133,070	4,698,891	7,274,160	11,973,051	920,547	11,052,504	5,647,196	2014
FALMOUTH PLAZA	2,361,071	13,065,817	334,684	2,361,071	13,400,501	15,761,572	1,276,155	14,485,417	7,946,761	2014
WAVERLY PLAZA	1,215,005	3,622,911	5,426	1,203,205	3,640,137	4,843,342	443,908	4,399,434	2,317,720	2014
BARRINGTON PLAZA S.C.	642,170	2,547,830	7,667,513	751,124	10,106,389	10,857,513	4,923,540	5,933,973	-	1994
FESTIVAL OF HYANNIS S.C.	15,038,197	40,682,853	948,247	15,038,197	41,631,100	56,669,297	5,524,945	51,144,352	-	2014
FELLSWAY PLAZA	5,300,388	11,013,543	92,558	5,300,388	11,106,101	16,406,489	1,145,971	15,260,518	6,742,131	2014
DEL ALBA PLAZA	3,163,033	8,967,874	19,995	3,163,033	8,987,869	12,150,902	665,099	11,485,803	7,942,609	2014
NORTH QUINCY PLAZA	6,332,542	17,954,110	(782,383)	3,894,436	19,609,833	23,504,269	1,591,805	21,912,464	-	2014
ADAMS PLAZA	2,089,363	3,226,648	248,359	2,089,363	3,475,007	5,564,370	307,934	5,256,436	1,870,765	2014
BROADWAY PLAZA	6,485,065	343,422	-	6,485,065	343,422	6,828,487	67,420	6,761,067	2,870,966	2014
SHREWSBURY S.C.	1,284,168	5,284,853	5,466,855	1,284,168	10,751,708	12,035,876	4,277,257	7,758,619	-	2000
VINNIN SQUARE PLAZA	5,545,425	16,324,060	(214,252)	5,545,425	16,109,808	21,655,233	2,032,293	19,622,940	9,173,706	2014
PARADISE PLAZA	4,183,038	12,194,885	536,224	4,183,038	12,731,109	16,914,147	1,470,800	15,443,347	8,865,650	2014
BELMONT PLAZA	11,104,983	848,844	-	11,104,983	848,844	11,953,827	112,244	11,841,583	5,237,954	2014
VINNIN SQUARE IN-LINE	582,228	2,094,560	(109,616)	582,228	1,984,944	2,567,172	196,341	2,370,831	-	2014
LINDEN PLAZA	4,628,215	3,535,431	437,334	4,628,215	3,972,765	8,600,980	555,369	8,045,611	3,527,131	2014
NORTH AVE. PLAZA	1,163,875	1,194,673	15,933	1,163,875	1,210,606	2,374,481	149,740	2,224,741	897,489	2014
WASHINGTON ST. S.C.	7,380,918	9,987,119	391,907	7,380,918	10,379,026	17,759,944	887,059	16,872,885	6,286,514	2014
MILL ST. PLAZA	4,195,024	6,203,410	205,071	4,195,024	6,408,481	10,603,505	821,636	9,781,869	4,110,675	2014
FULLERTON PLAZA	14,237,901	6,743,980	(352,777)	14,237,901	6,391,203	20,629,104	855,593	19,773,511	12,551,399	2014
GREENBRIER S.C.	8,891,468	30,304,760	(48,812)	8,891,468	30,255,948	39,147,416	2,842,793	36,304,623	12,488,817	2014
INGLESIDE S.C.	10,416,726	17,889,235	(156,601)	10,416,726	17,732,634	28,149,360	2,186,844	25,962,516	19,320,814	2014
ROLLING ROAD PLAZA	2,510,395	11,930,217	(82,994)	2,508,715	11,848,903	14,357,618	904,646	13,452,972	-	2015
SECURITY SQUARE SHOPPING CTR.	5,342,463	15,147,024	(3,355,446)	4,572,639	12,561,402	17,134,041	1,269,556	15,864,485	16,221,870	2014
WILKENS BELTWAY PLAZA	9,948,235	22,125,942	147,794	9,948,235	22,273,736	32,221,971	2,730,525	29,491,446	-	2014
YORK ROAD PLAZA	4,276,715	37,205,757	29,473	4,276,715	37,235,230	41,511,945	3,247,427	38,264,518	-	2014
PUTTY HILL PLAZA	4,192,152	11,112,111	456,319	4,192,152	11,568,430	15,760,582	2,153,516	13,607,066	-	2013
SNOWDEN SQUARE S.C.	1,929,402	4,557,934	5,155,349	3,326,422	8,316,263	11,642,685	1,213,234	10,429,451	-	2012
COLUMBIA CROSSING	3,612,550	34,344,509	159,554	3,612,550	34,504,063	38,116,613	2,323,495	35,793,118	-	2015
DORSEY'S SEARCH VILLAGE CENTER	6,321,963	27,996,087	(33,532)	6,321,963	27,962,555	34,284,518	1,673,230	32,611,288	-	2015
HICKORY RIDGE	7,183,646	26,947,776	469,483	7,183,646	27,417,259	34,600,905	2,333,408	32,267,497	-	2015
HICKORY RIDGE (SUNOCO)	543,197	2,122,234	-	543,197	2,122,234	2,665,431	174,802	2,490,629	-	2015
KINGS CONTRIVANCE	9,308,349	31,759,940	289,751	9,308,349	32,049,691	41,358,040	2,880,736	38,477,304	23,036,820	2014
HARPER'S CHOICE	8,429,284	18,373,994	246,478	8,429,284	18,620,472	27,049,756	1,475,298	25,574,458	-	2015
WILDE LAKE	1,468,038	5,869,862	22,579,270	2,577,073	27,340,097	29,917,170	8,351,586	21,565,584	-	2002
RIVERHILL VILLAGE CENTER	16,825,496	23,282,222	156,233	16,825,496	23,438,455	40,263,951	2,955,172	37,308,779	22,686,843	2014
OLD BRANCH PLAZA	39,779	130,716	2,026,165	121,747	2,074,913	2,196,660	246,706	1,949,954	-	2003
COLUMBIA CROSSING OUTPARCELS	1,279,200	2,870,800	13,977,613	4,597,200	13,530,413	18,127,613	1,993,683	16,133,930	-	2011
COLUMBIA CROSSING II SHOP.CTR.	3,137,628	19,868,075	2,625,989	3,137,628	22,494,064	25,631,692	3,667,910	21,963,782	-	2013
SHOPS AT DISTRICT HEIGHTS	8,165,638	21,970,661	(1,396,775)	7,298,215	21,441,309	28,739,524	754,538	27,984,986	14,005,190	2015
ENCHANTED FOREST S.C.	20,123,946	34,345,102	145,118	20,123,946	34,490,220	54,614,166	4,157,739	50,456,427	-	2014
SHOPPES AT EASTON	6,523,713	16,402,204	93,697	6,523,713	16,495,901	23,019,614	1,549,799	21,469,815	-	2014
VILLAGES AT URBANA	3,190,074	6,067	13,493,944	4,828,774	11,861,311	16,690,085	1,531,750	15,158,335	-	2003
GAITHERSBURG S.C.	244,890	6,787,534	384,231	244,890	7,171,765	7,416,655	3,110,363	4,306,292	-	1999
KENTLANDS MARKET SQUARE	20,167,048	84,615,052	-	20,167,048	84,615,052	104,782,100	1,569,436	103,212,664	34,521,793	2016
SHAWAN PLAZA	4,466,000	20,222,367	(1,451,885)	4,466,000	18,770,482	23,236,482	10,346,400	12,890,082	4,270,079	2008
LAUREL PLAZA	349,562	1,398,250	3,704,961	1,571,288	3,881,485	5,452,773	1,731,567	3,721,206	-	1995
LAUREL PLAZA	274,580	1,100,968	173,969	274,580	1,274,937	1,549,517	1,156,349	393,168	-		1972
NORTH EAST STATION	8,219,613	9,536,990	(4,446,037)	5,593,160	7,717,406	13,310,566	1,127,040	12,183,526	8,276,083	2014
OWINGS MILLS THEATER/RSTRNTS	23,378,543	1,089,760	16,500,314	39,856,836	1,111,781	40,968,617	67,754	40,900,863	-	2015
CENTRE COURT-RETAIL/BANK	1,035,359	7,785,830	(76,204)	1,035,359	7,709,626	8,744,985	1,175,696	7,569,289	1,907,905	2011
CENTRE COURT-GIANT	3,854,099	12,769,628	-	3,854,099	12,769,628	16,623,727	2,045,590	14,578,137	6,208,957	2011
CENTRE COURT-OLD COURT/COURTYD	2,279,177	5,284,577	(177)	2,279,177	5,284,400	7,563,577	913,182	6,650,395	-	2011
RADCLIFFE CENTER	12,042,713	21,187,946	-	12,042,713	21,187,946	33,230,659	2,067,536	31,163,123	-	2014
TIMONIUM CROSSING	2,525,377	14,862,817	339,960	2,525,377	15,202,777	17,728,154	1,626,614	16,101,540	14,623,506	2014
TIMONIUM SQUARE	6,000,000	24,282,998	14,483,175	7,331,195	37,434,978	44,766,173	15,649,683	29,116,490	-	2003
TOWSON PLACE	43,886,876	101,764,931	613,012	43,270,792	102,994,027	146,264,819	16,147,159	130,117,660	-	2012
MALLSIDE PLAZA	6,930,996	18,148,727	(1,781,449)	5,956,485	17,341,789	23,298,274	6,672,789	16,625,485	-	2008
WHITE LAKE COMMONS	2,300,050	9,249,607	3,264,058	2,300,050	12,513,665	14,813,715	6,292,985	8,520,730	-	1996
DOWNTOWN FARMINGTON CENTER	1,098,426	4,525,723	4,277,242	1,098,426	8,802,965	9,901,391	3,010,957	6,890,434	-	1993
FLINT - VACANT LAND	101,424	-	-	101,424	-	101,424	-	101,424	-	2012
CENTURY PLAZA	178,785	925,818	1,224,093	178,785	2,149,911	2,328,696	1,593,653	735,043	-		1968
CROSS CREEK S.C.	1,451,397	5,806,263	647,769	1,451,397	6,454,032	7,905,429	3,662,287	4,243,142	-	1993
GREEN ORCHARD SHOPPING CENTER	3,682,478	14,730,060	5,711,459	3,682,478	20,441,519	24,123,997	9,908,388	14,215,609	-	1993
THE FOUNTAINS AT ARBOR LAKES	28,585,296	66,699,024	13,287,679	29,485,296	79,086,703	108,571,999	24,480,182	84,091,817	-	2006
ROSEVILLE PLAZA	132,842	957,340	9,736,267	1,675,667	9,150,782	10,826,449	1,457,654	9,368,795	-	2005
CREVE COUER SHOPPING CENTER	1,044,598	5,475,623	896,084	960,814	6,455,491	7,416,305	2,959,637	4,456,668	-	1998
NORTH POINT SHOPPING CENTER	1,935,380	7,800,746	933,471	1,935,380	8,734,217	10,669,597	4,077,420	6,592,177	-	1998
KIRKWOOD CROSSING	-	9,704,005	14,512,599	-	24,216,604	24,216,604	14,603,879	9,612,725	-	1998
LEMAY S.C.	125,879	503,510	3,846,838	451,155	4,025,072	4,476,227	1,662,327	2,813,900	-		1974
GRAVOIS PLAZA	1,032,416	4,455,514	11,033,266	1,032,413	15,488,783	16,521,196	9,021,664	7,499,532	-	2008
HOME DEPOT PLAZA	431,960	-	758,855	431,960	758,855	1,190,815	307,406	883,409	-	1998
PRIMROSE MARKET PLACE	2,745,595	10,985,778	8,433,741	2,904,022	19,261,092	22,165,114	10,101,312	12,063,802	-	1994
PRIMROSE MARKETPLACE	905,674	3,666,386	5,261,809	905,674	8,928,195	9,833,869	3,206,994	6,626,875	127,225	2002
CENTER POINT S.C.	-	550,204	-	-	550,204	550,204	357,716	192,488	-	1998
KINGS HIGHWAY S.C.	809,087	4,430,514	2,781,299	809,087	7,211,813	8,020,900	3,372,037	4,648,863	-	1998
OVERLAND CROSSING	-	4,928,677	759,896	-	5,688,573	5,688,573	3,156,042	2,532,531	-	1997
CAVE SPRINGS S.C.	1,182,194	7,423,459	7,110,186	1,563,694	14,152,145	15,715,839	10,167,687	5,548,152	-	1997
SPRINGFIELD S.C.	-	608,793	11,012,797	8,800,000	2,821,590	11,621,590	1,260,636	10,360,954	-	1998
OVERLOOK VILLAGE	8,276,500	17,249,587	212,226	8,276,500	17,461,813	25,738,313	3,204,115	22,534,198	-	2012
WOODLAWN MARKETPLACE	919,251	3,570,981	2,621,647	919,251	6,192,628	7,111,879	3,174,870	3,937,009	-	2008
TYVOLA SQUARE	-	4,736,345	6,968,268	-	11,704,613	11,704,613	8,870,713	2,833,900	-	1986
CROSSROADS PLAZA	767,864	3,098,881	1,233,350	767,864	4,332,231	5,100,095	1,574,024	3,526,071	-	2000
JETTON VILLAGE SHOPPES	3,875,224	10,292,231	263,116	2,143,695	12,286,876	14,430,571	1,761,917	12,668,654	-	2011
MOUNTAIN ISLAND MARKETPLACE	3,318,587	7,331,413	736,014	3,818,587	7,567,427	11,386,014	1,291,311	10,094,703	-	2012
WOODLAWN SHOPPING CENTER	2,010,725	5,833,626	1,550,109	2,010,725	7,383,735	9,394,460	946,605	8,447,855	-	2012
CROSSROADS PLAZA	13,405,529	86,455,763	(540,910)	13,405,529	85,914,853	99,320,382	11,613,154	87,707,228	70,739,527	2014
QUAIL CORNERS	7,318,321	26,675,644	1,326,080	7,318,321	28,001,724	35,320,045	2,468,557	32,851,488	16,975,639	2014
OAKCREEK VILLAGE	1,882,800	7,551,576	2,333,493	1,882,800	9,885,069	11,767,869	5,331,393	6,436,476	-	1996
DAVIDSON COMMONS	2,978,533	12,859,867	194,020	2,978,533	13,053,887	16,032,420	1,849,478	14,182,942	-	2012
SENATE/HILLSBOROUGH CROSSI	519,395	-	-	519,395	-	519,395	-	519,395	-	2003
PARK PLACE SC	5,461,478	16,163,494	320,144	5,469,809	16,475,307	21,945,116	6,841,674	15,103,442	-	2008
MOORESVILLE CROSSING	12,013,727	30,604,173	109,598	11,625,801	31,101,697	42,727,498	10,220,209	32,507,289	-	2007
PLEASANT VALLEY PROMENADE	5,208,885	20,885,792	13,796,952	5,208,885	34,682,744	39,891,629	19,390,497	20,501,132	-	1993
WAKEFIELD COMMONS III	6,506,450	-	(5,120,646)	1,843,341	(457,537)	1,385,804	221,296	1,164,508	-		2001
WAKEFIELD CROSSINGS	3,413,932	-	(3,017,959)	336,236	59,737	395,973	6,960	389,013	-		2001
BRENNAN STATION	7,749,751	20,556,891	(700,646)	6,321,923	21,284,073	27,605,996	4,474,520	23,131,476	-	2011
BRENNAN STATION OUTPARCEL	627,906	1,665,576	(93,482)	450,232	1,749,768	2,200,000	347,904	1,852,096	-	2011
CLOVERDALE PLAZA	540,667	719,655	6,879,635	540,667	7,599,290	8,139,957	3,978,961	4,160,996	-		1969
WEBSTER SQUARE	11,683,145	41,708,383	5,174,840	11,683,145	46,883,223	58,566,368	5,143,811	53,422,557	-	2014
WEBSTER SQUARE NORTH	2,163,138	6,511,424	-	2,163,138	6,511,424	8,674,562	199,146	8,475,416	-	2016
ROCKINGHAM PLAZA-SHAWS PARCEL	2,660,915	10,643,660	14,302,905	3,148,715	24,458,765	27,607,480	11,447,997	16,159,483	-	2008
SHOP RITE PLAZA	2,417,583	6,364,094	1,599,403	2,417,583	7,963,497	10,381,080	7,151,851	3,229,229	-		1985
MARLTON PLAZA	-	4,318,534	114,215	-	4,432,749	4,432,749	2,269,505	2,163,244	-	1996
HILLVIEW SHOPPING CENTER	16,007,647	32,607,423	(1,517,229)	16,007,647	31,090,194	47,097,841	3,404,107	43,693,734	25,096,230	2014
GARDEN STATE PAVILIONS	7,530,709	10,801,949	20,360,667	12,203,841	26,489,484	38,693,325	5,290,027	33,403,298	-	2011
CLARK SHOPRITE 70 CENTRAL AVE	3,496,673	11,693,769	994,829	13,959,593	2,225,678	16,185,271	515,706	15,669,565	-	2013
COMMERCE CENTER WEST	385,760	1,290,080	160,534	793,595	1,042,779	1,836,374	218,405	1,617,969	-	2013
COMMERCE CENTER EAST	1,518,930	5,079,690	1,753,865	7,235,196	1,117,289	8,352,485	270,427	8,082,058	-	2013
CENTRAL PLAZA	3,170,465	10,602,845	(186,938)	5,145,167	8,441,205	13,586,372	1,389,217	12,197,155	-	2013
EAST WINDSOR VILLAGE	9,335,011	23,777,978	(728,416)	9,335,011	23,049,562	32,384,573	5,463,964	26,920,609	-	2008
HOLMDEL TOWNE CENTER	10,824,624	43,301,494	7,797,435	10,824,624	51,098,929	61,923,553	18,456,550	43,467,003	-	2002
COMMONS AT HOLMDEL	16,537,556	38,759,952	3,395,971	16,537,556	42,155,923	58,693,479	16,134,863	42,558,616	-	2004
PLAZA AT HILLSDALE	7,601,596	6,994,196	544,603	7,601,596	7,538,799	15,140,395	782,960	14,357,435	6,021,151	2014
MAPLE SHADE	-	9,957,611	(845,234)	-	9,112,377	9,112,377	916,239	8,196,138	-	2009
PLAZA AT SHORT HILLS	20,155,471	11,061,984	36,110	20,155,471	11,098,094	31,253,565	1,615,234	29,638,331	9,721,798	2014
NORTH BRUNSWICK PLAZA	3,204,978	12,819,912	27,813,346	3,204,978	40,633,258	43,838,236	17,565,395	26,272,841	-	1994
PISCATAWAY TOWN CENTER	3,851,839	15,410,851	1,216,192	3,851,839	16,627,043	20,478,882	7,981,590	12,497,292	-	1998
RIDGEWOOD S.C.	450,000	2,106,566	1,068,571	450,000	3,175,137	3,625,137	1,651,823	1,973,314	-	1993
UNION CRESCENT III-BEST BUY	7,895,483	3,010,640	28,918,367	8,696,579	31,127,911	39,824,490	12,610,403	27,214,087	-	2007
WESTMONT PLAZA	601,655	2,404,604	11,025,881	601,655	13,430,485	14,032,140	6,132,664	7,899,476	-	1994
WILLOWBROOK PLAZA	15,320,436	40,996,874	3,368,891	15,320,436	44,365,765	59,686,201	5,917,315	53,768,886	-	2009
DEL MONTE PLAZA	2,489,429	5,590,415	561,061	2,210,000	6,430,905	8,640,905	3,033,951	5,606,954	2,598,997	2006
REDFIELD PROMENADE	4,415,339	32,035,192	81,095	4,415,339	32,116,287	36,531,626	3,116,035	33,415,591	-	2015
MCQUEEN CROSSINGS	5,017,431	20,779,024	193,820	5,017,431	20,972,844	25,990,275	2,026,006	23,964,269	-	2015
GALENA JUNCTION	8,931,027	17,503,387	(14,107)	8,931,027	17,489,280	26,420,307	1,715,262	24,705,045	19,862,619	2015
D'ANDREA MARKETPLACE	11,556,067	29,435,364	183,997	11,556,067	29,619,361	41,175,428	7,252,367	33,923,061	11,828,709	2007
SPARKS MERCANTILE	6,221,614	17,069,172	35,957	6,221,614	17,105,129	23,326,743	1,639,300	21,687,443	19,162,216	2015
BRIDGEHAMPTON COMMONS-W&E SIDE	1,811,752	3,107,232	27,119,033	1,858,188	30,179,829	32,038,017	19,471,600	12,566,417	-		1972
OCEAN PLAZA	564,097	2,268,768	8,468	564,097	2,277,236	2,841,333	802,290	2,039,043	-	2003
KINGS HIGHWAY	2,743,820	6,811,268	1,841,513	2,743,820	8,652,781	11,396,601	3,199,221	8,197,380	-	2004
RALPH AVENUE PLAZA	4,414,466	11,339,857	3,567,551	4,414,467	14,907,407	19,321,874	4,905,187	14,416,687	-	2004
BELLMORE S.C.	1,272,269	3,183,547	1,590,605	1,272,269	4,774,152	6,046,421	1,531,268	4,515,153	-	2004
MARKET AT BAY SHORE	12,359,621	30,707,802	2,883,868	12,359,621	33,591,670	45,951,291	11,418,553	34,532,738	11,899,751	2006
KEY FOOD - ATLANTIC AVE	2,272,500	5,624,589	509,260	4,808,822	3,597,527	8,406,349	471,685	7,934,664	-	2012
KING KULLEN PLAZA	5,968,082	23,243,404	6,064,033	5,980,130	29,295,389	35,275,519	13,498,533	21,776,986	-	1998
BIRCHWOOD PLAZA COMMACK	3,630,000	4,774,791	1,073,476	3,630,000	5,848,267	9,478,267	1,743,532	7,734,735	-	2007
ELMONT S.C.	3,011,658	7,606,066	2,770,293	3,011,658	10,376,359	13,388,017	3,327,198	10,060,819	-	2004
NORTHPORT LAND PARCEL	-	14,460	-	-	14,460	14,460	-	14,460	-	2012
ELMONT PLAZA	-	5,119,714	-	-	5,119,714	5,119,714	371,728	4,747,986	-	2015
ELMSFORD CENTER 1	4,134,273	1,193,084	-	4,134,273	1,193,084	5,327,357	118,420	5,208,937	-	2013
ELMSFORD CENTER 2	4,076,403	15,598,504	949,902	4,076,403	16,548,406	20,624,809	1,872,113	18,752,696	-	2013
FRANKLIN SQUARE S.C.	1,078,541	2,516,581	3,937,137	1,078,541	6,453,718	7,532,259	2,216,400	5,315,859	-	2004
AIRPORT PLAZA	22,711,189	107,011,500	3,764,964	22,711,189	110,776,464	133,487,653	10,317,734	123,169,919	-	2015
KISSENA BOULEVARD SHOPPING CTR	11,610,000	2,933,487	147,329	11,610,000	3,080,816	14,690,816	1,012,304	13,678,512	-	2007
HAMPTON BAYS PLAZA	1,495,105	5,979,320	3,533,406	1,495,105	9,512,726	11,007,831	6,950,371	4,057,460	-	1989
HICKSVILLE PLAZA	3,542,739	8,266,375	3,095,524	3,542,739	11,361,899	14,904,638	3,700,135	11,204,503	-	2004
WOODBURY CENTRE	4,314,991	32,585,508	1,661,793	4,314,991	34,247,301	38,562,292	2,699,939	35,862,353	-	2015
TURNPIKE PLAZA	2,471,832	5,839,416	583,236	2,471,832	6,422,652	8,894,484	1,669,509	7,224,975	-	2011
JERICHO COMMONS SOUTH	12,368,330	33,071,495	721,082	12,368,330	33,792,577	46,160,907	9,612,581	36,548,326	9,006,205	2007
501 NORTH BROADWAY	-	1,175,543	197,738	-	1,373,281	1,373,281	672,031	701,250	-	2007
MERRY LANE (PARKING LOT)	1,485,531	1,749	(1,749)	1,485,531	-	1,485,531	-	1,485,531	-	2007
MILLERIDGE INN	7,500,330	481,316	69,437	7,500,000	551,083	8,051,083	14,430	8,036,653	-	2015
JERICHO ATRIUM	10,624,099	20,065,496	-	10,624,099	20,065,496	30,689,595	1,816,983	28,872,612	-	2016
FAMILY DOLLAR UNION TURNPIKE	909,000	2,249,775	258,033	1,056,709	2,360,099	3,416,808	413,009	3,003,799	-	2012
LITTLE NECK PLAZA	3,277,254	13,161,218	5,837,212	3,277,253	18,998,431	22,275,684	6,285,079	15,990,605	-	2003
KEY FOOD - 21ST STREET	1,090,800	2,699,730	(159,449)	1,669,153	1,961,928	3,631,081	210,207	3,420,874	-	2012
MANHASSET CENTER	4,567,003	19,165,808	29,214,394	3,471,939	49,475,266	52,947,205	21,514,253	31,432,952	-	1999
MANHASSET CENTER(residential)	950,000	-	-	950,000	-	950,000	-	950,000	-	2012
MASPETH QUEENS-DUANE READE	1,872,013	4,827,940	1,036,886	1,872,013	5,864,826	7,736,839	1,957,523	5,779,316	1,677,019	2004
NORTH MASSAPEQUA S.C.	1,880,816	4,388,549	699,203	1,623,601	5,344,967	6,968,568	2,000,668	4,967,900	-	2004
MINEOLA CROSSINGS	4,150,000	7,520,692	224,517	4,150,000	7,745,209	11,895,209	1,943,416	9,951,793	-	2007
BIRCHWOOD PARK	3,507,162	4,126	(1,510,445)	2,000,000	843	2,000,843	843	2,000,000	-	2007
SMITHTOWN PLAZA	3,528,000	7,364,098	414,233	3,528,000	7,778,331	11,306,331	2,258,789	9,047,542	-	2009
MANETTO HILL PLAZA	263,693	584,031	10,227,903	263,693	10,811,934	11,075,627	6,176,092	4,899,535	-		1969
SYOSSET S.C.	106,655	76,197	1,781,201	106,655	1,857,398	1,964,053	1,047,980	916,073	-		1990
RICHMOND S.C.	2,280,000	9,027,951	12,459,766	2,280,000	21,487,717	23,767,717	12,038,465	11,729,252	-	1989
GREENRIDGE - OUT PARCEL	2,940,000	11,811,964	6,268,972	3,148,424	17,872,512	21,020,936	6,833,007	14,187,929	-	1997
STATEN ISLAND PLAZA	5,600,744	6,788,460	(3,003,049)	9,386,155	-	9,386,155	-	9,386,155	-	2005
HYLAN PLAZA	28,723,536	38,232,267	36,986,741	28,723,536	75,219,008	103,942,544	38,896,894	65,045,650	-	2006
FOREST AVENUE PLAZA	4,558,592	10,441,408	155,848	4,558,592	10,597,256	15,155,848	3,701,092	11,454,756	-	2005
INDEPENDENCE PLAZA	12,279,093	34,813,852	215,399	16,131,632	31,176,712	47,308,344	5,877,127	41,431,217	31,490,535	2014
KEY FOOD - CENTRAL AVE.	2,787,600	6,899,310	(394,910)	2,603,321	6,688,679	9,292,000	749,341	8,542,659	-	2012
WHITE PLAINS S.C.	1,777,775	4,453,894	2,471,597	1,777,775	6,925,491	8,703,266	2,246,846	6,456,420	-	2004
CHAMPION FOOD SUPERMARKET	757,500	1,874,813	(24,388)	2,241,118	366,807	2,607,925	107,809	2,500,116	-	2012
SHOPRITE S.C.	871,977	3,487,909	-	871,977	3,487,909	4,359,886	2,144,278	2,215,608	-	1998
ROMAINE PLAZA	782,459	1,825,737	588,133	782,459	2,413,870	3,196,329	616,916	2,579,413	-	2005
KENT CENTER	2,261,530	-	(1,826,497)	435,033	-	435,033	-	435,033	-	1995
HIGH PARK CTR RETAIL	3,783,875	-	(2,778,460)	921,704	83,711	1,005,415	24,910	980,505	-		2001
OREGON TRAIL CENTER	5,802,422	12,622,879	590,069	5,802,422	13,212,948	19,015,370	4,770,972	14,244,398	-	2009
POWELL VALLEY JUNCTION	5,062,500	3,152,982	(2,508,712)	2,035,125	3,671,645	5,706,770	1,406,074	4,300,696	-	2009
HOSPITAL GARAGE & MED. OFFICE	-	30,061,177	59,094	-	30,120,271	30,120,271	8,509,839	21,610,432	-	2004
SUBURBAN SQUARE	70,679,871	166,351,381	10,146,149	71,279,871	175,897,530	247,177,401	44,800,084	202,377,317	-	2007
COULTER AVE. PARCEL	577,630	1,348,019	6,720,666	8,645,796	519	8,646,315	-	8,646,315	-	2015
CHIPPEWA PLAZA	2,881,525	11,526,101	153,290	2,881,525	11,679,391	14,560,916	5,133,586	9,427,330	1,931,697	2000
CARNEGIE PLAZA	-	3,298,908	17,747	-	3,316,655	3,316,655	1,445,722	1,870,933	-	1999
CENTER SQUARE SHOPPING CENTER	731,888	2,927,551	1,342,103	731,888	4,269,654	5,001,542	2,661,695	2,339,847	-	1996
WAYNE PLAZA	6,127,623	15,605,012	400,438	6,135,670	15,997,403	22,133,073	3,985,695	18,147,378	-	2008
DEVON VILLAGE	4,856,379	25,846,910	3,995,839	4,856,379	29,842,749	34,699,128	5,029,943	29,669,185	-	2012
POCONO PLAZA	1,050,000	2,372,628	1,431,729	1,050,000	3,804,357	4,854,357	3,174,132	1,680,225	-		1973
RIDGE PIKE PLAZA	1,525,337	4,251,732	(2,602,946)	914,299	2,259,824	3,174,123	938,226	2,235,897	-	2008
WHITELAND - HOBBY LOBBY	176,666	4,895,360	1,447,703	176,666	6,343,063	6,519,729	2,192,866	4,326,863	-	1999
WHITELAND TOWN CENTER	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
EASTWICK WELLNESS CENTER	889,001	2,762,888	3,074,728	889,001	5,837,616	6,726,617	2,869,745	3,856,872	-	1997
HARRISBURG EAST SHOPPING CTR.	452,888	6,665,238	6,889,185	3,002,888	11,004,423	14,007,311	6,690,361	7,316,950	-	2002
TOWNSHIP LINE S.C.	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
HORSHAM POINT	3,813,247	18,189,450	45,820	3,813,247	18,235,270	22,048,517	1,141,314	20,907,203	-	2015
HOLIDAY CENTER	7,726,844	20,014,243	50,582	7,726,844	20,064,825	27,791,669	2,002,263	25,789,406	-	2015
NORRITON SQUARE	686,134	2,664,535	3,817,458	774,084	6,394,043	7,168,127	4,679,752	2,488,375	-	1984
NEW KENSINGTON S.C	521,945	2,548,322	862,730	521,945	3,411,052	3,932,997	3,125,467	807,530	-	1986
SEARS HARDWARE	10,000	-	-	10,000	-	10,000	-	10,000	-		2015
FRANKFORD AVENUE S.C.	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
WEXFORD PLAZA	6,413,635	9,774,600	9,955,083	6,299,299	19,844,019	26,143,318	3,657,982	22,485,336	-	2010
CRANBERRY TOWNSHIP-PARCEL 1&2	10,270,846	30,769,592	-	10,270,846	30,769,592	41,040,438	333,570	40,706,868	21,636,092	2016
CROSSROADS PLAZA	788,761	3,155,044	12,759,977	976,439	15,727,343	16,703,782	9,633,622	7,070,160	-	1986
SPRINGFIELD S.C.	919,998	4,981,589	12,704,250	920,000	17,685,837	18,605,837	9,073,040	9,532,797	-	1983
SHREWSBURY SQUARE S.C.	8,066,107	16,997,997	(1,648,173)	6,534,966	16,880,965	23,415,931	1,804,686	21,611,245	-	2014
WHITEHALL MALL	-	5,195,577	-	-	5,195,577	5,195,577	2,708,806	2,486,771	-	1996
WHOLE FOODS AT WYNNEWOOD	15,042,165	-	11,598,520	13,772,394	12,868,291	26,640,685	66,430	26,574,255	-		2014
SHOPPES AT WYNNEWOOD	7,478,907	-	3,768,083	7,478,907	3,768,083	11,246,990	62,308	11,184,682	-		2015
WEST MARKET ST. PLAZA	188,562	1,158,307	41,712	188,562	1,200,019	1,388,581	1,169,083	219,498	-	1986
REXVILLE TOWN CENTER	24,872,981	48,688,161	8,014,056	25,678,064	55,897,134	81,575,198	32,302,168	49,273,030	-	2006
PLAZA CENTRO - COSTCO	3,627,973	10,752,212	1,535,656	3,866,206	12,049,635	15,915,841	6,391,287	9,524,554	-	2006
PLAZA CENTRO - MALL	19,873,263	58,719,179	7,545,697	19,408,112	66,730,027	86,138,139	35,105,932	51,032,207	-	2006
PLAZA CENTRO - RETAIL	5,935,566	16,509,748	2,695,750	6,026,070	19,114,994	25,141,064	9,984,894	15,156,170	-	2006
PLAZA CENTRO - SAM'S CLUB	6,643,224	20,224,758	2,321,593	6,520,090	22,669,485	29,189,575	21,610,984	7,578,591	-	2006
LOS COLOBOS - BUILDERS SQUARE	4,404,593	9,627,903	1,361,338	4,461,145	10,932,689	15,393,834	9,024,387	6,369,447	-	2006
LOS COLOBOS - KMART	4,594,944	10,120,147	726,279	4,402,338	11,039,032	15,441,370	9,386,129	6,055,241	-	2006
LOS COLOBOS I	12,890,882	26,046,669	3,697,161	13,613,375	29,021,337	42,634,712	15,652,923	26,981,789	-	2006
LOS COLOBOS II	14,893,698	30,680,556	5,857,364	15,142,300	36,289,318	51,431,618	18,829,986	32,601,632	-	2006
WESTERN PLAZA - MAYAQUEZ ONE	10,857,773	12,252,522	1,347,575	11,241,993	13,215,877	24,457,870	8,562,000	15,895,870	-	2006
WESTERN PLAZA - MAYAGUEZ TWO	16,874,345	19,911,045	1,964,632	16,872,647	21,877,375	38,750,022	14,087,431	24,662,591	-	2006
MANATI VILLA MARIA SC	2,781,447	5,673,119	1,699,755	2,606,588	7,547,733	10,154,321	3,953,428	6,200,893	-	2006
PONCE TOWN CENTER	14,432,778	28,448,754	4,875,507	14,903,024	32,854,015	47,757,039	15,091,421	32,665,618	-	2006
TRUJILLO ALTO PLAZA	12,053,673	24,445,858	3,942,389	12,289,288	28,152,632	40,441,920	16,021,971	24,419,949	-	2006
MARSHALL PLAZA	1,886,600	7,575,302	1,797,067	1,886,600	9,372,369	11,258,969	4,569,037	6,689,932	-	1998
ST. ANDREWS CENTER	730,164	3,132,092	19,122,683	730,164	22,254,775	22,984,939	9,949,662	13,035,277	-		1978
WESTWOOD PLAZA	1,744,430	6,986,094	6,970,136	1,726,833	13,973,827	15,700,660	4,352,208	11,348,452	-	1995
CHERRYDALE POINT	5,801,948	32,055,019	1,885,250	5,801,948	33,940,269	39,742,217	7,869,993	31,872,224	-	2009
WOODRUFF SHOPPING CENTER	3,110,439	15,501,117	1,146,035	3,465,199	16,292,392	19,757,591	2,847,116	16,910,475	-	2010
FOREST PARK	1,920,241	9,544,875	186,314	1,920,241	9,731,189	11,651,430	1,398,248	10,253,182	-	2012
OLD TOWNE VILLAGE	-	4,133,904	4,003,667	-	8,137,571	8,137,571	5,935,218	2,202,353	-		1978
HICKORY RIDGE COMMONS	596,347	2,545,033	(2,457,560)	683,820	-	683,820	-	683,820	-	2000
CENTER OF THE HILLS	2,923,585	11,706,145	1,186,149	2,923,585	12,892,294	15,815,879	6,288,060	9,527,819	-	2008
DOWLEN TOWN CENTER-II	2,244,581	-	(722,251)	484,828	1,037,502	1,522,330	173,357	1,348,973	-		2002
GATEWAY STATION	1,373,692	28,145,158	137,320	1,374,880	28,281,290	29,656,170	3,653,199	26,002,971	-	2011
BAYTOWN VILLAGE S.C.	500,422	2,431,651	818,249	500,422	3,249,900	3,750,322	1,433,566	2,316,756	-	1996
LAS TIENDAS PLAZA	8,678,107	-	27,525,578	7,943,925	28,259,760	36,203,685	5,068,574	31,135,111	-		2005
ISLAND GATE PLAZA	-	944,562	1,864,189	-	2,808,751	2,808,751	976,939	1,831,812	-	1997
ISLAND GATE PLAZA	4,343,000	4,723,215	3,434,004	4,292,636	8,207,583	12,500,219	2,159,227	10,340,992	-	2011
CONROE MARKETPLACE	18,869,087	50,756,554	(3,309,577)	10,841,611	55,474,453	66,316,064	4,351,300	61,964,764	-	2015
MONTGOMERY PLAZA	10,739,067	63,065,333	(281,830)	10,738,796	62,783,774	73,522,570	6,158,788	67,363,782	28,821,667	2015
PRESTON LEBANON CROSSING	13,552,180	-	26,717,900	12,163,694	28,106,386	40,270,080	5,930,870	34,339,210	-		2006
LAKE PRAIRIE TOWN CROSSING	7,897,491	-	28,539,296	6,783,464	29,653,323	36,436,787	5,059,248	31,377,539	-		2006
CENTER AT BAYBROOK	6,941,017	27,727,491	8,890,735	6,928,120	36,631,123	43,559,243	15,483,311	28,075,932	-	1998
CYPRESS TOWNE CENTER	6,033,932	-	1,636,605	2,251,666	5,418,871	7,670,537	882,419	6,788,118	-		2003
CYPRESS TOWNE CENTER	12,329,195	36,836,381	-	12,329,195	36,836,381	49,165,576	398,790	48,766,786	-	2016
CYPRESS TOWNE CENTER(PHASE II)	2,061,477	6,157,862	-	2,061,477	6,157,862	8,219,339	66,679	8,152,660	-	2016
THE CENTRE AT COPPERFIELD	6,723,267	22,524,551	147,681	6,723,357	22,672,142	29,395,499	1,765,721	27,629,778	-	2015
COPPERWOOD VILLAGE	13,848,109	84,183,731	488,670	13,848,109	84,672,401	98,520,510	8,574,685	89,945,825	-	2015
ATASCOCITA COMMONS SHOP.CTR.	16,322,636	54,587,066	640,629	16,099,004	55,451,327	71,550,331	6,426,983	65,123,348	28,723,371	2013
TOMBALL CROSSINGS	8,517,427	28,484,450	(22,511)	7,964,894	29,014,472	36,979,366	3,597,691	33,381,675	-	2013
COPPERFIELD VILLAGE SHOP.CTR.	7,827,639	34,864,441	140,205	7,827,639	35,004,646	42,832,285	2,785,358	40,046,927	-	2015
SHOPS AT VISTA RIDGE	3,257,199	13,029,416	2,198,969	3,257,199	15,228,385	18,485,584	6,908,102	11,577,482	-	1998
VISTA RIDGE PLAZA	2,926,495	11,716,483	2,584,098	2,926,495	14,300,581	17,227,076	6,722,152	10,504,924	-	1998
VISTA RIDGE PLAZA	2,276,575	9,106,300	1,355,098	2,276,575	10,461,398	12,737,973	4,969,800	7,768,173	-	1998
KROGER PLAZA	520,340	2,081,356	1,359,284	520,340	3,440,640	3,960,980	1,790,106	2,170,874	-	1995
ACCENT PLAZA	500,414	2,830,835	-	500,414	2,830,835	3,331,249	1,464,554	1,866,695	-	1996
SOUTHLAKE OAKS PHASE II-480 W.	3,011,260	7,703,844	103,968	3,016,617	7,802,455	10,819,072	2,611,864	8,207,208	-	2008
WOODBRIDGE SHOPPING CENTER	2,568,705	6,813,716	60,806	2,568,705	6,874,522	9,443,227	1,137,926	8,305,301	-	2012
GRAND PARKWAY MARKETPLACE	25,363,548	-	49,662,448	75,025,996	-	75,025,996	-	75,025,996	-		2014
GRAND PARKWAY MARKET PLACE II	13,436,447	-	6,378,376	19,814,823	-	19,814,823	-	19,814,823	-		2015
TEMPLE TOWNE CENTER	609,317	2,983,262	1	609,317	2,983,263	3,592,580	258,770	3,333,810	-	2015
TEMPLE TOWNE CENTER	4,909,857	25,882,414	24,910	4,909,857	25,907,324	30,817,181	3,096,902	27,720,279	-	2015
BURKE TOWN PLAZA	-	43,240,068	(77,919)	-	43,162,149	43,162,149	4,705,503	38,456,646	-	2014
OLD TOWN PLAZA	4,500,000	41,569,735	(13,561,193)	3,087,520	29,421,022	32,508,542	5,331,198	27,177,344	-	2007
SKYLINE VILLAGE	10,145,283	28,764,045	119,265	10,573,875	28,454,718	39,028,593	2,408,808	36,619,785	28,540,865	2014
SUDLEY TOWNE PLAZA	4,114,293	15,988,465	(2,870)	4,114,293	15,985,595	20,099,888	1,223,448	18,876,440	-	2015
BURLINGTON COAT CENTER	670,500	2,751,375	1,666,127	670,500	4,417,502	5,088,002	1,555,483	3,532,519	-	1995
TOWNE SQUARE	8,499,373	24,302,141	1,558,230	8,858,432	25,501,312	34,359,744	2,148,027	32,211,717	24,915,548	2014
POTOMAC RUN PLAZA	27,369,515	48,451,209	(1,609,051)	27,369,515	46,842,158	74,211,673	12,954,070	61,257,603	-	2008
DULLES TOWN CROSSING	53,285,116	104,175,738	(400,522)	53,285,116	103,775,216	157,060,332	11,215,337	145,844,995	-	2015
DOCSTONE COMMONS	3,839,249	11,468,264	-	3,839,249	11,468,264	15,307,513	124,181	15,183,332	11,123,972	2016
DOCSTONE O/P - STAPLES	1,425,307	4,317,552	-	1,425,307	4,317,552	5,742,859	46,102	5,696,757	-	2016
STAFFORD MARKETPLACE	26,893,429	86,449,614	71,698	26,893,429	86,521,312	113,414,741	6,751,401	106,663,340	-	2015
AUBURN NORTH	7,785,841	18,157,625	1,466,041	7,785,841	19,623,666	27,409,507	6,662,844	20,746,663	-	2007
THE MARKETPLACE AT FACTORIA	60,502,358	92,696,231	2,554,967	60,502,358	95,251,198	155,753,556	15,307,136	140,446,420	56,633,213	2013
FRONTIER VILLAGE SHOPPING CTR.	10,750,863	35,649,111	96,299	10,750,863	35,745,410	46,496,273	5,383,855	41,112,418	-	2012
GATEWAY SHOPPING CENTER	6,937,929	11,270,322	-	6,937,929	11,270,322	18,208,251	241,160	17,967,091	-	2016
OLYMPIA WEST OUTPARCEL	360,000	799,640	100,360	360,000	900,000	1,260,000	102,255	1,157,745	-	2012
FRANKLIN PARK COMMONS	5,418,825	11,988,657	977,979	5,418,825	12,966,636	18,385,461	1,277,370	17,108,091	-	2015
SILVERDALE PLAZA	3,875,013	32,272,736	86,050	3,755,613	32,478,186	36,233,799	4,689,699	31,544,100	-	2012
BLUE RIDGE	12,346,900	71,529,796	(35,751,174)	6,158,426	41,967,096	48,125,522	19,367,363	28,758,159	6,870,989	2005
MICROPROPERTIES	24,206,390	56,481,576	(74,328,657)	2,038,463	4,320,846	6,359,309	904,208	5,455,101	-	2012
KRC NORTH LOAN IV, INC.	23,516,663	-	(5,308,827)	18,207,836	-	18,207,836	-	18,207,836	-	2013
BALANCE OF PORTFOLIO	1,907,178	65,127,203	6,458,145	13,419,726	60,072,800	73,492,526	37,230,123	36,262,403	11,608,413
TOTALS	2,988,153,342	7,590,553,397	1,429,368,409	3,130,217,410	8,877,857,738	12,008,075,148	2,278,291,645	9,729,783,503	1,139,117,399

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016

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

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

The aggregate cost for Federal income tax purposes was approximately $9.6 billion at December 31, 2016.

The changes in total real estate assets for the years ended December 31, 2016, 2015, and 2014 are as follows:

	2016			2015			2014
Balance, beginning of period	$	11,568,809,126		$	10,018,225,775		$	9,123,343,869
Acquisitions		181,719,189			278,401,182			548,553,619
Improvements		217,668,292			191,662,698			134,921,993
Transfers from (to) unconsolidated joint ventures		615,511,560			1,673,542,610			1,065,330,540
Sales		(391,758,149	)		(507,185,370	)		(781,200,981	)
Assets held for sale		(12,608,829	)		(587,007	)		-
Adjustment of fully depreciated asset		(80,660,536	)		(56,774,522	)		(8,628,954	)
Adjustment of property carrying values		(91,204,249	)		(18,432,226	)		(32,935,408	)
Change in exchange rate		598,744			(10,044,014	)		(31,158,903	)
Balance, end of period	$	12,008,075,148		$	11,568,809,126		$	10,018,225,775

The changes in accumulated depreciation for the years ended December 31, 2016, 2015, and 2014 are as follows:

	2016			2015			2014
Balance, beginning of period	$	2,115,319,888		$	1,955,405,720		$	1,878,680,836
Depreciation for year		344,179,201			333,948,605			256,088,382
Transfers from (to) unconsolidated joint ventures		-			-			-
Sales		(97,063,934	)		(116,864,875	)		(167,458,882	)
Adjustment of fully depreciated asset		(80,660,536	)		(56,774,522	)		(8,628,954	)
Assets held for sale		(3,482,974	)		-			-
Change in exchange rate		-			(395,040	)		(3,275,662	)
Balance, end of period	$	2,278,291,645		$	2,115,319,888		$	1,955,405,720

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Table of Contents

KIMCO REALTY CORPORATION AND SUBSIDIARIES

Schedule IV - Mortgage Loans on Real Estate

As of December 31, 2016

(in thousands)

Type of Loan/Borrower	Description	Location (c)	Interest Accrual Rates		Interest Payment Rates		Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Face Amount of Mortgages or Maximum Available Credit (b)		Carrying Amount of Mortgages (b) (c)
Mortgage Loans:
Borrower A	Retail	Toronto, ON		5.00%		5.00%	7/31/2017	P& I		-	$	5,730	$	5,314
Borrower B	Retail	Westport, CT		6.50%		6.50%	3/4/2033	I		-	$	5,014	$	5,014
Borrower C	Retail	Las Vegas, NV		12.00%		12.00%	5/14/2033	I		-	$	3,075	$	3,075
Borrower D	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	3,966	$	2,078
Borrower E	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	4,201	$	2,037
Borrower F	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	3,678	$	1,923
Borrower G	Nonretail	Oakbrook Terrace, IL		6.00%		6.00%	12/9/2024	I		-	$	1,950	$	1,950
												-
Individually < 3%	(d)			(e)		(e)	(f)			-		2,922		1,393
												30,536		22,784
Other:
Individually < 3%	Nonretail			2.28%		2.28%	4/1/2027					600		407
Capitalized loan costs												-		6
Total											$	31,136	$	23,197

(a) I = Interest only; P&I = Principal & Interest

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

(c) The aggregate cost for Federal income tax purposes is $23.2 million

(d) Comprised of four separate loans with original loan amounts ranging between $0.2 million and $0.4 million

(e) Interest rates range from 6.88% to 9.00%

(f) Maturity dates range from October 19, 2019 to December 1, 2030

For a reconciliation of mortgage and other financing receivables from January 1, 2014 to December 31, 2016 see Footnote 11 of the Notes to Consolidated Financial Statements included in this Form 10-K.

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.

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EX-3.1(B)

Exhibit 3.1(b)

KIMCO REALTY CORPORATION

ARTICLES OF AMENDMENT

Kimco Realty Corporation, a Maryland corporation (the “Corporation”), hereby certifies to the State Department of Assessments and Taxation of Maryland (the “SDAT”) that:

FIRST: The charter of the Corporation (the “Charter”) is hereby amended by adding the following new Section at the end of ARTICLE IV:

E.        Extraordinary Actions. Notwithstanding any provision of law permitting or requiring any action to be taken or approved by the affirmative vote of stockholders entitled to cast a greater number of votes, any such action shall be effective and valid only if declared advisable by the Board of Directors and taken or approved by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast on the matter.

SECOND: The amendment to the Charter as hereinabove set forth has been duly advised by the Board of Directors and approved by the stockholders of the Corporation as required by law.

THIRD: The undersigned acknowledges these Articles of Amendment to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties of perjury.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be signed in its name and on its behalf by its President and Chief Executive Officer, and attested to by its Assistant Secretary on this 8th day of May, 2014.

ATTEST:	KIMCO REALTY CORPORATION
By: /s/ Kathleen M. Gazerro	By:         /s/ David B. Henry                                  (SEAL)
Kathleen M. Gazerro	Name: David B. Henry
Assistant Secretary	Title:   President and Chief Executive Officer

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EX-10.6

Exhibit 10.6

RESTATED

KIMCO REALTY CORPORATION

2010 EQUITY PARTICIPATION PLAN

ARTICLE 1.

PURPOSE

The purpose of the Kimco Realty Corporation 2010 Equity Participation Plan (the “Plan”) is to promote the success and enhance the value of Kimco Realty Corporation (the “Company”) by linking the individual interests of the members of the Board, Employees, and Consultants to those of Company stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company stockholders.  The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.

ARTICLE 2.

DEFINITIONS AND CONSTRUCTION

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.  The singular pronoun shall include the plural where the context so indicates.

2.1           “Administrator” shall mean the entity that conducts the general administration of the Plan as provided in Article 12.  With reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 12.6, or as to which the Board has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such duties.

2.2           “Affiliate” shall mean (a) Subsidiary; and (b) any domestic eligible entity that is disregarded, under Treasury Regulation Section 301.7701-3, as an entity separate from either (i) the Company or (ii) any Subsidiary.

2.3           “Applicable Accounting Standards” shall mean Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

2.4           “Award” shall mean an Option, a Restricted Stock award, a Restricted Stock Unit award, a Performance Award, a Dividend Equivalents award, a Deferred Stock award, a Stock Payment award or a Stock Appreciation Right, which may be awarded or granted under the Plan (collectively, “Awards”).

2.5           “Award Agreement” shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine consistent with the Plan.

2.6           “Award Limit” shall mean with respect to Awards that shall be payable in Shares or in cash, as the case may be, the respective limit set forth in Section 3.3.

2.7           “Board” shall mean the Board of Directors of the Company.

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2.8           “Change in Control” shall mean (a) a transaction or series of transactions resulting in more than 50% of the voting stock of the Company being held by a Person or Group (as defined in Rule 13d-5 under the Exchange Act) that does not include the Company; (b) the date on which a majority of the members of the Board is replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; (c) the consummation by the Company of a sale or other disposition of all or substantially all of the assets of the Company, in any single transaction or series of related transactions, to a Person (as defined in Rule 13d-5 under the Exchange Act) who is not an affiliate of the Company or an entity in which the shareholders of the Company immediately prior to such transaction do not control more than 50% of the voting power immediately following the transaction; (d) a merger, consolidation, reorganization or business combination of the Company into another entity which is not an affiliate of the Company or an entity in which the shareholders of the Company immediately prior to such transaction do not control more than 50% of the voting power immediately following the transaction; or (e) the approval by the Company’s stockholders of a liquidation or dissolution of the Company; provided, that the transaction or event described in (a), (b), (c), (d) or (e) constitutes a “change in control event” as defined in Section 1.409A-3(i)(5) of the Department of Treasury Regulations.

2.9           “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance promulgated thereunder.

2.10         “Committee” shall mean the Compensation Committee of the Board, or another committee or subcommittee of the Board, appointed as provided in Section 12.1.

2.11         “Common Stock” shall mean the common stock of the Company, par value $0.01 per share.

2.12         “Company” shall mean Kimco Realty Corporation, a Maryland corporation.

2.13         “Consultant” shall mean any consultant or adviser if (a) the consultant or adviser renders “significant services” as defined in Treasury regulation §1.409A-1(f)(2)(iii) to the Company and otherwise meets the requirements for a “service provider” as set forth in Treasury regulation §1.409A-1(f) with respect to the Company or of any corporation which is an Affiliate; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Company to render such services.

2.14         “Covered Employee” shall mean any Employee who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code.

2.15         “Deferred Stock” shall mean a right to receive Shares, pursuant to a deferred compensation arrangement or otherwise, awarded under Section 9.4.

2.16         “Director” shall mean a member of the Board, as constituted from time to time.

2.17         “Dividend Equivalent” shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded under Section 9.2.

2.18         “DRO” shall mean a domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder.

2.19         “Effective Date” shall mean the date the Plan is approved by the Board, subject to approval of the Plan by the Company’s stockholders.

2.20         “Eligible Individual” shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Committee.

2.21         “Employee” shall mean any officer or other employee (as determined in accordance with Section 3401(c) of the Code and the Treasury Regulations thereunder) of the Company, of Kimco Realty Services, Inc., or of any corporation which is a Subsidiary.

2.22         “Equity Restructuring” shall mean a nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities) and causes a change in the per share value of the Common Stock underlying outstanding Awards.

2.23         “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

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2.24         “Fair Market Value” shall mean, as of any given date, the value of a Share determined as follows:

(a)           If the Common Stock is listed on any (i) established securities exchange (such as the New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select Market), (ii) national market system or (iii) automated quotation system on which the Shares are listed, quoted or traded, its Fair Market Value shall be the closing sales price for a share of Common Stock as quoted on such exchange or system for such date or, if there is no closing sales price for a share of Common Stock on the date in question, the closing sales price for a share of Common Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

(b)           If the Common Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Common Stock on such date, the high bid and low asked prices for a share of Common Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

(c)           If the Common Stock is neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Administrator in good faith.

2.25         “Full Value Award” shall mean any Award other than (i) an Option, (ii) a Stock Appreciation Right or (iii) any other Award for which the Holder pays the intrinsic value existing as of the date of grant (whether directly or by forgoing a right to receive a payment from the Company or any Affiliate).

2.26         “Greater Than 10% Stockholder” shall mean an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate corporation (as defined in Section 424(f) of the Code) or parent corporation thereof (as defined in Section 424(e) of the Code).

2.27         “Holder” shall mean a person who has been granted an Award.

2.28         “Incentive Stock Option” shall mean an Option that is intended to qualify as an incentive stock option and conforms to the applicable provisions of Section 422 of the Code.

2.29         “Non-Employee Director” shall mean a Director of the Company who is not an Employee.

2.30         “Non-Qualified Stock Option” shall mean an Option that is not an Incentive Stock Option.

2.31         “Option” shall mean a right to purchase Shares at a specified exercise price, granted under Article 6.  An Option shall be either a Non-Qualified Stock Option or an Incentive Stock Option; provided, however, that Options granted to Non-Employee Directors and Consultants shall only be Non-Qualified Stock Options.

2.32         “Parent” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities ending with the Company if each of the entities other than the Company beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

2.33         “Performance Award” shall mean a Performance Share award or a cash bonus award, stock bonus award, performance award or incentive award that is paid in cash, Shares or a combination of both, awarded under Section 9.1.

2.34         “Performance-Based Compensation” shall mean any compensation that is intended to qualify as “performance-based compensation” as described in Section 162(m)(4)(C) of the Code.

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2.35         “Performance Criteria” shall mean the criteria (and adjustments) that the Committee selects for an Award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows:

(a)           The Performance Criteria that shall be used to establish Performance Goals are limited to the following:  (i) net earnings (either before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation and (D) amortization); (ii) gross or net sales or revenue; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings, income or profit; (vi) cash flow (including, but not limited to, operating cash flow and free cash flow); (vii) return on assets; (viii) return on capital or invested capital; (ix) return on stockholders’ equity; (x) total stockholder return; (xi) return on sales; (xii) gross or net profit or operating margin; (xiii) costs, cost reduction or savings; (xiv) funds from operations; (xv) expenses; (xvi) working capital; (xvii) earnings per share; (xviii) adjusted earnings per share; (xix) price per share of Common Stock or appreciation in the fair market value of Common Stock; (xx) regulatory body approval for commercialization of a product; (xxi) implementation or completion of critical projects; (xxii) market share; and (xxiii) economic value, any of which may be measured either in absolute terms or as compared to any incremental increase or decrease or as compared to results of a peer group or to market performance indicators or indices; provided, that, to the extent applicable, each of the business criteria described in this subsection (a) shall be determined in accordance with Applicable Accounting Standards.

(b)           The Administrator may, in its sole discretion, provide that one or more objectively determinable adjustments shall be made to one or more of the Performance Goals.  Such adjustments may include one or more of the following:  (i) items related to a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (vii) items related to the disposal of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under Applicable Accounting Standards; (ix) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the Performance Period; (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii)  items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going business activities; (xiv) items related to acquired in-process research and development; (xv) items relating to changes in tax laws; (xvi) items relating to major licensing or partnership arrangements; (xvii) items relating to asset impairment charges; (xviii) items relating to gains or losses for litigation, arbitration and contractual settlements; (xix) items relating to any other unusual or nonrecurring events or changes in applicable laws, accounting principles or business conditions; (xx) items related to changes in Applicable Accounting Standards; or (xxi) items reflecting adjustments to funds from operations with respect to straight-line rental income as reported in the Company’s Exchange Act reports.  For all Awards intended to qualify as Performance-Based Compensation, such determinations shall be made within the time prescribed by, and otherwise in compliance with, Section 162(m) of the Code.

2.36         “Performance Goals” shall mean, for a Performance Period, one or more goals established in writing by the Administrator for the Performance Period based upon one or more Performance Criteria.  Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of a Subsidiary, division, business unit, or an individual.  The achievement of each Performance Goal shall be determined in accordance with Applicable Accounting Standards.

2.37         “Performance Period” shall mean one or more periods of time, which may be of varying and overlapping durations, as the Administrator may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Holder’s right to, and the payment of, a Performance Award.

2.38         “Performance Shares” shall mean the right to receive shares of Common Stock and/or Restricted Stock awarded under Section 9.1(c).

2.39         “Permitted Transferee” shall mean, with respect to a Holder, any “family member” of the Holder, as defined under the instructions to use of the Form S-8 Registration Statement under the Securities Act, after taking into account any state, federal, local or foreign tax and securities laws applicable to transferable Awards.

2.40         “Plan” shall mean this Kimco Realty Corporation 2010 Equity Participation Plan, as it may be amended or restated from time to time.

2.41         “Prior Plan” shall mean the Second Amended and Restated 1998 Equity Participation Plan of Kimco Realty Corporation (Restated February 25, 2009), as such plan may be amended from time to time.

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2.42         “Program” shall mean any program adopted by the Administrator pursuant to the Plan containing the terms and conditions intended to govern a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan.

2.43         “Restricted Stock” shall mean Common Stock awarded under Article 8 that is subject to certain restrictions and may be subject to risk of forfeiture or repurchase.

2.44         “Restricted Stock Units” shall mean the right to receive Shares awarded under Section 9.5.

2.45         “Retirement” of a Holder shall mean his Termination of Service on or after his sixty-fifth (65th) birthday or his completion of twenty (20) full (not necessarily consecutive) years of employment, consultancy or directorship, as the case may be, with the Company.

2.46         “Securities Act” shall mean the Securities Act of 1933, as amended.

2.47         “Shares” shall mean shares of Common Stock.

2.48         “Stock Appreciation Right” shall mean a stock appreciation right granted under Article 10.

2.49         “Stock Payment” shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 9.3.

2.50         “Subsidiary” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

2.51         “Substitute Award” shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.

2.52         “Termination of Service” shall mean,

(a)           As to a Consultant, the time when the engagement of a Holder as a Consultant to the Company or an Affiliate is terminated for any reason, with or without cause, including, without limitation, by resignation, discharge, death or Retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company or any Affiliate.

(b)           As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death or Retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Affiliate.

(c)           As to an Employee, the time when the employee-employer relationship between a Holder and the Company or any Affiliate is terminated for any reason, including, without limitation, a termination by resignation, discharge, death, disability or Retirement; but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Affiliate.

The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for cause and all questions of whether particular leaves of absence constitute a Termination of Service; provided, however, that, with respect to Incentive Stock Options, unless the Administrator otherwise provides in the terms of the Program, the Award Agreement or otherwise, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) of the Code and the then applicable regulations and revenue rulings under said Section.   For purposes of the Plan, a Holder’s employee-employer relationship or consultancy relations shall be deemed to be terminated in the event that the Affiliate employing or contracting with such Holder ceases to remain an Affiliate following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off).

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ARTICLE 3.

SHARES SUBJECT TO THE PLAN

3.1           Number of Shares.

(a)           Subject to Section 13.2 and Section 3.1(b), the aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan shall be the sum of (i) 10,000,000 Shares and (ii) any Shares which as of the date the Stockholders approve the Plan are available for issuance under the Prior Plan and which following such date are not issued under the Prior Plan; provided, however, that such aggregate number of Shares available for issuance under the Plan shall be reduced by 3 1/3 shares for each Share delivered in settlement of any Full Value Award.

(b)           If any Shares subject to an Award are forfeited or expire or such Award is settled for cash (in whole or in part) or any Shares subject to an award under the Prior Plan are forfeited or expire or such award is settled for cash (in whole or in part) following the date the Company’s stockholders approve the Plan, the Shares subject to such Award or award under the Prior Plan shall, to the extent of such forfeiture, expiration or cash settlement, again be available for future grants of Awards under the Plan, in accordance with Section 3.1(d) below.  Notwithstanding anything to the contrary contained herein, the following Shares shall not be added to the Shares authorized for grant under Section 3.1(a) and will not be available for future grants of Awards:  (i) Shares tendered by a Holder or withheld by the Company in payment of the exercise price of an Option; (ii) Shares tendered by the Holder or withheld by the Company to satisfy any tax withholding obligation with respect to an Award; (iii) Shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right on exercise thereof; and (iv) Shares purchased on the open market with the cash proceeds from the exercise of Options.  Any Shares repurchased by the Company under Section 8.4 at the same price paid by the Holder so that such shares are returned to the Company will again be available for Awards.  The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the shares available for issuance under the Plan.  Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code.

(c)           Substitute Awards shall not reduce the Shares authorized for grant under the Plan.  Additionally, in the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Subsidiaries immediately prior to such acquisition or combination.

(d)           Any Shares that again become available for grant pursuant to this Section 3.1 shall be added back as (i) one Share if such Shares were subject to an Option or a Stock Appreciation Right granted under the Plan or an option or stock appreciation right granted under the Prior Plan, and (ii) as 3 1/3 Shares if such Shares were subject to Awards other than Options or Stock Appreciation Rights granted under the Plan or awards other than options or stock appreciation rights granted under the Prior Plan.

3.2           Stock Distributed.  Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Common Stock, treasury Common Stock or Common Stock purchased on the open market.

3.3           Limitation on Number of Shares Subject to Awards.  Notwithstanding any provision in the Plan to the contrary, and subject to Section 13.2, the maximum aggregate number of Shares with respect to one or more Awards that may be granted to any one person during any calendar year shall be 750,000 and the maximum aggregate amount of cash that may be paid in cash during any calendar year with respect to one or more Awards payable in cash shall be $2,000,000.  To the extent required by Section 162(m) of the Code, Shares subject to Awards which are canceled shall continue to be counted against the Award Limit.

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ARTICLE 4.

GRANTING OF AWARDS

4.1           Participation.  The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan.  No Eligible Individual shall have any right to be granted an Award pursuant to the Plan.

4.2           Award Agreement.  Each Award shall be evidenced by an Award Agreement.  Award Agreements evidencing Awards intended to qualify as Performance-Based Compensation shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 162(m) of the Code.  Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code.

4.3           Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded to any individual who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments thereto) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

4.4           At-Will Employment.  Nothing in the Plan or in any Program or Award Agreement hereunder shall confer upon any Holder any right to continue in the employ of, or as a Director or Consultant for, the Company or any Affiliate, or shall interfere with or restrict in any way the rights of the Company and any Affiliate, which rights are hereby expressly reserved, to discharge any Holder at any time for any reason whatsoever, with or without cause, and with or without notice, or to terminate or change all other terms and conditions of employment or engagement, except to the extent expressly provided otherwise in a written agreement between the Holder and the Company or any Affiliate.

4.5           Foreign Holders.  Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have Employees, Non-Employee Directors or Consultants, or in order to comply with the requirements of any foreign securities exchange, the Administrator, in its sole discretion, shall have the power and authority to (a) determine which Subsidiaries shall be covered by the Plan; (b) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals outside the United States to comply with applicable foreign laws or listing requirements of any such foreign securities exchange; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Sections 3.1 and 3.3; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals or listing requirements of any such foreign securities exchange.  Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate the Code, the Exchange Act, the Securities Act, any other securities law or governing statute, the rules of the securities exchange or automated quotation system on which the Shares are listed, quoted or traded or any other applicable law.

4.6           Stand-Alone and Tandem Awards.  Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan.  Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

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ARTICLE 5.

PROVISIONS APPLICABLE TO AWARDS INTENDED TO QUALIFY AS PERFORMANCE-BASED COMPENSATION.

5.1           Purpose.  The Committee, in its sole discretion, may determine at the time an Award is granted or at any time thereafter whether such Award is intended to qualify as Performance-Based Compensation.  If the Committee, in its sole discretion, decides to grant such an Award to an Eligible Individual that is intended to qualify as Performance-Based Compensation, then the provisions of this Article 5 shall control over any contrary provision contained in the Plan.  The Administrator may in its sole discretion grant Awards to other Eligible Individuals that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article 5 and that are not intended to qualify as Performance-Based Compensation.  Unless otherwise specified by the Administrator at the time of grant, the Performance Criteria with respect to an Award intended to be Performance-Based Compensation payable to a Covered Employee shall be determined on the basis of Applicable Accounting Standards.

5.2           Applicability.  The grant of an Award to an Eligible Individual for a particular Performance Period shall not require the grant of an Award to such Individual in any subsequent Performance Period and the grant of an Award to any one Eligible Individual shall not require the grant of an Award to any other Eligible Individual in such period or in any other period.

5.3           Types of Awards.  Notwithstanding anything in the Plan to the contrary, the Committee may grant any Award to an Eligible Individual intended to qualify as Performance-Based Compensation, including, without limitation, Restricted Stock the restrictions with respect to which lapse upon the attainment of specified Performance Goals, and any Performance Awards described in Article 9 that vest or become exercisable or payable upon the attainment of one or more specified Performance Goals.

5.4           Procedures with Respect to Performance-Based Awards.  To the extent necessary to comply with the requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Articles 7 or 8 to one or more Eligible Individuals and which is intended to qualify as Performance-Based Compensation, no later than 90 days following the commencement of any Performance Period or any designated fiscal period or period of service (or such earlier time as may be required under Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Eligible Individuals, (b) select the Performance Criteria applicable to the Performance Period, (c) establish the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period based on the Performance Criteria, and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period.  Following the completion of each Performance Period, the Committee shall certify in writing whether and the extent to which the applicable Performance Goals have been achieved for such Performance Period.  In determining the amount earned under such Awards, the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant, including the assessment of individual or corporate performance for the Performance Period.

5.5           Payment of Performance-Based Awards.  Unless otherwise provided in the applicable Program or Award Agreement and only to the extent otherwise permitted by Section 162(m)(4)(C) of the Code, as to an Award that is intended to qualify as Performance-Based Compensation, the Holder must be employed by the Company or an Affiliate throughout the Performance Period.  Unless otherwise provided in the applicable Performance Goals, Program or Award Agreement, a Holder shall be eligible to receive payment pursuant to such Awards for a Performance Period only if and to the extent the Performance Goals for such period are achieved.

5.6           Additional Limitations.  Notwithstanding any other provision of the Plan and except as otherwise determined by the Administrator, any Award which is granted to an Eligible Individual and is intended to qualify as Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code or any regulations or rulings issued thereunder that are requirements for qualification as Performance-Based Compensation, and the Plan, the Program and the Award Agreement shall be deemed amended to the extent necessary to conform to such requirements.

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ARTICLE 6.

GRANTING OF OPTIONS

6.1           Granting of Options to Eligible Individuals.  The Administrator is authorized to grant Options to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine which shall not be inconsistent with the Plan.

6.2           Qualification of Incentive Stock Options.  No Incentive Stock Option shall be granted to any person who is not an Employee of the Company or any “subsidiary corporation” of the Company (as defined in Section 424(f) of the Code).  No person who qualifies as a Greater Than 10% Stockholder may be granted an Incentive Stock Option unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code.  Any Incentive Stock Option granted under the Plan may be modified by the Administrator, with the consent of the Holder, to disqualify such Option from treatment as an “incentive stock option” under Section 422 of the Code. To the extent that the aggregate fair market value of stock with respect to which “incentive stock options” (within the meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable for the first time by a Holder during any calendar year under the Plan, and all other plans of the Company and any Affiliate or parent corporation thereof (each as defined in Section 424(f) and (e) of the Code, respectively), exceeds $100,000, the Options shall be treated as Non-Qualified Stock Options to the extent required by Section 422 of the Code.  The rule set forth in the preceding sentence shall be applied by taking Options and other “incentive stock options” into account in the order in which they were granted and the Fair Market Value of stock shall be determined as of the time the respective options were granted.

6.3           Option Exercise Price.  The exercise price per Share subject to each Option shall be set by the Administrator, but shall not be less than 100% of the Fair Market Value of a Share on the date the Option is granted (or, as to Incentive Stock Options, on the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code).  In addition, in the case of Incentive Stock Options granted to a Greater Than 10% Stockholder, such price shall not be less than 110% of the Fair Market Value of a Share on the date the Option is granted (or the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code).

6.4           Option Term.  The term of each Option shall be set by the Administrator in its sole discretion; provided, however, that no Option may be exercised to any extent by anyone after the first to occur of the following events:

(a)           In the case of an Incentive Stock Option, (i) the expiration of ten years from the date the Option was granted, or (ii) in the case of a Greater Than 10% Stockholder, the expiration of five years from the date the Incentive Stock Option was granted;

(b)           In the case of a Non-Qualified Stock Option, the expiration of ten years and one day from the date the Non-Qualified Stock Option was granted;

(c)           Except (i) in the case of any Holder who is disabled (within the meaning of Section 22(e)(3) of the Code) or (ii) as otherwise determined by the Administrator in its discretion either pursuant to the terms of an applicable Award Agreement or by action of the Administrator taken at the time of the Holder’s Termination of Services, the expiration of three months from the date of the Holder’s Termination of Services for any reason other than such Holder’s death (unless the Holder dies within said three-month period) or Retirement;

(d)           In the case of a Holder who is disabled (within the meaning of Section 22(e)(3) of the Code), the expiration of one year from the date of the Holder’s Termination of Services for any reason other than such Holder’s death (unless the Holder dies within said one-year period) or Retirement;

(e)           The expiration of one year from the date of the Holder’s death; or

(f)           In the case of the Holder’s Retirement, the earlier of (i) the date the Holder engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, or (ii) the expiration of the term of the Option in accordance with clause (a) or (b) above.

Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination of Service.

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6.5           Option Vesting.

(a)           The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is granted.  Such vesting may be based on service with the Company or any Affiliate, any of the Performance Criteria, or any other criteria selected by the Administrator. After grant of an Option, in connection with or following a Holder’s Termination of Service, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option vests.

(b)           No portion of an Option which is unexercisable at a Holder’s Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Program, the Award Agreement or by action of the Administrator following the grant of the Option.

6.6           Substitute Awards.  Notwithstanding the foregoing provisions of this Article 6 to the contrary, in the case of an Option that is a Substitute Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant; provided, that the excess of (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

6.7           Substitution of Stock Appreciation Rights.  The Administrator may provide in the applicable Program or the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Stock Appreciation Right for such Option at any time prior to or upon exercise of such Option; provided, that such Stock Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable, and shall also have the same exercise price and remaining term as the substituted Option.

ARTICLE 7.

EXERCISE OF OPTIONS

7.1           Partial Exercise.  An exercisable Option may be exercised in whole or in part.  However, an Option shall not be exercisable with respect to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of shares.

7.2           Manner of Exercise.  All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

(a)           A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion thereof, is exercised.  The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option;

(b)           Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations, the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded or any other applicable law.  The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

(c)           In the event that the Option shall be exercised pursuant to Section 11.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and

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(d)           Full payment of the exercise price and applicable withholding taxes to the stock administrator of the Company for the shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Section 11.1 and 11.2.

7.3           Notification Regarding Disposition.  The Holder shall give the Company prompt written or electronic notice of any disposition of shares of Common Stock acquired by exercise of an Incentive Stock Option which occurs within (a) two years from the date of granting (including the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) such Option to such Holder, or (b) one year after the transfer of such shares to such Holder.

ARTICLE 8.

AWARD OF RESTRICTED STOCK

8.1           Award of Restricted Stock.

(a)           The Administrator is authorized to grant Restricted Stock to Eligible Individuals, and shall determine the terms and conditions, including the restrictions applicable to each award of Restricted Stock, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Stock as it deems appropriate.

(b)           The Administrator shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that if a purchase price is charged, such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by applicable state law.  In all cases, legal consideration shall be required for each issuance of Restricted Stock.

8.2           Rights as Stockholders.  Subject to Section 8.4, upon issuance of Restricted Stock, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a stockholder with respect to said shares, subject to the restrictions in the applicable Program or in each individual Award Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; provided, however, that, in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall be subject to the restrictions set forth in Section 8.3.

8.3           Restrictions.  All shares of Restricted Stock (including any shares received by Holders thereof with respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of recapitalization) shall, in the terms of the applicable Program or in each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator shall provide.  Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Holder’s duration of employment, directorship or consultancy with the Company, the Performance Criteria, Company performance, individual performance or other criteria selected by the Administrator.  By action taken after the Restricted Stock is issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Stock by removing any or all of the restrictions imposed by the terms of the Program or the Award Agreement in the event of a Change in Control or the applicable Holder’s Retirement, death or disability.  Restricted Stock may not be sold or encumbered until all restrictions are terminated or expire.  Except as otherwise provided by any written agreement between the Company and any applicable Holder, a Holder’s rights in unvested Restricted Stock shall lapse, and such Restricted Stock shall be surrendered to the Company without consideration, upon the Holder’s Termination of Services with the Company.

8.4           Repurchase or Forfeiture of Restricted Stock.  If no price was paid by the Holder for the Restricted Stock, upon a Termination of Service the Holder’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such Restricted Stock shall be surrendered to the Company and cancelled without consideration.  If a price was paid by the Holder for the Restricted Stock, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Stock then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Stock or such other amount as may be specified in the Program or the Award Agreement.  The Administrator in its sole discretion may provide that in the event of certain events, including a Change in Control, the Holder’s death, Retirement or disability or any other specified Termination of Service or any other event, the Holder’s rights in unvested Restricted Stock shall not lapse, such Restricted Stock shall vest and, if applicable, the Company shall not have a right of repurchase.

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8.5           Certificates for Restricted Stock.  Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Administrator shall determine.  Certificates or book entries evidencing shares of Restricted Stock must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, in it sole discretion, retain physical possession of any stock certificate until such time as all applicable restrictions lapse.

8.6           Section 83(b) Election.  If a Holder makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Holder would otherwise be taxable under Section 83(a) of the Code, the Holder shall be required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service.

ARTICLE 9.

AWARD OF PERFORMANCE AWARDS, DIVIDEND EQUIVALENTS, DEFERRED STOCK, STOCK PAYMENTS, RESTRICTED STOCK UNITS

9.1           Performance Awards.

(a)           The Administrator is authorized to grant Performance Awards (including Performance Share Awards) to any Eligible Individual and to determine whether such Performance Awards shall be Performance-Based Compensation.  The value of Performance Awards may be linked to any one or more of the Performance Criteria or other specific criteria determined by the Administrator, in each case on a specified date or dates or over any period or periods determined by the Administrator.  Performance Awards may be paid in cash, Shares (including shares of Restricted Stock), or both, as determined by the Administrator.

(b)           Without limiting Section 9.1(a), the Administrator may grant Performance Awards to any Eligible Individual in the form of a cash bonus payable upon the attainment of objective Performance Goals, or such other criteria, whether or not objective, which are established by the Administrator, in each case on a specified date or dates or over any period or periods determined by the Administrator.  Any such bonuses paid to a Holder which are intended to be Performance-Based Compensation shall be based upon objectively determinable bonus formulas established in accordance with the provisions of Article 5.

(c)           The Administrator is authorized to grant Performance Share Awards to any Eligible Individual.  The number and terms and conditions of Performance Shares shall be determined by the Administrator.  The Administrator shall specify the date or dates on which the Performance Shares shall become vested and shall determine to what extent such Performance Shares have vested, based upon such conditions to vesting as it deems appropriate, including conditions based on one or more Performance Criteria or other specific criteria, including total stockholder return of the Company relative to the range of total return to stockholders of the constituent companies in a specific peer group of the Company, in each case on a specified date or dates or over any period or periods, as determined by the Administrator.  The Performance Shares shall be payable in shares of Common Stock and/or Restricted Stock.  To the extent Performance Shares are payable in shares of Restricted Stock, the Administrator shall, subject to the terms and provisions with respect to Restricted Stock set forth in Article 8, specify the conditions and dates upon which the shares of Restricted Stock underlying the Performance Shares shall be issued and the conditions and dates upon which such shares of Restricted Stock shall become vested and nonforfeitable, which dates shall not be earlier than the date as of which the Performance Shares vest.

9.2           Dividend Equivalents.

(a)           Dividend Equivalents may be granted by the Administrator based on dividends declared on the Common Stock, to be credited as of dividend payment dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed or expires, as determined by the Administrator.  Such Dividend Equivalents shall be converted to cash or additional shares of Common Stock by such formula and at such time and subject to such limitations as may be determined by the Administrator.  In addition, Dividend Equivalents with respect to an Award with performance-based vesting that are based on dividends paid prior to the vesting of such Award shall only be paid out to the Holder to the extent that the performance-based vesting conditions are subsequently satisfied and the Award vests.

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(b)           Notwithstanding the foregoing, no Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights.

9.3           Stock Payments.  The Administrator is authorized to make Stock Payments to any Eligible Individual.  The number or value of shares of any Stock Payment shall be determined by the Administrator and may be based upon one or more Performance Criteria or any other specific criteria, including service to the Company or any Affiliate, determined by the Administrator.  Shares underlying a Stock Payment which is subject to a vesting schedule or other conditions or criteria set by the Administrator will not be issued until those conditions have been satisfied.  Unless otherwise provided by the Administrator, a Holder of a Stock Payment shall have no rights as a Company stockholder with respect to such Stock Payment until such time as the Stock Payment has vested and the Shares underlying the Award have been issued to the Holder.  Stock Payments may, but are not required to, be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual, pursuant to such policies and procedures as may be established by the Administrator.

9.4           Deferred Stock.  The Administrator is authorized to grant Deferred Stock to any Eligible Individual.  The number of shares of Deferred Stock shall be determined by the Administrator and may be based upon one or more Performance Criteria or any other specific criteria, including service to the Company or any Affiliate, as the Administrator determines, in each case on a specified date or dates or over any period or periods determined by the Administrator.  Shares underlying a Deferred Stock award which is subject to a vesting schedule or other conditions or criteria set by the Administrator will not be issued until those conditions have been satisfied.  Unless otherwise provided by the Administrator, a Holder of Deferred Stock shall have no rights as a Company stockholder with respect to such Deferred Stock until such time as the Award has vested and the Shares underlying the Award have been issued to the Holder.  Awards of Deferred Stock may, but are not required to, be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual, pursuant to such policies and procedures as may be established by the Administrator.

9.5           Restricted Stock Units.  The Administrator is authorized to grant Restricted Stock Units to any Eligible Individual.  The number and terms and conditions of Restricted Stock Units shall be determined by the Administrator.  The Administrator shall specify the date or dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate, including conditions based on one or more Performance Criteria or other specific criteria, including service to the Company or any Affiliate, in each case on a specified date or dates or over any period or periods, as determined by the Administrator.  The Administrator shall specify, or permit the Holder to elect, the conditions and dates upon which the Shares underlying the Restricted Stock Units which shall be issued, which dates shall not be earlier than the date as of which the Restricted Stock Units vest and become nonforfeitable and which conditions and dates shall be subject to compliance with Section 409A of the Code.  Restricted Stock Units may be paid in cash, Shares, or both, as determined by the Administrator.  On the distribution dates, the Company shall issue to the Holder one unrestricted, fully transferable Share (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted Stock Unit.

9.6           Term.  The term of a Performance Award, Dividend Equivalent award, Deferred Stock award, Stock Payment award and/or Restricted Stock Unit award shall be set by the Administrator in its sole discretion.

9.7           Exercise or Purchase Price.  The Administrator may establish the exercise or purchase price of a Performance Award, shares of Deferred Stock, shares distributed as a  Stock Payment award or shares distributed pursuant to a Restricted Stock Unit award; provided, however, that value of the consideration shall not be less than the par value of a Share, unless otherwise permitted by applicable law.

9.8           Exercise upon Termination of Service.  A Performance Award, Dividend Equivalent award, Deferred Stock award,  Stock Payment award and/or Restricted Stock Unit award is exercisable or distributable only while the Holder is an Employee, Director or Consultant, as applicable.  The Administrator, however, in its sole discretion may provide that the Performance Award, Dividend Equivalent award, Deferred Stock award, Stock Payment award and/or Restricted Stock Unit award may be exercised or distributed subsequent to a Termination of Service in certain events, including a Change in Control, the Holder’s death, Retirement or disability or any other specified Termination of Service.

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ARTICLE 10.

AWARD OF STOCK APPRECIATION RIGHTS

10.1           Grant of Stock Appreciation Rights.

(a)           The Administrator is authorized to grant Stock Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine consistent with the Plan.

(b)           A Stock Appreciation Right shall entitle the Holder (or other person entitled to exercise the Stock Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Stock Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Stock Appreciation Right from the Fair Market Value on the date of exercise of the Stock Appreciation Right by the number of Shares with respect to which the Stock Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose.  Except as described in (c) below, the exercise price per Share subject to each Stock Appreciation Right shall be set by the Administrator, but shall not be less than 100% of the Fair Market Value on the date the Stock Appreciation Right is granted.

(c)           Notwithstanding the foregoing provisions of Section 10.1(b) to the contrary, in the case of an Stock Appreciation Right that is a Substitute Award, the price per share of the shares subject to such Stock Appreciation Right may be less than 100% of the Fair Market Value per share on the date of grant; provided, that the excess of (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

10.2           Stock Appreciation Right Vesting.

(a)           The period during which the right to exercise, in whole or in part, a Stock Appreciation Right vests in the Holder shall be set by the Administrator and the Administrator may determine that a Stock Appreciation Right may not be exercised in whole or in part for a specified period after it is granted.  Such vesting may be based on service with the Company or any Affiliate, or any other criteria selected by the Administrator. After grant of a Stock Appreciation Right, in connection with or following a Holder’s Termination of Service, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which a Stock Appreciation Right vests.

(b)           No portion of a Stock Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the applicable Program or Award Agreement or by action of the Administrator following the grant of the Stock Appreciation Right.

10.3           Manner of Exercise.  All or a portion of an exercisable Stock Appreciation Right shall be deemed exercised upon delivery of all of the following to the stock administrator of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

(a)           A written or electronic notice complying with the applicable rules established by the Administrator stating that the Stock Appreciation Right, or a portion thereof, is exercised.  The notice shall be signed by the Holder or other person then entitled to exercise the Stock Appreciation Right or such portion of the Stock Appreciation Right;

(b)           Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations.  The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance; and

(c)           In the event that the Stock Appreciation Right shall be exercised pursuant to this Section 10.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Stock Appreciation Right.

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10.4ed      Stock Appreciation Right Term.  The term of each Stock Appreciation Right shall be set by the Administrator in its sole discretion; provided, however, that the term shall not be more than ten (10) years from the date the Stock Appreciation Right is granted.  The Administrator shall determine the time period, including the time period following a Termination of Service, during which the Holder has the right to exercise the vested Stock Appreciation Rights, which time period may not extend beyond the expiration date of the Stock Appreciation Right term.  Except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Stock Appreciation Right, and may extend the time period during which vested Stock Appreciation Rights may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Stock Appreciation Right relating to such a Termination of Service.

10.5           Payment.  Payment of the amounts payable with respect to Stock Appreciation Rights pursuant to this Article 10 shall be in cash, Shares (based on its Fair Market Value as of the date the Stock Appreciation Right is exercised), or a combination of both, as determined by the Administrator.

ARTICLE 11.

ADDITIONAL TERMS OF AWARDS

11.1           Payment.  The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the Plan shall be made, including, without limitation, (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) delivery of a written or electronic notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required; provided, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator.  The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders.  Notwithstanding any other provision of the Plan to the contrary, no Holder who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any extension of credit with respect to such payment with a loan from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.

11.2           Tax Withholding.  The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Holder to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder’s FICA or employment tax obligation) required by law to be withheld with respect to any taxable event concerning a Holder arising as a result of the Plan.  The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares).  The number of Shares which may be so withheld or surrendered shall be limited to the number of shares which have a fair market value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income.  The Administrator shall determine the fair market value of the Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of shares to pay the Option or Stock Appreciation Right exercise price or any tax withholding obligation.

11.3           Transferability of Awards.

(a)           Except as otherwise provided in Section 11.3(b):

(i)           No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised, or the shares underlying such Award have been issued, and all restrictions applicable to such shares have lapsed;

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(ii)           No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Holder or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and

(iii)           During the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof) granted to him under the Plan, unless it has been disposed of pursuant to a DRO; after the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Program or Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Holder’s will or under the then applicable laws of descent and distribution.

(b)           Notwithstanding Section 11.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award other than an Incentive Stock Option to any one or more Permitted Transferees, subject to the following terms and conditions:

(i)             An Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted Transferee other than by will or the laws of descent and distribution;

(ii)            An Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original Holder (other than the ability to further transfer the Award); and

(iii)           The Holder and the Permitted Transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws and (C) evidence the transfer.

(c)           Notwithstanding Section 11.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Holder and to receive any distribution with respect to any Award upon the Holder’s death.  A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Program or Award Agreement applicable to the Holder, except to the extent the Plan, the Program and the Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator.  If the Holder is married and resides in a community property state, a designation of a person other than the Holder’s spouse as his or her beneficiary with respect to more than 50% of the Holder’s interest in the Award shall not be effective without the prior written or electronic consent of the Holder’s spouse.  If no beneficiary has been designated or survives the Holder, payment shall be made to the person entitled thereto pursuant to the Holder’s will or the laws of descent and distribution.  Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time; provided, that such change or revocation is filed with the Administrator prior to the Holder’s death.

11.4           Conditions to Issuance of Shares.

(a)           Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Board or the Committee has determined, with advice of counsel, that the issuance of such shares is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded, and the Shares are covered by an effective registration statement or applicable exemption from registration.  In addition to the terms and conditions provided herein, the Board or the Committee may require that a Holder make such reasonable covenants, agreements, and representations as the Board or the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

(b)           All Share certificates delivered pursuant to the Plan and all shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state, or foreign securities or other laws, rules and regulations and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted, or traded.  The Administrator may place legends on any Share certificate or book entry to reference restrictions applicable to the Shares.

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(c)           The Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

(d)           No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

(e)           Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any applicable law, rule or regulation, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator).

11.5        Forfeiture Provisions.  Pursuant to its general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Awards made under the Plan, or to require a Holder to agree by separate written or electronic instrument, that (a) (i) any proceeds, gains or other economic benefit actually or constructively received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b) (i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or (ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as further defined by the Administrator or (iii) the Holder incurs a Termination of Service for “cause” (as such term is defined in the sole discretion of the Administrator, or as set forth in a written agreement relating to such Award between the Company and the Holder).

11.6           Prohibition on Repricing.  Subject to Section 13.2, the Administrator shall not, without the approval of the stockholders of the Company, (a) authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce its price per share, or (b) cancel any Option or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock Appreciation Right price per share exceeds the Fair Market Value of the underlying Shares.  Subject to Section 13.2, the Administrator shall have the authority, without the approval of the stockholders of the Company, to amend any outstanding award to increase the price per share or to cancel and replace an Award with the grant of an Award having a price per share that is greater than or equal to the price per share of the original Award.

11.7           Full Value Award Vesting Limitations.  Notwithstanding any other provision of the Plan to the contrary, Full Value Awards made to Employees or Consultants shall become vested over a period of not less than three years (or, in the case of vesting based upon the attainment of Performance Goals or other performance-based objectives, over a period of not less than one year measured from the commencement of the period over which performance is evaluated) following the date the Award is made; provided, however, that, notwithstanding the foregoing, (a) the Administrator may lapse or waive such vesting restrictions upon the Holder’s death, disability or Retirement and (b) Full Value Awards that result in the issuance of an aggregate of up to 5% of the shares of Stock available pursuant to Section 3.1(a) may be granted to any one or more Holders without respect to such minimum vesting provisions.

ARTICLE 12.

ADMINISTRATION

12.1           Administrator.  The Compensation Committee (or another committee or a subcommittee of the Board assuming the functions of the Committee under the Plan) shall administer the Plan (except as otherwise permitted herein) and, unless otherwise determined by the Board, shall consist solely of two or more Non-Employee Directors appointed by and holding office at the pleasure of the Board, each of whom is intended to qualify as both a “non-employee director” as defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for purposes of Section 162(m) of the Code and an “independent director” under the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded; provided, that any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 12.l or otherwise provided in any charter of the Committee.  Except as may otherwise be provided in any charter of the Committee, appointment of Committee members shall be effective upon acceptance of appointment.  Committee members may resign at any time by delivering written or electronic notice to the Board.  Vacancies in the Committee may only be filled by the Board.  Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 12.6.

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12.2           Duties and Powers of Committee.  It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions.  The Committee shall have the power to interpret the Plan, the Program  and the Award Agreement, and to adopt such rules for the administration, interpretation and application of the Plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend any Program or Award Agreement; provided, that the rights or obligations of the Holder of the Award that is the subject of any such Program or Award Agreement are not affected adversely by such amendment, unless the consent of the Holder is obtained or such amendment is otherwise permitted under Section 13.10.  Any such grant or award under the Plan need not be the same with respect to each Holder.  Any such interpretations and rules with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code.  In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Rule 16b-3 under the Exchange Act or any successor rule, or Section 162(m) of the Code, or any regulations or rules issued thereunder, or the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded are required to be determined in the sole discretion of the Committee.

12.3           Action by the Committee.  Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee.  Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

12.4           Authority of Administrator.  Subject to any specific designation in the Plan, the Administrator has the exclusive power, authority and sole discretion to:

(a)          Designate Eligible Individuals to receive Awards;

(b)          Determine the type or types of Awards to be granted to each Eligible Individual;

(c)          Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

(d)          Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, or purchase price, any performance criteria, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines;

(e)          Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

(f)               Prescribe the form of each Award Agreement, which need not be identical for each Holder;

(g)              Decide all other matters that must be determined in connection with an Award;

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(h)              Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

(i)               Interpret the terms of, and any matter arising pursuant to, the Plan, any Program or any Award Agreement; and

(j)               Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.

12.5           Decisions Binding.  The Administrator’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Program, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

12.6           Delegation of Authority.  To the extent permitted by applicable law or the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Article 12; provided, however, that in no event shall an officer of the Company be delegated the authority to grant awards to, or amend awards held by, (a) individuals who are subject to Section 16 of the Exchange Act, (b) Covered Employees, or (c) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under Section 162(m) of the Code and applicable securities laws or the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded.  Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee.  At all times, the delegatee appointed under this Section 12.6 shall serve in such capacity at the pleasure of the Board and the Committee.

ARTICLE 13.

MISCELLANEOUS PROVISIONS

13.1           Amendment, Suspension or Termination of the Plan.  Except as otherwise provided in this Section 13.1, the Plan may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board or the Committee.  However, without approval of the Company’s stockholders given within twelve (12) months before or after the action by the Administrator, no action of the Administrator may, except as provided in Section 13.2, (i) increase the limits imposed in Section 3.1 on the maximum number of shares which may be issued under the Plan, or (ii) reduce the price per share of any outstanding Option or Stock Appreciation Right granted under the Plan, or (iii) cancel any Option or Stock Appreciation Right in exchange for cash or another Award when the Option or Stock Appreciation Right price per share exceeds the Fair Market Value of the underlying Shares.  Except as provided in Section 13.10, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair any rights or obligations under any Award theretofore granted or awarded, unless the Award itself otherwise expressly so provides.  No Awards may be granted or awarded during any period of suspension or after termination of the Plan, and in no event may any Award be granted under the Plan after the tenth (10th) anniversary of the Effective Date.

13.2           Changes in Common Stock or Assets of the Company, Acquisition or Liquidation of the Company and Other Corporate Events.

(a)           In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the Administrator shall make equitable adjustments, if any, to reflect such change with respect to (i) the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 on the maximum number and kind of shares which may be issued under the Plan, and adjustments of the Award Limit, and adjustments of the manner in which shares subject to Full Value Awards will be counted); (ii) the number and kind of shares of Common Stock (or other securities or property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (iv) the grant or exercise price per share for any outstanding Awards under the Plan.  Any adjustment affecting an Award intended as Performance-Based Compensation shall be made consistent with the requirements of Section 162(m) of the Code.

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(b)           In the event of any transaction or event described in Section 13.2(a) or any unusual or nonrecurring transactions or events affecting the Company, any Affiliate of the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations or accounting principles, the Administrator, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event and either automatically or upon the Holder’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles:

(i)           To provide for either (A) termination of any such Award in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Holder’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Section 13.2 the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Holder’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of such Award or realization of the Holder’s rights had such Award been currently exercisable or payable or fully vested;

(ii)           To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;

(iii)           To make adjustments in the number and type of shares of the Company’s stock (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Restricted Stock or Deferred Stock and/or in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards and Awards which may be granted in the future;

(iv)           To provide that such Award shall be exercisable or payable or fully vested with respect to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Program or Award Agreement; and

(v)           To provide that the Award cannot vest, be exercised or become payable after such event.

(c)           In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in Sections 13.2(a) and 13.2(b):

(i)           The number and type of securities subject to each outstanding Award and the exercise price or grant price thereof, if applicable, shall be equitably adjusted; and/or

(ii)           The Administrator shall make such equitable adjustments, if any, as the Administrator in its discretion may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 on the maximum number and kind of shares which may be issued under the Plan, and adjustments of the Award Limit, and adjustments of the manner in which shares subject to Full Value Awards will be counted).  The adjustments provided under this Section 13.2(c) shall be nondiscretionary and shall be final and binding on the affected Holder and the Company.

(d)           Notwithstanding any other provision of the Plan, in the event of a Change in Control, each outstanding Award shall be assumed or an equivalent Award substituted by the successor corporation or a parent or subsidiary of the successor corporation.  In the event an Award is assumed or an equivalent Award substituted, and a Holder has a Termination of Service upon or within twelve (12) months following the Change in Control, then such Holder shall be fully vested in such assumed or substituted Award.

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(e)           In the event that the successor corporation in a Change in Control refuses to assume or substitute for the Award, the Administrator may cause any or all of such Awards to become fully exercisable immediately prior to the consummation of such transaction and all forfeiture restrictions on any or all of such Awards to lapse.  If an Award is exercisable in lieu of assumption or substitution in the event of a Change in Control, the Administrator shall notify the Holder that the Award shall be fully exercisable for a period of fifteen (15) days from the date of such notice, contingent upon the occurrence of the Change in Control, and the Award shall terminate upon the expiration of such period. 

(f)           For purposes of this Section 13.2, an Award shall be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for each share of Common Stock subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the Change in Control was not solely common stock of the successor corporation or its parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Award, for each share of Common Stock subject to an Award, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.

(g)           The Administrator may, in its sole discretion, include such further provisions and limitations in any Award, agreement or certificate, as it may deem equitable and in the best interests of the Company that are not inconsistent with the provisions of the Plan.

(h)           With respect to Awards which are granted to Covered Employees and are intended to qualify as Performance-Based Compensation, no adjustment or action described in this Section 13.2 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause such Award to fail to so qualify as Performance-Based Compensation, unless the Administrator determines that the Award should not so qualify.  No adjustment or action described in this Section 13.2 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Plan to violate Section 422(b)(1) of the Code.  Furthermore, no such adjustment or action shall be authorized to the extent such adjustment or action would result in short-swing profits liability under Section 16 or violate the exemptive conditions of Rule 16b-3 unless the Administrator determines that the Award is not to comply with such exemptive conditions.

(i)           The existence of the Plan, the Program, the Award Agreement and the Awards granted hereunder shall not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

(j)           No action shall be taken under this Section 13.2 which shall cause an Award to fail to comply with Section 409A of the Code or the Treasury Regulations thereunder, to the extent applicable to such Award.

(k)           In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the share price of the Common Stock including any Equity Restructuring, for reasons of administrative convenience, the Company in its sole discretion may refuse to permit the exercise of any Award during a period of thirty (30) days prior to the consummation of any such transaction.

13.3           Approval of Plan by Stockholders.  The Plan will be submitted for the approval of the Company’s stockholders within twelve (12) months after the date of the Board’s initial adoption of the Plan.  Awards may be granted or awarded prior to such stockholder approval; provided, that such Awards shall not be exercisable, shall not vest and the restrictions thereon shall not lapse and no shares of Common Stock shall be issued pursuant thereto prior to the time when the Plan is approved by the stockholders; provided, further, that if such approval has not been obtained at the end of said twelve (12) month period, all Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void.

113

13.4           No Stockholders Rights.  Except as otherwise provided herein, a Holder shall have none of the rights of a stockholder with respect to shares of Common Stock covered by any Award until the Holder becomes the record owner of such shares of Common Stock.

13.5           Paperless Administration.  In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated system.

13.6           Effect of Plan upon Other Compensation Plans.  The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company or any Affiliate.  Nothing in the Plan shall be construed to limit the right of the Company or any Affiliate to (a) establish any other forms of incentives or compensation for Employees, Directors or Consultants of the Company or any Affiliate or (b) grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation, partnership, limited liability company, firm or association.

13.7           Compliance with Laws.  The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state, federal and foreign securities law and margin requirements), the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded, and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith.  Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements.  To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

13.8           Titles and Headings, References to Sections of the Code or Exchange Act.  The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.  References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

13.9           Governing Law.  The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the State of Maryland without regard to conflicts of laws thereof.

13.10           Section 409A.  To the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the Code, the Program pursuant to which such Award is granted and the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code.  To the extent applicable, the Plan, the Program and any Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.  Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Administrator determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Administrator may adopt such amendments to the Plan and the applicable Program and Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section.

114

13.11           No Rights to Awards.  No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Holders or any other persons uniformly.

13.12           Unfunded Status of Awards.  The Plan is intended to be an “unfunded” plan for incentive compensation.  With respect to any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company or any Affiliate.

13.13           Indemnification.  To the extent allowable pursuant to applicable law, each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided, that he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

13.14           Relationship to other Benefits.  No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

13.15           Expenses.  The expenses of administering the Plan shall be borne by the Company and its Subsidiaries.

 
115

EX-12.1

Exhibit 12.1

Kimco Realty Corporation and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the year ended December 31, 2016

(in thousands, except for ratio)

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees (1) (2)	$	305,361
Add:
Interest on indebtedness (excluding capitalized interest)		190,636
Amortization of debt premiums, discounts and capitalized expenses		11,837
Amortization of capitalized interest		4,922
Portion of rents representative of the interest factor		7,076
		519,832
Distributed income from equity investees		90,589
Pretax earnings from continuing operations, as adjusted	$	610,421
Fixed charges -
Interest on indebtedness (excluding capitalized interest)	$	190,636
Capitalized interest		9,247
Amortization of debt premiums, discounts and capitalized expenses		11,837
Portion of rents representative of the interest factor		7,076
Fixed charges	$	218,796
Ratio of earnings to fixed charges		2.8

(1) Includes an aggregate gain on liquidation of real estate joint venture interests of $138.5 million.

(2) Includes early extinguishment of debt charges of $45.7 million.

116 

EX-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, 2016

(in thousands, except for ratio)

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees (1) (2)	$	305,361
Add:
Interest on indebtedness (excluding capitalized interest)		190,636
Amortization of debt premiums, discounts and capitalized expenses		11,837
Amortization of capitalized interest		4,922
Portion of rents representative of the interest factor		7,076
		519,832
Distributed income from equity investees		90,589
Pretax earnings from continuing operations, as adjusted	$	610,421
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (excluding capitalized interest)	$	190,636
Capitalized interest		9,247
Preferred dividend factor		53,063
Amortization of debt premiums, discounts and capitalized expenses		11,837
Portion of rents representative of the interest factor		7,076
Combined fixed charges and preferred stock dividends	$	271,859
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.2

(1) Includes an aggregate gain on liquidation of real estate joint venture interests of $138.5 million.

(2) Includes early extinguishment of debt charges of $45.7 million.

117

EX-21.1

Exhibit 21.1

SIGNIFICANT SUBSIDIARIES

None.

118 

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-133378), Form S-3/A (Nos. 033-60050 and 333-115069), Form S-3ASR (Nos. 333-142192 and 333-202389) and Form S-8 (Nos. 333-61323, 333-85659, 333-62626, 333-135087, 333-167265, and 333-184776) of Kimco Realty Corporation of our report dated February 24, 2017 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 LLP
New York, New York
February 24, 2017

119

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Conor C. Flynn, certify that:

1. I have reviewed this Annual 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(s) 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 functions):

(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 24, 2017

/s/ Conor C. Flynn

Conor C. Flynn      

Chief Executive Officer

120 

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn G. Cohen, certify that:

1. I have reviewed this Annual 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(s) 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 functions):

(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 24, 2017

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

121 

EX-32.1

Exhibit 32.1

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to 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, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; 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 24, 2017

/s/ Conor C. Flynn

Conor C. Flynn

Chief Executive Officer

Date: February 24, 2017

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

122 

EX-99.1

Exhibit 99.1

   

			YEAR DEVELOPED	LEASABLE
			OR	AREA	PERCENT LEASED	MAJOR LEASES				GROCER
LOCATION	LOCATION	PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA		TENANT NAME	GLA
ALABAMA
	HOOVER		2007	141,614	77.8	MARSHALLS	25,000	PETCO	15,000		TARGET (6)	191,814
ARIZONA
	GLENDALE		2008	118,377	100.0	MOR FURNITURE FOR LESS	40,000	MICHAELS	17,500		WALMART (6)	196,671
	MESA		2009	269,377	99.5	FLOOR & DECOR	92,904	MEGA FURNITURE	41,750		WINCO FOODS (6)	101,060
	MESA (5)		2005	1,065,600	95.8	BASS PRO SHOPS OUTDOOR WORLD	170,000	HOME DEPOT	102,589		WALMART	208,000
	MESA		2011	79,790	95.9	MOR FURNITURE FOR LESS	33,234	MICHAELS	25,520		TARGET (6)	128,972
	PEORIA		2011	167,862	100.0	JCPENNEY	53,984	JO-ANN FABRICS	40,734		TARGET (6)	151,457
	PHOENIX		1998	218,608	95.8	BURLINGTON	98,054	MICHAELS	23,190
	PHOENIX		1998	153,180	80.3	HOME DEPOT	107,724
	PHOENIX		1998	229,707	95.2	COSTCO	141,659	FALLAS PAREDES	24,390		RANCH MARKET (6)	103,909
	PHOENIX		1997	131,621	98.0	TRADER JOE'S	11,145				SAFEWAY	62,573
	PHOENIX		2011	184,292	100.0	MICHAELS	25,666				WALMART	110,627
	PHOENIX		2015	822,625	96.5	WALMART	251,361	JCPENNEY	98,000		COSTCO	154,809
	SUN CITY		2012	62,559	97.4	CVS	24,519				SAFEWAY (6)	48,500
	TEMPE		2011	62,285	100.0						WHOLE FOODS MARKET	32,306
CALIFORNIA
	ALHAMBRA		1998	195,473	100.0	JO-ANN FABRICS	13,472				COSTCO	157,019
	ANAHEIM		1995	15,396	100.0						NORTHGATE GONZALEZ MARKETS	15,396
	ANAHEIM	PRU	2006	348,524	99.5	FOREVER 21	80,000	SMART & FINAL EXTRA!	30,000		EL SUPER	54,087
	ANAHEIM		2016	154,043	82.9	RITE AID	18,235	U.S. POSTAL SERVICE	11,368		RALPH'S	45,000
	ANAHEIM	PRU	2006	105,338	92.5	HARBOR FREIGHT TOOLS	17,459	DOLLAR TREE	10,797		STATER BROTHERS	37,440
	BELLFLOWER		2014	113,233	97.1	PLANET FITNESS	29,025				STATER BROTHERS	64,039
	CARLSBAD		2014	160,928	96.9	MARSHALLS	27,000	DOLLAR TREE	16,610
	CARMICHAEL		1998	208,999	99.2	HOME DEPOT	110,861	FALLAS PAREDES	21,890		WALMART NEIGHBORHOOD MARKET	44,257
	CHICO		2008	264,335	95.0	EVANS FURNITURE GALLERIES	57,635	BED BATH & BEYOND	25,002		FOOD MAXX	54,239
	CHICO		2015	69,812	92.9						RALEY'S	62,098
	CHINO	PRU	2006	339,001	79.0	LA CURACAO	104,465	ROSS DRESS FOR LESS	30,730		TARGET (6)	112,062
	CHINO	PRU	2006	168,264	99.0	DOLLAR TREE	25,060	PETSMART	24,225		ALBERTSONS (6)	43,440
	CHINO HILLS		2008	73,352	91.5						STATER BROTHERS	43,235
	CHULA VISTA		1998	356,335	100.0	WALMART	153,578	NAVCARE	14,580		COSTCO	154,569
	COLMA		2015	227,941	91.1	MARSHALLS	32,000	NORDSTROM RACK	30,809
	CORONA		1998	491,898	99.1	COSTCO	114,112	HOME DEPOT	100,000		99 RANCH MARKET (6)	42,630
	CORONA		2007	148,805	89.8	PETSMART	24,515				VONS	55,650
	COVINA	KIR	2000	277,957	92.8	LOWE'S HOME CENTER	111,348	SKYZONE	25,608		ALDI	17,508
	CUPERTINO (5)		2006	112,826	96.8						99 RANCH MARKET	29,657
	DALY CITY (5)		2002	594,963	99.6	HOME DEPOT	109,000	BURLINGTON	55,000		SAFEWAY	57,817
	DUBLIN	PRU	2006	155,070	100.0	ORCHARD SUPPLY HARDWARE	35,829	MARSHALLS	32,000
	EL CAJON	CPP	2010	98,316	100.0	RITE AID	27,642	ROSS DRESS FOR LESS	24,000
	ELK GROVE	PRU	2006	137,035	97.7	24 HOUR FITNESS	22,000				BEL AIR MARKET	56,435
	ENCINITAS	PRU	2006	118,804	100.0	KOHL'S	58,004	TOTAL WOMAN GYM AND ATMOSPHERE	13,000
	ESCONDIDO (5)	PRU	2006	198,089	91.6	LA FITNESS	40,000	CVS	22,880		VONS	40,000
	FAIR OAKS	PRU	2006	98,625	96.2						RALEY'S	59,231
	FREMONT	PRU	2007	504,666	92.9	BED BATH & BEYOND	39,830	MARSHALLS	30,028		SAFEWAY	54,741
	FREMONT (5)	PRU	2006	127,938	95.5	CVS	24,437	24 HOUR FITNESS	24,145		SAVE MART	48,000
	FRESNO		2009	121,107	100.0	BED BATH & BEYOND	36,725	ROSS DRESS FOR LESS	30,187		SPROUTS FARMERS MARKET	35,747
	GARDENA	PRU	2006	65,987	100.0	DAISO JAPAN	19,300				99 RANCH MARKET	22,000
	GRANITE BAY	PRU	2006	140,483	92.9						RALEY'S	60,114
	HAYWARD		2016	80,311	95.9	99 CENTS ONLY STORE	29,300	BIG LOTS	23,334
	HUNTINGTON BEACH	PRU	2006	143,674	91.2	CVS	20,120	CRUNCH FITNESS	16,609		VONS	40,800
	JACKSON		2008	67,665	98.2						RALEY'S	62,625
	LA MIRADA		1998	264,513	98.8	UFC GYMS	45,388	U.S. POSTAL SERVICE	26,577		ALBERTSONS (6)	47,199
	LA VERNE		2014	226,872	93.4	MARSHALLS	27,764	STAPLES	15,661		TARGET	114,732
	LAGUNA HILLS	OJV	2007	160,000	100.0	MACY'S	160,000
	LINCOLN		2015	119,559	93.1	CVS	23,077				SAFEWAY	55,342
	LIVERMORE	PRU	2006	104,165	93.2	ROSS DRESS FOR LESS	24,000	DOLLAR TREE	12,061		TARGET (6)	112,739
	LOS ANGELES (5)		2010	158,004	99.2	FACTORY 2-U	22,224	RITE AID	18,160		RALPHS/FOOD 4 LESS	38,950
	LOS ANGELES	PRU	2006	169,653	98.6	KMART	82,504	CVS	25,487		SUPERIOR MARKETS	34,420
	MONTEBELLO	KIR	2000	251,489	100.0	SEARS	105,000	TOYS R US/BABIES R US	46,270
	NAPA		2006	349,530	100.0	TARGET	116,000	HOME DEPOT	100,238		RALEY'S	60,890
	NORTHRIDGE		2005	163,941	93.5	DSW SHOE WAREHOUSE	32,400				SUPER KING MARKET	39,348
	NOVATO		2009	133,485	97.0	RITE AID	24,769	DOLLAR TREE	15,708		SAFEWAY	51,199
	OCEANSIDE	PRU	2006	353,004	98.4	SEARS OUTLET	38,902	ROSS DRESS FOR LESS	30,000
	OCEANSIDE	PRU	2006	92,378	96.7	LAMPS PLUS	11,000				TRADER JOE'S	12,881
	PACIFICA (5)		2014	166,231	91.9	ROSS DRESS FOR LESS	24,246	RITE AID	19,085		SAFEWAY	45,892
	PACIFICA (5)	PRU	2006	100,433	91.8	RITE AID	23,064				SAFEWAY	29,200
	PLEASANTON	OJV	2007	175,000	100.0	MACY'S	175,000
	POWAY		2005	121,512	90.7	STEIN MART	40,000	HOME GOODS	26,210
	REDWOOD CITY		2009	49,870	92.0	ORCHARD SUPPLY HARDWARE	42,509				COSTCO (6)	132,067
	RIVERSIDE		2008	88,308	96.4	BURLINGTON	67,104
	ROSEVILLE		2014	188,493	100.0	DICK'S SPORTING GOODS	43,373	ROSS DRESS FOR LESS	27,471		SPROUTS FARMERS MARKET	36,041
	ROSEVILLE		2015	81,171	100.0						SAFEWAY	55,146
	SAN DIEGO	OJV	2007	225,919	100.0	NORDSTROM	225,919
	SAN DIEGO	KIR	2000	117,410	100.0	24 HOUR FITNESS	66,851				H MART	38,359
	SAN DIEGO	CPP	2010	412,674	100.0	PRICE SELF STORAGE	120,962	COSTCO REGIONAL OFFICE	50,000		COSTCO	153,095
	SAN DIEGO		2009	35,000	100.0	CLAIM JUMPER	10,600				COSTCO (6)	133,087
	SAN DIEGO	PRU	2006	205,853	100.0	TJ MAXX	31,152	HOME GOODS	30,619		SPROUTS FARMERS MARKET	19,225
	SAN DIEGO		2007	48,169	100.0						NAMASTE PLAZA SUPERMARKET	10,439
	SAN DIEGO		2015	116,825	100.0						VONS (6)	40,000
	SAN DIEGO		2012	108,741	98.9						ALBERTSONS	66,284
	SAN DIMAS	PRU	2006	154,000	100.0	STEIN MART	30,000	ROSS DRESS FOR LESS	27,200		TRADER JOE'S	8,500
	SAN JOSE (5)	PRU	2006	81,680	61.2						FOOD MAXX (6)	48,971
	SAN LEANDRO	PRU	2006	95,255	90.8	ROSS DRESS FOR LESS	26,706	MICHAELS	19,020
	SAN LUIS OBISPO		2005	174,428	91.4	MICHAELS	21,006	CVS	16,854		VONS	52,071
	SAN RAMON	KIR	1999	41,913	78.2	PETCO	10,000
	SANTA ANA		1998	134,400	100.0	HOME DEPOT	134,400
	SANTA CLARITA		2013	96,627	97.7						VALLARTA SUPERMARKETS	40,751
	SANTA ROSA		2005	41,565	92.5	ACE HARDWARE	12,100				RALEY'S (6)	60,913
	SANTEE		2015	312,698	98.6	24 HOUR FITNESS	36,000	BED BATH & BEYOND	30,000		TARGET (6)	126,587
	TEMECULA	KIR	1999	342,127	98.6	KMART	86,479	TRISTONE THEATRES	29,650		FOOD 4 LESS	52,640
	TEMECULA	CPP	2010	519,018	93.2	WALMART	221,639	KOHL'S	88,728		SPROUTS FARMERS MARKET	25,647
	TORRANCE	KIR	2000	270,546	100.0	SEARS OUTLET	43,595	UFC GYMS	42,575		TRADER JOE'S	10,004
	TRUCKEE		2006	26,553	100.0						SAVE MART (6)	29,572
	TRUCKEE		2015	38,749	95.0						SAFEWAY (6)	38,794
	TUSTIN	OJV	2013	687,590	98.0	TARGET	134,639	AMC THEATRES	68,159		WHOLE FOODS MARKET	60,550
	TUSTIN	PRU	2006	193,415	96.5	RITE AID	19,072	CRUNCH FITNESS	16,520		HAGGEN	41,430
	TUSTIN	PRU	2006	137,899	91.2	MICHAELS	22,364	TRADER JOE'S	14,888		RALPH'S	36,400
	UPLAND	PRU	2006	273,149	97.8	HOME DEPOT	98,064	HOBBY LOBBY	63,748
	VALENCIA	PRU	2006	143,070	96.6	CVS	25,500				RALPH'S	45,579
	VISTA	PRU	2006	122,563	95.8	CVS	22,154				ALBERTSONS	46,819
	WALNUT CREEK	PRU	2006	114,627	94.4	CENTURY THEATRES	57,017	COST PLUS WORLD MARKET	19,044
	WESTMINSTER	PRU	2006	209,749	100.0	HOWARD'S APPLIANCES & FLAT SCR	17,962				PAVILIONS	69,445
	WINDSOR		2014	126,187	96.1	CVS	19,950				SAFEWAY	52,610
	YORBA LINDA		2012	160,773	100.0	DICK'S SPORTING GOODS	50,000	BED BATH & BEYOND	43,000
COLORADO
	ARVADA		2013	144,315	84.4	RITE AID	56,674				TARGET (6)	128,000
	AURORA (5)		1998	106,983	98.9	ROSS DRESS FOR LESS	30,187	TJ MAXX	28,140
	AURORA		1998	42,977	80.9						KING SOOPERS (6)	56,959
	AURORA		1998	149,975	88.7	ALBERTSONS	41,896	COLORADO FABRICS	40,421
	COLORADO SPRINGS		1998	107,310	85.6	CAMERONS PRODUCTS	65,280	DOLLAR TREE	12,000
	DENVER		1998	18,405	100.0						SAVE-A-LOT	18,405
	ENGLEWOOD		1998	80,330	87.6	HOBBY LOBBY	50,690
	FORT COLLINS		2000	115,862	100.0	KOHL'S	105,862	GUITAR CENTER	10,000		SAM'S CLUB (6)	104,972
	GREELEY		2012	138,818	85.5	BED BATH & BEYOND	27,974	MICHAELS	21,323		SPROUTS FARMERS MARKET	21,236
	HIGHLANDS RANCH		2011	208,127	94.4	ACE HARDWARE	33,450	TJ MAXX	30,000
	LAKEWOOD		1998	82,581	93.2						SAFEWAY	49,788
	LITTLETON		2011	190,104	94.7	OFFICE DEPOT	25,267	TUESDAY MORNING	19,831		KING SOOPERS	64,532
CONNECTICUT
	BRANFORD	KIR	2000	190,738	98.0	KOHL'S	86,830				BIG Y	46,669
	DANBURY		2014	136,209	100.0	WALMART	105,255	MARSHALLS	30,954
	ENFIELD	KIR	2000	148,517	94.4	KOHL'S	88,000	BEST BUY	30,048
	FARMINGTON		1998	209,132	76.1	NORDSTROM RACK	35,834	LA FITNESS	33,320
	HAMDEN		2016	345,023	99.0	WALMART	89,750	BON-TON	58,604
	NORTH HAVEN		1998	338,716	99.2	HOME DEPOT	111,500	DICK'S SPORTING GOODS	48,265		COSTCO	109,920
	WILTON		2012	131,630	87.2	BOW TIE CINEMAS	14,248				STOP & SHOP	46,764
DELAWARE
	DOVER		2003	4,835	100.0
	NEWARK (2)		2014	-	-
	WILMINGTON		2014	165,792	100.0	BURLINGTON	42,443	RAYMOUR & FLANIGAN FURNITURE	36,000		SHOPRITE	58,236

123

			YEAR DEVELOPED	LEASABLE	PERCENT
			OR	AREA	LEASED	MAJOR LEASES				GROCER
LOCATION	LOCATION	PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA		TENANT NAME	GLA
FLORIDA
	ALTAMONTE SPRINGS		1998	192,128	80.1	DSW SHOE WAREHOUSE	23,990	PETCO	15,400		WHOLE FOODS MARKET	40,000
	BOCA RATON (5)		1967	-	-
	BONITA SPRINGS		2015	79,676	98.2						PUBLIX	54,376
	BOYNTON BEACH	KIR	1999	196,776	96.0	BURLINGTON	42,443	ALBERTSONS	51,195
	BRANDON	KIR	2001	143,785	96.1	BED BATH & BEYOND	40,000	ROSS DRESS FOR LESS	25,106		TARGET (6)	107,648
	CAPE CORAL		2015	42,030	87.2
	CAPE CORAL		2015	125,108	100.0	ROSS DRESS FOR LESS	32,265	STAPLES	20,347		PUBLIX	44,684
	CLEARWATER		2005	212,388	99.0	HOME DEPOT	100,200	JO-ANN FABRICS	49,865
	CORAL SPRINGS		1994	55,089	100.0	BIG LOTS	33,517
	CORAL SPRINGS		1997	86,342	100.0	TJ MAXX	29,500	DISCOVERY CLOTHING CO.	15,000
	DANIA BEACH (2)		2016	-	-
	DELRAY BEACH		2015	50,906	97.6						PUBLIX	44,840
	FORT LAUDERDALE		2009	229,034	92.0	REGAL CINEMAS	52,936	LA FITNESS	48,479
	HOLLYWOOD		2016	898,913	96.1	HOME DEPOT	142,280	KMART	114,764		BJ'S WHOLESALE CLUB	120,251
	HOMESTEAD	OJV	1972	205,614	100.0	MARSHALLS	29,575	OFFICEMAX	23,500		PUBLIX	56,077
	HOMESTEAD		1972	3,600	100.0						PUBLIX (6)	56,077
	JACKSONVILLE (2)		2005	102,979	96.6	HAVERTY'S	44,916	HHGREGG	30,209		WALMART (6)	203,000
	JACKSONVILLE		2015	72,840	98.1						PUBLIX	44,840
	JACKSONVILLE		2010	256,980	99.3	STEIN MART	36,000	SEARS OUTLET	28,020
	KEY LARGO	KIR	2000	207,365	95.4	KMART	108,842	BEALLS OUTLET	10,862		PUBLIX	48,555
	LAKELAND		2001	241,256	96.9	HOBBY LOBBY	53,271	STEIN MART	39,500
	LARGO		1968	131,067	88.6	OLD TIME POTTERY	58,374	YOUFIT HEALTH CLUBS	25,121		ALDI	20,800
	LARGO		1992	197,062	84.6	LA FITNESS	33,490	ROSS DRESS FOR LESS	24,895		PUBLIX	42,112
	LAUDERHILL		1974	181,576	90.3	BABIES R US	44,450	STAPLES	23,500		PRESIDENTE SUPERMARKET	22,772
	LEESBURG		2008	13,468	100.0
	MARATHON		2013	106,398	92.1	KMART	52,571				WINN-DIXIE	38,400
	MELBOURNE		1968	168,737	82.7	RADIAL	69,900	WALGREENS	15,525
	MERRITT ISLAND		2015	60,103	100.0						PUBLIX	44,840
	MIAMI (5)	OJV	2003	90,675	100.0	ORCHARD SUPPLY HARDWARE	29,111				WINN-DIXIE	55,944
	MIAMI	OJV	2016	1,615	100.0						WINN-DIXIE (6)	55,944
	MIAMI		1968	107,000	100.0	HOME DEPOT	105,154
	MIAMI	OJV	1965	73,061	98.6	BABIES R US	40,214				WINN-DIXIE (6)	55,944
	MIAMI		1986	87,098	97.0	WALGREENS	14,468				PUBLIX	46,810
	MIAMI		2009	293,001	97.6	KMART	114,000	HOBBY LOBBY	40,000
	MIAMI		2015	63,563	100.0						PUBLIX	44,271
	MIAMI		2015	60,280	97.7						PUBLIX	45,600
	MIAMI		2007	355,134	89.7	BUY BUY BABY	29,953	MICHAELS	24,000		PUBLIX	56,000
	MIAMI		2011	112,423	99.3			LITTLE VILLAGE LEARNING CENTER	10,000		WINN-DIXIE	34,890
	MIAMI		2013	61,837	100.0						WINN-DIXIE	61,837
	MIAMI		1995	64,007	100.0	PETCO	22,418	PARTY CITY	15,611
	MIRAMAR	OJV	2005	79,808	93.3	24 HOUR FITNESS	36,025
	MOUNT DORA		1997	78,452	96.6	ROSS DRESS FOR LESS	25,500	TJ MAXX	23,000
	NORTH MIAMI BEACH		1985	108,795	97.2	WALGREENS	15,930				PUBLIX	51,420
	ORLANDO	KIR	2000	184,362	100.0	GOLD'S GYM	56,000	PGA TOUR SUPERSTORE	50,239
	ORLANDO		2008	179,074	89.7	24 HOUR FITNESS	49,875	TJ MAXX	26,843		TARGET (6)	184,782
	ORLANDO		2009	154,356	98.6	MARSHALLS	30,027	HOME GOODS	24,991		TARGET (6)	187,166
	ORLANDO		2011	86,321	98.3						THE FRESH MARKET	18,400
	OVIEDO		2015	78,093	100.0						PUBLIX	44,270
	PENSACOLA		2011	101,377	100.0						PUBLIX	61,389
	PLANTATION	OJV	1974	60,414	95.9						LUCKY'S MARKET	41,440
	POMPANO BEACH		2012	77,348	100.0	HOME GOODS	20,280	ULTA	11,220		WHOLE FOODS MARKET	40,100
	SAINT PETERSBURG		1968	118,574	80.1	YOUFIT HEALTH CLUBS	22,000	DOLLAR TREE	12,000		KASH N' KARRY (3)	45,871
	SARASOTA		2008	100,237	90.0	TJ MAXX	29,825	OFFICEMAX	23,800
	TALLAHASSEE		1998	187,816	95.6	STEIN MART	31,920	HOME GOODS	24,471		THE FRESH MARKET	22,300
	TAMPA	KIR	2001	340,541	87.1	BEST BUY	46,121	JO-ANN FABRICS	45,965
	TAMPA		1997	206,564	97.7	AMERICAN SIGNATURE	49,106	ROSS DRESS FOR LESS	26,250		SPROUTS FARMERS MARKET	27,000
	TAMPA		2004	197,181	100.0	LOWE'S HOME CENTER	167,000
	WEST PALM BEACH (5)		2009	23,350	100.0	FLORIDA SCHOOL FOR DANCE	23,350
	WEST PALM BEACH		2014	66,440	91.0						PUBLIX	28,800
	WEST PALM BEACH		1997	3,787	100.0						PUBLIX (6)	28,800
	WINTER HAVEN	OJV	1973	91,160	100.0	BIG LOTS	41,200	JO-ANN FABRICS	12,375		SAVE-A-LOT (6)	16,102
	YULEE		2003	59,426	82.4	PETCO	15,335	DOLLAR TREE	10,220		TARGET (6)	126,842
GEORGIA
	ALPHARETTA		2008	130,407	98.5						KROGER	62,000
	ATLANTA (5)		2008	164,533	97.3	PLANET FITNESS	19,838	MR. CUE'S BILLIARDS & BURGERS	14,870		KROGER	56,647
	ATLANTA		2016	175,835	100.0	ONELIFE ATLANTA FITNESS	53,851	MARSHALLS	36,598
	AUGUSTA	KIR	2001	532,945	91.7	HOBBY LOBBY	65,864	HHGREGG	44,000		TARGET (6)	123,000
	AUGUSTA		1995	112,537	89.4	TJ MAXX	35,200	ROSS DRESS FOR LESS	30,187
	DULUTH		2015	78,025	100.0						WHOLE FOODS MARKET	70,125
	FLOWERY BRANCH		2011	92,985	100.0						PUBLIX	54,340
	LAWRENCEVILLE		2013	285,656	100.0	HOBBY LOBBY	67,400	AMC THEATRES	65,442
	LILBURN		2013	73,910	100.0						KROGER	62,000
	PEACHTREE CITY		2014	266,045	94.9	KMART	86,479				KROGER	108,127
	SAVANNAH		1993	186,526	97.6	BED BATH & BEYOND	35,005	TJ MAXX	33,067
	SAVANNAH		2008	197,605	98.2	HHGREGG	32,026	ROSS DRESS FOR LESS	30,187
	SNELLVILLE	KIR	2001	311,093	96.8	KOHL'S	86,584	BELK	58,416
IOWA
	CLIVE		1996	90,000	100.0	KMART	90,000
	DUBUQUE		1997	82,979	100.0	SHOPKO	82,979
ILLINOIS
	BATAVIA	KIR	2002	274,282	93.3	KOHL'S	86,584	HOBBY LOBBY	51,214		ALDI	17,330
	BLOOMINGTON		1972	188,250	96.4	TOYS R US/BABIES R US	46,070	BARNES & NOBLE	22,192		SCHNUCK MARKETS	68,800
	CHAMPAIGN	KIR	2001	111,720	100.0	BEST BUY	45,350	ROSS DRESS FOR LESS	30,247
	CHICAGO		1997	125,499	88.4	BURLINGTON	75,623	RAINBOW SHOPS	13,770		JEWEL/OSCO (6)	67,648
	CHICAGO		1997	86,894	100.0						SEAFOOD CITY	86,894
	DOWNERS GROVE		1997	283,280	96.1	TJ MAXX	54,850	BEST BUY	54,400		SHOP & SAVE MARKET	42,610
	ELGIN		1972	178,920	98.7	ELGIN MALL	81,550	AARON SALES & LEASE OWNERSHIP	10,000		ELGIN FARMERS PRODUCTS	31,358
	FAIRVIEW HEIGHTS		1998	193,217	100.0	HOBBY LOBBY	55,089	DICK'S SPORTING GOODS	45,085		FRESH THYME FARMERS MARKET	28,194
	KILDEER		2013	171,346	99.1	BED BATH & BEYOND	35,000	MICHAELS	31,578
	MOUNT PROSPECT		1997	192,547	70.6	KOHL'S	101,097	TRUE VALUE	27,619
	MUNDELEIN		1998	89,692	97.6	BURLINGTON	87,547				JEWEL/OSCO (6)	51,997
	OAK LAWN		1997	183,893	100.0	KMART	140,580	CHUCK E CHEESE	15,934
	OAKBROOK TERRACE		1997	176,164	100.0	HOME DEPOT	121,903	BIG LOTS	30,000
	ROCKFORD		2008	89,047	100.0	BEST BUY	45,760	ROSS DRESS FOR LESS	34,000
	SKOKIE		1997	58,455	100.0	MARSHALLS	30,406	OLD NAVY	28,049		JEWEL/OSCO (6)	70,630
	VERNON HILLS		2012	192,624	99.5	DICK'S SPORTING GOODS	54,997	PETSMART	27,518
	WOODRIDGE		1998	157,276	96.5	HOLLYWOOD BLVD CINEMA	48,118	SHOE CARNIVAL	15,000
INDIANA
	GREENWOOD (5)		1970	163,376	100.0	BABIES R US	49,426	TOYS R US	47,000		FRESH THYME FARMERS MARKET	29,979
	INDIANAPOLIS	OJV	1964	165,255	78.9	CVS	12,800	DOLLAR GENERAL	10,686		KROGER	63,468
KANSAS
	WICHITA	KIR	1998	133,771	100.0	BEST BUY	45,300	TJ MAXX	30,000
	WICHITA	KIR	1996	96,011	100.0	DICK'S SPORTING GOODS	48,933	GORDMANS	47,078
KENTUCKY
	LEXINGTON		1993	216,235	98.5	BEST BUY	45,750	BED BATH & BEYOND	43,072
LOUISIANA
	HARVEY		2008	174,445	100.0	BEST BUY	45,733	MICHAELS	24,626
	LAFAYETTE		2010	29,405	88.7						ALBERTSONS (6)	75,116
	SHREVEPORT		2010	78,761	88.0	MICHAELS	23,875	DOLLAR TREE	12,000
MASSACHUSETTS
	ABINGTON		2014	102,000	100.0	LOWE'S HOME CENTER	102,000
	BRIGHTON		2014	27,550	100.0						WHOLE FOODS MARKET	20,350
	CAMBRIDGE		2014	62,555	100.0	MICRO CENTER	41,724				TRADER JOE'S	11,065
	CHATHAM		2014	24,432	100.0	OCEAN STATE JOB LOT	24,432
	DORCHESTER		2014	84,470	100.0						NATIONAL WHOLESALE LIQUIDATORS	84,470
	EVERETT		2014	41,278	100.0	WALGREENS	14,707
	FALMOUTH		2014	85,544	92.7	STAPLES	24,652	PLANET FITNESS	12,368
	FRAMINGHAM		2014	26,482	100.0						AJ SEABRA SUPERMARKET	9,615
	GREAT BARRINGTON		1994	131,102	100.0	KMART	52,486				PRICE CHOPPER	44,667
	HYANNIS		2014	231,546	99.3	TOYS R US/BABIES R US	46,932	HOME GOODS	24,904		SHAW'S SUPERMARKET	54,712
	MEDFORD		2014	56,215	100.0	OFF BROADWAY SHOE	22,478				ALDI	21,952
	PITTSFIELD		2014	72,014	92.3						STOP & SHOP	61,935
	QUINCY		2014	80,510	100.0	RITE AID	14,247				BIG Y	55,087
	QUINCY		2014	24,545	100.0	WALGREENS	12,607
	REVERE		2014	15,272	100.0	WALGREENS	15,272
	SALEM		2014	48,587	89.2	STAPLES	17,001
	SHREWSBURY		2000	109,100	100.0	BOB'S STORES	40,982	BED BATH & BEYOND	32,767
	SPRINGFIELD		2014	19,287	100.0	CVS	19,287
	SWAMPSCOTT		2014	63,975	91.6	CVS	11,060	PETCO	10,250
	WAKEFIELD		2014	15,984	100.0	MG FITNESS	15,984
	WALTHAM		2014	24,284	100.0	PETCO	13,650
	WOBURN		2014	123,878	100.0	KOHL'S	104,385	DOLLAR TREE	10,470
	WORCESTER		2014	66,281	100.0	PEP BOYS	21,521	HARBOR FREIGHT TOOLS	18,859

124

			YEAR
			DEVELOPED	LEASABLE	PERCENT
			OR	AREA	LEASED	MAJOR LEASES				GROCER
LOCATION	LOCATION	PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
MARYLAND
	BALTIMORE (5)		2014	124,422	90.0	SALVO AUTO PARTS	12,000			WEIS MARKETS	67,520
	BALTIMORE		2014	114,045	94.8	RITE AID	11,868	DOLLAR TREE	10,000	SAFEWAY	54,200
	BALTIMORE		2015	58,879	90.2	CORT FURNITURE RENTAL	14,856
	BALTIMORE		2014	79,391	97.5					WEIS MARKETS	58,187
	BALTIMORE		2014	78,477	100.0					GIANT FOOD	55,108
	BALTIMORE		2014	90,903	100.0					GIANT FOOD	56,892
	BALTIMORE		2013	90,830	98.3					GIANT FOOD	43,136
	BEL AIR		2014	130,176	91.4	CVS	10,125	DOLLAR TREE	10,000	SAFEWAY	55,032
	CLARKSVILLE		2014	105,907	100.0					GIANT FOOD	62,943
	CLINTON		2003	29,027	100.0	PLANET FITNESS	26,412
	COLUMBIA		2012	75,000	100.0	MICHAELS	26,706	PETSMART	25,000	BJ'S WHOLESALE CLUB (6)	109,384
	COLUMBIA		2011	273,317	100.0	TOYS R US/BABIES R US	63,062	NORDSTROM RACK	40,750	TARGET (6)	130,604
	COLUMBIA (5)		2015	98,403	100.0					GIANT FOOD	57,994
	COLUMBIA		2014	98,399	96.5					HARRIS TEETER	56,905
	COLUMBIA		2015	91,165	100.0					SAFEWAY	55,164
	COLUMBIA (5)		2002	61,119	96.4	CVS	13,225			DAVID'S NATURAL MARKET	15,079
	DISTRICT HEIGHTS		2015	90,929	100.0					GIANT FOOD	64,333
	EASTON		2014	113,330	90.6	DOLLAR TREE	10,000			GIANT FOOD	64,885
	ELLICOTT CITY		2015	86,456	94.0					GIANT FOOD	55,000
	ELLICOTT CITY		2014	139,898	95.1	PETCO	12,400			SAFEWAY	50,093
	ELLICOTT CITY	PRU	2007	433,467	100.0	TARGET	146,773	KOHL'S	106,889	SAFEWAY	55,164
	FREDERICK		2003	86,968	100.0					GIANT FOOD	56,166
	GAITHERSBURG		1999	88,277	93.2	FLOOR & DECOR	60,102	MATTRESS & FURNITURE MART	10,026
	GAITHERSBURG (5)		2016	188,482	90.0	MICHAELS	23,296	PETSMART	18,741	WHOLE FOODS MARKET	35,868
	HUNT VALLEY		2008	94,653	94.4					GIANT FOOD	55,330
	LAUREL (5)		1964	157,474	93.6	2ND AVE. VALUE STORES	81,550	PLANET FITNESS	21,000
	NORTH EAST		2014	87,006	90.3					FOOD LION	38,372
	OWINGS MILLS (2)		2016	101,297	93.1	AMC THEATRES	67,700
	PASADENA	OJV	2003	38,766	100.0	DAVITA	10,496
	PIKESVILLE		2011	105,223	95.8					GIANT FOOD	63,529
	TIMONIUM		2014	59,799	92.8	AMERICAN RADIOLOGY	13,573
	TIMONIUM		2003	191,561	98.1	STAPLES	15,000			GIANT FOOD	61,941
	TOWSON		2014	88,405	100.0	AAA	11,500	CVS	10,125	SAFEWAY	59,180
	TOWSON		2012	679,843	93.6	WALMART	154,828	TARGET	132,608	WEIS MARKETS	55,452
MAINE
	SOUTH PORTLAND		2008	98,948	100.0	DSW SHOE WAREHOUSE	25,000	DOLLAR TREE	15,450
MICHIGAN
	CLARKSTON		1996	151,201	81.6	OFFICE DEPOT	19,605	FORT CLARKSTON	11,155	NEIMAN'S FAMILY MARKET	45,092
	FARMINGTON		1993	96,915	100.0	TUESDAY MORNING	19,610	FITNESS 19	10,250	FRESH THYME FARMERS MARKET	26,807
	LIVONIA		1968	33,121	94.0	CVS	13,810
	TAYLOR		1993	141,468	95.4	KOHL'S	93,310	BABIES R US	37,459
	WALKER		1993	387,210	100.0	RUBY-15-WALKER, LLC	156,366	KOHL'S	104,508
MINNESOTA
	MAPLE GROVE	KIR	2001	466,825	91.6	BEST BUY	45,953	JO-ANN FABRICS	45,940	BYERLY'S	55,043
	MAPLE GROVE		2006	488,157	98.6	LOWE'S HOME CENTER	137,933	DICK'S SPORTING GOODS	51,182	COSTCO (6)	139,262
	MINNETONKA	KIR	1998	120,231	76.3	TOYS R US/BABIES R US	61,369
	ROSEVILLE		2005	108,213	38.8	PLANET FITNESS	32,283
MISSOURI
	JOPLIN		1998	155,416	84.9	ASHLEY FURNITURE HOMESTORE	36,412	ROSS DRESS FOR LESS	29,108
	KIRKWOOD		1990	251,775	78.2	HOBBY LOBBY	64,876	BURLINGTON	58,400
	LEMAY		1974	79,747	100.0	DOLLAR GENERAL	10,500			SHOP N SAVE	56,198
	MANCHESTER	KIR	1998	89,305	100.0	KOHL'S	89,305
	SAINT CHARLES		1998	8,000	100.0
	SAINT CHARLES		1998	84,460	100.0	KOHL'S	84,460
	SAINT LOUIS		1998	113,781	100.0	KOHL'S	92,870	CLUB FITNESS	20,911
	SAINT LOUIS		1972	129,093	88.5					SHOP N SAVE	68,307
	SAINT LOUIS (5)		1998	168,460	89.1	BURLINGTON	80,000	BIG LOTS	35,040
	SAINT LOUIS		1997	169,982	100.0	HOME DEPOT	122,540	PLANET FITNESS	27,000
	SAINT PETERS		1997	176,804	68.5	HOBBY LOBBY	57,028	OFFICE DEPOT	24,500
	SPRINGFIELD		1994	367,748	100.0	BEST BUY	48,150	JCPENNEY	46,144
	SPRINGFIELD		1998	209,650	100.0	KMART	122,306	OFFICE DEPOT	28,000
NORTH CAROLINA
	ASHEVILLE		2012	153,820	96.7	TJ MAXX	45,189	ROSS DRESS FOR LESS	28,223
	CARY	KIR	2001	315,797	99.3	KOHL'S	86,584	PETSMART	26,040	BJ'S WHOLESALE CLUB	108,532
	CARY		2000	581,668	94.3	DICK'S SPORTING GOODS	55,000	BEST BUY	51,259
	CHARLOTTE		1968	241,235	88.6	HOME DEPOT	85,600	BURLINGTON	48,000
	CHARLOTTE		1986	233,939	92.6	ROSS DRESS FOR LESS	32,003	K&G FASHION SUPERSTORE	31,577
	CHARLOTTE		2012	73,174	100.0					HARRIS TEETER	50,627
	CHARLOTTE		2014	114,179	97.2					HARRIS TEETER	51,486
	CORNELIUS		2011	80,600	100.0					HARRIS TEETER	57,260
	DAVIDSON		2012	78,930	98.9					HARRIS TEETER	48,000
	DURHAM	KIR	2002	408,065	100.0	BEST BUY	45,000	BUY BUY BABY	31,772	WALMART	149,929
	DURHAM		1996	116,186	80.4	TJ MAXX	31,303	JO-ANN FABRICS	16,051
	KNIGHTDALE	OIP	2011	323,049	100.0	DICK'S SPORTING GOODS	45,000	ROSS DRESS FOR LESS	30,144	TARGET (6)	124,163
	MOORESVILLE		2007	165,798	99.3	BEST BUY	30,000	BED BATH & BEYOND	28,000
	MORRISVILLE		2008	169,901	97.3	CARMIKE CINEMAS	60,124	STEIN MART	36,000	FOOD LION	36,427
	RALEIGH		1993	358,058	79.7	GOLFSMITH	59,719	BED BATH & BEYOND	35,335
	RALEIGH		2011	136,203	96.8	OFFICE DEPOT	22,391	02 FITNESS	20,006
	WINSTON-SALEM		1969	132,190	97.3	DOLLAR TREE	14,849			HARRIS TEETER	60,279
NEW HAMPSHIRE
	NASHUA		2014	197,303	100.0	TJ MAXX	25,219	MICHAELS	24,300	TRADER JOE'S	13,800
	SALEM		1994	346,201	100.0	KOHL'S	91,282	BOB'S STORES	43,905	SHAW'S SUPERMARKET	51,507
NEW JERSEY
	BRIDGEWATER	KIR	2001	241,997	100.0	BED BATH & BEYOND	40,415	MARSHALLS	39,562	COSTCO (6)	136,570
	CHERRY HILL (5)		1985	41,637	75.4	RETRO FITNESS	10,366
	CHERRY HILL		1996	129,809	100.0	KOHL'S	96,629	PLANET FITNESS	22,320
	CHERRY HILL		2014	209,185	78.4	KOHL'S	86,770	BABIES R US	37,491	TARGET (6)	130,915
	CHERRY HILL		2011	366,599	96.3	BURLINGTON	70,500	SEARS OUTLET	40,000	SHOPRITE	71,676
	CLARK		2013	85,000	100.0					SHOPRITE	85,000
	CLARK		2013	52,812	100.0					BRIXMOR	52,812
	CLARK		2013	41,537	100.0	24 HOUR FITNESS	28,000	RITE AID	13,537
	EAST WINDSOR		2008	249,029	87.7	TARGET	126,200	TJ MAXX	30,000	PATEL BROTHERS	22,310
	EDGEWATER	PRU	2007	423,316	97.8	TARGET	113,156	TJ MAXX	35,000	ACME	63,966
	HILLSDALE		2014	60,432	100.0	WALGREENS	16,332			KING'S SUPERMARKET	30,811
	HOLMDEL		2007	299,723	98.0	HOBBY LOBBY	56,021	MARSHALLS	48,833
	HOLMDEL		2007	234,557	98.3	BEST BUY	30,109	MICHAELS	25,482	BEST MARKET	37,500
	MILLBURN		2014	89,321	96.9	WALGREENS	17,139	PET SUPPLIES PLUS	10,158	KING'S SUPERMARKET	40,024
	MOORESTOWN		2009	201,351	90.4	LOWE'S HOME CENTER	135,198	SKYZONE	42,173
	NORTH BRUNSWICK		1994	378,933	100.0	BURLINGTON	64,676	MARSHALLS	52,440	WALMART	134,202
	PISCATAWAY		1998	97,348	96.1					SHOPRITE	54,100
	RIDGEWOOD		1994	24,280	100.0					WHOLE FOODS MARKET	24,280
	UNION		2007	98,193	100.0	BEST BUY	30,225			WHOLE FOODS MARKET	60,000
	WAYNE		2009	348,127	84.8	FLOOR & DECOR	89,933	SOVRAN ACQUISITION LP	85,598
	WESTMONT		1994	173,259	54.5	SUPER FITNESS	15,000	TUESDAY MORNING	13,271
NEVADA
	RENO		2006	36,619	97.5	PIER 1 IMPORTS	10,542			WHOLE FOODS MARKET (6)	67,864
	RENO	PRU	2006	113,376	87.6					SCOLARI'S WAREHOUSE MARKET	50,451
	RENO		2015	152,601	100.0	BED BATH & BEYOND	35,185	NORDSTROM RACK	31,000	WILD OATS MARKETS (3)	28,788
	RENO		2015	104,319	97.5					RALEY'S	65,519
	RENO		2015	119,871	96.7	SHELL OIL	10,000			RALEY'S	61,570
	SPARKS		2007	119,601	97.2	CVS	18,990			SAFEWAY	56,061
	SPARKS		2015	113,759	96.7					RALEY'S	63,476
NEW YORK
	AMHERST	OJV	2009	101,066	100.0					TOPS SUPERMARKET	101,066
	BAYSHORE		2006	176,831	100.0	BEST BUY	45,499	TOYS R US/BABIES R US	43,123	ALDI	18,635
	BELLMORE		2004	15,445	100.0	PETSMART	12,052
	BRIDGEHAMPTON		2009	287,507	99.0	KMART	89,935	TJ MAXX	33,800	KING KULLEN	61,892
	BRONX (5)	OJV	2013	222,960	98.8	NATIONAL AMUSEMENTS	58,860	BLINK FITNESS	18,119	FOOD BAZAAR	51,680
	BROOKLYN	KIR	2000	80,708	100.0	HOME DEPOT	58,200	WALGREENS	11,050
	BROOKLYN		2003	10,000	100.0	RITE AID	10,000
	BROOKLYN		2004	29,671	100.0	CENTER FOR ALLIED HEALTH EDUCA	19,371	DUANE READE	10,300
	BROOKLYN		2004	40,373	100.0	DUANE READE	15,638	PARTY CITY	13,424
	BROOKLYN HEIGHTS		2012	7,200	100.0					KEY FOOD	7,200
	BUFFALO	OJV	2009	141,466	98.9	PETSMART	20,165	CITI TRENDS	11,186	TOPS SUPERMARKET	84,000
	CENTEREACH	OJV	1993	379,745	95.5	BIG LOTS	33,600	MODELL'S	20,315	WALMART	151,067
	COMMACK		1998	261,664	100.0	TOYS R US/BABIES R US	63,296	HOBBY LOBBY	42,970	KING KULLEN	60,216
	COMMACK		2007	24,617	100.0	DEAL$	14,137
	COPIAGUE (5)	KIR	1998	135,436	100.0	HOME DEPOT	112,000			TARGET (6)	130,417

125

			YEAR
			DEVELOPED	LEASABLE	PERCENT
			OR	AREA	LEASED	MAJOR LEASES				GROCER
LOCATION	LOCATION	PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA		TENANT NAME	GLA
	ELMONT		2004	27,078	100.0	DUANE READE	11,878
	ELMONT		2015	12,900	100.0	CVS	12,900
	ELMSFORD		2013	143,288	100.0	ELMSFORD 119	84,450	AUTONATION	58,838
	FARMINGDALE		2015	438,572	98.4	HOME DEPOT	116,790	SUNRISE CREDIT SERVICES	34,821		STEW LEONARD'S	60,000
	FLUSHING		2007	22,416	100.0						FRUIT VALLEY PRODUCE	15,200
	FRANKLIN SQUARE		2004	17,789	100.0	PETCO	11,857
	FREEPORT	KIR	2000	13,905	100.0	WALGREENS	13,905
	FREEPORT	KIR	2000	173,002	100.0	VORNADO REALTY TRUST	37,328	MARSHALLS	27,540		TARGET	46,753
	GLEN COVE	KIR	2000	49,090	100.0	STAPLES	24,880	ANNIE SEZ	13,360
	HAMPTON BAYS		1989	70,990	100.0	MACY'S	50,000	PETCO	11,890
	HARRIMAN		2015	227,939	94.6	KOHL'S	86,584	MICHAELS	24,008
	HICKSVILLE		2004	35,736	97.3	PETCO	12,919	DOLLAR TREE	10,481
	HUNTINGTON STATION		2011	52,973	100.0	RITE AID	11,010				BEST MARKET	30,700
	JERICHO		2007	123,096	100.0	MARSHALLS	33,600				WHOLE FOODS MARKET	38,304
	KEW GARDENS HILLS		2012	10,790	100.0
	LATHAM	KIR	1999	617,810	88.8	SAM'S CLUB	134,900	DICK'S SPORTING GOODS	116,097		HANNAFORD	63,664
	LEVITTOWN	OJV	2006	47,199	36.1	DSW SHOE WAREHOUSE	17,035
	LITTLE NECK		2003	48,275	100.0
	LONG ISLAND CITY		2012	6,065	100.0						KEY FOOD	5,621
	MANHASSET		1999	155,321	100.0	MARSHALLS	40,114	NORDSTROM RACK	34,257		KING KULLEN	37,570
	MASPETH		2004	22,500	100.0	DUANE READE	22,500
	MERRICK	KIR	2000	108,296	98.5	HOME GOODS	24,836	ANNIE SEZ	15,038		BEST MARKET	44,478
	MINEOLA		2007	26,747	100.0						NORTH SHORE FARMS	10,000
	MUNSEY PARK	KIR	2000	72,748	100.0	BED BATH & BEYOND	41,393				WHOLE FOODS MARKET	20,000
	NESCONSET		2009	55,968	100.0	PETSMART	28,916	BOB'S DISCOUNT FURNITURE	27,052		COSTCO (6)	122,475
	NORTH MASSAPEQUA		2004	29,599	52.8
	PLAINVIEW		1969	88,222	95.9						FAIRWAY STORES	55,162
	SELDEN		2014	236,130	100.0	HOME DEPOT	102,220	RITE AID	14,673		KING KULLEN (3)	52,250
	STATEN ISLAND	KIR	2000	190,779	88.3	TJ MAXX	34,798	LA FITNESS	34,000
	STATEN ISLAND		1989	268,362	100.0	SI FURNITURE INC.	29,216	HOME GOODS	26,375		TARGET	139,839
	STATEN ISLAND		1997	99,521	96.9	LA FITNESS	33,180
	STATEN ISLAND (5)		2006	279,225	100.0	KMART	103,823	TOYS R US/BABIES R US	42,025
	STATEN ISLAND		2005	47,270	100.0	STAPLES	47,270
	SYOSSET		1967	32,124	92.5	NEW YORK SPORTS CLUB	16,664
	VALLEY STREAM		2012	27,924	100.0						KEY FOOD	27,924
	WHITE PLAINS		2004	22,220	100.0	DOLLAR TREE	14,450
	WOODSIDE		2012	7,500	100.0						CHAMPION FOOD SUPERMARKET	7,500
	YONKERS		1995	43,560	100.0						SHOPRITE	43,560
	YONKERS		2005	10,329	100.0	ADVANCE AUTO PARTS	10,329
OHIO
	SHARONVILLE	OJV	1977	121,355	100.0	GABRIEL BROTHERS	55,103	KROGER	30,975		PATEL BROTHERS INDIAN FOODS	9,000
OREGON
	CLACKAMAS	PRU	2007	236,641	79.6	NORDSTROM RACK	27,766	OLD NAVY	20,400		TARGET (6)	125,923
	GRESHAM	PRU	2006	263,686	85.6	MADRONA WATUMULL	55,120	ROSS DRESS FOR LESS	26,832
	GRESHAM		2009	208,276	90.7	MARSHALLS	27,500	OFFICE DEPOT	26,706
	GRESHAM		2009	107,583	96.0	CASCADE ATHLETIC CLUB	21,633				WALMART NEIGHBORHOOD MARKET	60,000
	HILLSBORO	PRU	2008	210,941	96.5	RITE AID	27,465	DSW SHOE WAREHOUSE	19,949		SAFEWAY	53,000
	MILWAUKIE	PRU	2007	185,760	96.2	RITE AID	31,472	JO-ANN FABRICS	13,775		HAGGEN (3)	42,630
	PORTLAND	PRU	2006	113,721	97.8	DOLLAR TREE	11,660				SAFEWAY	48,000
PENNSYLVANIA
	ARDMORE (5)		2007	295,055	88.1	LIFE TIME FITNESS	78,363	BANANA REPUBLIC	10,180		TRADER JOE'S	8,668
	BEAVER FALLS		2000	215,206	100.0	KMART (3)	107,806	HOME DEPOT	107,400		GIANT EAGLE (6)	66,640
	BLUE BELL		1996	120,211	100.0	KOHL'S	93,444	HOME GOODS	26,767		SUPER FRESH (6)	88,842
	CHAMBERSBURG		2008	131,623	98.2	WINE & SPIRITS SHOPPE	11,309				GIANT FOOD	67,521
	DEVON		2012	68,935	95.3	WINE & SPIRITS SHOPPE	10,394				WHOLE FOODS MARKET	33,504
	EAGLEVILLE		2008	59,536	37.2	DOLLAR TREE	10,263
	EAST NORRITON		1984	131,794	100.0	RETRO FITNESS	18,025	JO-ANN FABRICS	12,250		SHOPRITE	66,506
	EAST STROUDSBURG		1973	169,381	80.3	KMART	102,763
	EXTON		1999	60,685	100.0	HOBBY LOBBY	60,685
	EXTON		1996	85,184	100.0	KOHL'S	85,184
	HARRISBURG (5)		1972	170,869	98.8	AMERICAN SIGNATURE	48,884	BIG BOB'S FLOORING	25,606		GIANT FOOD	69,954
	HAVERTOWN		1996	80,938	100.0	KOHL'S	80,938
	HORSHAM		2015	71,737	97.8						GIANT FOOD	48,820
	MONROEVILLE		2015	143,200	95.2	PETSMART	29,650	BED BATH & BEYOND	25,312
	MONTGOMERYVILLE	KIR	2002	257,490	98.4	BED BATH & BEYOND	32,037	HHGREGG	28,892		GIANT FOOD	67,179
	NEW KENSINGTON		1986	108,950	100.0						GIANT EAGLE	101,750
	NORRISTOWN		2015	60,160	100.0	SEARS HARDWARE	60,160
	PHILADELPHIA (5)	OJV	1983	177,362	100.0	BURLINGTON	70,723	TOYS R US	33,000
	PHILADELPHIA (5)	OJV	1995	332,544	95.0	TARGET	137,000	PEP BOYS	20,800		ACME	66,703
	PHILADELPHIA		1996	82,345	100.0	KOHL'S (3)	82,345
	PHILADELPHIA	OJV	2006	292,878	95.7	SEARS	237,151				ACME (6)	66,703
	PITTSBURGH		2010	150,078	98.6	THE TILE SHOP	16,059	RITE AID	15,000		WHOLE FOODS MARKET	38,613
	PITTSBURGH		2016	166,495	100.0	HHGREGG	31,296	TJ MAXX	30,000
	QUAKERTOWN	CPP	2011	266,565	96.2	BJ'S WHOLESALE CLUB	85,188	BEST BUY	30,720		ALDI	16,822
	RICHBORO		1986	111,982	97.8						ACME	55,537
	SCOTT TOWNSHIP		1999	69,288	100.0	WALMART	69,288				SHOP N SAVE (6)	48,000
	SHREWSBURY		2014	94,706	98.4						GIANT FOOD	54,785
	SPRINGFIELD		1983	171,277	95.2	STAPLES	26,535	EMPIRE BEAUTY SCHOOL	11,472		GIANT FOOD	66,825
	WHITEHALL	OJV	2005	151,418	94.5	VALUE CITY FURNITURE	48,800	JO-ANN FABRICS	31,000
	WHITEHALL		1996	84,524	100.0	KOHL'S	84,524
	WYNNEWOOD		2014	55,911	100.0						WHOLE FOODS MARKET	45,453
	YORK		1986	35,500	100.0						GIANT FOOD	30,500
PUERTO RICO
	BAYAMON		2006	186,421	94.3	PLANET FITNESS	18,100	CHUCK E CHEESE	13,600		AMIGO SUPERMARKET	35,588
	CAGUAS		2006	599,681	95.2	COSTCO	134,881	JCPENNEY	98,348		SAM'S CLUB	138,622
	CAROLINA		2006	570,621	94.5	KMART	118,242	HOME DEPOT	109,800		ECONO RIAL	56,372
	MANATI		2006	69,640	69.1	PLANET FITNESS	20,350
	MAYAGUEZ		2006	354,830	99.0	HOME DEPOT	109,800	CARIBBEAN CINEMA	45,126		SAM'S CLUB	100,408
	PONCE		2006	191,680	92.0	2000 CINEMA CORP.	60,000	PETSMART	13,279		SUPERMERCADOS MAXIMO	35,651
	TRUJILLO ALTO		2006	199,513	100.0	KMART	80,100	FARMACIA SAVIA	11,895		PUEBLO SUPERMARKET	26,869
RHODE ISLAND
	CRANSTON		1998	129,941	97.3	BOB'S STORES	41,114	MARSHALLS	28,000
SOUTH CAROLINA
	CHARLESTON		1978	189,554	98.9	STEIN MART	37,000	PETCO	15,314		HARRIS TEETER	52,334
	CHARLESTON (5)		1995	170,078	89.6	BARNES & NOBLE	25,389	TJ MAXX	25,240		HARRIS TEETER	53,000
	GREENVILLE		2009	294,336	92.4	GOLD'S GYM	35,000	TJ MAXX	30,300		INGLES	65,000
	GREENVILLE		2010	118,452	97.7	ACADEMY SPORTS & OUTDOORS	89,510				TRADER JOE'S	12,836
	GREENVILLE		2012	51,672	87.6						THE FRESH MARKET	20,550
TENNESSEE
	MADISON		1978	175,593	96.6	OLD TIME POTTERY	99,400				WALMART NEIGHBORHOOD MARKET	39,687
	MEMPHIS	KIR	2001	40,000	100.0	BED BATH & BEYOND	40,000
TEXAS
	AMARILLO	KIR	1997	486,522	99.2	HOME DEPOT	109,800	KOHL'S	94,680
	AUSTIN	OJV	2011	54,651	97.7	PLANET FITNESS	16,650	BUFFET KING	10,000
	AUSTIN	OJV	2011	88,829	96.8	BARNES & NOBLE	24,685	PETCO	12,350
	AUSTIN	OJV	2011	131,039	100.0	GATTI LAND EATER-TAINMENT	31,094	24 HOUR FITNESS	29,678
	AUSTIN	OJV	2011	207,614	100.0	ACADEMY SPORTS & OUTDOORS	61,452	PACIFIC RESOURCES ASSOCIATES	46,690
	AUSTIN	KIR	1998	191,760	96.6	TOYS R US/BABIES R US	55,000	BED BATH & BEYOND	44,846
	AUSTIN (5)		1998	132,229	93.6						HEB GROCERY	64,310
	AUSTIN	PRU	2007	213,274	99.0	BED BATH & BEYOND	42,098	BUY BUY BABY	28,730
	BAYTOWN		1996	105,133	95.3	HOBBY LOBBY	63,328	ROSS DRESS FOR LESS	30,108
	BEAUMONT		2005	9,600	0.0
	BROWNSVILLE		2005	238,683	95.9	BURLINGTON	80,274	TJ MAXX	28,460
	BURLESON		2011	280,430	100.0	KOHL'S	86,584	ROSS DRESS FOR LESS	30,187		ALBERTSONS (6)	54,340
	CONROE		2015	289,322	100.0	ASHLEY FURNITURE HOMESTORE	48,000	TJ MAXX	32,000
	CORPUS CHRISTI		1997	159,329	97.4	BEST BUY	47,616	ROSS DRESS FOR LESS	34,000
	DALLAS	KIR	1998	83,867	100.0	ROSS DRESS FOR LESS	28,160	OFFICEMAX	23,500		TARGET (6)	130,715
	DALLAS	PRU	2007	171,143	90.5	CVS	16,799	ULTA	10,800		VITAMIN COTTAGE NATURAL FOOD	11,110
	FORT WORTH		2015	286,737	93.1	MARSHALLS	38,032	ROSS DRESS FOR LESS	30,079		TARGET (6)	173,890
	FRISCO		2006	239,197	97.0	HOBBY LOBBY / MARDELS	81,392	HEMISPHERES	50,000		SPROUTS FARMERS MARKET	26,043
	GEORGETOWN	OJV	2011	114,598	81.1	DOLLAR TREE	13,250	CVS	10,080
	GRAND PRAIRIE		2006	244,264	93.3	24 HOUR FITNESS	30,000	ROSS DRESS FOR LESS	29,931		TARGET (6)	173,890
	HOUSTON		2005	279,210	100.0	TJ MAXX	32,000	ROSS DRESS FOR LESS	30,187		TARGET (6)	125,400
	HOUSTON		2015	144,055	100.0	BEST BUY	35,317	HOME GOODS	31,620
	HOUSTON		2015	350,836	90.8	MARSHALLS	30,382	BED BATH & BEYOND	26,535		FOOD TOWN (6)	57,539
	HOUSTON		2013	149,065	93.8	ROSS DRESS FOR LESS	30,176	OLD NAVY	19,222
	HOUSTON		2015	165,268	98.1	ROSS DRESS FOR LESS	26,000	GOODY GOODY LIQUOR	23,608		SPROUTS FARMERS MARKET	29,582
	HUMBLE		2013	316,624	100.0	KOHL'S	88,827	TJ MAXX	50,035		TARGET (6)	180,000
	LEWISVILLE		1998	292,065	96.0	BABIES R US	42,420	BED BATH & BEYOND	34,030
	MESQUITE		1974	79,550	95.0						KROGER	51,000
	PASADENA	KIR	1999	410,071	99.5	BEST BUY	36,896	ROSS DRESS FOR LESS	30,187

126

			YEAR
			DEVELOPED	LEASABLE	PERCENT
			OR	AREA	LEASED	MAJOR LEASES				GROCER
LOCATION	LOCATION	PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA		TENANT NAME	GLA
	PLANO		1996	100,598	100.0	HOME DEPOT EXPO (3)	97,798
	SOUTHLAKE		2008	37,447	81.6
	SPRING (2)		2014	-	-
	SUGAR LAND		2012	96,623	91.2						KROGER	64,842
	TEMPLE		2015	262,799	94.1	HOBBY LOBBY	56,125	ROSS DRESS FOR LESS	30,187
	WEBSTER (5)		2006	356,530	100.0	HOBBY LOBBY	100,086	BEL FURNITURE	58,842
VIRGINIA
	BURKE		2014	124,148	98.9	CVS	12,380				SAFEWAY	53,495
	FAIRFAX	KIR	1998	341,727	100.0	HOME DEPOT	126,290	24 HOUR FITNESS	42,837		COSTCO	139,658
	FAIRFAX	PRU	2007	101,332	100.0	WALGREENS	40,000	TJ MAXX	27,888
	FAIRFAX		2007	52,946	81.4
	HARRISONBURG		2014	190,484	97.7	KOHL'S	88,248				MARTIN'S	73,396
	LEESBURG	PRU	2007	318,775	100.0	DICK'S SPORTING GOODS	43,149	BIG LOTS	36,958
	MANASSAS		2015	107,233	89.9	BURLINGTON	69,960
	PENTAGON CITY	CPP	2010	324,135	100.0	MARSHALLS	42,142	BEST BUY	36,532		COSTCO	169,452
	RICHMOND		1995	128,144	100.0	BURLINGTON	75,831	OFFICEMAX	24,975		ALDI	20,276
	RICHMOND	OIP	2005	3,060	0.0
	ROANOKE		2014	299,134	95.7	MICHAELS	40,002	MARSHALLS	35,134		SAM'S CLUB (6)	102,570
	STAFFORD		2016	101,042	100.0	STAPLES	23,942	PETCO	12,000		GIANT FOOD	61,500
	STAFFORD		2015	331,280	100.0	TJ MAXX	30,545	ROSS DRESS FOR LESS	30,179		SHOPPERS FOOD	67,995
	STERLING		2008	361,110	92.4	TOYS R US	45,210	MICHAELS	35,333		TARGET (6)	125,204
	STERLING		2015	808,442	100.0	WALMART	209,613	LOWE'S HOME CENTER	135,197		SAM'S CLUB	135,193
	WOODBRIDGE (5)	OJV	1973	148,293	100.0	REGENCY FURNITURE	73,882	THE SALVATION ARMY	17,070		ALDI	16,530
	WOODBRIDGE	KIR	1998	495,038	99.0	HOBBY LOBBY	63,971	DICK'S SPORTING GOODS	57,437
WASHINGTON
	AUBURN		2007	174,470	82.7	LA FITNESS	34,500	OFFICE DEPOT	23,070
	BELLEVUE		2013	508,161	92.7	TARGET	101,495	WALMART	76,207		SAFEWAY	36,992
	BELLINGHAM	KIR	1998	188,885	93.6	MACY'S FURNITURE	40,000	BEST BUY	30,000		COSTCO (6)	120,507
	BELLINGHAM	PRU	2007	378,621	94.6	KMART	103,950	GOODWILL INDUSTRIES	35,735		SAFEWAY	67,070
	FEDERAL WAY	KIR	2000	199,642	97.5	JO-ANN FABRICS	43,506	BARNES & NOBLE	24,987		H MART	55,069
	KENT	PRU	2006	86,909	87.2	ROSS DRESS FOR LESS	27,200
	LAKE STEVENS		2012	193,749	67.1	BARTELL DRUGS	17,622				SAFEWAY	61,000
	MILL CREEK (5)		2016	41,396	71.4
	OLYMPIA	PRU	2006	69,212	100.0	BARNES & NOBLE	20,779	PETCO	16,459		TRADER JOE'S	12,593
	OLYMPIA		2012	6,243	100.0						TRADER JOE'S (6)	12,593
	SEATTLE	PRU	2006	86,060	95.0	BARTELL DRUGS	13,327				SAFEWAY	39,556
	SILVERDALE		2012	170,406	100.0	JO-ANN FABRICS	29,903	RITE AID	23,470		SAFEWAY	55,003
	SILVERDALE	PRU	2006	67,287	96.4	ROSS DRESS FOR LESS	29,020
	SPOKANE		2015	113,464	86.7	BED BATH & BEYOND	36,692	ROSS DRESS FOR LESS	25,000		TRADER JOE'S	12,052
	TACOMA	PRU	2006	111,611	100.0	TJ MAXX	25,160	OFFICE DEPOT	22,880		TARGET (6)	124,042
	TUKWILA (5)	KIR	2003	415,312	100.0	MACY'S FURNITURE	48,670	BEST BUY	45,884
CANADA
ONTARIO
	BROCKVILLE	UJV	2010	279,580	77.3	SEARS	88,898	GALAXY	20,000
TOTAL 530 SHOPPING CENTER PROPERTY INTERESTS (4)				85,477,312

(1)	Percent leased information as of December 31, 2016.
(2)	Denotes ground-up development project. The square footage shown represents the completed leaseable area and future development.
(3)	Denotes tenants who are Dark & Paying.
(4)	Does not include 379 properties, primarily through the Company’s preferred equity investments, other real estate investments and non-retail properties, totaling approximately 6.2 million square feet of GLA.
(5)	Denotes projects which exclude GLA of units being held for redevelopment
(6)	Denotes tenants who are Shadow Anchors
CPP	Denotes property interest in Canada Pension Plan.
KIR	Denotes property interest in Kimco Income REIT.
OIP	Denotes property interest in Other Institutional Programs.
OJV	Denotes property interest in Other US Joint Ventures.
PRU	Denotes property interest in Prudential Investment Program.
UJV	Denotes property interest in Unconsolidated Joint Venture.

127 

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Document And Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 22, 2017	Jun. 30, 2016
Document Information [Line Items]
Entity Registrant Name	KIMCO REALTY CORP
Entity Central Index Key	0000879101
Trading Symbol	kim
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		425,629,020
Entity Public Float			$ 12.8
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false

XML

Consolidated Balance Sheets - USD ($)		Dec. 31, 2016	Dec. 31, 2015
Rental property
Land		$ 2,845,186,000	$ 2,728,257,000
Buildings and improvements		8,827,861,000	8,661,362,000
		11,673,047,000	11,389,619,000
Less: accumulated depreciation and amortization	[1]	(2,278,292,000)	(2,115,320,000)
		9,394,755,000	9,274,299,000
Property Under Development		335,028,000	179,190,000
Real estate, net		9,729,783,503	9,453,489,000
Investments and advances in real estate joint ventures		504,209,000	742,559,000
Other real estate investments		209,146,000	215,836,000
Mortgages and other financing receivables		23,197,000	23,824,000
Cash and cash equivalents		142,486,000	189,534,000
Marketable securities		8,101,000	7,565,000
Accounts and notes receivable, net		181,823,000	175,252,000
Deferred charges and prepaid expenses		147,694,000	152,349,000
Other assets		284,161,000	383,763,000
Total assets		11,230,600,000	11,344,171,000
Liabilities:
Notes payable		3,927,251,000	3,761,328,000
Mortgages payable		1,139,117,000	1,614,982,000
Accounts payable and accrued expenses		145,751,000	150,059,000
Dividends payable		124,517,000	115,182,000
Other liabilities		404,137,000	433,960,000
Total liabilities		5,740,773,000	6,075,511,000
Redeemable noncontrolling interests		86,953,000	86,709,000
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 6,029,100 shares, 32,000 shares issued and outstanding (in series) Aggregate liquidation preference $800,000		32,000	32,000
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 425,034,113 and 413,430,756 shares, respectively		4,250,000	4,134,000
Paid-in capital		5,922,958,000	5,608,881,000
Cumulative distributions in excess of net income		(676,867,000)	(572,335,000)
Accumulated other comprehensive income		5,766,000	5,588,000
Total stockholders' equity		5,256,139,000	5,046,300,000
Noncontrolling interests		146,735,000	135,651,000
Total equity		5,402,874,000	5,181,951,000
Total liabilities and equity		$ 11,230,600,000	$ 11,344,171,000

[1] At December 31, 2016 and 2015, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $409,062 and $357,581, respectively.

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Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Preferred Stock, Par Value (in dollars per share)	$ 1	$ 1
Preferred Stock, Shares Authorized (in shares)	6,029,100	6,029,100
Preferred Stock, Shares Issued (in shares)	32,000	32,000
Preferred Stock, Shares Outstanding (in shares)	32,000	32,000
Preferred Stock, Aggregate Liquidation Preference	$ 800,000,000	$ 800,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	425,034,113	413,430,756
Common stock, shares outstanding (in shares)	425,034,113	413,430,756

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Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Revenues from rental properties		$ 1,152,401	$ 1,144,474	$ 958,888
Management and other fee income		18,391	22,295	35,009
Total revenues		1,170,792	1,166,769	993,897
Operating expenses
Rent		10,993	12,347	14,250
Real estate taxes		146,615	147,150	124,670
Operating and maintenance		140,910	144,980	119,697
General and administrative expenses		117,302	122,735	122,201
Provision for doubtful accounts		5,563	6,075	4,882
Impairment charges		93,266	45,464	217,858
Depreciation and amortization		355,320	344,527	258,074
Total operating expenses		869,969	823,197	683,582
Operating income		300,823	343,572	310,315
Other income/(expense)
Mortgage financing income		1,634	2,940	3,129
Interest, dividends and other investment income		1,478	39,061	966
Other expense, net		2,313	2,234	(8,544)
Interest expense		(192,549)	(218,891)	(203,759)
Early extinguishment of debt charges		(45,674)
Income from continuing operations before income taxes, equity in income of joint ventures, gain on change in control of interests and equity in income from other real estate investments		68,025	168,916	102,107
Provision for income taxes, net		(72,545)	(60,230)	(22,438)
Equity in income of joint ventures, net		218,714	480,395	159,560
Gain on change in control of interests, net		57,386	149,234	107,235
Income from continuing operations		299,353	774,405	384,506
Discontinued operations
(Loss)/income from discontinued operating properties, net of tax			(15)	36,780
Impairment/loss on operating properties, net of tax			(60)	(176,315)
Gain on disposition of operating properties, net of tax				190,520
(Loss)/income from discontinued operating properties			(75)	50,985
Gain on sale of operating properties, net, net of tax		86,785	125,813	389
Net income		386,138	900,143	435,880
Net income attributable to noncontrolling interests		(7,288)	(6,028)	(11,879)
Net income attributable to the Company		378,850	894,115	424,001
Preferred stock redemption charges			(5,816)
Preferred dividends		(46,220)	(57,084)	(58,294)
Net income available to the Company's common shareholders		$ 332,630	$ 831,215	$ 365,707
Per common share:
-Basic (in dollars per share)		$ 0.79	$ 2.01	$ 0.77
-Diluted (in dollars per share)		0.79	2	0.77
Net income available to the Company:
-Basic (in dollars per share)		0.79	2.01	0.89
-Diluted (in dollars per share)		$ 0.79	$ 2	$ 0.89
Weighted average shares:
-Basic (in shares)		418,402	411,319	409,088
-Diluted (in shares)	[1]	419,709	412,851	411,038
Amounts available to the Company's common shareholders:
Income from continuing operations		$ 332,630	$ 831,290	$ 316,839
(Loss)/income from discontinued operations			(75)	48,868
Net income		332,630	831,215	365,707
Joint Ventures [Member]
Other income/(expense)
Equity in income of joint ventures, net		218,714	480,395	159,560
Other Real Estate Investments [Member]
Operating expenses
Impairment charges			5,300
Other income/(expense)
Equity in income of joint ventures, net		27,773	36,090	38,042
Continuing Operations [Member]
Operating expenses
Impairment charges		$ 93,266	$ 45,383	$ 39,808

[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,490,400, 5,300,680 and 7,137,120, stock options that were not dilutive as of December 31, 2016, 2015 and 2014, respectively.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 386,138	$ 900,143	$ 435,880
Other comprehensive income:
Change in unrealized gain on marketable securities	8	(45,799)	20,202
Change in unrealized loss on interest rate swaps	451	(22)	(1,404)
Change in foreign currency translation adjustment	(281)	6,287	96,895
Other comprehensive income/(loss)	178	(39,534)	115,693
Comprehensive income	386,316	860,609	551,573
Comprehensive income attributable to noncontrolling interests	(7,288)	(6,028)	(17,468)
Comprehensive income attributable to the Company	379,028	854,581	534,105
Interest Rate Swap [Member]
Other comprehensive income:
Change in unrealized loss on interest rate swaps	$ 451	$ (22)	$ (1,404)

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Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at the beginning of the year at Dec. 31, 2013	$ (996,058)	$ (64,982)	$ 102	$ 4,097	$ 5,689,258	$ 4,632,417	$ 137,109	$ 4,769,526
Balance (in shares) at Dec. 31, 2013			102,000	409,731,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							6,259	6,259
Comprehensive income:
Net income	424,001					424,001	11,879	435,880
Other comprehensive income, net of tax:
Change in unrealized gain on marketable securities		20,202				20,202		20,202
Change in unrealized loss on interest rate swaps		(1,404)				(1,404)		(1,404)
Change in foreign currency translation adjustment		91,306				91,306	5,589	96,895
Redeemable noncontrolling interests income							(6,335)	(6,335)
Dividends	(434,521)					(434,521)		(434,521)
Distributions to noncontrolling interests							(26,755)	(26,755)
Issuance of common stock (in shares)				805,000
Issuance of common stock				$ 8	14,039	14,047		14,047
Surrender of restricted stock (in shares)				(190,000)
Surrender of common stock				$ (2)	(4,049)	(4,051)		$ (4,051)
Exercise of common stock options (in shares)				1,474,000				1,474,432
Exercise of common stock options				$ 15	23,859	23,874		$ 23,874
Acquisition of noncontrolling interests					(294)	(294)	(766)	(1,060)
Amortization of equity awards					9,208	9,208		9,208
Balance at the end of the year at Dec. 31, 2014	(1,006,578)	45,122	$ 102	$ 4,118	5,732,021	4,774,785	126,980	4,901,765
Balance (in shares) at Dec. 31, 2014			102,000	411,820,000
Other comprehensive income, net of tax:
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							6,259	6,259
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							66,163	66,163
Net income	894,115					894,115	6,028	900,143
Change in unrealized gain on marketable securities		(45,799)				(45,799)		(45,799)
Change in unrealized loss on interest rate swaps		(22)				(22)		(22)
Change in foreign currency translation adjustment		6,287				6,287		6,287
Redeemable noncontrolling interests income							(7,061)	(7,061)
Dividends	(459,872)					(459,872)		(459,872)
Distributions to noncontrolling interests							(8,539)	(8,539)
Issuance of common stock (in shares)				824,000
Issuance of common stock				$ 8	485	493		493
Surrender of restricted stock (in shares)				(232,000)
Surrender of common stock				$ (2)	(5,680)	(5,682)		$ (5,682)
Exercise of common stock options (in shares)				1,019,000				1,019,240
Exercise of common stock options				$ 10	18,698	18,708		$ 18,708
Acquisition of noncontrolling interests					262	262	(47,920)	(47,658)
Amortization of equity awards					14,032	14,032		14,032
Balance at the end of the year at Dec. 31, 2015	(572,335)	5,588	$ 32	$ 4,134	5,608,881	5,046,300	135,651	5,181,951
Balance (in shares) at Dec. 31, 2015			32,000	413,431,000
Other comprehensive income, net of tax:
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							66,163	66,163
Sale of interests in investments, net of tax of $16.0 million					23,993	23,993		23,993
Redemption of preferred stock			$ (70)		(174,930)	(175,000)		(175,000)
Redemption of preferred stock (in shares)			(70,000)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							16,667	16,667
Net income	378,850					378,850	7,288	386,138
Change in unrealized gain on marketable securities		8				8		8
Change in unrealized loss on interest rate swaps		451				451		451
Change in foreign currency translation adjustment		(281)				(281)		(281)
Redeemable noncontrolling interests income							(4,349)	(4,349)
Dividends	(483,382)					(483,382)		(483,382)
Distributions to noncontrolling interests							(8,522)	(8,522)
Issuance of common stock (in shares)				10,711,000
Issuance of common stock				$ 107	286,314	286,421		286,421
Surrender of restricted stock (in shares)				(276,000)
Surrender of common stock				$ (3)	(7,005)	(7,008)		$ (7,008)
Exercise of common stock options (in shares)				1,168,000				1,167,819
Exercise of common stock options				$ 12	21,048	21,060		$ 21,060
Amortization of equity awards					13,720	13,720		13,720
Balance at the end of the year at Dec. 31, 2016	(676,867)	5,766	$ 32	$ 4,250	5,922,958	5,256,139	146,735	5,402,874
Balance (in shares) at Dec. 31, 2016			32,000	425,034,000
Other comprehensive income, net of tax:
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							$ 16,667	$ 16,667

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Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Series H Preferred Stock [Member]
Dividends Per Depositary Share (in dollars per share)		$ 1.485	$ 1.725
Series I Preferred Stock [Member]
Dividends Per Depositary Share (in dollars per share)	$ 1.50	1.50	1.50
Series J Preferred Stock [Member]
Dividends Per Depositary Share (in dollars per share)	1.375	1.375	1.375
Series K Preferred Stock [Member]
Dividends Per Depositary Share (in dollars per share)	1.40625	$ 1.40625	1.40625
Additional Paid-in Capital [Member]
Sale of interests in investments, tax		$ 16
Dividends Per Common Share (in dollars per share)	$ 1.035	$ 0.975	$ 0.915

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flow from operating activities:
Net income	$ 386,138	$ 900,143	$ 435,880
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	355,320	344,527	273,093
Impairment charges	93,266	45,464	217,858
Deferred taxes	55,068	4,498	15,128
Early extinguishment of debt charges	45,674
Equity award expense	19,071	18,465	17,879
Gain on sale of operating properties	(92,823)	(132,907)	(203,889)
Gain on sale of marketable securities		(39,852)
Gain on change in control of interests, net	(57,386)	(149,234)	(107,235)
Equity in income of joint ventures, net	(218,714)	(480,395)	(159,560)
Equity in income from other real estate investments, net	(27,773)	(36,090)	(38,042)
Distributions from joint ventures and other real estate investments	90,589	126,263	255,532
Change in accounts and notes receivable	(6,571)	(2,867)	(8,060)
Change in accounts payable and accrued expenses	(7,886)	164	(1,095)
Change in Canadian withholding tax receivable	23,571	(37,040)
Change in other operating assets and liabilities	(65,448)	(67,438)	(68,146)
Net cash flow provided by operating activities	592,096	493,701	629,343
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets	(203,190)	(661,423)	(384,828)
Improvements to operating real estate	(143,489)	(166,670)	(131,795)
Acquisition of real estate under development	(51,588)	(16,355)	(65,724)
Improvements to real estate under development	(72,759)	(16,861)	(418)
Investment in marketable securities	(2,466)	(257)	(11,445)
Proceeds from sale/repayments of marketable securities	1,937	76,170	3,780
Investments and advances to real estate joint ventures	(86,453)	(91,609)	(93,845)
Reimbursements of investments and advances to real estate joint ventures	71,656	94,053	222,590
Distributions from liquidation of real estate joint ventures	138,475	373,833
Return of investment from liquidation of real estate joint ventures	191,902	88,672
Investment in other real estate investments	(233)	(641)	(4,338)
Reimbursements of investments and advances to other real estate investments	11,019	40,556	16,312
Investment in mortgage loans receivable			(50,000)
Collection of mortgage loans receivable	921	55,145	8,302
Investment in other investments		(190,278)
Reimbursements of other investments	500
Proceeds from sale of operating properties	304,600	437,030	612,748
Proceeds from sale of development properties	4,551		5,366
Net cash flow provided by investing activities	165,383	21,365	126,705
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization	(700,853)	(555,627)	(327,963)
Principal payments on rental property debt	(19,039)	(28,632)	(22,841)
Proceeds from mortgage loan financings			15,700
Proceeds/(repayments) under the unsecured revolving credit facility, net	26,445	(100,000)	(94,354)
Proceeds from issuance of unsecured term loan/notes	1,400,000	1,500,030	500,000
Repayments under unsecured term loan/notes	(1,261,850)	(750,000)	(370,842)
Financing origination costs	(25,679)	(19,017)	(11,911)
Payment of early extinguishment of debt charges	(45,674)	0	0
Change in tenants' security deposits	1,367	2,116
Contributions from noncontrolling interests		106,154	1,917
Conversion/distribution of noncontrolling interests	(12,594)	(55,753)	(3,201)
Dividends paid	(474,045)	(455,833)	(427,873)
Proceeds from issuance of stock	307,395	18,708	23,874
Redemption of preferred stock		(175,000)
Net cash flow used for financing activities	(804,527)	(512,854)	(717,494)
Change in cash and cash equivalents	(47,048)	2,212	38,554
Cash and cash equivalents, beginning of year	189,534	187,322	148,768
Cash and cash equivalents, end of year	142,486	189,534	187,322
Interest paid during the year including payment of early extinguishment of debt charges of $45,674, $0 and $0, respectively (net of capitalized interest of $9,247, $5,618 and $2,383, respectively)	252,482	232,950	207,632
Income taxes paid during the year (net of refunds received of $113,934, $0 and $0, respectively)	$ 6,090	$ 100,366	$ 23,292

XML

Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt charges, early extinguishment	$ 45,674	$ 0	$ 0
Cash paid for capitalized interest	9,247	5,618	2,383
Refunds received	$ 113,934	$ 0	$ 0

XML

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. Summary of Significant Accounting Policies:

Business

Kimco Realty Corporation and subsidiaries (the "Company" or "Kimco"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and 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").

The Company elected status as a Real Estate Investment Trust (“REIT”) for federal income tax purposes beginning in its taxable year

January

1,

1992

and operates in a manner that enables the Company to maintain its status as a REIT. 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 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 wholly-owned taxable REIT subsidiaries (“TRS”), has been engaged in various retail real estate related opportunities including retail real estate management 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. The Company

may

consider other investments through its TRS should suitable opportunities arise.

Effective

August

1,

2016,

the Company merged Kimco Realty Services Inc. ("KRS"), a TRS, into a wholly-owned Limited Liability Company (“LLC”) of the Company (the “Merger”) and no longer operates KRS as a TRS. The Company analyzed the individual assets of KRS and determined that substantially all of KRS’s assets constitute real estate assets and investments that can be directly owned by the Company without adversely affecting the Company’s status as a REIT.  Any non-REIT qualifying assets or activities were transferred to a newly formed TRS (see Footnote

22

of the Notes to Consolidated Financial Statements).

Principles of Consolidation and Estimates

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries 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”) 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, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. 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 (see Footnote

13

of the Notes to Consolidated Financial Statements).

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. 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-market and below-market leases, in-place leases and

tenant

relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. 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 for an acquisition qualifying as a business combination, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are recognized in the reporting period in which the adjustment is identified. The Company expenses transaction costs associated with business combinations in the period incurred. The Company has elected to early adopt ASU

2017

-

01,

Business Combinations (Topic

805):

Clarifying the Definition of a Business at the beginning of its fiscal year ended

December

31,

2017,

including its interim periods within the year, and will appropriately apply the guidance to its prospective asset acquisitions of operating properties, which includes the capitalization of acquisition costs.

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, including fixed rate below-market lease renewal options, 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, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

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. 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:

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

The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or 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.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value 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 estimated costs of sale and the asset is classified as other assets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period 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 hold period 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.

Real Estate Under Development

Real estate under development represents the development of open-air shopping center projects which the Company plans to 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 and placed into service. This usually occurs upon substantial completion of all costs necessary to bring the property to the condition needed for its intended use, but no later than

one

year from the completion of major construction activity. However, the Company

may

continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects 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, distributions and our share of earnings and losses. Earnings or losses 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 open-air 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, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings

may

be 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. As of

December

31,

2016,

the Company did not guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

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.

The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture 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.

Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers 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.

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.

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing 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. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.

Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower

may

be unable to meet interest payments as they become due. Generally, loans

90

days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

The Company has determined that it has

one

portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does not provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company’s loans are evaluated individually for impairment purposes.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of

three

months or less. 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 up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities

The Company classifies its 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 ("AOCI"). Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

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 more likely than not that the Company will not 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, which includes reviewing the underlying cause of any 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. 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 Costs

Costs incurred in obtaining

tenant

leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a

three

to

five

-year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.  As of

December

31,

2016

and

2015,

the Company had unamortized software development costs of

$10.2

million and

$16.1

million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed

$8.0

million,

$10.7

million and

$9.2

million in amortization of software development costs during the years ended

December

31,

2016,

2015

and

2014,

respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes Payable and Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue

, Gain

Recognition and Accounts Receivable

Base rental revenues from rental properties 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 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 real estate under development projects are 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 uncollectable accounts receivables related to base rents, straight-line rent, 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 are directly affected by management’s estimate of the collectability of accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$12.3

million and

$13.9

million of billed accounts receivable at

December

31,

2016

and

2015,

respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$11.9

million and

$17.9

million of straight-line rent receivable at

December

31,

2016

and

2015,

respectively.

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. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  

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 by entities which elect to be treated as taxable REIT subsidiaries (“TRSs”) under the Code. Certain subsidiaries of the Company have made a joint election with the Company to be treated as TRSs.  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiaries. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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.

The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than

fifty

percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

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 AOCI, 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 transaction’s gain or loss is included in the caption Other income/(expense), net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity.

Derivative/Financial Instruments

The Company is exposed to certain risks 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.

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 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.

The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI 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

2016,

2015

and

2014,

the Company had no hedge ineffectiveness.

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. 

Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides 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. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets.

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):

	For the year ended December 31,
	201 6			201 5			201 4
Computation of Basic Earnings Per Share:
Income from continuing operations	$	299,353		$	774,405		$	384,506
Gain on sale of operating properties, net, net of tax		86,785			125,813			389
Net income attributable to noncontrolling interests		(7,288	)		(6,028	)		(11,879	)
Discontinued operations attributable to noncontrolling interests		-			-			2,117
Preferred stock redemption charges		-			(5,816	)		-
Preferred stock dividends		(46,220	)		(57,084	)		(58,294	)
Income from continuing operations available to the common Shareholders		332,630			831,290			316,839
Earnings attributable to participating securities		(2,018	)		(4,134	)		(1,749	)
Income from continuing operations available to common Shareholders		330,612			827,156			315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Net income available to the Company’s common shareholders for basic earnings per share	$	330,612		$	827,081		$	363,958
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Basic Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.01		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.01		$	0.89
Computation of Diluted Earnings Per Share:
Income from continuing operations available to common shareholders	$	330,612		$	827,156		$	315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Distributions on convertible units		-			192			529
Net income available to the Company’s common shareholders for diluted earnings per share	$	330,612		$	827,273		$	364,487
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Effect of dilutive securities (a): Equity awards		1,307			1,414			1,227
Assumed conversion of convertible units		-			118			723
Shares for diluted earnings per common share		419,709			412,851			411,038
Diluted Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.00		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.00		$	0.89

(a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,490,400, 5,300,680 and 7,137,120 stock options that were not dilutive as of December 31, 2016, 2015 and 2014, respectively.

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the

two

-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

Stock Compensation

The Company maintains

two

equity participation plans, the Second Amended and Restated

1998

Equity Participation Plan (the “Prior Plan”) and the

2010

Equity Participation Plan (the

“2010

Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of

47,000,000

shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective

May

1,

2012,

the

2010

Plan provides for a maximum of

10,000,000

shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans 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 generally vest (i)

100%

on the

fourth

or

fifth

anniversary of the grant, (ii) ratably over

three,

four

and

five

years or (iii) over

ten

years at

20%

per year commencing after the

fifth

year. Performance share awards, which vest over a period of

one

to

three

years,

may

provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote

21

of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

New Accounting Pronouncements

In

January

2017,

the FASB issued ASU

2017

-

01,

Business Combinations (Topic

805):

Clarifying the Definition of a Business (“ASU

2017

-

01”).

The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for annual reporting periods beginning after

December

15,

2017,

including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU

2017

-

01

at the beginning of its fiscal year ended

December

31,

2017,

including its interim periods within the year, and appropriately apply the guidance to its prospective asset acquisitions of operating properties. Under this amendment, the Company’s prospective operating property acquisitions will qualify for asset acquisition treatment under ASC

360,

Property, Plant, and Equipment, rather than business combination treatment under ASC

805

Business Combinations, and will result in capitalization of asset acquisition costs instead of directly expensing these costs.

In

August

2016,

the FASB issued ASU

2016

-

15,

Statement of Cash Flows (Topic

230):

Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB’s Emerging Issues Task Force (“ASU

2016

-

15”).

The new guidance addresses

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. One identified cash flow issue relates to distributions received from equity method investees whereby the reporting entity should make an accounting policy election to classify distributions received from equity method investees using either the cumulative earnings approach or the nature of the distribution approach. Another issue relates to the classification of cash payments for debt prepayment or debt extinguishment costs. The standard is retrospectively effective for public companies on

January

1,

2018,

with early adoption permitted. The Company elected to early adopt ASU

2016

-

15

beginning in its quarter ended

September

30,

2016.

In connection with the adoption of ASU

2016

-

15,

the Company made a policy election to classify distributions received from equity method investees using the cumulative earnings approach. This election did not have a material impact on the presentation in the Company’s Consolidated Statements of Cash Flows. During the quarter ended

September

30,

2016,

the Company incurred early extinguishment of debt charges and in accordance with the adoption of ASU

2016

-

15

has included these charges in cash flows used for financing activities on the Company’s Consolidated Statements of Cash Flows. The adoption of the remaining cash flow issues addressed in ASU

2016

-

15

did not have a material impact on the Company’s Consolidated Statements of Cash Flows.

In

June

2016,

the FASB issued ASU

2016

-

13,

Financial Instruments – Credit Losses (Topic

326):

Measurement of Credit Losses on Financial Instruments (“ASU

2016

-

13”).

The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU

2016

-

13

also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. The standard is effective for annual reporting periods beginning after

December

15,

2019,

including interim periods within those fiscal years, with early application of the guidance permitted. The adoption of ASU

2016

-

13

is not expected to have a material effect on the Company’s financial position and/or results of operations.

In

March

2016,

the FASB issued ASU

2016

-

09,

Compensation – Stock Compensation (Topic

718):

Improvements to Employee Share-Based Payment Accounting ("ASU

2016

-

09").

The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for annual reporting periods beginning after

December

15,

2016,

including interim periods within those annual reporting periods. Early adoption is permitted. The adoption of ASU

2016

-

09

is not expected to have a material effect on the Company’s financial position and/or results of operations.

In

February

2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842)

(“ASU

2016

-

02”),

which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than

12

months regardless of their classification. Leases with a term of

12

months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU

2016

-

02

supersedes the previous leases standard, Leases (Topic

840).

The standard is effective for the Company on

January

1,

2019,

with early adoption permitted. The Company continues to evaluate the effect the adoption of ASU

2016

-

02

will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption of ASU

2016

-

02

will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing overhead costs will continue to be capitalized, however, indirect internal leasing overhead costs previously capitalized will be expensed under the ASU

2016

-

02.

In

February

2015,

the FASB issued ASU

2015

-

02,

Consolidation (Topic

810):

Amendments to the Consolidation Analysis (“ASU

2015

-

02”).

ASU

2015

-

02

focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have:

(1)

the ability through contractual rights to act primarily on its own behalf;

(2)

ownership of the majority of the legal entity's voting rights; or

(3)

the exposure to a majority of the legal entity's economic benefits. ASU

2015

-

02

affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Legal entities are subject to reevaluation under the revised consolidation model. ASU

2015

-

02

is effective for periods beginning after

December

15,

2015.

The adoption of ASU

2015

-

02

did not have a material effect on the Company’s financial position or results of operations.

In

August

2014,

the FASB issued ASU

2014

-

15,

Presentation of Financial Statements - Going Concern (Subtopic

205

-

40):

Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU

2014

-

15”),

which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within

one

year after the date the financial statements are issued and provide related disclosures. ASU

2014

-

15

is effective for annual periods ending after

December

15,

2016

and interim periods thereafter, early adoption is permitted. The adoption of ASU

2014

-

15

did not have a material effect on the Company’s consolidated financial statements. 

In

May

2014,

the FASB issued ASU

2014

-

09,

Revenue from Contracts with Customers (Topic

606)

("ASU

2014

-

09").

ASU

2014

-

09

is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU

2014

-

09,

companies

may

use either a full retrospective or a modified retrospective approach. ASU

2014

-

09

was anticipated to be effective for the

first

interim period within annual reporting periods beginning after

December

15,

2016,

and early adoption was not permitted. In

August

2015,

the FASB issued ASU

2015

-

14,

Revenue from Contracts with Customers (Topic

606):

Deferral of the Effective Date (“ASU

2015

-

14”),

which delayed the effective date of ASU

2014

-

09

by

one

year making it effective for the

first

interim period within annual reporting periods beginning after

December

15,

2017.

Subsequently, in

March

2016,

the FASB issued ASU

2016

-

08,

“Revenue from Contracts with Customers (Topic

606):

Principal versus Agent Considerations,” which further clarifies the implementation guidance on principal versus agent considerations, and in

April

2016,

the FASB issued ASU

2016

-

10,

“Revenue from Contracts with Customers (Topic

606):

Identifying performance obligations and licensing,” an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in

May

2016,

the FASB issued ASU

2016

-

12,

“Revenue from Contracts with Customers (Topic

606):

Narrow-scope improvements and practical expedients,” which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the Company does not expect the adoption of ASU

2014

-

09

to have a material impact on the Company’s rental income. The Company continues to evaluate the effect the adoption of ASU

2014

-

09

will have on the Company’s other sources of revenue. These include management and other fee income and reimbursement amounts the Company receives from

tenants

for operating expenses such as real estate taxes, insurance and other common area maintenance. However, the Company currently does not believe the adoption of ASU

2014

-

09

will significantly affect the timing of the recognition of the Company’s management and other fee income and reimbursement revenue.

XML

Note 2 - Real Estate

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Real Estate Disclosure [Text Block]

2.

    

Real Estate:

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

	December 31,
	201 6			201 5
Land	$	2,786,255		$	2,660,722
Undeveloped land		58,931			67,535
Buildings and improvements:
Buildings		5,790,681			5,643,629
Building improvements		1,562,439			1,559,652
Tenant improvements		733,993			727,036
Fixtures and leasehold improvements		47,199			47,055
Above-market leases		150,207			155,451
In-place leases and tenant relationships		543,342			528,539
		11,673,047			11,389,619
Accumulated depreciation and amortization (1)		(2,278,292	)		(2,115,320	)
Total	$	9,394,755		$	9,274,299

(1) At December 31, 2016 and 2015, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $409,062 and $357,581, respectively.

In addition, at

December

31,

2016

and

2015,

the Company had intangible liabilities relating to below-market leases from property acquisitions of

$292.6

million and

$291.7

million, respectively, net of accumulated amortization of

$193.9

million and

$193.7

million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above-market and below-market leases for the years ended

December

31,

2016,

2015

and

2014,

resulted in net increases to revenue of

$21.4

million,

$18.5

million and

$13.5

million, respectively. The Company’s amortization expense associated with leases in place and

tenant

relationships, which is included in depreciation and amortization, for the years ended

December

31,

2016,

2015

and

2014

was

$66.6

million,

$68.3

million and

$41.2

million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases,

tenant

relationships and leases in place for the next

five

years are as follows (in millions):

	2017			2018			2019			2020			202 1
Above-market and below-market leases amortization, net	$	10.7		$	10.8		$	11.3		$	11.5		$	11.5
In-place leases and tenant relationships amortization	$	(46.5	)	$	(34.1	)	$	(26.3	)	$	(19.3	)	$	(15.4	)

XML

Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3.

   

Property Acquisitions, Developments and Other Investments:

Acquisition of Operating Properties

During the year ended

December

31,

2016,

the Company acquired the following operating properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt Assumed		Other**		Total		GLA***
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

* The Company utilized

$66.0

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(1) The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other. The Company’s previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in millions):

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Oakwood Plaza		55.0	%	$	46.5
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6.6
KimPru Portfolio (2 properties)		15.0	%		0.8
Hamden Mart		47.95	%		3.5
				$	57.4

During the year ended

December

31,

2015,

the Company acquired the following properties, in separate transactions (in thousands):

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt  Assumed		Other **		Total		GLA** *
Elmont Plaza	Elmont, NY (1)	Jan-15	$	2,400	$	-	$	3,358	$	5,758		13
Garden State Pavilion Parcel	Cherry Hill, NJ	Jan-15		16,300		-		-		16,300		111
Kimstone Portfolio (39 properties)	Various (1)	Feb-15		513,513		637,976		236,011		1,387,500		5,631
Copperfield Village	Houston, TX	Feb-15		18,700		20,800		-		39,500		165
Snowden Square Parcel	Columbia, MD	Mar-15		4,868		-		-		4,868		25
Dulles Town Crossing Parcel	Sterling, VA	Mar-15		4,830		-		-		4,830		9
Flagler Park S.C.	Miami, FL	Mar-15		1,875		-		-		1,875		5
West Farms Parcel	New Britain, CT	Apr-15		6,200		-		-		6,200		24
Milleridge Inn	Jericho, NY	Apr-15		7,500		-		-		7,500		-
Woodgrove Festival (2 Parcels)	Woodridge, IL	Jun-15		5,611		-		-		5,611		12
Montgomery Plaza	Fort Worth, TX (1)	Jul-15		34,522		29,311		9,044		72,877		291
125 Coulter Avenue Parcel	Ardmore, PA	Sep-15		1,925		-		-		1,925		6
Conroe Marketplace	Conroe, TX (1)	Oct-15		18,546		42,350		3,104		64,000		289
Laurel Plaza	Laurel, MD	Oct-15		1,200		-		-		1,200		4
District Heights	District Heights, MD (1)	Nov-15		13,140		13,255		950		27,345		91
Village on the Park	Aurora, CO	Nov-15		824		-		-		824		10
Christown Mall	Phoenix, AZ	Nov-15		51,351		63,899		-		115,250		833
Washington St. Plaza Parcels	Brighton, MA	Dec-15		8,750		-		-		8,750		-
			$	712,055	$	807,591	$	252,467	$	1,772,113		7,519

*   The Company utilized

$89.5

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(1) The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other. The Company’s previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in millions):

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Elmont Plaza		50.0	%	$	(0.2	)
Kimstone Portfolio (39 properties)		33.3	%		140.0
Montgomery Plaza		20.0	%		6.3
Conroe Marketplace		15.0	%		2.4
District Heights		15.0	%		0.7
				$	149.2

Included in the Company’s Consolidated Statements of Income are

$23.8

million,

$112.2

million and

$75.3

million in revenues from rental properties from the date of acquisition through

December

31,

2016,

2015

and

2014,

respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The purchase price for acquisitions is preliminarily allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price allocations and related accounting is finalized upon completion of the Company’s valuation studies. Accordingly, the fair values allocated to these assets and liabilities are subject to revision. The Company records allocation adjustments, where applicable, when purchase price allocations are finalized.

The preliminary allocations, allocation adjustments and revised allocations for properties acquired during the year ended

December

31,

2016,

are as follows (in thousands):

	Preliminary Allocation			Allocation Adjustments			Revised Allocation as of December 31, 2016			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(13,352	)	$	165,798			-
Buildings		309,493			69,581			379,074			50.0
Above-market leases		11,982			(4,304	)		7,678			8.1
Below-market leases		(31,903	)		(4,327	)		(36,230	)		19.1
In-place leases		44,094			(4,162	)		39,932			6.4
Building improvements		124,105			(40,194	)		83,911			45.0
Tenant improvements		12,788			(2,548	)		10,240			7.1
Mortgage fair value adjustment		(4,292	)		(694	)		(4,986	)		4.1
Other assets		234			-			234			-
Other liabilities		(27	)		-			(27	)		-
Net assets acquired	$	645,624		$	-		$	645,624

The allocation adjustments and revised allocations for properties acquired during the year ended

December

31,

2015,

are as follows (in thousands):

	Allocation as of December 31, 2015			Allocation Adjustments			Revised Allocation as of December 31, 2016			Weighted-Average Amortization Period (in Years)
Land	$	444,626		$	33,918		$	478,544			-
Buildings		1,063,124			(7,980	)		1,055,144			50.0
Above-market leases		34,182			(2,133	)		32,049			7.2
Below-market leases		(74,997	)		(6,306	)		(81,303	)		17.7
In-place leases		125,993			1,425			127,418			4.7
Building improvements		169,116			(20,724	)		148,392			45.0
Tenant improvements		34,814			1,800			36,614			6.1
Mortgage fair value adjustment		(27,615	)		-			(27,615	)		3.0
Other assets		3,058			-			3,058			-
Other liabilities		(188	)		-			(188	)		-
Net assets acquired	$	1,772,113		$	-		$	1,772,113

Other Investments

During the year ended

December

31,

2015,

the Company entered into an agreement to acquire the remaining

50.0%

interest in a property previously held in a joint venture in which the Company had a noncontrolling interest for a gross purchase price of

$23.0

million. Upon signing this contract, which closed in

January

2016,

the Company effectively gained control of the entity and is entitled to all economics and risk of loss and as such, the Company consolidated this property pursuant to the FASB’s Consolidation guidance. Additionally, as the Company was required to purchase the partners interest at a fixed and determinable price in

January

2016,

the Company recognized

$11.5

million within Other liabilities in the Company’s Consolidated Balance Sheets at

December

31,

2015.

Based upon the Company’s intent to redevelop a portion of the property, the Company allocated

$8.4

million of the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets and the remaining

$14.6

million was allocated to Operating real estate on the Company’s Consolidated Balance Sheets.

During the year ended

December

31,

2015,

the Company acquired

three

land parcels, in separate transactions, for an aggregate purchase price of

$30.0

million.

Pro Forma Financial Information (Unaudited)

As discussed above, the Company and certain of its subsidiaries acquired interests in certain operating properties during

2016

and

2015.

The pro forma financial information set forth below is based upon the Company's historical Consolidated Statements of Income for the years ended

December

31,

2016

and

2015,

adjusted to give effect to properties acquired during the years ended

December

31,

2016

and

2015,

as if they were acquired at the beginning of

2014

and

2013.

The pro forma financial information is presented for informational purposes only and

may

not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods. (Amounts presented in millions, except per share figures).

	Year ended December 31,
	201 6		201 5		201 4
Revenues from rental properties	$	1,174.9	$	1,198.6	$	1,097.8
Net income	$	397.7	$	921.6	$	521.9
Net income available to the Company	$	344.2	$	852.6	$	451.7
Net income available to the Company per common share:
Basic	$	0.82	$	2.07	$	1.10
Diluted	$	0.82	$	2.07	$	1.10

XML

Note 4 - Real Estate Under Development

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Real Estate Under Development [Text Block]

4.

   

Real Estate

Under Development

:

The Company is engaged in various real estate under development projects, which will be held as long-term investments by the Company. As of

December

31,

2016,

the Company had in progress a total of

six

real estate under development projects located in the U.S. These projects will be developed into open-air shopping centers aggregating

2.2

million square feet of GLA with a total estimated aggregate project cost of

$514.0

million.

The costs incurred to date for these real estate under development projects are as follows (in thousands):

		December 31,
Property Name	Location	2016		2015
Grand Parkway Marketplace	Spring, TX	$	94,841	$	42,032
Dania Pointe (1)	Dania Beach, FL		107,113		-
Promenade at Christiana	New Castle, DE		25,521		16,063
Owings Mills	Owings Mills, MD		25,119		8,640
Avenues Walk	Jacksonville, FL		73,048		77,544
Staten Island Plaza (2)	Staten Island, NY		9,386		-
Shoppes at Wynnewood (3)	Lower Merion, PA		-		34,911
		$	335,028	$	179,190

(1) During the year ended December 31, 2016, the Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company has a 55.0% noncontrolling interest for a gross purchase price of $84.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company’s previously held equity interest. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets.

(2) Land held for future development.

(3) During the year ended December 31, 2016,  this development project, aggregating $38.0 million, was completed and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

During

2016

and

2015,

the Company acquired, in separate transactions,

three

additional land parcels adjacent to

two

existing development projects and

two

additional land parcels adjacent to existing development projects for an aggregate purchase price of

$13.8

million and

$20.7

million, respectively.

XML

Note 5 - Dispositions of Real Estate and Assets Held-for-sale

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

5.

   

Dispositions of Real Estate

and Assets Held

-

for

-

Sale

:

Operating Real Estate

During

2016,

the Company disposed of

30

consolidated operating properties and

two

out-parcels, in separate transactions, for an aggregate sales price of

$378.7

million. These transactions resulted in an aggregate gain of

$86.8

million, after income tax expense, and aggregate impairment charges of

$37.2

million, which were taken prior to sale, before income tax benefit of

$10.0

million.

During

2015,

the Company disposed of

89

consolidated operating properties and

eight

out-parcels, in separate transactions, for an aggregate sales price of

$492.5

million. These transactions resulted in an aggregate gain of

$143.6

million, after income tax expense, and aggregate impairment charges of

$10.2

million, before income tax benefit of

$2.3

million.

Additionally, during

2015,

the Company disposed of its remaining operating property in Chile for a sales price of

$51.3

million. This transaction resulted in the release of a cumulative foreign currency translation loss of

$19.6

million due to the Company’s liquidation of its investment in Chile offset by a gain on sale of

$1.8

million, after income tax expense.

During

2014,

the Company disposed of

90

consolidated operating properties, in separate transactions, for an aggregate sales price of

$833.5

million, including

27

operating properties in Latin America. These transactions, which are included in Discontinued operations on the Company’s Consolidated Statements of Income, resulted in an aggregate gain of

$203.3

million, before income taxes and noncontrolling interests and aggregate impairment charges of

$178.0

million, before income taxes and noncontrolling interests, including

$92.9

million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico. The Company provided financing aggregating

$52.7

million on

three

of these transactions which bore interest at rates ranging from LIBOR plus

250

basis points to

7%

per annum, which matured and were repaid in full during

2015.

The Company evaluated these transactions pursuant to the FASB’s real estate guidance to determine sale and gain recognition.

Land Sales

During

2016,

2015

and

2014,

the Company sold

six,

13

and

three

land parcels, respectively, for an aggregate sales price of

$3.9

million,

$31.5

million and

$5.1

million, respectively. These transactions resulted in an aggregate gain of

$1.9

million,

$4.3

million and

$3.5

million, before income taxes expense and noncontrolling interest for the years ended

December

31,

2016,

2015

and

2014,

respectively. The gains from these transactions are recorded as other income, which is included in Other income/(expense), net, in the Company’s Consolidated Statements of Income.

Held-for-Sale

At

December

31,

2016,

the Company had

two

consolidated property interests in Mexico classified as held-for-sale at an aggregate carrying amount of Mexican peso (“MXN”)

121.9

million (USD

$9.2

million), net of accumulated depreciation of MXN

51.1

million (USD

$3.5

million), which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company’s determination of the fair value of the properties was based upon executed contracts of sale with

third

parties. The book value of

one

of these properties exceeded its estimated fair value, less costs to sell, and as such an impairment charge of MXN

25.8

million (USD

$1.3

million) was recognized.

XML

Note 6 - Discontinued Operations

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

6.

   

Discontinued Operations:

The components of Income from discontinued operations for the years ended

December

31,

2015

and

2014

are shown below. These include the results of income through the date of each respective sale for properties sold during

2014,

and the operations for the applicable periods for those assets classified as held-for-sale as of

December

31,

2014

(in thousands):

	201 5			201 4
Discontinued operations:
Revenues from rental properties	$	124		$	71,906
Rental property expenses		(49	)		(16,657	)
Depreciation and amortization		-			(15,019	)
Provision for doubtful accounts		(57	)		(719	)
Interest expense		-			(1,823	)
Income from other real estate investments		-			680
Other expense, net		(12	)		(756	)
Income from discontinued operating properties, before income taxes		6			37,612
Impairment of property carrying value, before income taxes (1)		(82	)		(178,048	)
Gain on disposition of operating properties, before income taxes		-			203,271
Benefit/(provision) for income taxes		1			(11,850	)
(Loss)/income from discontinued operating properties		(75	)		50,985
Net income attributable to noncontrolling interests		-			(2,117	)
(Loss)/income from discontinued operations attributable to the Company	$	(75	)	$	48,868

(1)

The year ended

December

31,

2014,

includes

$92.9

million related to the release of a cumulative foreign currency translation loss due to the Company’s substantial liquidation of its investment in Mexico.

XML

Note 7 - Impairments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Asset Impairment Charges [Text Block]

7

.   

Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period 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

2014,

the Company implemented a plan to accelerate the disposition of certain U.S. properties and substantially liquidated its investment in Mexico, which resulted in the release of a cumulative foreign currency translation loss. These disposition plans effectively shortened the Company’s anticipated hold period for these properties and as a result the Company recognized impairment charges on various consolidated operating properties (see Footnote

16

of the Notes to Consolidated Financial Statements for fair value disclosure).

The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended

December

31,

2016,

2015

and

2014

as follows (in millions):

	201 6			201 5			201 4
Impairment of property carrying values* (1) (2) (3)	$	93.3		$	30.3		$	33.3
Impairment of investments in other real estate investments* (4)		-			5.3			1.7
Impairment of marketable securities and other investments* (5)		-			9.8			4.8
Total Impairment charges included in operating expenses		93.3			45.4			39.8
Cumulative foreign currency translation loss included in discontinued operations (6)		-			-			92.9
Impairment of property carrying values included in discontinued operations**		-			0.1			85.1
Total gross impairment charges		93.3			45.5			217.8
Noncontrolling interests		(0.4	)		(5.6	)		(0.4	)
Income tax benefit included in discontinued operations		-			-			(1.7	)
Income tax benefit		(21.1	)		(9.0	)		(6.1	)
Total net impairment charges	$	71.8		$	30.9		$	209.6

*

See Footnote

16

of the Notes to Consolidated Financial Statements for additional disclosure on fair value

**See Footnotes

5

&

6

of the Notes to Consolidated Financial Statements above for additional disclosure

(1) During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 22 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

(2) During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

(3) During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million.

(4) Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company’s preferred equity investments, during 2015 and 2014. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

(5) During 2015 and 2014, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments’ estimated fair value.

(6) Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million.

In addition to the impairment charges above, the Company recognized pretax impairment charges during

2016,

2015

and

2014

of

$15.0

million,

$22.2

million, and

$54.5

million (including

$47.3

million in cumulative foreign currency translation loss relating to the Company’s substantial liquidation of its investment in Mexico), respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Income (see Footnote

8

of the Notes to Consolidated Financial Statements).

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 and would therefore write-down its carrying basis accordingly.

XML

Note 8 - Investment and Advances in Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Investments and Advances In Real Estate Joint Ventures [Text Block]

8.

   

Investment and Advances in Real Estate Joint Ventures:

The Company and its subsidiaries have investments and advances in various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting.

As of

December

31,

2016

and

2015,

the Company’s had interests in

135

and

191

shopping center properties, respectively, aggregating

26.2

million and

35.4

million square feet of GLA, respectively, held in joint venture investments. The table below presents joint venture investments for which the Company held an ownership interest at

December

31,

2016

and

2015

(in millions, except number of properties):

	As of December 31 , 2016						As of December 31 , 2015
Venture	Ownership Interest		Number of Properties		The Company's Investment		Ownership Interest		Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)		15.0%		48	$	182.5		15.0%		53	$	175.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		45		145.2		48.6%		47		131.0
Canada Pension Plan Investment Board (“CPP”) (2) (3)		55.0%		5		111.8		55.0%		7		195.6
Other Institutional Programs (2)		Various		2		0.4		Various		9		5.2
Other Joint Venture Programs (4)		Various		34		60.4		Various		40		64.0
Canadian Properties		50.0%		1		3.9		Various		35		171.3
Total				135	$	504.2				191	$	742.6

(1) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management (“PGIM”), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

(2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

(3) During the year ended December 31, 2016, the CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

(4) Includes five land parcels located in Mexico.

The table below presents the Company’s share of net income for these investments which is included in the Company’s Consolidated Statements of Income under Equity in income of joint ventures, net for the years ended

December

31,

2016,

2015

and

2014

(in millions):

	Year Ended December 31,
	2016		2015		2014
KimPru and KimPru II	$	16.4	$	7.1	$	8.1
KIR		44.0		41.0		26.5
CPP		7.7		9.6		7.1
Other Institutional Programs		1.1		4.7		28.8
Other Joint Venture Programs		3.9		14.2		49.7
Canadian Properties		145.6		403.8		39.4
Total	$	218.7	$	480.4	$	159.6

During

2016,

the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners

45

operating properties and

one

land parcel, in separate transactions, for an aggregate sales price of

$1.1

billion. These transactions resulted in an aggregate net gain to the Company of

$151.2

million, before income taxes, for the year ended

December

31,

2016.

In addition, during

2016,

the Company acquired the remaining interest in

nine

operating properties and

one

development project from various joint ventures, in separate transactions, for a gross purchase price of

$590.1

million. See Footnotes

3

and

4

of the Notes to Consolidated Financial Statements for the operating properties and development projects acquired by the Company.

During

2015,

the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners

98

operating properties and

11

land parcels, in separate transactions, for an aggregate sales price of

$1.8

billion. These transactions resulted in an aggregate net gain to the Company of

$380.6

million, before income taxes, for the year ended

December

31,

2015.

In addition, during

2015,

the Company acquired the remaining interest in

43

operating properties from various joint ventures, in separate transactions for a gross purchase price of

$1.6

billion. See Footnote

3

of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.

During

2014,

the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners

37

operating properties, in separate transactions, for an aggregate sales price of

$811.7

million. These transactions resulted in an aggregate net gain to the Company of

$96.0

million, before income taxes, for the year ended

December

31,

2014.

In addition, during

2014,

the Company acquired the remaining interest in

34

operating properties from various joint ventures, in separate transactions for a gross purchase price of

$1.0

billion.

The table below presents debt balances within the Company’s joint venture investments for which the Company held noncontrolling ownership interests at

December

31,

2016

and

2015

(dollars in millions):

	As of December 31 , 2016							As of December 31, 2015
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	647.4		3.07	%		67.5	$	777.1		5.54	%		12.6
KIR		746.5		4.64	%		54.9		811.6		4.64	%		62.3
CPP		84.8		2.17	%		16.0		109.9		5.25	%		3.5
Other Institutional Programs		94.7		4.09	%		19.0		218.5		4.92	%		20.5
Other Joint Venture Programs		482.1		5.67	%		24.5		540.7		5.61	%		36.1
Canadian Properties		7.5		4.70	%		9.1		341.3		4.64	%		56.4
Total	$	2,063.0						$	2,799.1

* Average remaining term includes extensions

Summarized financial information for the Company’s investment and advances in real estate joint ventures is as follows (in millions):

	December 31,
	201 6		2015
Assets:
Real estate, net	$	3,741.9	$	4,855.5
Other assets		224.6		279.3
	$	3,966.5	$	5,134.8
Liabilities and Partners’/Members’ Capital:
Notes payable	$	214.5	$	29.7
Mortgages payable and construction loans		1,848.5		2,769.4
Other liabilities		82.3		119.6
Noncontrolling interests		15.9		16.2
Partners’/Members’ capital		1,805.3		2,199.9
	$	3,966.5	$	5,134.8

	Year Ended December 31,
	201 6			2015			2014
Revenues from rental properties	$	597.5		$	842.5		$	1,059.9
Operating expenses		(178.1	)		(265.9	)		(333.5	)
Interest expense		(117.3	)		(202.8	)		(247.3	)
Depreciation and amortization		(138.1	)		(191.9	)		(260.0	)
Impairment charges		(38.6	)		(63.4	)		(23.1	)
Other income/(expense), net	20.1				4.4			(14.4	)
		(452.0	)		(719.6	)		(878.3	)
Income from continuing operations		145.5			122.9			181.6
Discontinued Operations:
Income from discontinued operations		-			-			2.8
Impairment on dispositions of properties		-			-			(3.8	)
Gain on dispositions of properties		-			-			471.1
		-			-			470.1
Gain on sale of operating properties		296.2			1,166.7			-
Net income	$	441.7		$	1,289.6		$	651.7

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling

$11.0

million and

$12.6

million at

December

31,

2016

and

2015,

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 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,

2016

and

2015,

the Company’s carrying value in these investments is

$504.2

million and

$742.6

million, respectively.

XML

Note 9 - Other Real Estate Investments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Other Real Estate Investments and Other Assets [Text Block]

9.

   

Other Real Estate Investments:

Preferred Equity Capital –

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of

December

31,

2016,

the Company’s net investment under the Preferred Equity program was

$193.7

million relating to

365

properties, including

346

net leased properties which are accounted for as direct financing leases. For the year ended

December

31,

2016,

the Company earned

$27.5

million from its preferred equity investments, including

$10.5

million in profit participation earned from

five

capital transactions. As of

December

31,

2015,

the Company’s net investment under the Preferred Equity program was

$199.9

million relating to

421

properties, including

385

net leased properties. For the year ended

December

31,

2015,

the Company earned

$27.0

million from its preferred equity investments, including

$9.3

million in profit participation earned from

nine

capital transactions.

As of

December

31,

2016,

these preferred equity investment properties had non-recourse mortgage loans aggregating

$427.4

million. These loans have scheduled maturities ranging from

one

month to

eight

years and bear interest at rates ranging from

4.19%

to

10.47%.

Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

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

	December 31,
	201 6		2015
Assets:
Real estate, net	$	187.0	$	258.0
Other assets		587.1		628.3
	$	774.1	$	886.3
Liabilities and Partners’/Members’ Capital:
Notes and mortgages payable	$	454.7	$	563.7
Other liabilities		8.3		12.9
Partners’/Members’ capital		311.1		309.7
	$	774.1	$	886.3

	Year Ended December 31,
	201 6			2015			2014
Revenues from rental properties	$	102.6		$	122.1		$	146.0
Operating expenses		(27.4	)		(35.6	)		(47.0	)
Interest expense		(26.7	)		(35.7	)		(47.1	)
Depreciation and amortization		(6.7	)		(11.4	)		(19.2	)
Other expense, net		(11.5	)		(9.2	)		(7.2	)
Income from continuing operations		30.3			30.2			25.5
Discontinued Operations:
Gain on disposition of properties		-			-			31.5
		-			-			31.5
Gain on sale of operating properties		5.3			6.0			-
Net income	$	35.6		$	36.2		$	57.0

Kimsouth

–

Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) is a subsidiary of Kimsouth that has a noncontrolling interest in AB Acquisition, LLC (“AB Acquisition”), a joint venture which owns Albertsons Inc. (“Albertsons”) and NAI Group Holdings Inc. (“NAI”). The Company holds a controlling interest in the ABS Venture and consolidates this entity.

During

January

2015,

two

new noncontrolling members were admitted into the ABS Venture, including Colony Capital, Inc. and affiliates (“Colony”), after which the Company contributed

$85.3

million and the

two

noncontrolling members contributed an aggregate

$105.0

million, of which Colony contributed

$100.0

million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway Inc. (“Safeway”). In

January

2017,

Colony Capital, Inc. merged with NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. to form Colony NorthStar, Inc. (“Colony NorthStar”). As a result, the ABS Venture now holds a combined

14.35%

interest in AB Acquisition, of which the Company holds a combined

9.8%

ownership interest and Colony NorthStar holds a

4.3%

ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. The combined company of Albertsons, NAI and Safeway operates over

2,200

grocery stores across

33

states. The Company continues to consolidate the ABS Venture as there was no change in control following the admission of the members described above. As such, the Company recorded (i) the gross investment in Safeway of

$190.3

million in Other assets on the Company’s Consolidated Balance Sheets and accounts for this investment under the cost method of accounting (ii) a noncontrolling interest of

$65.0

million and (iii) an increase in Paid-in capital of

$24.0

million, net of a deferred tax effect of

$16.0

million, representing the amount contributed by the newly admitted members in excess of their proportionate share of the historic book value of the net assets of ABS Venture.

XML

Note 10 - Variable Interest Entities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

10.

  

Variable Interest Entities

:

Consolidated Operating Properties

Included within the Company’s consolidated operating properties at

December

31,

2016,

are

21

consolidated entities that are VIEs, for which the Company is the primary beneficiary. 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. The entities were deemed VIEs primarily based on the fact that the unrelated investors do not have substantial kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do not have participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest.

At

December

31,

2016,

total assets of these VIEs were

$902.0

million and total liabilities were

$174.2

million. The classification of these assets are primarily within operating real estate, cash and cash equivalents and accounts and notes receivable and the classification of these liabilities are primarily within other liabilities and mortgages payable on the Company’s Consolidated Balance Sheets.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. 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.

Consolidated

Real Estate Under

Development Projects

Included within the Company’s real estate under development projects at

December

31,

2016,

are

two

consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to develop real estate properties 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 investments at risk are not sufficient to permit the entities to finance their 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 controlling financial interest.

At

December

31,

2016,

total assets of these real estate under development VIEs were

$183.1

million and total liabilities were

$2.3

million. The classification of these assets is primarily within Real estate under development in the Company’s Consolidated Balance Sheets and the classification of these liabilities are primarily within Accounts payable and accrued expenses on the Company’s Consolidated Balance Sheets.

Substantially all of the projected development costs to be funded for these development projects, aggregating

$68.7

million, will be funded with capital contributions from the Company, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

Unconsolidated Redevelopment Investment

Included in the Company’s joint venture investments at

December

31,

2016,

is an unconsolidated joint venture, which is a VIE for which the Company is not the primary beneficiary. This joint venture was primarily established to develop real estate property for long-term investment and was deemed a VIE 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 this entity 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 this VIE based on the fact that the Company has shared control of this entity along with the entity’s partners and therefore does not have a controlling financial interest.

As of

December

31,

2016,

the Company’s investment in this VIE was a negative

$7.4

million, due to the fact that the Company had a remaining capital commitment obligation, which is included in Other liabilities on the Company’s Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with this VIE is estimated to be

$7.4

million, which is the remaining capital commitment obligation. The Company has not provided financial support to this VIE that it was not previously contractually required to provide. All future costs of redevelopment will be funded with capital contributions from the Company and the outside partner in accordance with their respective ownership percentages.

XML

Note 11 - Mortgages and Other Financing Receivables

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

11.

  

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,

2016,

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,

2014

to

December

31,

2016

(in thousands):

	201 6			2015			2014
Balance at January 1,	$	23,824		$	74,013		$	30,243
Additions:
New mortgage loans		-			5,730			52,728
Write-off of loan discounts		-			-			286
Foreign currency translation		397			-			-
Amortization of loan discounts		112			112			126
Deductions:
Loan repayments		-			(53,646	)		(7,330	)
Charge off/foreign currency translation		(213	)		(884	)		(1,066	)
Collections of principal		(921	)		(1,499	)		(972	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	23,197		$	23,824		$	74,013

The Company reviews payment status to identify performing versus non-performing loans. As of

December

31,

2016,

the Company had a total of

12

loans, all of which were identified as performing loans.

XML

Note 12 - Marketable Securities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

12.

  

Marketable Securities:

The amortized cost and gross unrealized gains/(losses) of securities available-for-sale and held-to-maturity at

December

31,

2016

and

2015,

are as follows (in thousands):

	December 31, 201 6
	Amortized Cost		Gross Unrealized Gains		Total
Available-for-sale:
Equity securities	$	6,096	$	406	$	6,502
Held-to-maturity:
Debt securities		1,599		-		1,599
Total marketable securities	$	7,695	$	406	$	8,101

	December 31, 201 5
	Amortized Cost		Gross Unrealized Gains/ ( Losses )			Total
Available-for-sale:
Equity securities	$	5,511	$	398		$	5,909
Held-to-maturity:
Debt securities		1,656		(1	)		1,655
Total marketable securities	$	7,167	$	397		$	7,564

During

2015,

the Company received

$76.2

million in proceeds from the sale or redemption of certain marketable securities. In connection with these transactions, the Company recognized

$39.9

million of realizable gains.

As of

December

31,

2016,

the contractual maturities of debt securities classified as held-to-maturity are within the next

five

years. Actual maturities

may

differ from contractual maturities as issuers

may

have the right to prepay debt obligations with or without prepayment penalties.

XML

Note 13 - Notes Payable

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

13.

  

Notes Payable:

As of

December

31,

2016

and

2015

the Company’s Notes payable consisted of the following (dollars in millions):

	Balance at 12/31/1 6			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	3,400.0			2.70%		6.88%		Oct-2019		Dec-2046
Medium Term Notes (“MTN”)		300.0			4.30%		4.30%		Feb-2018		Feb-2018
Term Loan (a)		250.0			(a)		(a)		Jan-2017		Jan-2017
Credit Facility (b)		25.0			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(47.7	)		-		-		-		-
	$	3,927.3

	Balance at 12/31/1 5			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	2,290.9			3.13%		6.88%		May-2017		Apr-2045
MTN		600.0			4.30%		5.78%		Mar-2016		Feb-2018
Term Loan (a)		650.0			(a)		(a)		Jan-2017		Jan-2017
Canadian Notes Payable		251.8			3.86%		5.99%		Apr-2018		Aug-2020
Credit Facility (b)		-			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(31.4	)		-		-		-		-
	$	3,761.3

(a) Interest rate is equal to LIBOR + 0.95% (1.60% and 1.37% at December 31, 2016 and 2015, respectively). During January 2017, the Company repaid the $250.0 million outstanding balance on the Term Loan and terminated the agreement.

(b) Interest rate is equal to LIBOR + 0.925% (1.67% and 1.35% at December 31, 2016 and 2015, respectively). During February 2017, the Company repaid the outstanding balance on the Credit Facility and terminated the agreement. The Company closed on a new $2.25 billion unsecured revolving credit facility which is scheduled to mature March 2021 with two six -month extension options at an interest rate of LIBOR plus 87.5 basis points.

The weighted-average interest rate for all unsecured notes payable is

3.58%

as of

December

31,

2016.

The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of

$47.7

million, as of

December

31,

2016,

were as follows (in millions):

2017,

$250.0;

2018,

$325.0;

2019,

$300.0;

2020,

$0.0;

2021,

$500.0

and thereafter,

$2,600.0.

During the years ended

December

31,

2016

and

2015,

the Company repaid the following notes (dollars in millions):

Type	Date Paid	Maturity Date	Amount Repaid (USD)		Interest Rate
Canadian Notes Payable (1)	Aug-16	(1)	$	270.9		(1)
Senior Unsecured Note (2)	Aug-16	May-17	$	290.9		5.70%
MTN	Mar-16	Mar-16	$	300.0		5.783%
MTN	Nov-15	Nov-15	$	150.0		5.584%
Senior Unsecured Note	Sep-15	Sep-15	$	100.0		5.25%
MTN	Feb-15	Feb-15	$	100.0		4.904%

(1) On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated (“CAD”) $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

(2) The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

Senior Unsecured Notes

/ MTN

–

The Company’s supplemental indentures governing its MTN and

Senior Unsecured Notes contain covenants whereby 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 and (c) certain asset to debt ratios. In addition, the Company is 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. The Company was in compliance with all of the covenants as of

December

31,

2016.

   

Interest on the Company’s fixed-rate senior unsecured notes and medium term notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

The Company had a MTN program pursuant to which it offered 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 years ended

December

31,

2016

and

2015,

the Company issued the following Senior Unsecured Notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Nov-16	Mar-24	$	400.0		2.7%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.8%
May-16	Apr-45	$	150.0		4.25%
Oct-15	Nov-22	$	500.0		3.40%
Mar-15	Apr-45	$	350.0		4.25%

The Company used the net proceeds from these issuances, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s revolving credit facility.

Credit Facility –

The Company had a

$1.75

billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which was scheduled to expire in

March

2018

with

two

additional

six

month options to extend the maturity date, at the Company’s discretion, to

March

2019.

The Credit Facility, which could be increased to

$2.25

billion through an accordion feature, accrued interest at a rate of LIBOR plus

92.5

basis points

(1.67%

as of

December

31,

2016)

on drawn funds. In addition, the Credit Facility included a

$500

million sub-limit which provided the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, was 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. The Company was in compliance with all of the covenants as of

December

31,

2016.

As of

December

31,

2016,

the Credit Facility had a balance of

$25.0

million outstanding and

$0.7

million appropriated for letters of credit.

In

February

2017,

the Company closed on a new

$2.25

billion unsecured revolving credit facility with a group of banks, which is scheduled to expire in

March

2021,

with

two

additional

six

month options to extend the maturity date, at the Company’s discretion, to

March

2022.

This new credit facility, which accrues interest at a rate of LIBOR plus

87.5

basis points, could be increased to

$2.75

billion through an accordion feature. The new credit facility replaces the Company’s

$1.75

billion Credit Facility that was scheduled to mature in

March

2018.

In addition, the facility includes a

$500.0

million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Under this new credit facility, the Company continues to be subject to certain covenants as in the Credit Facility described above.

Term Loan -

During

January

2015,

the Company entered into a

$650.0

million unsecured term loan (“Term Loan”) which had an initial maturity date in

January

2017

(with

three

one

-year extension options at the Company’s discretion) and accrued interest at a spread

(95

basis points at

December

31,

2016)

to LIBOR or at the Company’s option at a base rate as defined per the agreement

(1.60%

at

December

31,

2016).

The proceeds from the Term Loan were used to repay the Company’s

$400.0

million term loan, which was scheduled to mature in

April

2015

(with

two

additional

one

-year extension options) and bore interest at LIBOR plus

105

basis points, and for general corporate purposes. During

November

2016,

the Company repaid

$400.0

million of borrowings under the Company’s Term Loan. As of

December

31,

2016,

the Term Loan had a balance of

$250.0

million. Pursuant to the terms of the credit agreement for the Term Loan, the Company, among other things, was subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. The Company was in compliance with all of the covenants as of

December

31,

2016.

During

January

2017,

the Company paid the remaining

$250.0

million outstanding balance on the Company’s Term Loan and terminated the agreement.

XML

Note 14 - Mortgages Payable

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

14.

  

Mortgages

Payable:

During

2016,

the Company (i) assumed

$289.0

million of individual non-recourse mortgage debt relating to the acquisition of

10

properties, including

$4.3

million associated with fair value debt adjustments and (ii) paid off

$703.0

million of mortgage debt (including fair market value adjustment of

$2.1

million) that encumbered

47

operating properties. In connection with the early prepayment of certain of these mortgage debts, the Company recorded an early extinguishment of debt charge of

$9.2

million.

Additionally, during

2016,

the Company disposed of an encumbered property through foreclosure. This transaction resulted in a net decrease in mortgage debt of

$25.6

million (including fair market value adjustment of

$0.4

million) and a gain on forgiveness of debt of

$3.1

million, which is included in Other income/(expense), net in the Company’s Consolidated Statements of Income.

During

2015,

the Company (i) assumed

$835.2

million of individual non-recourse mortgage debt relating to the acquisition of

38

operating properties, including an increase of

$27.6

million associated with fair value debt adjustments and (ii) repaid

$557.0

million of mortgage debt (including fair market value adjustment of

$1.4

million) that encumbered

27

operating properties.

Mortgages payable, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form

10

-K) 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

135

basis points

(1.91%

as of

December

31,

2016)

to

9.75%

(weighted-average interest rate of

4.94%

as of

December

31,

2016).

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments of

$27.7

million and unamortized debt issuance costs of

$3.0

million, as of

December

31,

2016,

were as follows (in millions):

2017,

$462.4;

2018,

$124.4;

2019,

$115.9;

2020,

$101.2;

2021,

$145.4

and thereafter,

$165.1.

XML

Note 15 - Noncontrolling Interests

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

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.  

The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Units that are determined to be contingently redeemable are classified as Redeemable noncontrolling interests and presented in the mezzanine section 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 separately on the Company’s Consolidated Statements of Income.  

The Company owns

seven

shopping center properties located throughout Puerto Rico. These properties were acquired partially through the issuance of

$158.6

million of non-convertible units and

$45.8

million of convertible units. Noncontrolling interests related to these acquisitions totaled

$233.0

million of units, including premiums of

$13.5

million and a fair market value adjustment of

$15.1

million (collectively, the "Units"). Noncontrolling interests relating to the remaining units was

$86.2

million and

$88.9

million as of

December

31,

2016

and

2015,

respectively. The Units, related annual cash distribution rates and related conversion features consisted of the following as of

December

31,

2016

and

2015:

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Preferred A Units (1)	$	1.00		79,642,697		5.0%
Class B-1 Preferred Units (2)	$	10,000		189		7.0%
Class B-2 Preferred Units (1)	$	10,000		42		7.0%
Class C DownReit Units (2)	$	30.52		52,797	Equal to the Company’s common stock dividend

(1) These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets.

(2) These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets.

The Company owns a shopping center located in Bay Shore, NY, which was acquired in

2006

with the issuance of

647,758

redeemable Class B Units at a par value of

$37.24

per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of

1:1.

These units are callable by the Company any time after

April

3,

2026,

and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. During

2007,

30,000

units, or

$1.1

million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. As of both

December

31,

2016

and

2015,

noncontrolling interest relating to the remaining Class B Units was

$26.5

million.

Noncontrolling interests also includes

138,015

convertible units issued during

2006

by the Company, which were valued at

$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 currently redeemable at the option of the holder 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, through

January

2017.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended

December

31,

2016

and

2015

(in thousands):

	201 6			201 5
Balance at January 1,	$	86,709		$	91,480
Income (1)		4,349			7,061
Distribution		(4,105	)		(5,922	)
Conversion of redeemable units		-			(5,910	)
Balance at December 31,	$	86,953		$	86,709

(1) Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2015.

During the year ended

December

31,

2015,

the Company acquired its partner’s interest in

three

previously consolidated joint ventures for

$31.6

million. The Company continues to consolidate these entities as there was no change in control from these transactions. The purchase of the remaining interests resulted in an aggregate decrease in noncontrolling interest of

$25.2

million for the year ended

December

31,

2015,

and a net decrease of

$6.4

million to the Company’s Paid-in capital, during

2015.

XML

Note 16 - Fair Value Disclosure of Financial Instruments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Fair Value Disclosures [Text Block]

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 disclosed. 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, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

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 following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	December 31,
	201 6				201 5
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Marketable securities (1)	$	8,101	$	8,101	$	7,565	$	7,564
Notes payable (2)	$	3,927,251	$	3,890,797	$	3,761,328	$	3,820,205
Mortgages payable (3)	$	1,139,117	$	1,141,047	$	1,614,982	$	1,629,760

(1) As of December 31, 2016 and 2015, the Company determined that $6.5 million and $5.9 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $1.6 million and $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy.

(2) The Company determined that its valuation of the Senior Unsecured Notes and MTNs were classified within Level 2 of the fair value hierarchy and the Term Loan and Credit Facility were classified within Level 3 of the fair value hierarchy. 

(3) The Company determined that its valuation of these Mortgages payable was classified within Level 3 of the fair value hierarchy. 

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. 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.

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.

The Company from time to time has used 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 interest rate swap valuations are classified within Level

2

of the fair value hierarchy.

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of

December

31,

2016

and

2015,

aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	6,502	$	6,502	$	-	$	-
Liabilities:
Interest rate swaps	$	975	$	-	$	975	$	-

	Balance at December 31, 201 5		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	5,909	$	5,909	$	-	$	-
Liabilities:
Interest rate swaps	$	1,426	$	-	$	1,426	$	-

Assets measured at fair value on a non-recurring basis at

December

31,

2016

and

2015

are as follows (in thousands):

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Real estate	$	117,930	$	-	$	-	$	117,930

	Balance at December 31, 201 5		Level 1		Level 2		Level 3
Real estate	$	52,439	$	-	$	-	$	52,439

During the year ended

December

31,

2016,

the Company recognized impairment charges related solely to adjustments to property carrying values of

$93.3

million. The Company’s estimated fair values were primarily based upon estimated sales prices from

third

party offers that were based on signed contracts, appraisals or letters of intent for which the Company does not have access to the unobservable inputs used to determine these estimated fair values. For the appraisals, the capitalization rates primarily range from

7.75%

to

9.00%

and discount rates primarily range from

9.25%

to

12.17%

which were utilized in the models based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs the Company determined that its valuation of these investments was classified within Level

3

of the fair value hierarchy.

During the year ended

December

31,

2015,

the Company recognized impairment charges of

$45.5

million, of which

$0.1

million, before noncontrolling interests and income taxes, is included in discontinued operations. These impairment charges consist of (i)

$20.2

million related to adjustments to property carrying values, (ii)

$10.2

million related to the sale of operating properties, (iii)

$9.0

million related to a cost method investment, (iv)

$5.3

million related to certain investments in other real estate investments and (v)

$0.8

million related to marketable debt securities investments.

The Company’s estimated fair values for the year ended

December

31,

2015,

as it relates to property carrying values were primarily based upon (i) estimated sales prices from

third

party offers based on signed contracts or letters of intent (this method was used to determine

$5.7

million of the

$20.2

million in impairments recognized during the year ended

December

31,

2015),

for which the Company does not have access to the unobservable inputs used to determine these estimated fair values, (ii)

third

party appraisals (this method was used to determine

$8.9

million of the

$20.2

million in impairments recognized during the year ended

December

31,

2015)

and (iii) discounted cash flow models (this method was used to determine

$5.6

million of the

$20.2

million in impairments recognized during the year ended

December

31,

2015).

The discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of unobservable inputs which include forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rates primarily ranging from

8.25%

to

8.5%

and discount rates primarily ranging from

9.25%

to

9.75%

which were utilized in the models were based upon observable rates that the Company believes to be within a reasonable range of current market rates for each respective investment.

Based on these inputs the Company determined that its valuation of these investments was classified within Level

3

of the fair value hierarchy. The property carrying value impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions.

XML

Note 17 - Preferred Stock, Common Stock and Convertible Unit Transactions

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

17.

  

Preferred Stock, Common Stock and Convertible Unit Transactions

:

Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of December 31, 2016 and 201 5
Series of  Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value
Series I		18,400		16,000	$	400,000		6.00	%	$	1.50000	$	1.00
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00
		35,450		32,000	$	800,000

Series of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, After Expenses (in millions)		Offering/ Redemption Price		Optional Redemption Date
Series I	3/20/2012		16,000,000	1/1000	$	387.2	$	25.00	3/20/2017
Series J	7/25/2012		9,000,000	1/1000	$	217.8	$	25.00	7/25/2017
Series K	12/7/2012		7,000,000	1/1000	$	169.1	$	25.00	12/7/2017

The following Preferred Stock series was redeemed during the year ended

December

31,

2015:

Series of  Preferred Stock	Date Issued	Depositary Shares Issued		Redemption Amount (in millions)		Offering/ Redemption Price		Optional Redemption Date	Actual Redemption Date
Series H (1)	8/30/2010		7,000,000	$	175.0	$	25.00	8/30/2015	11/25/2015

(1) In connection with this redemption the Company recorded a non-cash charge of $5.8 million resulting from the difference between the redemption amount and the carrying amount of the Class H Preferred Stock on the Company’s Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. The $5.8 million was subtracted from net income to arrive at net income available to common shareholders and is used in the calculation of earnings per share for the year ended December 31, 2015.

The Company’s Preferred Stock Depositary Shares for all series are not convertible or exchangeable for any other property or securities of the Company. 

Voting Rights - The Class I Preferred Stock, Class J Preferred Stock and Class K Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the Class I, J, or K Preferred Stock

may

vote, including any actions by written consent, each share of the Class I, J or K Preferred Stock shall be entitled to

1,000

votes, each of which

1,000

votes

may

be directed separately by the holder thereof. With respect to each share of Class I, J or K Preferred Stock, the holder thereof

may

designate up to

1,000

proxies, with each such proxy having the right to vote a whole number of votes (totaling

1,000

votes per share of Class I, J or K Preferred Stock). As a result, each Class I, J or K 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, 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

$25,000.00

Class I Preferred Stock per share,

$25,000.00

Class J Preferred Stock per share and

$25,000.00

Class K Preferred Stock per share

($25.00

per each Class I, Class J and Class K 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.

Common Stock

During

February

2015,

the Company established an at the market continuous offering program (the “ATM program”), pursuant to which the Company

may

offer and sell shares of its common stock, par value

$0.01

per share, with an aggregate gross sales price of up to

$500.0

million through a consortium of banks acting as sales agents. Sales of the shares of common stock

may

be made, as needed, from time to time in “at the market” offerings as defined in Rule

415

of the Securities Act of

1933,

including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended

December

31,

2016,

the Company issued

9,806,377

shares and received proceeds of

$285.2

million, net of commissions and fees of

$2.9

million. As of

December

31,

2016

the Company had

$211.9

million available under this ATM program.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares in connection with the exercise of stock options or the issuance of restricted stock awards. These share repurchases

may

occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During

2016,

2015

and

2014,

the Company repurchased

257,477

shares,

179,696

shares and

128,147

shares, respectively, in connection with common shares surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote

15

of the Notes to Consolidated Financial Statements). 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,

2016,

is

$24.1

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

0.9

million shares of Common Stock.   

XML

Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

18.

  

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,

2016,

2015

and

2014

(in thousands):

	201 6			201 5			201 4
Acquisition of real estate interests by assumption of mortgage debt	$	33,174		$	84,699		$	210,232
Acquisition of real estate interests by issuance of redeemable units	$	-		$	-		$	8,219
Acquisition of real estate interests through proceeds held in escrow	$	66,044		$	89,504		$	179,387
Proceeds held in escrow through sale of real estate interests	$	66,044		$	71,623		$	197,270
Disposition of real estate interests by assignment of debt	$	-		$	47,742		$	-
Disposition of real estate interests through the issuance of mortgage receivable	$	-		$	5,730		$	2,728
Disposition of real estate interests by foreclosure of debt	$	22,080		$	-		$	-
Forgiveness of debt due to foreclosure	$	26,000		$	-		$	-
Investment in real estate joint venture through contribution of real estate	$	-		$	-		$	35,080
Decrease of noncontrolling interests through sale of real estate	$	-		$	-		$	17,650
Increase in capital expenditures accrual	$	15,078		$	8,581		$	12,622
Issuance of common stock	$	85		$	493		$	14,047
Surrender of common stock	$	(7,008	)	$	(5,682	)	$	(4,051	)
Declaration of dividends paid in succeeding period	$	124,517		$	115,182		$	111,143
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	407,813		$	1,039,335		$	687,538
Increase in mortgages payable, other liabilities and noncontrolling interests	$	268,194		$	750,135		$	492,318

XML

Note 19 - Transactions with Related Parties

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

19.

  

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. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes

3,

8

and

9

of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s 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

2016,

2015

and

2014,

the Company paid brokerage commissions of

$0.2

million,

$0.6

million and

$0.3

million, respectively, to Ripco for services rendered primarily as leasing agent for various national

tenants

in shopping center properties owned by the Company.

ProHEALTH is a multi-specialty physician group practice offering

one

-stop health care. ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Company. ProHEALTH and/or its affiliates (“ProHEALTH”) have leasing arrangements with the Company whereby

two

consolidated property locations are currently under lease. Total annual base rent for these properties leased to ProHEALTH for the years ended

December

31,

2016,

2015

and

2014

aggregated to

$0.4

million,

$0.4

million and

$0.1

million, respectively.

During

January

2015,

Colony contributed

$100.0

million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway. The ABS Venture now holds a combined

14.35%

interest in AB Acquisition, of which the Company holds a combined

9.8%

ownership interest, Colony NorthStar holds a

4.3%

ownership interest and an unrelated

third

party holds a

0.25%

ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. (see Footnote

9

of the Notes to Consolidated Financial Statements).

XML

Note 20 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

20.

  

Commitments and Contingencies:

Operations

The Company and its subsidiaries are primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through

2115.

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 and percentage rents comprised

98%

of total revenues from rental properties for each of the

three

years ended

December

31,

2016,

2015

and

2014.

The minimum revenues from rental properties under the terms of all non-cancelable

tenant

leases for future years, assuming no new or renegotiated leases are executed for such premises, are as follows (in millions):

2017,

$834.6;

2018,

$755.9;

2019,

$664.1;

2020,

$567.7;

2021,

$471.5

and thereafter;

$1,971.7.

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis before allowances for the years ended

December

31,

2016,

2015

and

2014

was

$16.5

million,

$14.8

million and

$8.4

million, respectively.

Minimum rental payments to be made by the Company under the terms of all non-cancelable operating ground leases for future years are as follows (in millions):

2017,

$10.3;

2018,

$9.9;

2019,

$9.2;

2020,

$8.6;

2021,

$8.3

and thereafter,

$143.0.

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees for loans encumbering certain of the Company’s development and redevelopment projects and guaranty of payment related to the Company’s insurance program. At

December

31,

2016,

these letters of credit aggregated

$40.8

million.

Other

In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of

December

31,

2016,

there were

$30.1

million in performance and surety bonds outstanding.

On

January

28,

2013,

the Company received a subpoena from the Enforcement Division of the SEC in connection with an investigation, In the Matter of Wal-Mart Stores, Inc. (FW-

3678),

that the SEC Staff is currently conducting with respect to possible violations of the Foreign Corrupt Practices Act. The Company has cooperated, and will continue to cooperate, with the SEC and the U.S. Department of Justice (“DOJ”), which is conducting a parallel investigation. At this point, we are unable to predict the duration, scope or result of the SEC or DOJ investigations.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. 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 as of

December

31,

2016.

XML

Note 21 - Incentive Plans

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

21.

  

Incentive Plans:

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method for performance shares, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The Company recognized expense associated with its equity awards of

$19.1

million,

$18.5

million and

$17.9

million, for the years ended

December

31,

2016,

2015

and

2014,

respectively.  As of

December

31,

2016,

the Company had

$31.1

million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted average period of

3.3

years. The Company had

10,015,040,

9,095,416

and

9,251,021,

shares of the Company’s common stock available for issuance under the Plans at

December

31,

2016,

2015

and

2014,

respectively.

Stock Options

During

2016,

2015

and

2014,

the Company did

not

grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended

December

31,

2016,

2015

and

2014

are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2014		15,374,145		$	28.79	$	13.1
Exercised		(1,474,432	)	$	16.19	$	9.4
Forfeited		(2,005,952	)	$	28.68
Options outstanding, December 31, 2014		11,893,761		$	30.23	$	29.8
Exercised		(1,019,240	)	$	18.36	$	7.4
Forfeited		(1,862,080	)	$	32.55
Options outstanding, December 31, 2015		9,012,441		$	31.09	$	27.4
Exercised		(1,167,819	)	$	18.03	$	12.4
Forfeited		(1,830,893	)	$	39.69
Options outstanding, December 31, 2016		6,013,729		$	32.09	$	12.1
Options exercisable (fully vested) -
December 31, 2014		10,159,570		$	31.96	$	19.9
December 31, 2015		7,617,882		$	32.90	$	20.0
December 31, 2016		5,144,416		$	32.56	$	11.3

The exercise prices for options outstanding as of

December

31,

2016,

range from

$11.54

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,

2016

was

2.4

years. The weighted-average remaining contractual term of options currently exercisable as of

December

31,

2016,

was

2.3

years. The weighted-average remaining contractual term of options expected to vest as of

December

31,

2016,

was

6.2

years. As of

December

31,

2016,

the Company had

225,695

options expected to vest, with a weighted-average exercise price per share of

$21.54

and an aggregate intrinsic value of

$0.8

million. Cash received from options exercised under the Plan was

$21.1

million,

$18.7

million and

$23.9

million for the years ended

December

31,

2016,

2015

and

2014,

respectively.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended

December

31,

2016,

2015

and

2014

are as follows:

	201 6			201 5			2014
Restricted stock outstanding as of January 1,		1,712,534			1,911,145			1,591,082
Granted		756,530			729,160			804,465
Vested		(520,539	)		(875,202	)		(418,309	)
Forfeited		(17,793	)		(52,569	)		(66,093	)
Restricted stock outstanding as of December 31,		1,930,732			1,712,534			1,911,145

Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. The dividends paid on restricted shares were

$2.2

million,

$1.8

million, and

$1.5

million for the years ended

December

31,

2016,

2015

and

2014,

respectively. The weighted-average grant date fair value for restricted stock issued during the years ended

December

31,

2016,

2015

and

2014

were

$26.15,

$25.98

and

$21.60,

respectively.

Performance Shares

As of

December

31,

2016,

2015

and

2014,

the Company had performance share awards outstanding of

197,249,

202,754

and

171,400,

respectively. The weighted-average grant date fair value for performance shares issued during the years ended

December

31,

2016,

2015

and

2014

were

$28.60,

$27.87

and

$22.65,

respectively. The more significant assumptions underlying the determination of fair values for these awards granted during

2016,

2015

and

2014

were as follows:

	201 6			201 5				201 4
Stock price	$	26.29		$		26.83		$			21.49
Dividend yield (1)		0	%			0	%				0	%
Risk-free rate		0.87	%			0.98	%				0.65	%
Volatility		18.80	%			16.81	%				25.93	%
Term of the award (years)		2.88			1.88,	2.88			0.88,	1.88,	2.88

(1) Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

Other

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, is fully vested and funded as of

December

31,

2016.

The Company’s contributions to the plan were

$2.0

million,

$2.1

million and

$2.2

million for the years ended

December

31,

2016,

2015

and

2014,

respectively.

The Company recognized severance costs associated with employee terminations during the years ended

December

31,

2016,

2015

and

2014,

of

$1.7

million,

$4.8

million and

$6.3

million, respectively.

XML

Note 22 - Income Taxes

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Income Tax Disclosure [Text Block]

22.

  

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 several organizational and operational requirements, including a requirement that it currently distribute at least

90%

of its REIT taxable income to its stockholders. Management intends 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 dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company failed to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and

may

not be permitted to elect REIT status 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 TRSs is subject to federal, state and local income taxes. The Company is also subject to local taxes on certain Non-U.S. investments.

Reconciliation between GAAP Net Income and Federal Taxable Income

The following table reconciles GAAP net income to taxable income for the years ended

December

31,

2016,

2015

and

2014

(in thousands):

	201 6			201 5			201 4
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	378,850		$	894,115		$	424,001
GAAP net loss/(income) of taxable REIT Subsidiaries		2,414			(6,073	)		(13,110	)
GAAP net income from REIT operations (a)		381,264			888,042			410,891
Net book depreciation in excess of tax depreciation		73,409			21,515			24,890
Capitalized leasing/legal commissions		(11,894	)		(14,246	)		(13,576	)
Deferred/prepaid/above-market and below-market rents, net		(35,230	)		(32,848	)		(17,967	)
Fair market value debt amortization		(15,953	)		(19,723	)		(6,236	)
Restricted stock		(4,490	)		(3,094	)		(1,078	)
Book/tax differences from non-qualified stock options		(11,301	)		(4,786	)		(5,144	)
Book/tax differences from investments in real estate joint ventures		(4,205	)		(294	)		8,614
Book/tax difference on sale of properties		(75,445	)		(64,270	)		(146,173	)
Foreign income tax from capital gains		-			5,873			-
Cumulative foreign currency translation adjustment & deferred tax adjustment		3,267			-			139,976
Book adjustment to property carrying values and marketable equity securities		29,042			4,484			62,817
Taxable currency exchange loss, net		(6,775	)		(47,297	)		(100,602	)
Tangible property regulations deduction (b)		(58,000	)		(126,957	)		-
Dividends from taxable REIT subsidiaries		-			647			67,590
GAAP change in control gain		(57,386	)		(149,407	)		(107,235	)
Valuation allowance against net deferred tax assets (see discussion below)		40,097			-			-
Other book/tax differences, net		(9,505	)		(3,618	)		(16,100	)
Adjusted REIT taxable income	$	236,895		$	454,021		$	300,667

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

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

(b) In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers must deduct such costs as repairs. Pursuant to these Regulations the Company deducted certain expenditures that would previously have been capitalized for tax purposes. The Regulations also allowed the Company to make an election to immediately deduct certain amounts that were capitalized in previous years but qualify as repairs under the new Regulations. The Company made such election in 2015 and deducted approximately $85.9 million.

Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended

December

31,

2016,

2015

and

2014,

(in thousands):

	201 6				2015				2014
Preferred H Dividends
Ordinary income	$	-	-		$	-	-		$	6,762	56	%
Capital gain		-	-			13,417	100	%		5,313	44	%
	$	-	-		$	13,417	100	%	$	12,075	100	%
Preferred I Dividends
Ordinary income	$	16,320	68	%	$	-	-		$	13,440	56	%
Capital gain		7,680	32	%		24,000	100	%		10,560	44	%
	$	24,000	100	%	$	24,000	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	8,415	68	%	$	-	-		$	6,930	56	%
Capital gain		3,960	32	%		12,375	100	%		5,445	44	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	6,694	68	%	$	-	-		$	5,513	56	%
Capital gain		3,150	32	%		9,844	100	%		4,331	44	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Common Dividends
Ordinary income	$	263,892	62	%	$	-	-		$	132,498	36	%
Capital gain		127,689	30	%		394,400	100	%		103,054	28	%
Return of capital		34,050	8	%		-	-			132,498	36	%
	$	425,631	100	%	$	394,400	100	%	$	368,050	100	%
Total dividends distributed for tax purposes	$	471,850			$	454,036			$	426,344

For the years ended

December

31,

2016,

2015

and

2014

cash dividends paid for tax purposes were equivalent to, or in excess of, the dividends paid deduction. 

Taxable REIT Subsidiaries and Taxable Entities

The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRSs included KRS, FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. As part of the Company’s overall strategy to simplify its business model, the Company merged KRS, a TRS holding REIT-qualifying real estate and the Company’s investment in Albertsons, into a wholly-owned LLC and KRS was dissolved effective

August

1,

2016.

Any non-REIT-qualifying assets or activities received by the Company in the Merger were transferred to a newly formed TRS, Kimco Realty Services II, Inc.

The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S.  In general, under local country law applicable to the entity ownership structures the Company has in place and applicable tax treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally is not subject to withholding tax. The Company is subject to and includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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 taxable assets and liabilities.

The Company’s pre-tax book (loss)/income and benefit/(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,

2016,

2015

and

2014,

are summarized as follows (in thousands):

	201 6			201 5			201 4
(Loss)/income before income taxes – U.S.	$	(23,810	)	$	23,729		$	22,176
Benefit/(provision) for income taxes, net:
Federal:
Current		2,199			(638	)		(522	)
Deferred		(45,097	)		(7,355	)		(7,156	)
Federal tax provision		(42,898	)		(7,993	)		(7,678	)
State and local:
Current		1,057			(2,535	)		(165	)
Deferred		(8,812	)		(1,474	)		(1,223	)
State tax provision		(7,755	)		(4,009	)		(1,388	)
Total tax provision – U.S.		(50,653	)		(12,002	)		(9,066	)
Net (loss)/income from U.S. taxable REIT subsidiaries	$	(74,463	)	$	11,727		$	13,110
Income before taxes – Non-U.S.	$	138,253		$	381,999		$	116,184
(Provision)/benefit for Non-U.S. income taxes:
Current (1)	$	(24,393	)	$	(58,365	)	$	(18,131	)
Deferred		(3,537	)		4,331			(6,749	)
Non-U.S. tax provision	$	(27,930	)	$	(54,034	)	$	(24,880	)

(1) For the years ended December 31, 2016 and 2015 includes $24.9 million and $53.5 million, respectively, in expense related to the sale of interests in properties located in Canada.

(Provision)/ benefit differ from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):

	201 6			201 5			201 4
Federal provision at statutory tax rate (35%) (1)	$	(47,155	)	$	(8,304	)	$	(7,762	)
State and local provision, net of federal benefit (2)		(3,498	)		(3,698	)		(1,304	)
Total tax provision – U.S.	$	(50,653	)	$	(12,002	)	$	(9,066	)

(1)

For the year ended

December

31,

2016,

includes a

$55.6

million charge related to the recording of a deferred tax valuation allowance.

(2)

For the year ended

December

31,

2016,

includes a

$7.9

million charge related to the recording of a deferred tax valuation allowance.

Deferred Tax Assets,

Liabilities

and Valuation Allowances

The Company’s deferred tax assets and liabilities at

December

31,

2016

and

2015,

were as follows (in thousands):

	201 6			201 5
Deferred tax assets:
Tax/GAAP basis differences	$	63,167		$	49,601
Net operating losses (1)		44,833			40,100
Related party deferred losses		952			1,549
Tax credit carryforwards (2)		5,368			5,304
Capital loss carryforwards		3,659			4,593
Charitable contribution carryforwards		35			22
Non-U.S. tax/GAAP basis differences		513			4,555
Valuation allowance – U.S.		(95,126	)		(25,045	)
Valuation allowance – Non-U.S.		-			(2,860	)
Total deferred tax assets		23,401			77,819
Deferred tax liabilities – U.S.		(19,599	)		(19,326	)
Deferred tax liabilities – Non-U.S.		(559	)		(3,493	)
Net deferred tax assets	$	3,243		$	55,000

(1) Expiration dates ranging from 2021 to 2033.

(2) Expiration dates ranging from 2027 to 2034 and includes alternative minimum tax credit carryovers of $3.1 million that do not expire.

The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of impairment charges recorded for GAAP purposes, but not recognized for tax purposes, depreciation and amortization, rental revenue recognized on the straight line method for GAAP, reserves for doubtful accounts, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.

Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at

December

31,

2016

and

2015.

Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its taxable REIT subsidiaries for accounting and reporting purposes. For the tax year ended

August

1,

2016,

KRS Consolidated produced

$20.6

million of taxable income and utilized

$20.6

million of its

$44.0

million of available net operating loss carryovers. For the year ended

December

31,

2015,

KRS Consolidated produced

$19.7

million of taxable income and utilized

$19.7

million of its

$70.3

million of available net operating loss carryovers.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than

50

percent) that some portion or all of the deferred tax assets will not be realized.  The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. As a result of the Merger, the Company determined that the realization of

$63.5

million of its net deferred tax assets was not deemed more likely than not and as such, the Company recorded a full valuation allowance against these net deferred tax assets that existed at the time of the Merger.

The Company prepared an analysis of the tax basis built-in tax gain or built-in loss inherent in each asset acquired from KRS in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRS are subject to corporate tax on the aggregate net built-in gain (built-in gains in excess of built-in losses) during a recognition period. Accordingly, the Company is subject to corporate-level taxation on the aggregate net built-in gain from the sale of KRS assets within

60

months from the Merger date (the recognition period). The maximum taxable amount with respect to all merged assets disposed within

60

months of the Merger is limited to the aggregate net built-in gain at the Merger date. The Company compared fair value to tax basis for each property or asset to determine its built-in gain (value over basis) or built-in loss (basis over value) which could be subject to corporate level taxes if the Company disposed of the asset previously held by KRS during the

60

months following the Merger date. In the event that sales of KRS assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRS will be utilized to reduce the corporate level tax for GAAP purposes.

Uncertain Tax Positions

The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from

three

to

seven

years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency and Mexican Tax Authority. The resolution of these audits are not expected to have a material effect on the Company’s financial statements. The Company does not believe that the total amount of unrecognized tax benefits as of

December

31,

2016,

will significantly increase or decrease within the next

12

months.

The liability for uncertain tax benefits principally consists of estimated foreign, federal and state income tax liabilities in years for which the statute of limitations is open. Open years range from

2010

through

2016

and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits for the years ended

December

31,

2016

and

2015

were as follows (in thousands):

	201 6			201 5
Balance at January 1,	$	4,263		$	4,649
Increases for tax positions related to current year		41			1,084
Increase for tax position due to ASU 2013-11		4,930			-
Decreases relating to settlements with taxing authorities		(2,000	)		-
Reductions due to lapsed statute of limitations		(2,272	)		(1,470	)
Balance at December 31,	$	4,962		$	4,263

The Company previously had unrecognized tax benefits reported as deferred tax assets primarily related to book to tax timing differences for depreciation expense on its Canadian real estate operating properties. With respect to the Company’s uncertain tax positions in Canada and in accordance with ASU

2013

-

11

"

Income Taxes (Topic

740):

Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists

," (“ASU

2013

-

11”),

the uncertain tax position liabilities in Canada were netted against these deferred tax assets. As of

December

31,

2016,

the Company, due to the sale of certain operating real estate properties in Canada, no longer had these related deferred tax assets to net against the related deferred tax liability and thus, the amount of its liability increased for uncertain tax positions associated with its Canadian operations. As of

December

31,

2016,

the Company’s Canadian uncertain tax positions aggregated

$4.9

million.

The Company and its subsidiaries had been under audit by the U.S. Internal Revenue Service (“IRS”) with respect to taxable years

2004

-

2009.

The IRS proposed, pursuant to Section

482

of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company, and to assert a

100

percent “penalty” tax on the Company pursuant to Section

857(b)(7)

of the Code in the amount of

$40.9

million with respect to its

2009

taxable year. In

2016,

the Company and its subsidiaries favorably settled all matters relating to the audit, agreeing to a net refund of

$0.1

million. In connection with this favorable settlement, the Company released its uncertain tax position liability of

$2.0

million.

In

August

2016,

the Mexican Tax Authority issued tax assessments for various wholly-owned entities of the Company that had previously held interests in operating properties in Mexico. These assessments relate to certain interest expense and withholding tax items subject to the United States-Mexico Income Tax Convention (the “Treaty”). The assessments are for the

2010

tax year and include amounts for taxes aggregating

$33.7

million, interest aggregating

$16.5

million and penalties aggregating

$11.4

million. The Company believes that it has operated in accordance with the Treaty provisions and has therefore concluded that no amounts are payable with respect to this matter. The Company has submitted appeals for these assessments and the U.S. Competent Authority (Department of Treasury) is representing the Company regarding this matter with the Mexican Competent Authority. The Company intends to vigorously defend its position and believes it will prevail, however this outcome cannot be assured.

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Note 23 - Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block]

23.

Accumulated Other Comprehensive Income:

The following table displays the change in the components of AOCI for the years ended

December

31,

2016

and

2015:

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for- Sale Investments		Unrealized Gain/(Loss) on Interest Rate Swaps			Total
Balance as of January 1, 2016	$	6,616		$	398	$	(1,426	)	$	5,588
Other comprehensive income before reclassifications		(281	)		8		451			178
Amounts reclassified from AOCI		-			-		-			-
Net current-period other comprehensive income		(281	)		8		451			178
Balance as of December 31, 2016	$	6,335		$	406	$	(975	)	$	5,766

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for- Sale Investments			Unrealized Gain/(Loss) on Interest Rate Swaps			Total
Balance as of January 1, 2015	$	329		$	46,197		$	(1,404	)	$	45,122
Other comprehensive income before reclassifications		(12,493	)		(5,946	)		(22	)		(18,461	)
Amounts reclassified from AOCI		18,780	(1)		(39,853	)(2)		-			(21,073	)
Net current-period other comprehensive income		6,287			(45,799	)		(22	)		(39,534	)
Balance as of December 31, 2015	$	6,616		$	398		$	(1,426	)	$	5,588

(1) During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company’s investment in Chile. Amounts were reclassified on the Company’s Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net.

(2) Amounts reclassified to Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

At

December

31,

2016,

the Company had a net

$6.3

million of unrealized cumulative foreign currency translation adjustment (“CTA”) gains relating to its foreign entity investments in Canada. CTA results from currency fluctuations between local currency and the U.S. dollar during the period in which the Company held its investment. CTA amounts are subject to future changes resulting from ongoing fluctuations in the respective foreign currency exchange rates. Under U.S. GAAP, the Company is required to release CTA balances into earnings when the Company has substantially liquidated its investment in a foreign entity. During

2015,

the Company began selling properties within its Canadian portfolio and as such, the Company

may,

in the near term, substantially liquidate its remaining investment in Canada, which will require the then unrealized gain on foreign currency translation to be recognized as a benefit to earnings.           

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Note 24 - Supplemental Financial Information

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Quarterly Financial Information [Text Block]

24.

  

Supplemental Financial Information:

The following represents the quarterly results of income, expressed in thousands except per share amounts, for each quarter during the years

2016

and

2015:

	201 6 (Unaudited)
	Mar. 31		Jun . 30		Sept. 30			Dec. 31
Revenues from rental properties	$	293,091	$	287,115	$	279,286		$	292,909
Net income/(loss) attributable to the Company	$	140,713	$	203,409	$	(43,545	)	$	78,273
Net income/(loss) per common share:
Basic	$	0.31	$	0.46	$	(0.13	)	$	0.16
Diluted	$	0.31	$	0.46	$	(0.13	)	$	0.16

	201 5 (Unaudited)
	Mar. 31		Jun . 30		Sept. 30		Dec. 31
Revenues from rental properties	$	275,506	$	289,080	$	283,387	$	296,501
Net income attributable to the Company	$	310,342	$	127,000	$	77,572	$	379,201
Net income per common share:
Basic	$	0.72	$	0.27	$	0.15	$	0.87
Diluted	$	0.71	$	0.27	$	0.15	$	0.87

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Note 25 - Captive Insurance Company

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Captive Insurance Disclosure [Text Block]

25.

  

Captive Insurance Company

:

In

October

2007,

the Company formed a wholly-owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s

third

-party liability insurance policy. The Company created KIC 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.

KIC assumes occurrence basis general liability coverage for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.

From

October

1,

2007

through

October

1,

2017,

KIC assumes

100%

of the

first

$250,000

per occurrence risk layer. This coverage is subject to annual aggregates ranging between

$7.8

million and

$11.5

million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between

9.5%

and

12.2%

of incurred losses for the policy periods ending

September

30,

2008

through

September

30,

2017.

These amounts do not erode the Company’s per occurrence or aggregate limits.

As of

December

31,

2016

and

2015,

the Company maintained a letter of credit in the amount of

$23.0

million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreement with the reinsurance provider. The letter of credit maintained as of

December

31,

2016,

has an expiration date of

February

15,

2018,

with automatic renewals for

one

year.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended

December

31,

2016

and

2015,

is summarized as follows (in thousands):

	201 6			201 5
Balance at the beginning of the year	$	20,046		$	18,078
Incurred related to:
Current year		6,247			7,469
Prior years		(67	)		652
Total incurred		6,180			8,121
Paid related to:
Current year		(962	)		(1,214	)
Prior years		(5,749	)		(4,939	)
Total paid		(6,711	)		(6,153	)
Balance at the end of the year	$	19,515		$	20,046

For the years ended

December

31,

2016

and

2015,

the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of

$0.1

million and an increase of

$0.7

million, respectively, which was primarily due to continued regular favorable loss development on the general liability coverage assumed.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For Years Ended

December

31,

2016,

2015

and

2014

(in thousands)

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2016
Allowance for uncollectable accounts	$	13,918	$	5,249	$	-		$	(6,894	)	$	12,273
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126
Year Ended December 31, 2015
Allowance for uncollectable accounts	$	10,368	$	7,333	$	-		$	(3,783	)	$	13,918
Allowance for deferred tax asset	$	34,302	$	-	$	(6,397	)	$	-		$	27,905
Year Ended December 31, 2014
Allowance for uncollectable accounts	$	10,771	$	3,886	$	-		$	(4,289	)	$	10,368
Allowance for deferred tax asset	$	63,712	$	-	$	(29,410	)	$	-		$	34,302

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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

KIMCO

REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December

31,

2016

	INITIAL COST							TOTAL COST,
		BUILDING	SUBSEQUENT		BUILDING		ACCUMULATED	NET OF ACCUMULATED		DATE OF	DATE OF
	LAND	& IMPROVEMENT	TO ACQUISITION	LAND	& IMPROVEMENT	TOTAL	DEPRECIATION	DEPRECIATION	ENCUMBRANCES	ACQUISITION(A)	CONSTRUCTION(C)
KEY BANK BUILDING	1,500,000	40,486,755	(12,256,024)	672,719	29,058,012	29,730,731	18,250,563	11,480,168	-	2006
THE GROVE	18,951,763	6,403,809	2,321,874	6,793,454	20,883,992	27,677,446	6,572,921	21,104,525	-		2007
EL MIRAGE	6,786,441	503,987	130,064	6,786,441	634,051	7,420,492	73,155	7,347,337	-		2008
TALAVI TOWN CENTER	8,046,677	17,291,542	394,536	8,046,677	17,686,078	25,732,755	10,390,068	15,342,687	-	2007
MESA PAVILIONS NORTH	6,060,018	35,955,005	24,517	6,060,018	35,979,522	42,039,540	7,909,208	34,130,332	-	2009
MESA RIVERVIEW	15,000,000	-	139,963,982	307,992	154,655,990	154,963,982	48,059,971	106,904,011	-		2005
MESA PAVILLIONS - SOUTH	-	148,508	99,649	-	248,157	248,157	96,454	151,703	-	2011
METRO SQUARE	4,101,017	16,410,632	1,249,341	4,101,017	17,659,973	21,760,990	8,377,898	13,383,092	-	1998
HAYDEN PLAZA NORTH	2,015,726	4,126,509	5,114,019	2,015,726	9,240,528	11,256,254	4,030,084	7,226,170	-	1998
PLAZA DEL SOL	5,324,502	21,269,943	2,164,169	4,577,870	24,180,744	28,758,614	8,268,728	20,489,886	-	1998
PLAZA @ MOUNTAINSIDE	2,450,341	9,802,046	1,809,711	2,450,341	11,611,757	14,062,098	5,707,659	8,354,439	-	1997
VILLAGE CROSSROADS	5,662,554	24,981,223	607,424	5,662,554	25,588,647	31,251,201	4,248,058	27,003,143	-	2011
NORTH VALLEY	6,861,564	18,200,901	6,140,408	3,861,272	27,341,601	31,202,873	4,277,047	26,925,826	-	2011
CHRISTOWN SPECTRUM	33,831,349	91,004,070	12,655,279	76,638,512	60,852,186	137,490,698	5,027,963	132,462,735	63,919,515	2015
ASANTE RETAIL CENTER	8,702,635	3,405,683	2,866,807	11,039,471	3,935,654	14,975,125	422,495	14,552,630	-		2004
SURPRISE SPECTRUM	4,138,760	94,572	1,035	4,138,760	95,607	4,234,367	11,331	4,223,036	-		2008
BELL CAMINO CENTER	2,427,465	6,439,065	209,620	2,427,465	6,648,685	9,076,150	1,662,105	7,414,045	-	2012
COLLEGE PARK SHOPPING CENTER	3,276,952	7,741,323	937,255	3,276,952	8,678,578	11,955,530	2,032,716	9,922,814	-	2011
COSTCO PLAZA - 541	4,995,639	19,982,557	454,041	4,995,639	20,436,598	25,432,237	9,919,333	15,512,904	-	1998
BROOKHURST CENTER	10,492,714	31,357,513	-	10,492,715	31,357,512	41,850,227	170,330	41,679,897	-	2016
LAKEWOOD PLAZA	1,294,176	3,669,266	(90,654)	-	4,872,788	4,872,788	1,253,991	3,618,797	-	2014
MADISON PLAZA	5,874,396	23,476,190	2,639,269	5,874,395	26,115,460	31,989,855	11,883,068	20,106,787	-	1998
BROADWAY PLAZA - 544	6,460,743	25,863,153	12,015,147	6,460,743	37,878,300	44,339,043	15,834,816	28,504,227	-	1998
CORONA HILLS PLAZA	13,360,965	53,373,453	7,747,951	13,360,965	61,121,404	74,482,369	30,140,783	44,341,586	-	1998
280 METRO CENTER	38,734,566	94,903,404	978,329	38,734,567	95,881,732	134,616,299	8,594,553	126,021,746	-	2015
LABAND VILLAGE SHOPPING CENTER	5,600,000	13,289,347	161,263	5,607,237	13,443,373	19,050,610	7,224,966	11,825,644	8,089,040	2008
CUPERTINO VILLAGE	19,886,099	46,534,919	21,651,908	19,886,099	68,186,827	88,072,926	18,539,471	69,533,455	-	2006
NORTH COUNTY PLAZA	10,205,305	28,934,219	(1,428,787)	20,894,811	16,815,926	37,710,737	2,511,204	35,199,533	-	2014
CHICO CROSSROADS	9,975,810	30,534,524	1,278,945	9,985,651	31,803,628	41,789,279	8,872,060	32,917,219	-	2008
CHICO EAST & ESPLANADE(RALEYS)	2,508,716	12,886,184	(1,312,384)	2,284,856	11,797,660	14,082,516	687,471	13,395,045	3,994,238	2015
CORONA HILLS MARKETPLACE	9,727,446	24,778,390	667,593	9,727,446	25,445,983	35,173,429	8,199,536	26,973,893	-	2007
RIVER PARK CROSSING	4,324,000	18,018,653	1,136,480	4,324,000	19,155,133	23,479,133	3,859,696	19,619,437	-	2009
CREEKSIDE CENTER	3,870,823	11,562,580	-	3,870,823	11,562,580	15,433,403	62,601	15,370,802	-	2016
GOLD COUNTRY CENTER	3,272,212	7,864,878	29,687	3,278,290	7,888,487	11,166,777	3,425,408	7,741,369	-	2008
LA MIRADA THEATRE CENTER	8,816,741	35,259,965	(3,469,732)	6,888,680	33,718,294	40,606,974	14,838,975	25,767,999	-	1998
KENNETH HAHN PLAZA	4,114,863	7,660,855	880,557	4,114,863	8,541,412	12,656,275	3,046,335	9,609,940	-	2010
LA VERNE TOWN CENTER	8,414,328	23,856,418	10,840,420	16,362,169	26,748,997	43,111,166	2,401,901	40,709,265	-	2014
LINCOLN HILLS TOWN CENTER	8,228,587	26,127,322	28,378	8,228,586	26,155,701	34,384,287	2,281,415	32,102,872	24,416,451	2015
NOVATO FAIR S.C.	9,259,778	15,599,790	723,259	9,259,778	16,323,049	25,582,827	5,779,281	19,803,546	-	2009
SOUTH NAPA MARKET PLACE	1,100,000	22,159,086	20,615,121	23,119,071	20,755,136	43,874,207	9,867,595	34,006,612	-	2006
PLAZA DI NORTHRIDGE	12,900,000	40,574,842	892,428	12,900,000	41,467,270	54,367,270	14,601,761	39,765,509	-	2005
LINDA MAR SHPPING CENTER	16,548,592	37,521,194	1,418,767	16,548,592	38,939,961	55,488,553	5,972,288	49,516,265	-	2014
POWAY CITY CENTRE	5,854,585	13,792,470	8,378,985	7,247,813	20,778,227	28,026,040	8,030,783	19,995,257	-	2005
REDWOOD CITY PLAZA	2,552,000	6,215,168	5,900,877	2,552,000	12,116,045	14,668,045	1,083,976	13,584,069	-	2009
STANFORD RANCH	10,583,764	30,007,231	(1,670,000)	9,982,626	28,938,369	38,920,995	2,938,618	35,982,377	14,751,853	2014
TYLER STREET PLAZA	3,020,883	7,811,339	(12,456)	3,200,516	7,619,250	10,819,766	2,612,860	8,206,906	-	2008
CROCKER RANCH	7,526,146	24,877,611	16,984	7,526,146	24,894,595	32,420,741	1,545,850	30,874,891	11,237,112	2015
HOME DEPOT PLAZA	4,592,364	18,345,258	-	4,592,365	18,345,257	22,937,622	8,870,544	14,067,078	-	1998
SANTEE TROLLEY SQUARE	40,208,683	62,963,757	535,614	40,208,683	63,499,371	103,708,054	13,018,268	90,689,786	-	2015
SAN/DIEGO CARMEL MOUNTAIN	5,322,600	8,873,991	88,334	5,322,600	8,962,325	14,284,925	2,125,865	12,159,060	-	2009
FULTON MARKET PLACE	2,966,018	6,920,710	1,237,558	2,966,018	8,158,268	11,124,286	2,988,086	8,136,200	-	2005
MARIGOLD SHOPPING CENTER	15,300,000	25,563,978	4,183,111	15,300,000	29,747,089	45,047,089	14,620,807	30,426,282	-	2005
CANYON SQUARE PLAZA	2,648,112	13,876,095	978,581	2,648,112	14,854,676	17,502,788	2,484,006	15,018,782	-	2013
BLACK MOUNTAIN VILLAGE	4,678,015	11,913,344	684,763	4,678,014	12,598,108	17,276,122	4,228,513	13,047,609	-	2007
RANCHO PENASQUITOS TOWNE CTR I	14,851,595	20,342,165	304,024	14,851,595	20,646,189	35,497,784	1,745,657	33,752,127	14,384,811	2015
RANCHO PENASQUITOS TWN CTR. II	12,944,972	20,323,961	177,977	12,944,972	20,501,938	33,446,910	1,794,662	31,652,248	11,038,466	2015
CITY HEIGHTS	10,687,472	28,324,896	(752,643)	13,908,563	24,351,162	38,259,725	2,778,412	35,481,313	-	2012
TRUCKEE CROSSROADS	2,140,000	8,255,753	1,146,729	2,140,000	9,402,482	11,542,482	5,382,067	6,160,415	2,340,536	2006
GATEWAY AT DONNER PASS	4,515,688	8,318,667	226,813	4,515,688	8,545,480	13,061,168	997,166	12,064,002	2,719,649	2015
WESTLAKE SHOPPING CENTER	16,174,307	64,818,562	99,467,618	16,174,307	164,286,180	180,460,487	48,298,485	132,162,002	-	2002
LAKEWOOD VILLAGE	8,597,100	24,374,615	(1,241,442)	11,683,364	20,046,909	31,730,273	2,648,966	29,081,307	-	2014
SAVI RANCH	7,295,646	29,752,511	126,568	7,295,646	29,879,079	37,174,725	4,753,605	32,421,120	-	2012
VILLAGE ON THE PARK	2,194,463	8,885,987	9,224,144	3,018,391	17,286,203	20,304,594	5,791,482	14,513,112	-	1998
QUINCY PLACE S.C.	1,148,317	4,608,249	1,611,804	1,148,318	6,220,052	7,368,370	2,869,681	4,498,689	-	1998
EAST BANK S.C.	1,500,568	6,180,103	1,873,781	1,500,568	8,053,884	9,554,452	3,620,475	5,933,977	-	1998
NORTHRIDGE SHOPPING CENTER	4,932,690	16,496,176	1,722,954	8,934,385	14,217,435	23,151,820	1,758,919	21,392,901	-	2013
SPRING CREEK S.C.	1,423,260	5,718,813	(1,654,650)	603,270	4,884,153	5,487,423	3,549,720	1,937,703	-	1998
DENVER WEST 38TH STREET	161,167	646,983	69	161,167	647,052	808,219	313,795	494,424	-	1998
ENGLEWOOD PLAZA	805,837	3,232,650	442,081	805,836	3,674,732	4,480,568	1,798,011	2,682,557	-	1998
FORT COLLINS S.C.	1,253,497	7,625,278	1,599,607	1,253,496	9,224,886	10,478,382	3,647,392	6,830,990	-	2000
GREELEY COMMONS	3,313,095	20,069,559	104,137	3,313,095	20,173,696	23,486,791	3,605,618	19,881,173	-	2012
HIGHLANDS RANCH VILLAGE S.C.	8,135,427	21,579,936	(659,420)	5,337,081	23,718,862	29,055,943	3,641,248	25,414,695	-	2011
VILLAGE CENTER WEST	2,010,519	8,361,085	60,687	2,010,520	8,421,771	10,432,291	1,248,737	9,183,554	5,503,328	2011
HIGHLANDS RANCH II	3,514,837	11,755,916	204,961	3,514,837	11,960,877	15,475,714	2,272,093	13,203,621	-	2013
HIGHLANDS RANCH PARCEL	1,140,000	2,660,000	64,239	1,140,000	2,724,239	3,864,239	120,726	3,743,513	-	2014
HERITAGE WEST S.C.	1,526,576	6,124,074	1,126,064	1,526,576	7,250,138	8,776,714	3,320,154	5,456,560	-	1998
MARKET AT SOUTHPARK	9,782,769	20,779,522	264,140	9,782,769	21,043,662	30,826,431	3,881,881	26,944,550	-	2011
NEWTOWN S.C.	-	15,635,442	-	-	15,635,442	15,635,442	1,421,090	14,214,352	8,502,201	2014
WEST FARM SHOPPING CENTER	5,805,969	23,348,024	14,403,752	7,585,116	35,972,629	43,557,745	13,063,627	30,494,118	-	1998
HAMDEN MART	13,668,167	40,890,166	-	13,668,167	40,890,166	54,558,333	221,050	54,337,283	22,404,073	2016
HOME DEPOT PLAZA	7,704,968	30,797,640	2,712,557	7,704,968	33,510,197	41,215,165	13,564,341	27,650,824	-	1998
WILTON RIVER PARK SHOPPING CTR	7,154,585	27,509,279	(224,537)	7,154,585	27,284,742	34,439,327	3,581,639	30,857,688	-	2012
BRIGHT HORIZONS	1,211,748	4,610,610	9,499	1,211,748	4,620,109	5,831,857	684,714	5,147,143	-	2012
WILTON CAMPUS	10,168,872	31,893,016	254,233	10,168,872	32,147,249	42,316,121	6,500,963	35,815,158	-	2013
CAMDEN SQUARE	122,741	66,738	4,309,722	3,024,375	1,474,826	4,499,201	155,208	4,343,993	-	2003
PROMENADE AT CHRISTIANA	14,371,686	-	11,148,877	25,520,563	-	25,520,563	-	25,520,563	-		2014
BRANDYWINE COMMONS	-	36,057,487	(505,731)	-	35,551,756	35,551,756	3,276,507	32,275,249	-	2014
CAMINO SQUARE	573,875	2,295,501	2,665,024	733,875	4,800,525	5,534,400	3,636,784	1,897,616	-	1992
BONITA GRANDE CROSSINGS	3,370,941	8,179,481	52,500	3,370,941	8,231,981	11,602,922	668,033	10,934,889	-	2015
HOLLYWOOD VIDEO BONITA GRANDE	341,958	771,935	-	341,958	771,935	1,113,893	68,673	1,045,220	-	2015
CORAL SQUARE PROMENADE	710,000	2,842,907	3,993,496	710,000	6,836,403	7,546,403	3,565,857	3,980,546	-	1994
MAPLEWOOD PLAZA	1,649,000	6,626,301	1,161,119	1,649,000	7,787,420	9,436,420	3,541,619	5,894,801	-	1997
CURLEW CROSSING SHOPPING CTR	5,315,955	12,529,467	2,107,472	5,315,954	14,636,940	19,952,894	5,461,751	14,491,143	-	2005
SHOPS AT SANTA BARBARA PHASE 1	743,463	5,373,994	-	743,463	5,373,994	6,117,457	462,609	5,654,848	-	2015
SHOPS AT SANTA BARBARA PHASE 2	331,692	2,488,832	-	331,692	2,488,832	2,820,524	200,524	2,620,000	-	2015
SHOPS AT SANTA BARBARA PHASE 3	329,726	2,358,700	(12,082)	329,726	2,346,618	2,676,344	217,112	2,459,232	-	2015
CORAL POINTE S.C.	2,411,608	20,507,735	(25,164)	2,411,608	20,482,571	22,894,179	1,580,664	21,313,515	-	2015
PUBLIX AT ADDISON	3,211,156	6,747,895	-	3,211,156	6,747,895	9,959,051	350,697	9,608,354	-	2015
ADDISON CENTER PROF.BUILDING	802,789	1,310,012	(45,779)	802,789	1,264,233	2,067,022	75,322	1,991,700	-	2015
DANIA POINTE	105,113,024	-	2,000,000	107,113,024	-	107,113,024	-	107,113,024	-	2016
FT.LAUDERDALE/CYPRESS CREEK	14,258,760	28,042,390	2,415,038	14,258,760	30,457,428	44,716,188	9,171,140	35,545,048	-	2009
HOMESTEAD-WACHTEL LAND LEASE	150,000	-	-	150,000	-	150,000	-	150,000	-	2013
OAKWOOD PLAZA NORTH	35,300,961	141,731,019	-	35,300,961	141,731,019	177,031,980	4,333,815	172,698,165	100,000,000	2016
OAKWOOD PLAZA SOUTH	11,126,610	40,592,103	-	11,126,610	40,592,103	51,718,713	1,487,871	50,230,842	-	2016
OAKWOOD BUSINESS CTR-BLDG 1	6,792,500	18,662,565	3,027,668	6,792,500	21,690,233	28,482,733	5,592,134	22,890,599	-	2009
AMELIA CONCOURSE	7,600,000	-	2,508,435	676,791	9,431,644	10,108,435	2,819,327	7,289,108	-		2003
KIMCO AVENUES WALK, LLC	26,984,546	-	47,260,955	29,784,056	44,461,445	74,245,501	63,344	74,182,157	-		2005
DUVAL STATION S.C.	1,807,792	11,863,692	114,840	1,807,792	11,978,532	13,786,324	828,285	12,958,039	-	2015
RIVERPLACE SHOPPING CTR.	7,503,282	31,011,027	1,375,379	7,200,050	32,689,638	39,889,688	8,655,946	31,233,742	-	2010
MERCHANTS WALK	2,580,816	10,366,090	6,496,524	2,580,816	16,862,614	19,443,430	7,283,589	12,159,841	-	2001
WAL-MART PLAZA	293,686	792,119	1,726,636	293,686	2,518,755	2,812,441	2,210,865	601,576	-		1968
LEESBURG SHOPS	-	171,636	193,651	-	365,287	365,287	365,287	-	-		1969
TRI-CITY PLAZA	2,832,296	11,329,185	19,606,325	2,832,296	30,935,510	33,767,806	2,730,210	31,037,596	-	1992
FT LAUDERDALE #1, FL	1,002,733	2,602,415	12,831,516	1,774,443	14,662,221	16,436,664	9,613,856	6,822,808	-		1974
LAKE WALES S.C.	601,052	-	-	601,052	-	601,052	-	601,052	-	2009
NASA PLAZA	-	1,754,000	2,653,265	-	4,407,265	4,407,265	3,243,997	1,163,268	-		1968
GROVE GATE S.C.	365,893	1,049,172	1,207,100	365,893	2,256,272	2,622,165	1,959,640	662,525	-		1968
CHEVRON OUTPARCEL	530,570	1,253,410	-	530,570	1,253,410	1,783,980	334,762	1,449,218	-	2010
IVES DAIRY CROSSING	732,914	4,080,460	11,065,138	732,914	15,145,598	15,878,512	9,101,199	6,777,313	-	1985
MILLER ROAD S.C.	1,138,082	4,552,327	4,535,416	1,138,082	9,087,743	10,225,825	5,760,824	4,465,001	-	1986
TRI-CITIES SHOPPING PLAZA	1,011,000	4,062,890	3,190,909	1,011,000	7,253,799	8,264,799	596,772	7,668,027	-	1997
KENDALE LAKES PLAZA	18,491,461	28,496,001	(2,055,786)	15,362,227	29,569,449	44,931,676	6,605,625	38,326,051	-	2009
PLANTATION CROSSING	7,524,800	-	(5,003,280)	2,008,617	512,903	2,521,520	91,054	2,430,466	-		2005
CENTRE OF MERRITT	1,806,275	9,592,435	-	1,806,275	9,592,435	11,398,710	623,343	10,775,367	-	2015
MILLER WEST PLAZA	6,725,660	10,661,420	-	6,725,660	10,661,420	17,387,080	774,598	16,612,482	-	2015
CORSICA SQUARE S.C.	7,225,100	10,757,386	112,000	7,225,100	10,869,386	18,094,486	918,110	17,176,376	10,840,743	2015
MILTON, FL	1,275,593	-	-	1,275,593	-	1,275,593	-	1,275,593	-	2007
FLAGLER PARK	26,162,980	80,737,041	3,482,952	26,725,480	83,657,493	110,382,973	20,442,791	89,940,182	-	2007
PARK HILL PLAZA	10,763,612	19,264,248	187,262	10,763,612	19,451,510	30,215,122	3,784,223	26,430,899	-	2011
WINN DIXIE-MIAMI	2,989,640	9,410,360	(51,872)	3,544,297	8,803,831	12,348,128	677,157	11,670,971	-	2013
MARATHON SHOPPING CENTER	2,412,929	8,069,450	1,013,493	1,514,731	9,981,141	11,495,872	1,112,710	10,383,162	-	2013
SODO S.C.	-	68,139,271	8,283,273	142,195	76,280,349	76,422,544	16,306,907	60,115,637	-	2008
RENAISSANCE CENTER	9,104,379	36,540,873	14,913,118	9,122,758	51,435,612	60,558,370	17,171,361	43,387,009	-	1998
MILLENIA PLAZA PHASE II	7,711,000	20,702,992	1,650,193	7,698,200	22,365,985	30,064,185	7,880,425	22,183,760	-	2009
RIVERSIDE LANDINGS S.C.	3,512,202	14,439,668	96,924	3,512,202	14,536,592	18,048,794	1,012,519	17,036,275	-	2015
GRAND OAKS VILLAGE	7,409,319	19,653,869	(627,365)	5,846,339	20,589,484	26,435,823	3,451,536	22,984,287	-	2011
LOWES S.C.	1,620,203	-	40,689	954,876	706,016	1,660,892	125,514	1,535,378	-	2007
POMPANO POINTE S.C.	10,516,500	10,469,592	530,900	10,516,500	11,000,492	21,516,992	456,268	21,060,724	-	2012
UNIVERSITY TOWN CENTER	5,515,265	13,041,400	426,693	5,515,265	13,468,093	18,983,358	2,378,907	16,604,451	-	2011
PALM BEACH GARDENS	2,764,953	11,059,812	668,875	2,764,953	11,728,687	14,493,640	1,551,717	12,941,923	-	2009
OAK TREE PLAZA	-	917,360	1,562,941	-	2,480,301	2,480,301	1,264,152	1,216,149	-		1968
TUTTLEBEE PLAZA	254,961	828,465	2,142,270	254,961	2,970,735	3,225,696	2,193,861	1,031,835	-	2008
SOUTH MIAMI S.C.	1,280,440	5,133,825	3,121,059	1,280,440	8,254,884	9,535,324	4,254,038	5,281,286	-	1995
CARROLLWOOD COMMONS	5,220,445	16,884,228	2,339,166	5,220,445	19,223,394	24,443,839	8,996,615	15,447,224	-	1997
VILLAGE COMMONS SHOPPING CENT.	2,192,331	8,774,158	2,760,666	2,192,331	11,534,824	13,727,155	5,417,404	8,309,751	-	1998
MISSION BELL SHOPPING CENTER	5,056,426	11,843,119	8,634,466	5,067,033	20,466,978	25,534,011	6,509,898	19,024,113	-	2004
VILLAGE COMMONS S.C.	2,026,423	5,106,476	1,923,704	2,026,423	7,030,180	9,056,603	1,236,632	7,819,971	-	2013
BELMART PLAZA	1,656,097	3,394,420	5,585,602	1,656,097	8,980,022	10,636,119	403,154	10,232,965	-	2014
AUGUSTA SQUARE	1,482,564	5,928,122	2,007,334	1,482,564	7,935,456	9,418,020	4,260,861	5,157,159	-	1995
MARKET AT HAYNES BRIDGE	4,880,659	21,549,424	1,238,043	4,889,863	22,778,263	27,668,126	6,751,969	20,916,157	-	2008
EMBRY VILLAGE	18,147,054	33,009,514	908,584	18,160,525	33,904,627	52,065,152	17,260,605	34,804,547	-	2008
PERIMETER EXPO PROPERTY	14,770,275	44,295,457	-	14,770,275	44,295,457	59,065,732	477,748	58,587,984	40,983,821	2016
RIVERWALK MARKETPLACE	3,512,202	18,862,571	-	3,512,202	18,862,571	22,374,773	995,324	21,379,449	-	2015
VILLAGE SHOPPES-FLOWERY BRANCH	4,444,148	10,510,657	303,983	4,444,148	10,814,640	15,258,788	2,395,174	12,863,614	-	2011
LAWRENCEVILLE MARKET	8,878,266	29,691,191	(44,182)	9,060,436	29,464,839	38,525,275	4,125,715	34,399,560	-	2013
FIVE FORKS CROSSING	2,363,848	7,906,257	372,465	2,363,848	8,278,722	10,642,570	1,646,665	8,995,905	-	2013
BRAELINN VILLAGE	7,314,719	20,738,792	1,149,049	6,342,926	22,859,634	29,202,560	2,185,264	27,017,296	-	2014
SAVANNAH CENTER	2,052,270	8,232,978	3,599,399	2,052,270	11,832,377	13,884,647	6,520,291	7,364,356	-	1993
CHATHAM PLAZA	13,390,238	35,115,882	2,092,634	13,403,262	37,195,492	50,598,754	12,496,124	38,102,630	-	2008
CLIVE PLAZA	500,525	2,002,101	-	500,525	2,002,101	2,502,626	1,073,777	1,428,849	-	1996
DUBUQUE CENTER	-	2,152,476	239,217	-	2,391,693	2,391,693	1,516,782	874,911	-	1997
TREASURE VALLEY	6,501,240	-	(4,284,637)	1,110,530	1,106,073	2,216,603	127,733	2,088,870	-		2005
BLOOMINGTON COMMONS	805,521	2,222,353	4,494,864	805,521	6,717,217	7,522,738	4,816,390	2,706,348	-		1972
87TH STREET CENTER	-	2,687,046	8,092,727	6,992,648	3,787,125	10,779,773	2,284,313	8,495,460	-	1997
ELSTON CHICAGO	1,010,374	5,692,212	498,828	1,010,374	6,191,040	7,201,414	2,763,188	4,438,226	-	1997
DOWNERS PARK PLAZA	2,510,455	10,164,494	1,967,032	2,510,455	12,131,526	14,641,981	5,418,098	9,223,883	-	1999
DOWNERS PARK PLAZA	811,778	4,322,956	3,348,460	811,778	7,671,416	8,483,194	3,600,499	4,882,695	-	1997
TOWN & COUNTRY S.C.	842,555	2,108,674	2,767,311	500,927	5,217,613	5,718,540	3,320,591	2,397,949	-		1972
FAIRVIEW CITY CENTRE	-	11,866,880	12,943,654	1,900,000	22,910,534	24,810,534	1,853,323	22,957,211	-	1998
SHOPS AT KILDEER	5,259,542	28,141,501	2,486,761	5,259,542	30,628,262	35,887,804	4,422,498	31,465,306	-	2013
MOUNT PROSPECT CENTER	1,017,345	6,572,176	4,047,329	1,017,345	10,619,505	11,636,850	5,762,647	5,874,203	-	1997
MUNDELEIN SHOPPING CENTER	1,127,720	5,826,129	136,968	1,129,634	5,961,183	7,090,817	2,800,456	4,290,361	-	1998
MARKETPLACE OF OAKLAWN	-	678,668	108,483	-	787,151	787,151	714,718	72,433	-	1998
OAK LAWN CENTER	1,530,111	8,776,631	666,590	1,530,111	9,443,221	10,973,332	4,656,435	6,316,897	-	1997
22ND STREET PLAZA	1,527,188	8,679,108	4,081,004	1,527,188	12,760,112	14,287,300	5,611,968	8,675,332	-	1997
ROCKFORD CROSSINGS	4,575,990	11,654,022	(2,628,093)	3,816,080	9,785,839	13,601,919	3,208,253	10,393,666	-	2008
SKOKIE POINTE	-	2,276,360	9,487,443	2,628,440	9,135,363	11,763,803	3,686,787	8,077,016	-	1997
HAWTHORN HILLS SQUARE	6,783,928	33,033,624	4,028,883	6,783,928	37,062,507	43,846,435	6,266,665	37,579,770	19,375,231	2012
WOODGROVE FESTIVAL	5,049,149	20,822,993	5,130,768	4,805,866	26,197,044	31,002,910	12,562,704	18,440,206	-	1998
GROVE PARCEL	907,291	2,240,810	-	907,291	2,240,810	3,148,101	216,402	2,931,699	-	2016
WOODRIDGE PAD	702,757	1,746,223	-	702,757	1,746,223	2,448,980	81,704	2,367,276	-	2016
GREENWOOD S.C.	423,371	1,883,421	10,388,475	1,801,822	10,893,445	12,695,267	4,145,861	8,549,406	-		1970
SOUTH PARK S.C.	1,675,031	6,848,209	6,362,777	1,551,079	13,334,938	14,886,017	7,913,763	6,972,254	-	1993
CENTRE AT WESTBANK	9,554,230	24,401,082	1,070,226	9,329,880	25,695,658	35,025,538	8,296,073	26,729,465	18,533,743	2008
AMBASSADOR PLAZA	1,803,672	4,260,966	251,561	1,796,972	4,519,227	6,316,199	1,186,224	5,129,975	4,374,638	2010
EAST SIDE PLAZA	3,295,799	7,785,942	180,773	3,295,635	7,966,879	11,262,514	2,197,127	9,065,387	-	2010
ABINGTON PLAZA	10,457,183	494,652	-	10,457,183	494,652	10,951,835	89,429	10,862,406	4,387,721	2014
WASHINGTON ST.PLAZA	11,007,593	5,652,368	8,851,085	12,957,593	12,553,453	25,511,046	878,925	24,632,121	5,914,448	2014
MEMORIAL PLAZA	16,411,388	27,553,908	323,380	16,411,388	27,877,288	44,288,676	2,467,356	41,821,320	16,309,360	2014
MAIN ST. PLAZA	555,898	2,139,494	-	555,898	2,139,494	2,695,392	215,377	2,480,015	1,375,084	2014
MORRISSEY PLAZA	4,097,251	3,751,068	-	4,097,251	3,751,068	7,848,319	505,455	7,342,864	3,150,546	2014
GLENDALE SQUARE	4,698,891	7,141,090	133,070	4,698,891	7,274,160	11,973,051	920,547	11,052,504	5,647,196	2014
FALMOUTH PLAZA	2,361,071	13,065,817	334,684	2,361,071	13,400,501	15,761,572	1,276,155	14,485,417	7,946,761	2014
WAVERLY PLAZA	1,215,005	3,622,911	5,426	1,203,205	3,640,137	4,843,342	443,908	4,399,434	2,317,720	2014
BARRINGTON PLAZA S.C.	642,170	2,547,830	7,667,513	751,124	10,106,389	10,857,513	4,923,540	5,933,973	-	1994
FESTIVAL OF HYANNIS S.C.	15,038,197	40,682,853	948,247	15,038,197	41,631,100	56,669,297	5,524,945	51,144,352	-	2014
FELLSWAY PLAZA	5,300,388	11,013,543	92,558	5,300,388	11,106,101	16,406,489	1,145,971	15,260,518	6,742,131	2014
DEL ALBA PLAZA	3,163,033	8,967,874	19,995	3,163,033	8,987,869	12,150,902	665,099	11,485,803	7,942,609	2014
NORTH QUINCY PLAZA	6,332,542	17,954,110	(782,383)	3,894,436	19,609,833	23,504,269	1,591,805	21,912,464	-	2014
ADAMS PLAZA	2,089,363	3,226,648	248,359	2,089,363	3,475,007	5,564,370	307,934	5,256,436	1,870,765	2014
BROADWAY PLAZA	6,485,065	343,422	-	6,485,065	343,422	6,828,487	67,420	6,761,067	2,870,966	2014
SHREWSBURY S.C.	1,284,168	5,284,853	5,466,855	1,284,168	10,751,708	12,035,876	4,277,257	7,758,619	-	2000
VINNIN SQUARE PLAZA	5,545,425	16,324,060	(214,252)	5,545,425	16,109,808	21,655,233	2,032,293	19,622,940	9,173,706	2014
PARADISE PLAZA	4,183,038	12,194,885	536,224	4,183,038	12,731,109	16,914,147	1,470,800	15,443,347	8,865,650	2014
BELMONT PLAZA	11,104,983	848,844	-	11,104,983	848,844	11,953,827	112,244	11,841,583	5,237,954	2014
VINNIN SQUARE IN-LINE	582,228	2,094,560	(109,616)	582,228	1,984,944	2,567,172	196,341	2,370,831	-	2014
LINDEN PLAZA	4,628,215	3,535,431	437,334	4,628,215	3,972,765	8,600,980	555,369	8,045,611	3,527,131	2014
NORTH AVE. PLAZA	1,163,875	1,194,673	15,933	1,163,875	1,210,606	2,374,481	149,740	2,224,741	897,489	2014
WASHINGTON ST. S.C.	7,380,918	9,987,119	391,907	7,380,918	10,379,026	17,759,944	887,059	16,872,885	6,286,514	2014
MILL ST. PLAZA	4,195,024	6,203,410	205,071	4,195,024	6,408,481	10,603,505	821,636	9,781,869	4,110,675	2014
FULLERTON PLAZA	14,237,901	6,743,980	(352,777)	14,237,901	6,391,203	20,629,104	855,593	19,773,511	12,551,399	2014
GREENBRIER S.C.	8,891,468	30,304,760	(48,812)	8,891,468	30,255,948	39,147,416	2,842,793	36,304,623	12,488,817	2014
INGLESIDE S.C.	10,416,726	17,889,235	(156,601)	10,416,726	17,732,634	28,149,360	2,186,844	25,962,516	19,320,814	2014
ROLLING ROAD PLAZA	2,510,395	11,930,217	(82,994)	2,508,715	11,848,903	14,357,618	904,646	13,452,972	-	2015
SECURITY SQUARE SHOPPING CTR.	5,342,463	15,147,024	(3,355,446)	4,572,639	12,561,402	17,134,041	1,269,556	15,864,485	16,221,870	2014
WILKENS BELTWAY PLAZA	9,948,235	22,125,942	147,794	9,948,235	22,273,736	32,221,971	2,730,525	29,491,446	-	2014
YORK ROAD PLAZA	4,276,715	37,205,757	29,473	4,276,715	37,235,230	41,511,945	3,247,427	38,264,518	-	2014
PUTTY HILL PLAZA	4,192,152	11,112,111	456,319	4,192,152	11,568,430	15,760,582	2,153,516	13,607,066	-	2013
SNOWDEN SQUARE S.C.	1,929,402	4,557,934	5,155,349	3,326,422	8,316,263	11,642,685	1,213,234	10,429,451	-	2012
COLUMBIA CROSSING	3,612,550	34,344,509	159,554	3,612,550	34,504,063	38,116,613	2,323,495	35,793,118	-	2015
DORSEY'S SEARCH VILLAGE CENTER	6,321,963	27,996,087	(33,532)	6,321,963	27,962,555	34,284,518	1,673,230	32,611,288	-	2015
HICKORY RIDGE	7,183,646	26,947,776	469,483	7,183,646	27,417,259	34,600,905	2,333,408	32,267,497	-	2015
HICKORY RIDGE (SUNOCO)	543,197	2,122,234	-	543,197	2,122,234	2,665,431	174,802	2,490,629	-	2015
KINGS CONTRIVANCE	9,308,349	31,759,940	289,751	9,308,349	32,049,691	41,358,040	2,880,736	38,477,304	23,036,820	2014
HARPER'S CHOICE	8,429,284	18,373,994	246,478	8,429,284	18,620,472	27,049,756	1,475,298	25,574,458	-	2015
WILDE LAKE	1,468,038	5,869,862	22,579,270	2,577,073	27,340,097	29,917,170	8,351,586	21,565,584	-	2002
RIVERHILL VILLAGE CENTER	16,825,496	23,282,222	156,233	16,825,496	23,438,455	40,263,951	2,955,172	37,308,779	22,686,843	2014
OLD BRANCH PLAZA	39,779	130,716	2,026,165	121,747	2,074,913	2,196,660	246,706	1,949,954	-	2003
COLUMBIA CROSSING OUTPARCELS	1,279,200	2,870,800	13,977,613	4,597,200	13,530,413	18,127,613	1,993,683	16,133,930	-	2011
COLUMBIA CROSSING II SHOP.CTR.	3,137,628	19,868,075	2,625,989	3,137,628	22,494,064	25,631,692	3,667,910	21,963,782	-	2013
SHOPS AT DISTRICT HEIGHTS	8,165,638	21,970,661	(1,396,775)	7,298,215	21,441,309	28,739,524	754,538	27,984,986	14,005,190	2015
ENCHANTED FOREST S.C.	20,123,946	34,345,102	145,118	20,123,946	34,490,220	54,614,166	4,157,739	50,456,427	-	2014
SHOPPES AT EASTON	6,523,713	16,402,204	93,697	6,523,713	16,495,901	23,019,614	1,549,799	21,469,815	-	2014
VILLAGES AT URBANA	3,190,074	6,067	13,493,944	4,828,774	11,861,311	16,690,085	1,531,750	15,158,335	-	2003
GAITHERSBURG S.C.	244,890	6,787,534	384,231	244,890	7,171,765	7,416,655	3,110,363	4,306,292	-	1999
KENTLANDS MARKET SQUARE	20,167,048	84,615,052	-	20,167,048	84,615,052	104,782,100	1,569,436	103,212,664	34,521,793	2016
SHAWAN PLAZA	4,466,000	20,222,367	(1,451,885)	4,466,000	18,770,482	23,236,482	10,346,400	12,890,082	4,270,079	2008
LAUREL PLAZA	349,562	1,398,250	3,704,961	1,571,288	3,881,485	5,452,773	1,731,567	3,721,206	-	1995
LAUREL PLAZA	274,580	1,100,968	173,969	274,580	1,274,937	1,549,517	1,156,349	393,168	-		1972
NORTH EAST STATION	8,219,613	9,536,990	(4,446,037)	5,593,160	7,717,406	13,310,566	1,127,040	12,183,526	8,276,083	2014
OWINGS MILLS THEATER/RSTRNTS	23,378,543	1,089,760	16,500,314	39,856,836	1,111,781	40,968,617	67,754	40,900,863	-	2015
CENTRE COURT-RETAIL/BANK	1,035,359	7,785,830	(76,204)	1,035,359	7,709,626	8,744,985	1,175,696	7,569,289	1,907,905	2011
CENTRE COURT-GIANT	3,854,099	12,769,628	-	3,854,099	12,769,628	16,623,727	2,045,590	14,578,137	6,208,957	2011
CENTRE COURT-OLD COURT/COURTYD	2,279,177	5,284,577	(177)	2,279,177	5,284,400	7,563,577	913,182	6,650,395	-	2011
RADCLIFFE CENTER	12,042,713	21,187,946	-	12,042,713	21,187,946	33,230,659	2,067,536	31,163,123	-	2014
TIMONIUM CROSSING	2,525,377	14,862,817	339,960	2,525,377	15,202,777	17,728,154	1,626,614	16,101,540	14,623,506	2014
TIMONIUM SQUARE	6,000,000	24,282,998	14,483,175	7,331,195	37,434,978	44,766,173	15,649,683	29,116,490	-	2003
TOWSON PLACE	43,886,876	101,764,931	613,012	43,270,792	102,994,027	146,264,819	16,147,159	130,117,660	-	2012
MALLSIDE PLAZA	6,930,996	18,148,727	(1,781,449)	5,956,485	17,341,789	23,298,274	6,672,789	16,625,485	-	2008
WHITE LAKE COMMONS	2,300,050	9,249,607	3,264,058	2,300,050	12,513,665	14,813,715	6,292,985	8,520,730	-	1996
DOWNTOWN FARMINGTON CENTER	1,098,426	4,525,723	4,277,242	1,098,426	8,802,965	9,901,391	3,010,957	6,890,434	-	1993
FLINT - VACANT LAND	101,424	-	-	101,424	-	101,424	-	101,424	-	2012
CENTURY PLAZA	178,785	925,818	1,224,093	178,785	2,149,911	2,328,696	1,593,653	735,043	-		1968
CROSS CREEK S.C.	1,451,397	5,806,263	647,769	1,451,397	6,454,032	7,905,429	3,662,287	4,243,142	-	1993
GREEN ORCHARD SHOPPING CENTER	3,682,478	14,730,060	5,711,459	3,682,478	20,441,519	24,123,997	9,908,388	14,215,609	-	1993
THE FOUNTAINS AT ARBOR LAKES	28,585,296	66,699,024	13,287,679	29,485,296	79,086,703	108,571,999	24,480,182	84,091,817	-	2006
ROSEVILLE PLAZA	132,842	957,340	9,736,267	1,675,667	9,150,782	10,826,449	1,457,654	9,368,795	-	2005
CREVE COUER SHOPPING CENTER	1,044,598	5,475,623	896,084	960,814	6,455,491	7,416,305	2,959,637	4,456,668	-	1998
NORTH POINT SHOPPING CENTER	1,935,380	7,800,746	933,471	1,935,380	8,734,217	10,669,597	4,077,420	6,592,177	-	1998
KIRKWOOD CROSSING	-	9,704,005	14,512,599	-	24,216,604	24,216,604	14,603,879	9,612,725	-	1998
LEMAY S.C.	125,879	503,510	3,846,838	451,155	4,025,072	4,476,227	1,662,327	2,813,900	-		1974
GRAVOIS PLAZA	1,032,416	4,455,514	11,033,266	1,032,413	15,488,783	16,521,196	9,021,664	7,499,532	-	2008
HOME DEPOT PLAZA	431,960	-	758,855	431,960	758,855	1,190,815	307,406	883,409	-	1998
PRIMROSE MARKET PLACE	2,745,595	10,985,778	8,433,741	2,904,022	19,261,092	22,165,114	10,101,312	12,063,802	-	1994
PRIMROSE MARKETPLACE	905,674	3,666,386	5,261,809	905,674	8,928,195	9,833,869	3,206,994	6,626,875	127,225	2002
CENTER POINT S.C.	-	550,204	-	-	550,204	550,204	357,716	192,488	-	1998
KINGS HIGHWAY S.C.	809,087	4,430,514	2,781,299	809,087	7,211,813	8,020,900	3,372,037	4,648,863	-	1998
OVERLAND CROSSING	-	4,928,677	759,896	-	5,688,573	5,688,573	3,156,042	2,532,531	-	1997
CAVE SPRINGS S.C.	1,182,194	7,423,459	7,110,186	1,563,694	14,152,145	15,715,839	10,167,687	5,548,152	-	1997
SPRINGFIELD S.C.	-	608,793	11,012,797	8,800,000	2,821,590	11,621,590	1,260,636	10,360,954	-	1998
OVERLOOK VILLAGE	8,276,500	17,249,587	212,226	8,276,500	17,461,813	25,738,313	3,204,115	22,534,198	-	2012
WOODLAWN MARKETPLACE	919,251	3,570,981	2,621,647	919,251	6,192,628	7,111,879	3,174,870	3,937,009	-	2008
TYVOLA SQUARE	-	4,736,345	6,968,268	-	11,704,613	11,704,613	8,870,713	2,833,900	-	1986
CROSSROADS PLAZA	767,864	3,098,881	1,233,350	767,864	4,332,231	5,100,095	1,574,024	3,526,071	-	2000
JETTON VILLAGE SHOPPES	3,875,224	10,292,231	263,116	2,143,695	12,286,876	14,430,571	1,761,917	12,668,654	-	2011
MOUNTAIN ISLAND MARKETPLACE	3,318,587	7,331,413	736,014	3,818,587	7,567,427	11,386,014	1,291,311	10,094,703	-	2012
WOODLAWN SHOPPING CENTER	2,010,725	5,833,626	1,550,109	2,010,725	7,383,735	9,394,460	946,605	8,447,855	-	2012
CROSSROADS PLAZA	13,405,529	86,455,763	(540,910)	13,405,529	85,914,853	99,320,382	11,613,154	87,707,228	70,739,527	2014
QUAIL CORNERS	7,318,321	26,675,644	1,326,080	7,318,321	28,001,724	35,320,045	2,468,557	32,851,488	16,975,639	2014
OAKCREEK VILLAGE	1,882,800	7,551,576	2,333,493	1,882,800	9,885,069	11,767,869	5,331,393	6,436,476	-	1996
DAVIDSON COMMONS	2,978,533	12,859,867	194,020	2,978,533	13,053,887	16,032,420	1,849,478	14,182,942	-	2012
SENATE/HILLSBOROUGH CROSSI	519,395	-	-	519,395	-	519,395	-	519,395	-	2003
PARK PLACE SC	5,461,478	16,163,494	320,144	5,469,809	16,475,307	21,945,116	6,841,674	15,103,442	-	2008
MOORESVILLE CROSSING	12,013,727	30,604,173	109,598	11,625,801	31,101,697	42,727,498	10,220,209	32,507,289	-	2007
PLEASANT VALLEY PROMENADE	5,208,885	20,885,792	13,796,952	5,208,885	34,682,744	39,891,629	19,390,497	20,501,132	-	1993
WAKEFIELD COMMONS III	6,506,450	-	(5,120,646)	1,843,341	(457,537)	1,385,804	221,296	1,164,508	-		2001
WAKEFIELD CROSSINGS	3,413,932	-	(3,017,959)	336,236	59,737	395,973	6,960	389,013	-		2001
BRENNAN STATION	7,749,751	20,556,891	(700,646)	6,321,923	21,284,073	27,605,996	4,474,520	23,131,476	-	2011
BRENNAN STATION OUTPARCEL	627,906	1,665,576	(93,482)	450,232	1,749,768	2,200,000	347,904	1,852,096	-	2011
CLOVERDALE PLAZA	540,667	719,655	6,879,635	540,667	7,599,290	8,139,957	3,978,961	4,160,996	-		1969
WEBSTER SQUARE	11,683,145	41,708,383	5,174,840	11,683,145	46,883,223	58,566,368	5,143,811	53,422,557	-	2014
WEBSTER SQUARE NORTH	2,163,138	6,511,424	-	2,163,138	6,511,424	8,674,562	199,146	8,475,416	-	2016
ROCKINGHAM PLAZA-SHAWS PARCEL	2,660,915	10,643,660	14,302,905	3,148,715	24,458,765	27,607,480	11,447,997	16,159,483	-	2008
SHOP RITE PLAZA	2,417,583	6,364,094	1,599,403	2,417,583	7,963,497	10,381,080	7,151,851	3,229,229	-		1985
MARLTON PLAZA	-	4,318,534	114,215	-	4,432,749	4,432,749	2,269,505	2,163,244	-	1996
HILLVIEW SHOPPING CENTER	16,007,647	32,607,423	(1,517,229)	16,007,647	31,090,194	47,097,841	3,404,107	43,693,734	25,096,230	2014
GARDEN STATE PAVILIONS	7,530,709	10,801,949	20,360,667	12,203,841	26,489,484	38,693,325	5,290,027	33,403,298	-	2011
CLARK SHOPRITE 70 CENTRAL AVE	3,496,673	11,693,769	994,829	13,959,593	2,225,678	16,185,271	515,706	15,669,565	-	2013
COMMERCE CENTER WEST	385,760	1,290,080	160,534	793,595	1,042,779	1,836,374	218,405	1,617,969	-	2013
COMMERCE CENTER EAST	1,518,930	5,079,690	1,753,865	7,235,196	1,117,289	8,352,485	270,427	8,082,058	-	2013
CENTRAL PLAZA	3,170,465	10,602,845	(186,938)	5,145,167	8,441,205	13,586,372	1,389,217	12,197,155	-	2013
EAST WINDSOR VILLAGE	9,335,011	23,777,978	(728,416)	9,335,011	23,049,562	32,384,573	5,463,964	26,920,609	-	2008
HOLMDEL TOWNE CENTER	10,824,624	43,301,494	7,797,435	10,824,624	51,098,929	61,923,553	18,456,550	43,467,003	-	2002
COMMONS AT HOLMDEL	16,537,556	38,759,952	3,395,971	16,537,556	42,155,923	58,693,479	16,134,863	42,558,616	-	2004
PLAZA AT HILLSDALE	7,601,596	6,994,196	544,603	7,601,596	7,538,799	15,140,395	782,960	14,357,435	6,021,151	2014
MAPLE SHADE	-	9,957,611	(845,234)	-	9,112,377	9,112,377	916,239	8,196,138	-	2009
PLAZA AT SHORT HILLS	20,155,471	11,061,984	36,110	20,155,471	11,098,094	31,253,565	1,615,234	29,638,331	9,721,798	2014
NORTH BRUNSWICK PLAZA	3,204,978	12,819,912	27,813,346	3,204,978	40,633,258	43,838,236	17,565,395	26,272,841	-	1994
PISCATAWAY TOWN CENTER	3,851,839	15,410,851	1,216,192	3,851,839	16,627,043	20,478,882	7,981,590	12,497,292	-	1998
RIDGEWOOD S.C.	450,000	2,106,566	1,068,571	450,000	3,175,137	3,625,137	1,651,823	1,973,314	-	1993
UNION CRESCENT III-BEST BUY	7,895,483	3,010,640	28,918,367	8,696,579	31,127,911	39,824,490	12,610,403	27,214,087	-	2007
WESTMONT PLAZA	601,655	2,404,604	11,025,881	601,655	13,430,485	14,032,140	6,132,664	7,899,476	-	1994
WILLOWBROOK PLAZA	15,320,436	40,996,874	3,368,891	15,320,436	44,365,765	59,686,201	5,917,315	53,768,886	-	2009
DEL MONTE PLAZA	2,489,429	5,590,415	561,061	2,210,000	6,430,905	8,640,905	3,033,951	5,606,954	2,598,997	2006
REDFIELD PROMENADE	4,415,339	32,035,192	81,095	4,415,339	32,116,287	36,531,626	3,116,035	33,415,591	-	2015
MCQUEEN CROSSINGS	5,017,431	20,779,024	193,820	5,017,431	20,972,844	25,990,275	2,026,006	23,964,269	-	2015
GALENA JUNCTION	8,931,027	17,503,387	(14,107)	8,931,027	17,489,280	26,420,307	1,715,262	24,705,045	19,862,619	2015
D'ANDREA MARKETPLACE	11,556,067	29,435,364	183,997	11,556,067	29,619,361	41,175,428	7,252,367	33,923,061	11,828,709	2007
SPARKS MERCANTILE	6,221,614	17,069,172	35,957	6,221,614	17,105,129	23,326,743	1,639,300	21,687,443	19,162,216	2015
BRIDGEHAMPTON COMMONS-W&E SIDE	1,811,752	3,107,232	27,119,033	1,858,188	30,179,829	32,038,017	19,471,600	12,566,417	-		1972
OCEAN PLAZA	564,097	2,268,768	8,468	564,097	2,277,236	2,841,333	802,290	2,039,043	-	2003
KINGS HIGHWAY	2,743,820	6,811,268	1,841,513	2,743,820	8,652,781	11,396,601	3,199,221	8,197,380	-	2004
RALPH AVENUE PLAZA	4,414,466	11,339,857	3,567,551	4,414,467	14,907,407	19,321,874	4,905,187	14,416,687	-	2004
BELLMORE S.C.	1,272,269	3,183,547	1,590,605	1,272,269	4,774,152	6,046,421	1,531,268	4,515,153	-	2004
MARKET AT BAY SHORE	12,359,621	30,707,802	2,883,868	12,359,621	33,591,670	45,951,291	11,418,553	34,532,738	11,899,751	2006
KEY FOOD - ATLANTIC AVE	2,272,500	5,624,589	509,260	4,808,822	3,597,527	8,406,349	471,685	7,934,664	-	2012
KING KULLEN PLAZA	5,968,082	23,243,404	6,064,033	5,980,130	29,295,389	35,275,519	13,498,533	21,776,986	-	1998
BIRCHWOOD PLAZA COMMACK	3,630,000	4,774,791	1,073,476	3,630,000	5,848,267	9,478,267	1,743,532	7,734,735	-	2007
ELMONT S.C.	3,011,658	7,606,066	2,770,293	3,011,658	10,376,359	13,388,017	3,327,198	10,060,819	-	2004
NORTHPORT LAND PARCEL	-	14,460	-	-	14,460	14,460	-	14,460	-	2012
ELMONT PLAZA	-	5,119,714	-	-	5,119,714	5,119,714	371,728	4,747,986	-	2015
ELMSFORD CENTER 1	4,134,273	1,193,084	-	4,134,273	1,193,084	5,327,357	118,420	5,208,937	-	2013
ELMSFORD CENTER 2	4,076,403	15,598,504	949,902	4,076,403	16,548,406	20,624,809	1,872,113	18,752,696	-	2013
FRANKLIN SQUARE S.C.	1,078,541	2,516,581	3,937,137	1,078,541	6,453,718	7,532,259	2,216,400	5,315,859	-	2004
AIRPORT PLAZA	22,711,189	107,011,500	3,764,964	22,711,189	110,776,464	133,487,653	10,317,734	123,169,919	-	2015
KISSENA BOULEVARD SHOPPING CTR	11,610,000	2,933,487	147,329	11,610,000	3,080,816	14,690,816	1,012,304	13,678,512	-	2007
HAMPTON BAYS PLAZA	1,495,105	5,979,320	3,533,406	1,495,105	9,512,726	11,007,831	6,950,371	4,057,460	-	1989
HICKSVILLE PLAZA	3,542,739	8,266,375	3,095,524	3,542,739	11,361,899	14,904,638	3,700,135	11,204,503	-	2004
WOODBURY CENTRE	4,314,991	32,585,508	1,661,793	4,314,991	34,247,301	38,562,292	2,699,939	35,862,353	-	2015
TURNPIKE PLAZA	2,471,832	5,839,416	583,236	2,471,832	6,422,652	8,894,484	1,669,509	7,224,975	-	2011
JERICHO COMMONS SOUTH	12,368,330	33,071,495	721,082	12,368,330	33,792,577	46,160,907	9,612,581	36,548,326	9,006,205	2007
501 NORTH BROADWAY	-	1,175,543	197,738	-	1,373,281	1,373,281	672,031	701,250	-	2007
MERRY LANE (PARKING LOT)	1,485,531	1,749	(1,749)	1,485,531	-	1,485,531	-	1,485,531	-	2007
MILLERIDGE INN	7,500,330	481,316	69,437	7,500,000	551,083	8,051,083	14,430	8,036,653	-	2015
JERICHO ATRIUM	10,624,099	20,065,496	-	10,624,099	20,065,496	30,689,595	1,816,983	28,872,612	-	2016
FAMILY DOLLAR UNION TURNPIKE	909,000	2,249,775	258,033	1,056,709	2,360,099	3,416,808	413,009	3,003,799	-	2012
LITTLE NECK PLAZA	3,277,254	13,161,218	5,837,212	3,277,253	18,998,431	22,275,684	6,285,079	15,990,605	-	2003
KEY FOOD - 21ST STREET	1,090,800	2,699,730	(159,449)	1,669,153	1,961,928	3,631,081	210,207	3,420,874	-	2012
MANHASSET CENTER	4,567,003	19,165,808	29,214,394	3,471,939	49,475,266	52,947,205	21,514,253	31,432,952	-	1999
MANHASSET CENTER(residential)	950,000	-	-	950,000	-	950,000	-	950,000	-	2012
MASPETH QUEENS-DUANE READE	1,872,013	4,827,940	1,036,886	1,872,013	5,864,826	7,736,839	1,957,523	5,779,316	1,677,019	2004
NORTH MASSAPEQUA S.C.	1,880,816	4,388,549	699,203	1,623,601	5,344,967	6,968,568	2,000,668	4,967,900	-	2004
MINEOLA CROSSINGS	4,150,000	7,520,692	224,517	4,150,000	7,745,209	11,895,209	1,943,416	9,951,793	-	2007
BIRCHWOOD PARK	3,507,162	4,126	(1,510,445)	2,000,000	843	2,000,843	843	2,000,000	-	2007
SMITHTOWN PLAZA	3,528,000	7,364,098	414,233	3,528,000	7,778,331	11,306,331	2,258,789	9,047,542	-	2009
MANETTO HILL PLAZA	263,693	584,031	10,227,903	263,693	10,811,934	11,075,627	6,176,092	4,899,535	-		1969
SYOSSET S.C.	106,655	76,197	1,781,201	106,655	1,857,398	1,964,053	1,047,980	916,073	-		1990
RICHMOND S.C.	2,280,000	9,027,951	12,459,766	2,280,000	21,487,717	23,767,717	12,038,465	11,729,252	-	1989
GREENRIDGE - OUT PARCEL	2,940,000	11,811,964	6,268,972	3,148,424	17,872,512	21,020,936	6,833,007	14,187,929	-	1997
STATEN ISLAND PLAZA	5,600,744	6,788,460	(3,003,049)	9,386,155	-	9,386,155	-	9,386,155	-	2005
HYLAN PLAZA	28,723,536	38,232,267	36,986,741	28,723,536	75,219,008	103,942,544	38,896,894	65,045,650	-	2006
FOREST AVENUE PLAZA	4,558,592	10,441,408	155,848	4,558,592	10,597,256	15,155,848	3,701,092	11,454,756	-	2005
INDEPENDENCE PLAZA	12,279,093	34,813,852	215,399	16,131,632	31,176,712	47,308,344	5,877,127	41,431,217	31,490,535	2014
KEY FOOD - CENTRAL AVE.	2,787,600	6,899,310	(394,910)	2,603,321	6,688,679	9,292,000	749,341	8,542,659	-	2012
WHITE PLAINS S.C.	1,777,775	4,453,894	2,471,597	1,777,775	6,925,491	8,703,266	2,246,846	6,456,420	-	2004
CHAMPION FOOD SUPERMARKET	757,500	1,874,813	(24,388)	2,241,118	366,807	2,607,925	107,809	2,500,116	-	2012
SHOPRITE S.C.	871,977	3,487,909	-	871,977	3,487,909	4,359,886	2,144,278	2,215,608	-	1998
ROMAINE PLAZA	782,459	1,825,737	588,133	782,459	2,413,870	3,196,329	616,916	2,579,413	-	2005
KENT CENTER	2,261,530	-	(1,826,497)	435,033	-	435,033	-	435,033	-	1995
HIGH PARK CTR RETAIL	3,783,875	-	(2,778,460)	921,704	83,711	1,005,415	24,910	980,505	-		2001
OREGON TRAIL CENTER	5,802,422	12,622,879	590,069	5,802,422	13,212,948	19,015,370	4,770,972	14,244,398	-	2009
POWELL VALLEY JUNCTION	5,062,500	3,152,982	(2,508,712)	2,035,125	3,671,645	5,706,770	1,406,074	4,300,696	-	2009
HOSPITAL GARAGE & MED. OFFICE	-	30,061,177	59,094	-	30,120,271	30,120,271	8,509,839	21,610,432	-	2004
SUBURBAN SQUARE	70,679,871	166,351,381	10,146,149	71,279,871	175,897,530	247,177,401	44,800,084	202,377,317	-	2007
COULTER AVE. PARCEL	577,630	1,348,019	6,720,666	8,645,796	519	8,646,315	-	8,646,315	-	2015
CHIPPEWA PLAZA	2,881,525	11,526,101	153,290	2,881,525	11,679,391	14,560,916	5,133,586	9,427,330	1,931,697	2000
CARNEGIE PLAZA	-	3,298,908	17,747	-	3,316,655	3,316,655	1,445,722	1,870,933	-	1999
CENTER SQUARE SHOPPING CENTER	731,888	2,927,551	1,342,103	731,888	4,269,654	5,001,542	2,661,695	2,339,847	-	1996
WAYNE PLAZA	6,127,623	15,605,012	400,438	6,135,670	15,997,403	22,133,073	3,985,695	18,147,378	-	2008
DEVON VILLAGE	4,856,379	25,846,910	3,995,839	4,856,379	29,842,749	34,699,128	5,029,943	29,669,185	-	2012
POCONO PLAZA	1,050,000	2,372,628	1,431,729	1,050,000	3,804,357	4,854,357	3,174,132	1,680,225	-		1973
RIDGE PIKE PLAZA	1,525,337	4,251,732	(2,602,946)	914,299	2,259,824	3,174,123	938,226	2,235,897	-	2008
WHITELAND - HOBBY LOBBY	176,666	4,895,360	1,447,703	176,666	6,343,063	6,519,729	2,192,866	4,326,863	-	1999
WHITELAND TOWN CENTER	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
EASTWICK WELLNESS CENTER	889,001	2,762,888	3,074,728	889,001	5,837,616	6,726,617	2,869,745	3,856,872	-	1997
HARRISBURG EAST SHOPPING CTR.	452,888	6,665,238	6,889,185	3,002,888	11,004,423	14,007,311	6,690,361	7,316,950	-	2002
TOWNSHIP LINE S.C.	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
HORSHAM POINT	3,813,247	18,189,450	45,820	3,813,247	18,235,270	22,048,517	1,141,314	20,907,203	-	2015
HOLIDAY CENTER	7,726,844	20,014,243	50,582	7,726,844	20,064,825	27,791,669	2,002,263	25,789,406	-	2015
NORRITON SQUARE	686,134	2,664,535	3,817,458	774,084	6,394,043	7,168,127	4,679,752	2,488,375	-	1984
NEW KENSINGTON S.C	521,945	2,548,322	862,730	521,945	3,411,052	3,932,997	3,125,467	807,530	-	1986
SEARS HARDWARE	10,000	-	-	10,000	-	10,000	-	10,000	-		2015
FRANKFORD AVENUE S.C.	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
WEXFORD PLAZA	6,413,635	9,774,600	9,955,083	6,299,299	19,844,019	26,143,318	3,657,982	22,485,336	-	2010
CRANBERRY TOWNSHIP-PARCEL 1&2	10,270,846	30,769,592	-	10,270,846	30,769,592	41,040,438	333,570	40,706,868	21,636,092	2016
CROSSROADS PLAZA	788,761	3,155,044	12,759,977	976,439	15,727,343	16,703,782	9,633,622	7,070,160	-	1986
SPRINGFIELD S.C.	919,998	4,981,589	12,704,250	920,000	17,685,837	18,605,837	9,073,040	9,532,797	-	1983
SHREWSBURY SQUARE S.C.	8,066,107	16,997,997	(1,648,173)	6,534,966	16,880,965	23,415,931	1,804,686	21,611,245	-	2014
WHITEHALL MALL	-	5,195,577	-	-	5,195,577	5,195,577	2,708,806	2,486,771	-	1996
WHOLE FOODS AT WYNNEWOOD	15,042,165	-	11,598,520	13,772,394	12,868,291	26,640,685	66,430	26,574,255	-		2014
SHOPPES AT WYNNEWOOD	7,478,907	-	3,768,083	7,478,907	3,768,083	11,246,990	62,308	11,184,682	-		2015
WEST MARKET ST. PLAZA	188,562	1,158,307	41,712	188,562	1,200,019	1,388,581	1,169,083	219,498	-	1986
REXVILLE TOWN CENTER	24,872,981	48,688,161	8,014,056	25,678,064	55,897,134	81,575,198	32,302,168	49,273,030	-	2006
PLAZA CENTRO - COSTCO	3,627,973	10,752,212	1,535,656	3,866,206	12,049,635	15,915,841	6,391,287	9,524,554	-	2006
PLAZA CENTRO - MALL	19,873,263	58,719,179	7,545,697	19,408,112	66,730,027	86,138,139	35,105,932	51,032,207	-	2006
PLAZA CENTRO - RETAIL	5,935,566	16,509,748	2,695,750	6,026,070	19,114,994	25,141,064	9,984,894	15,156,170	-	2006
PLAZA CENTRO - SAM'S CLUB	6,643,224	20,224,758	2,321,593	6,520,090	22,669,485	29,189,575	21,610,984	7,578,591	-	2006
LOS COLOBOS - BUILDERS SQUARE	4,404,593	9,627,903	1,361,338	4,461,145	10,932,689	15,393,834	9,024,387	6,369,447	-	2006
LOS COLOBOS - KMART	4,594,944	10,120,147	726,279	4,402,338	11,039,032	15,441,370	9,386,129	6,055,241	-	2006
LOS COLOBOS I	12,890,882	26,046,669	3,697,161	13,613,375	29,021,337	42,634,712	15,652,923	26,981,789	-	2006
LOS COLOBOS II	14,893,698	30,680,556	5,857,364	15,142,300	36,289,318	51,431,618	18,829,986	32,601,632	-	2006
WESTERN PLAZA - MAYAQUEZ ONE	10,857,773	12,252,522	1,347,575	11,241,993	13,215,877	24,457,870	8,562,000	15,895,870	-	2006
WESTERN PLAZA - MAYAGUEZ TWO	16,874,345	19,911,045	1,964,632	16,872,647	21,877,375	38,750,022	14,087,431	24,662,591	-	2006
MANATI VILLA MARIA SC	2,781,447	5,673,119	1,699,755	2,606,588	7,547,733	10,154,321	3,953,428	6,200,893	-	2006
PONCE TOWN CENTER	14,432,778	28,448,754	4,875,507	14,903,024	32,854,015	47,757,039	15,091,421	32,665,618	-	2006
TRUJILLO ALTO PLAZA	12,053,673	24,445,858	3,942,389	12,289,288	28,152,632	40,441,920	16,021,971	24,419,949	-	2006
MARSHALL PLAZA	1,886,600	7,575,302	1,797,067	1,886,600	9,372,369	11,258,969	4,569,037	6,689,932	-	1998
ST. ANDREWS CENTER	730,164	3,132,092	19,122,683	730,164	22,254,775	22,984,939	9,949,662	13,035,277	-		1978
WESTWOOD PLAZA	1,744,430	6,986,094	6,970,136	1,726,833	13,973,827	15,700,660	4,352,208	11,348,452	-	1995
CHERRYDALE POINT	5,801,948	32,055,019	1,885,250	5,801,948	33,940,269	39,742,217	7,869,993	31,872,224	-	2009
WOODRUFF SHOPPING CENTER	3,110,439	15,501,117	1,146,035	3,465,199	16,292,392	19,757,591	2,847,116	16,910,475	-	2010
FOREST PARK	1,920,241	9,544,875	186,314	1,920,241	9,731,189	11,651,430	1,398,248	10,253,182	-	2012
OLD TOWNE VILLAGE	-	4,133,904	4,003,667	-	8,137,571	8,137,571	5,935,218	2,202,353	-		1978
HICKORY RIDGE COMMONS	596,347	2,545,033	(2,457,560)	683,820	-	683,820	-	683,820	-	2000
CENTER OF THE HILLS	2,923,585	11,706,145	1,186,149	2,923,585	12,892,294	15,815,879	6,288,060	9,527,819	-	2008
DOWLEN TOWN CENTER-II	2,244,581	-	(722,251)	484,828	1,037,502	1,522,330	173,357	1,348,973	-		2002
GATEWAY STATION	1,373,692	28,145,158	137,320	1,374,880	28,281,290	29,656,170	3,653,199	26,002,971	-	2011
BAYTOWN VILLAGE S.C.	500,422	2,431,651	818,249	500,422	3,249,900	3,750,322	1,433,566	2,316,756	-	1996
LAS TIENDAS PLAZA	8,678,107	-	27,525,578	7,943,925	28,259,760	36,203,685	5,068,574	31,135,111	-		2005
ISLAND GATE PLAZA	-	944,562	1,864,189	-	2,808,751	2,808,751	976,939	1,831,812	-	1997
ISLAND GATE PLAZA	4,343,000	4,723,215	3,434,004	4,292,636	8,207,583	12,500,219	2,159,227	10,340,992	-	2011
CONROE MARKETPLACE	18,869,087	50,756,554	(3,309,577)	10,841,611	55,474,453	66,316,064	4,351,300	61,964,764	-	2015
MONTGOMERY PLAZA	10,739,067	63,065,333	(281,830)	10,738,796	62,783,774	73,522,570	6,158,788	67,363,782	28,821,667	2015
PRESTON LEBANON CROSSING	13,552,180	-	26,717,900	12,163,694	28,106,386	40,270,080	5,930,870	34,339,210	-		2006
LAKE PRAIRIE TOWN CROSSING	7,897,491	-	28,539,296	6,783,464	29,653,323	36,436,787	5,059,248	31,377,539	-		2006
CENTER AT BAYBROOK	6,941,017	27,727,491	8,890,735	6,928,120	36,631,123	43,559,243	15,483,311	28,075,932	-	1998
CYPRESS TOWNE CENTER	6,033,932	-	1,636,605	2,251,666	5,418,871	7,670,537	882,419	6,788,118	-		2003
CYPRESS TOWNE CENTER	12,329,195	36,836,381	-	12,329,195	36,836,381	49,165,576	398,790	48,766,786	-	2016
CYPRESS TOWNE CENTER(PHASE II)	2,061,477	6,157,862	-	2,061,477	6,157,862	8,219,339	66,679	8,152,660	-	2016
THE CENTRE AT COPPERFIELD	6,723,267	22,524,551	147,681	6,723,357	22,672,142	29,395,499	1,765,721	27,629,778	-	2015
COPPERWOOD VILLAGE	13,848,109	84,183,731	488,670	13,848,109	84,672,401	98,520,510	8,574,685	89,945,825	-	2015
ATASCOCITA COMMONS SHOP.CTR.	16,322,636	54,587,066	640,629	16,099,004	55,451,327	71,550,331	6,426,983	65,123,348	28,723,371	2013
TOMBALL CROSSINGS	8,517,427	28,484,450	(22,511)	7,964,894	29,014,472	36,979,366	3,597,691	33,381,675	-	2013
COPPERFIELD VILLAGE SHOP.CTR.	7,827,639	34,864,441	140,205	7,827,639	35,004,646	42,832,285	2,785,358	40,046,927	-	2015
SHOPS AT VISTA RIDGE	3,257,199	13,029,416	2,198,969	3,257,199	15,228,385	18,485,584	6,908,102	11,577,482	-	1998
VISTA RIDGE PLAZA	2,926,495	11,716,483	2,584,098	2,926,495	14,300,581	17,227,076	6,722,152	10,504,924	-	1998
VISTA RIDGE PLAZA	2,276,575	9,106,300	1,355,098	2,276,575	10,461,398	12,737,973	4,969,800	7,768,173	-	1998
KROGER PLAZA	520,340	2,081,356	1,359,284	520,340	3,440,640	3,960,980	1,790,106	2,170,874	-	1995
ACCENT PLAZA	500,414	2,830,835	-	500,414	2,830,835	3,331,249	1,464,554	1,866,695	-	1996
SOUTHLAKE OAKS PHASE II-480 W.	3,011,260	7,703,844	103,968	3,016,617	7,802,455	10,819,072	2,611,864	8,207,208	-	2008
WOODBRIDGE SHOPPING CENTER	2,568,705	6,813,716	60,806	2,568,705	6,874,522	9,443,227	1,137,926	8,305,301	-	2012
GRAND PARKWAY MARKETPLACE	25,363,548	-	49,662,448	75,025,996	-	75,025,996	-	75,025,996	-		2014
GRAND PARKWAY MARKET PLACE II	13,436,447	-	6,378,376	19,814,823	-	19,814,823	-	19,814,823	-		2015
TEMPLE TOWNE CENTER	609,317	2,983,262	1	609,317	2,983,263	3,592,580	258,770	3,333,810	-	2015
TEMPLE TOWNE CENTER	4,909,857	25,882,414	24,910	4,909,857	25,907,324	30,817,181	3,096,902	27,720,279	-	2015
BURKE TOWN PLAZA	-	43,240,068	(77,919)	-	43,162,149	43,162,149	4,705,503	38,456,646	-	2014
OLD TOWN PLAZA	4,500,000	41,569,735	(13,561,193)	3,087,520	29,421,022	32,508,542	5,331,198	27,177,344	-	2007
SKYLINE VILLAGE	10,145,283	28,764,045	119,265	10,573,875	28,454,718	39,028,593	2,408,808	36,619,785	28,540,865	2014
SUDLEY TOWNE PLAZA	4,114,293	15,988,465	(2,870)	4,114,293	15,985,595	20,099,888	1,223,448	18,876,440	-	2015
BURLINGTON COAT CENTER	670,500	2,751,375	1,666,127	670,500	4,417,502	5,088,002	1,555,483	3,532,519	-	1995
TOWNE SQUARE	8,499,373	24,302,141	1,558,230	8,858,432	25,501,312	34,359,744	2,148,027	32,211,717	24,915,548	2014
POTOMAC RUN PLAZA	27,369,515	48,451,209	(1,609,051)	27,369,515	46,842,158	74,211,673	12,954,070	61,257,603	-	2008
DULLES TOWN CROSSING	53,285,116	104,175,738	(400,522)	53,285,116	103,775,216	157,060,332	11,215,337	145,844,995	-	2015
DOCSTONE COMMONS	3,839,249	11,468,264	-	3,839,249	11,468,264	15,307,513	124,181	15,183,332	11,123,972	2016
DOCSTONE O/P - STAPLES	1,425,307	4,317,552	-	1,425,307	4,317,552	5,742,859	46,102	5,696,757	-	2016
STAFFORD MARKETPLACE	26,893,429	86,449,614	71,698	26,893,429	86,521,312	113,414,741	6,751,401	106,663,340	-	2015
AUBURN NORTH	7,785,841	18,157,625	1,466,041	7,785,841	19,623,666	27,409,507	6,662,844	20,746,663	-	2007
THE MARKETPLACE AT FACTORIA	60,502,358	92,696,231	2,554,967	60,502,358	95,251,198	155,753,556	15,307,136	140,446,420	56,633,213	2013
FRONTIER VILLAGE SHOPPING CTR.	10,750,863	35,649,111	96,299	10,750,863	35,745,410	46,496,273	5,383,855	41,112,418	-	2012
GATEWAY SHOPPING CENTER	6,937,929	11,270,322	-	6,937,929	11,270,322	18,208,251	241,160	17,967,091	-	2016
OLYMPIA WEST OUTPARCEL	360,000	799,640	100,360	360,000	900,000	1,260,000	102,255	1,157,745	-	2012
FRANKLIN PARK COMMONS	5,418,825	11,988,657	977,979	5,418,825	12,966,636	18,385,461	1,277,370	17,108,091	-	2015
SILVERDALE PLAZA	3,875,013	32,272,736	86,050	3,755,613	32,478,186	36,233,799	4,689,699	31,544,100	-	2012
BLUE RIDGE	12,346,900	71,529,796	(35,751,174)	6,158,426	41,967,096	48,125,522	19,367,363	28,758,159	6,870,989	2005
MICROPROPERTIES	24,206,390	56,481,576	(74,328,657)	2,038,463	4,320,846	6,359,309	904,208	5,455,101	-	2012
KRC NORTH LOAN IV, INC.	23,516,663	-	(5,308,827)	18,207,836	-	18,207,836	-	18,207,836	-	2013
BALANCE OF PORTFOLIO	1,907,178	65,127,203	6,458,145	13,419,726	60,072,800	73,492,526	37,230,123	36,262,403	11,608,413
TOTALS	2,988,153,342	7,590,553,397	1,429,368,409	3,130,217,410	8,877,857,738	12,008,075,148	2,278,291,645	9,729,783,503	1,139,117,399

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

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

The aggregate cost for Federal income tax purposes was approximately

$9.6

billion at

December

31,

2016.

The changes in total real estate assets for the years ended

December

31,

2016,

2015,

and

2014

are as follows:

	2016			2015			2014
Balance, beginning of period	$	11,568,809,126		$	10,018,225,775		$	9,123,343,869
Acquisitions		181,719,189			278,401,182			548,553,619
Improvements		217,668,292			191,662,698			134,921,993
Transfers from (to) unconsolidated joint ventures		615,511,560			1,673,542,610			1,065,330,540
Sales		(391,758,149	)		(507,185,370	)		(781,200,981	)
Assets held for sale		(12,608,829	)		(587,007	)		-
Adjustment of fully depreciated asset		(80,660,536	)		(56,774,522	)		(8,628,954	)
Adjustment of property carrying values		(91,204,249	)		(18,432,226	)		(32,935,408	)
Change in exchange rate		598,744			(10,044,014	)		(31,158,903	)
Balance, end of period	$	12,008,075,148		$	11,568,809,126		$	10,018,225,775

The changes in accumulated depreciation for the years ended

December

31,

2016,

2015,

and

2014

are as follows:

	2016			2015			2014
Balance, beginning of period	$	2,115,319,888		$	1,955,405,720		$	1,878,680,836
Depreciation for year		344,179,201			333,948,605			256,088,382
Transfers from (to) unconsolidated joint ventures		-			-			-
Sales		(97,063,934	)		(116,864,875	)		(167,458,882	)
Adjustment of fully depreciated asset		(80,660,536	)		(56,774,522	)		(8,628,954	)
Assets held for sale		(3,482,974	)		-			-
Change in exchange rate		-			(395,040	)		(3,275,662	)
Balance, end of period	$	2,278,291,645		$	2,115,319,888		$	1,955,405,720

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Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]

KIMCO

REALTY CORPORATION AND SUBSIDIARIES

Schedule IV - Mortgage Loans on Real Estate

As of

December

31,

2016

(in thousands)

Type of Loan/Borrower	Description	Location (c)	Interest Accrual Rates		Interest Payment Rates		Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Face Amount of Mortgages or Maximum Available Credit (b)		Carrying Amount of Mortgages (b) (c)
Mortgage Loans:
Borrower A	Retail	Toronto, ON		5.00%		5.00%	7/31/2017	P& I		-	$	5,730	$	5,314
Borrower B	Retail	Westport, CT		6.50%		6.50%	3/4/2033	I		-	$	5,014	$	5,014
Borrower C	Retail	Las Vegas, NV		12.00%		12.00%	5/14/2033	I		-	$	3,075	$	3,075
Borrower D	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	3,966	$	2,078
Borrower E	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	4,201	$	2,037
Borrower F	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	3,678	$	1,923
Borrower G	Nonretail	Oakbrook Terrace, IL		6.00%		6.00%	12/9/2024	I		-	$	1,950	$	1,950
												-
Individually < 3%	(d)			(e)		(e)	(f)			-		2,922		1,393
												30,536		22,784
Other:
Individually < 3%	Nonretail			2.28%		2.28%	4/1/2027					600		407
Capitalized loan costs												-		6
Total											$	31,136	$	23,197

(a) I = Interest only; P&I = Principal & Interest

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

(c) The aggregate cost for Federal income tax purposes is

$23.2

million

(d) Comprised of

four

separate loans with original loan amounts ranging between

$0.2

million and

$0.4

million

(e) Interest rates range from

6.88%

to

9.00%

(f) Maturity dates range from

October

19,

2019

to

December

1,

2030

For a reconciliation of mortgage and other financing receivables from

January

1,

2014

to

December

31,

2016

see Footnote

11

of the Notes to Consolidated Financial Statements included in this Form

10

-K.

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.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Business

Kimco Realty Corporation and subsidiaries (the "Company" or "Kimco"), affiliates and related real estate joint ventures are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by discount department stores, grocery stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and 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").

The Company elected status as a Real Estate Investment Trust (“REIT”) for federal income tax purposes beginning in its taxable year

January

1,

1992

and operates in a manner that enables the Company to maintain its status as a REIT. 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 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 wholly-owned taxable REIT subsidiaries (“TRS”), has been engaged in various retail real estate related opportunities including retail real estate management 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. The Company

may

consider other investments through its TRS should suitable opportunities arise.

Effective

August

1,

2016,

the Company merged Kimco Realty Services Inc. ("KRS"), a TRS, into a wholly-owned Limited Liability Company (“LLC”) of the Company (the “Merger”) and no longer operates KRS as a TRS. The Company analyzed the individual assets of KRS and determined that substantially all of KRS’s assets constitute real estate assets and investments that can be directly owned by the Company without adversely affecting the Company’s status as a REIT.  Any non-REIT qualifying assets or activities were transferred to a newly formed TRS (see Footnote

22

of the Notes to Consolidated Financial Statements).

Consolidation, Policy [Policy Text Block]

Principles of Consolidation and Estimates

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries 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”) 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, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. 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, Policy [Policy Text Block]

Subsequent Events

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

13

of the Notes to Consolidated Financial Statements).

Real Estate, Policy [Policy Text Block]

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. 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-market and below-market leases, in-place leases and

tenant

relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. 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 for an acquisition qualifying as a business combination, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are recognized in the reporting period in which the adjustment is identified. The Company expenses transaction costs associated with business combinations in the period incurred. The Company has elected to early adopt ASU

2017

-

01,

Business Combinations (Topic

805):

Clarifying the Definition of a Business at the beginning of its fiscal year ended

December

31,

2017,

including its interim periods within the year, and will appropriately apply the guidance to its prospective asset acquisitions of operating properties, which includes the capitalization of acquisition costs.

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, including fixed rate below-market lease renewal options, 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, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

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. 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:

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

The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or 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.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value 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 estimated costs of sale and the asset is classified as other assets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period 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 hold period 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.

Real Estate Held for Development and Sale, Policy [Policy Text Block]

Real Estate Under Development

Real estate under development represents the development of open-air shopping center projects which the Company plans to 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 and placed into service. This usually occurs upon substantial completion of all costs necessary to bring the property to the condition needed for its intended use, but no later than

one

year from the completion of major construction activity. However, the Company

may

continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property.

Equity and Cost Method Investments, Policy [Policy Text Block]

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, distributions and our share of earnings and losses. Earnings or losses 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 open-air 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, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings

may

be 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. As of

December

31,

2016,

the Company did not guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

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.

The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture 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.

Investment, Policy [Policy Text Block]

Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers 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.

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.

Finance, Loans and Leases Receivable, Policy [Policy Text Block]

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing 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. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.

Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower

may

be unable to meet interest payments as they become due. Generally, loans

90

days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

The Company has determined that it has

one

portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does not provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company’s loans are evaluated individually for impairment purposes.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of

three

months or less. 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 up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

The Company classifies its 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 ("AOCI"). Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

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 more likely than not that the Company will not 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, which includes reviewing the underlying cause of any 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. 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 Charges, Policy [Policy Text Block]

Deferred Leasing Costs

Costs incurred in obtaining

tenant

leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a

three

to

five

-year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.  As of

December

31,

2016

and

2015,

the Company had unamortized software development costs of

$10.2

million and

$16.1

million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed

$8.0

million,

$10.7

million and

$9.2

million in amortization of software development costs during the years ended

December

31,

2016,

2015

and

2014,

respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes Payable and Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue Recognition, Policy [Policy Text Block]

Revenue

, Gain

Recognition and Accounts Receivable

Base rental revenues from rental properties 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 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 real estate under development projects are 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 uncollectable accounts receivables related to base rents, straight-line rent, 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 are directly affected by management’s estimate of the collectability of accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$12.3

million and

$13.9

million of billed accounts receivable at

December

31,

2016

and

2015,

respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$11.9

million and

$17.9

million of straight-line rent receivable at

December

31,

2016

and

2015,

respectively.

Income Tax, Policy [Policy Text Block]

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. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  

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 by entities which elect to be treated as taxable REIT subsidiaries (“TRSs”) under the Code. Certain subsidiaries of the Company have made a joint election with the Company to be treated as TRSs.  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiaries. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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.

The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than

fifty

percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

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 AOCI, 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 transaction’s gain or loss is included in the caption Other income/(expense), net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity.

Derivatives, Policy [Policy Text Block]

Derivative/Financial Instruments

The Company is exposed to certain risks 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.

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 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.

The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI 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

2016,

2015

and

2014,

the Company had

no

hedge ineffectiveness.

Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. 

Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides 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. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets.

Earnings Per Share, Policy [Policy Text Block]

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):

	For the year ended December 31,
	201 6			201 5			201 4
Computation of Basic Earnings Per Share:
Income from continuing operations	$	299,353		$	774,405		$	384,506
Gain on sale of operating properties, net, net of tax		86,785			125,813			389
Net income attributable to noncontrolling interests		(7,288	)		(6,028	)		(11,879	)
Discontinued operations attributable to noncontrolling interests		-			-			2,117
Preferred stock redemption charges		-			(5,816	)		-
Preferred stock dividends		(46,220	)		(57,084	)		(58,294	)
Income from continuing operations available to the common Shareholders		332,630			831,290			316,839
Earnings attributable to participating securities		(2,018	)		(4,134	)		(1,749	)
Income from continuing operations available to common Shareholders		330,612			827,156			315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Net income available to the Company’s common shareholders for basic earnings per share	$	330,612		$	827,081		$	363,958
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Basic Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.01		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.01		$	0.89
Computation of Diluted Earnings Per Share:
Income from continuing operations available to common shareholders	$	330,612		$	827,156		$	315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Distributions on convertible units		-			192			529
Net income available to the Company’s common shareholders for diluted earnings per share	$	330,612		$	827,273		$	364,487
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Effect of dilutive securities (a): Equity awards		1,307			1,414			1,227
Assumed conversion of convertible units		-			118			723
Shares for diluted earnings per common share		419,709			412,851			411,038
Diluted Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.00		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.00		$	0.89

(a) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,490,400, 5,300,680 and 7,137,120 stock options that were not dilutive as of December 31, 2016, 2015 and 2014, respectively.

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the

two

-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock Compensation

The Company maintains

two

equity participation plans, the Second Amended and Restated

1998

Equity Participation Plan (the “Prior Plan”) and the

2010

Equity Participation Plan (the

“2010

Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of

47,000,000

shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective

May

1,

2012,

the

2010

Plan provides for a maximum of

10,000,000

shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans 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 generally vest (i)

100%

on the

fourth

or

fifth

anniversary of the grant, (ii) ratably over

three,

four

and

five

years or (iii) over

ten

years at

20%

per year commencing after the

fifth

year. Performance share awards, which vest over a period of

one

to

three

years,

may

provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote

21

of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

In

January

2017,

the FASB issued ASU

2017

-

01,

Business Combinations (Topic

805):

Clarifying the Definition of a Business (“ASU

2017

-

01”).

The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for annual reporting periods beginning after

December

15,

2017,

including interim periods within those fiscal years, with early application of the guidance permitted. The Company has elected to early adopt ASU

2017

-

01

at the beginning of its fiscal year ended

December

31,

2017,

including its interim periods within the year, and appropriately apply the guidance to its prospective asset acquisitions of operating properties. Under this amendment, the Company’s prospective operating property acquisitions will qualify for asset acquisition treatment under ASC

360,

Property, Plant, and Equipment, rather than business combination treatment under ASC

805

Business Combinations, and will result in capitalization of asset acquisition costs instead of directly expensing these costs.

In

August

2016,

the FASB issued ASU

2016

-

15,

Statement of Cash Flows (Topic

230):

Classification of Certain Cash Receipts and Cash Payments, a consensus of the FASB’s Emerging Issues Task Force (“ASU

2016

-

15”).

The new guidance addresses

eight

specific cash flow issues with the objective of reducing the existing diversity in practice. One identified cash flow issue relates to distributions received from equity method investees whereby the reporting entity should make an accounting policy election to classify distributions received from equity method investees using either the cumulative earnings approach or the nature of the distribution approach. Another issue relates to the classification of cash payments for debt prepayment or debt extinguishment costs. The standard is retrospectively effective for public companies on

January

1,

2018,

with early adoption permitted. The Company elected to early adopt ASU

2016

-

15

beginning in its quarter ended

September

30,

2016.

In connection with the adoption of ASU

2016

-

15,

the Company made a policy election to classify distributions received from equity method investees using the cumulative earnings approach. This election did not have a material impact on the presentation in the Company’s Consolidated Statements of Cash Flows. During the quarter ended

September

30,

2016,

the Company incurred early extinguishment of debt charges and in accordance with the adoption of ASU

2016

-

15

has included these charges in cash flows used for financing activities on the Company’s Consolidated Statements of Cash Flows. The adoption of the remaining cash flow issues addressed in ASU

2016

-

15

did not have a material impact on the Company’s Consolidated Statements of Cash Flows.

In

June

2016,

the FASB issued ASU

2016

-

13,

Financial Instruments – Credit Losses (Topic

326):

Measurement of Credit Losses on Financial Instruments (“ASU

2016

-

13”).

The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU

2016

-

13

also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. The standard is effective for annual reporting periods beginning after

December

15,

2019,

including interim periods within those fiscal years, with early application of the guidance permitted. The adoption of ASU

2016

-

13

is not expected to have a material effect on the Company’s financial position and/or results of operations.

In

March

2016,

the FASB issued ASU

2016

-

09,

Compensation – Stock Compensation (Topic

718):

Improvements to Employee Share-Based Payment Accounting ("ASU

2016

-

09").

The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for annual reporting periods beginning after

December

15,

2016,

including interim periods within those annual reporting periods. Early adoption is permitted. The adoption of ASU

2016

-

09

is not expected to have a material effect on the Company’s financial position and/or results of operations.

In

February

2016,

the FASB issued ASU

2016

-

02,

Leases (Topic

842)

(“ASU

2016

-

02”),

which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than

12

months regardless of their classification. Leases with a term of

12

months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU

2016

-

02

supersedes the previous leases standard, Leases (Topic

840).

The standard is effective for the Company on

January

1,

2019,

with early adoption permitted. The Company continues to evaluate the effect the adoption of ASU

2016

-

02

will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption of ASU

2016

-

02

will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing overhead costs will continue to be capitalized, however, indirect internal leasing overhead costs previously capitalized will be expensed under the ASU

2016

-

02.

In

February

2015,

the FASB issued ASU

2015

-

02,

Consolidation (Topic

810):

Amendments to the Consolidation Analysis (“ASU

2015

-

02”).

ASU

2015

-

02

focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have:

(1)

the ability through contractual rights to act primarily on its own behalf;

(2)

ownership of the majority of the legal entity's voting rights; or

(3)

the exposure to a majority of the legal entity's economic benefits. ASU

2015

-

02

affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Legal entities are subject to reevaluation under the revised consolidation model. ASU

2015

-

02

is effective for periods beginning after

December

15,

2015.

The adoption of ASU

2015

-

02

did not have a material effect on the Company’s financial position or results of operations.

In

August

2014,

the FASB issued ASU

2014

-

15,

Presentation of Financial Statements - Going Concern (Subtopic

205

-

40):

Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU

2014

-

15”),

which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within

one

year after the date the financial statements are issued and provide related disclosures. ASU

2014

-

15

is effective for annual periods ending after

December

15,

2016

and interim periods thereafter, early adoption is permitted. The adoption of ASU

2014

-

15

did not have a material effect on the Company’s consolidated financial statements.

In

May

2014,

the FASB issued ASU

2014

-

09,

Revenue from Contracts with Customers (Topic

606)

("ASU

2014

-

09").

ASU

2014

-

09

is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU

2014

-

09,

companies

may

use either a full retrospective or a modified retrospective approach. ASU

2014

-

09

was anticipated to be effective for the

first

interim period within annual reporting periods beginning after

December

15,

2016,

and early adoption was not permitted. In

August

2015,

the FASB issued ASU

2015

-

14,

Revenue from Contracts with Customers (Topic

606):

Deferral of the Effective Date (“ASU

2015

-

14”),

which delayed the effective date of ASU

2014

-

09

by

one

year making it effective for the

first

interim period within annual reporting periods beginning after

December

15,

2017.

Subsequently, in

March

2016,

the FASB issued ASU

2016

-

08,

“Revenue from Contracts with Customers (Topic

606):

Principal versus Agent Considerations,” which further clarifies the implementation guidance on principal versus agent considerations, and in

April

2016,

the FASB issued ASU

2016

-

10,

“Revenue from Contracts with Customers (Topic

606):

Identifying performance obligations and licensing,” an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in

May

2016,

the FASB issued ASU

2016

-

12,

“Revenue from Contracts with Customers (Topic

606):

Narrow-scope improvements and practical expedients,” which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the Company does not expect the adoption of ASU

2014

-

09

to have a material impact on the Company’s rental income. The Company continues to evaluate the effect the adoption of ASU

2014

-

09

will have on the Company’s other sources of revenue. These include management and other fee income and reimbursement amounts the Company receives from

tenants

for operating expenses such as realestate taxes, insurance and other common area maintenance. However, the Company currently does not believe the adoption of ASU

2014

-

09

will significantly affect the timing of the recognition of the Company’s management and other fee income and reimbursement revenue.

XML

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the year ended December 31,
	201 6			201 5			201 4
Computation of Basic Earnings Per Share:
Income from continuing operations	$	299,353		$	774,405		$	384,506
Gain on sale of operating properties, net, net of tax		86,785			125,813			389
Net income attributable to noncontrolling interests		(7,288	)		(6,028	)		(11,879	)
Discontinued operations attributable to noncontrolling interests		-			-			2,117
Preferred stock redemption charges		-			(5,816	)		-
Preferred stock dividends		(46,220	)		(57,084	)		(58,294	)
Income from continuing operations available to the common Shareholders		332,630			831,290			316,839
Earnings attributable to participating securities		(2,018	)		(4,134	)		(1,749	)
Income from continuing operations available to common Shareholders		330,612			827,156			315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Net income available to the Company’s common shareholders for basic earnings per share	$	330,612		$	827,081		$	363,958
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Basic Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.01		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.01		$	0.89
Computation of Diluted Earnings Per Share:
Income from continuing operations available to common shareholders	$	330,612		$	827,156		$	315,090
(Loss)/income from discontinued operations attributable to the Company		-			(75	)		48,868
Distributions on convertible units		-			192			529
Net income available to the Company’s common shareholders for diluted earnings per share	$	330,612		$	827,273		$	364,487
Weighted average common shares outstanding – basic		418,402			411,319			409,088
Effect of dilutive securities (a): Equity awards		1,307			1,414			1,227
Assumed conversion of convertible units		-			118			723
Shares for diluted earnings per common share		419,709			412,851			411,038
Diluted Earnings Per Share Available to the Company’s Common Shareholders:
Income from continuing operations	$	0.79		$	2.00		$	0.77
Income from discontinued operations		-			-			0.12
Net income	$	0.79		$	2.00		$	0.89

XML

Note 2 - Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

	December 31,
	201 6			201 5
Land	$	2,786,255		$	2,660,722
Undeveloped land		58,931			67,535
Buildings and improvements:
Buildings		5,790,681			5,643,629
Building improvements		1,562,439			1,559,652
Tenant improvements		733,993			727,036
Fixtures and leasehold improvements		47,199			47,055
Above-market leases		150,207			155,451
In-place leases and tenant relationships		543,342			528,539
		11,673,047			11,389,619
Accumulated depreciation and amortization (1)		(2,278,292	)		(2,115,320	)
Total	$	9,394,755		$	9,274,299

Above and Below Market Lease Tenant Relationships Future Amortization Income Expense [Table Text Block]

	2017			2018			2019			2020			202 1
Above-market and below-market leases amortization, net	$	10.7		$	10.8		$	11.3		$	11.5		$	11.5
In-place leases and tenant relationships amortization	$	(46.5	)	$	(34.1	)	$	(26.3	)	$	(19.3	)	$	(15.4	)

XML

Note 3 - Property Acquisitions, Developments and Other Investments (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt Assumed		Other**		Total		GLA***
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

			Purchase Price
Property Name	Location	Month Acquired	Cash*		Debt  Assumed		Other **		Total		GLA** *
Elmont Plaza	Elmont, NY (1)	Jan-15	$	2,400	$	-	$	3,358	$	5,758		13
Garden State Pavilion Parcel	Cherry Hill, NJ	Jan-15		16,300		-		-		16,300		111
Kimstone Portfolio (39 properties)	Various (1)	Feb-15		513,513		637,976		236,011		1,387,500		5,631
Copperfield Village	Houston, TX	Feb-15		18,700		20,800		-		39,500		165
Snowden Square Parcel	Columbia, MD	Mar-15		4,868		-		-		4,868		25
Dulles Town Crossing Parcel	Sterling, VA	Mar-15		4,830		-		-		4,830		9
Flagler Park S.C.	Miami, FL	Mar-15		1,875		-		-		1,875		5
West Farms Parcel	New Britain, CT	Apr-15		6,200		-		-		6,200		24
Milleridge Inn	Jericho, NY	Apr-15		7,500		-		-		7,500		-
Woodgrove Festival (2 Parcels)	Woodridge, IL	Jun-15		5,611		-		-		5,611		12
Montgomery Plaza	Fort Worth, TX (1)	Jul-15		34,522		29,311		9,044		72,877		291
125 Coulter Avenue Parcel	Ardmore, PA	Sep-15		1,925		-		-		1,925		6
Conroe Marketplace	Conroe, TX (1)	Oct-15		18,546		42,350		3,104		64,000		289
Laurel Plaza	Laurel, MD	Oct-15		1,200		-		-		1,200		4
District Heights	District Heights, MD (1)	Nov-15		13,140		13,255		950		27,345		91
Village on the Park	Aurora, CO	Nov-15		824		-		-		824		10
Christown Mall	Phoenix, AZ	Nov-15		51,351		63,899		-		115,250		833
Washington St. Plaza Parcels	Brighton, MA	Dec-15		8,750		-		-		8,750		-
			$	712,055	$	807,591	$	252,467	$	1,772,113		7,519

Previous Ownership Interest [Table Text Block]

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Oakwood Plaza		55.0	%	$	46.5
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6.6
KimPru Portfolio (2 properties)		15.0	%		0.8
Hamden Mart		47.95	%		3.5
				$	57.4

Property Name	Previous Ownership Interest			Gain on change in control of interests, net
Elmont Plaza		50.0	%	$	(0.2	)
Kimstone Portfolio (39 properties)		33.3	%		140.0
Montgomery Plaza		20.0	%		6.3
Conroe Marketplace		15.0	%		2.4
District Heights		15.0	%		0.7
				$	149.2

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Preliminary Allocation			Allocation Adjustments			Revised Allocation as of December 31, 2016			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(13,352	)	$	165,798			-
Buildings		309,493			69,581			379,074			50.0
Above-market leases		11,982			(4,304	)		7,678			8.1
Below-market leases		(31,903	)		(4,327	)		(36,230	)		19.1
In-place leases		44,094			(4,162	)		39,932			6.4
Building improvements		124,105			(40,194	)		83,911			45.0
Tenant improvements		12,788			(2,548	)		10,240			7.1
Mortgage fair value adjustment		(4,292	)		(694	)		(4,986	)		4.1
Other assets		234			-			234			-
Other liabilities		(27	)		-			(27	)		-
Net assets acquired	$	645,624		$	-		$	645,624

	Allocation as of December 31, 2015			Allocation Adjustments			Revised Allocation as of December 31, 2016			Weighted-Average Amortization Period (in Years)
Land	$	444,626		$	33,918		$	478,544			-
Buildings		1,063,124			(7,980	)		1,055,144			50.0
Above-market leases		34,182			(2,133	)		32,049			7.2
Below-market leases		(74,997	)		(6,306	)		(81,303	)		17.7
In-place leases		125,993			1,425			127,418			4.7
Building improvements		169,116			(20,724	)		148,392			45.0
Tenant improvements		34,814			1,800			36,614			6.1
Mortgage fair value adjustment		(27,615	)		-			(27,615	)		3.0
Other assets		3,058			-			3,058			-
Other liabilities		(188	)		-			(188	)		-
Net assets acquired	$	1,772,113		$	-		$	1,772,113

Business Acquisition, Pro Forma Information [Table Text Block]

	Year ended December 31,
	201 6		201 5		201 4
Revenues from rental properties	$	1,174.9	$	1,198.6	$	1,097.8
Net income	$	397.7	$	921.6	$	521.9
Net income available to the Company	$	344.2	$	852.6	$	451.7
Net income available to the Company per common share:
Basic	$	0.82	$	2.07	$	1.10
Diluted	$	0.82	$	2.07	$	1.10

XML

Note 4 - Real Estate Under Development (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Real Estate Held for Development [Table Text Block]

		December 31,
Property Name	Location	2016		2015
Grand Parkway Marketplace	Spring, TX	$	94,841	$	42,032
Dania Pointe (1)	Dania Beach, FL		107,113		-
Promenade at Christiana	New Castle, DE		25,521		16,063
Owings Mills	Owings Mills, MD		25,119		8,640
Avenues Walk	Jacksonville, FL		73,048		77,544
Staten Island Plaza (2)	Staten Island, NY		9,386		-
Shoppes at Wynnewood (3)	Lower Merion, PA		-		34,911
		$	335,028	$	179,190

XML

Note 6 - Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	201 5			201 4
Discontinued operations:
Revenues from rental properties	$	124		$	71,906
Rental property expenses		(49	)		(16,657	)
Depreciation and amortization		-			(15,019	)
Provision for doubtful accounts		(57	)		(719	)
Interest expense		-			(1,823	)
Income from other real estate investments		-			680
Other expense, net		(12	)		(756	)
Income from discontinued operating properties, before income taxes		6			37,612
Impairment of property carrying value, before income taxes (1)		(82	)		(178,048	)
Gain on disposition of operating properties, before income taxes		-			203,271
Benefit/(provision) for income taxes		1			(11,850	)
(Loss)/income from discontinued operating properties		(75	)		50,985
Net income attributable to noncontrolling interests		-			(2,117	)
(Loss)/income from discontinued operations attributable to the Company	$	(75	)	$	48,868

XML

Note 7 - Impairments (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block]

	201 6			201 5			201 4
Impairment of property carrying values* (1) (2) (3)	$	93.3		$	30.3		$	33.3
Impairment of investments in other real estate investments* (4)		-			5.3			1.7
Impairment of marketable securities and other investments* (5)		-			9.8			4.8
Total Impairment charges included in operating expenses		93.3			45.4			39.8
Cumulative foreign currency translation loss included in discontinued operations (6)		-			-			92.9
Impairment of property carrying values included in discontinued operations**		-			0.1			85.1
Total gross impairment charges		93.3			45.5			217.8
Noncontrolling interests		(0.4	)		(5.6	)		(0.4	)
Income tax benefit included in discontinued operations		-			-			(1.7	)
Income tax benefit		(21.1	)		(9.0	)		(6.1	)
Total net impairment charges	$	71.8		$	30.9		$	209.6

XML

Note 8 - Investment and Advances in Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Equity Method Investments [Table Text Block]

	As of December 31 , 2016						As of December 31 , 2015
Venture	Ownership Interest		Number of Properties		The Company's Investment		Ownership Interest		Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)		15.0%		48	$	182.5		15.0%		53	$	175.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		45		145.2		48.6%		47		131.0
Canada Pension Plan Investment Board (“CPP”) (2) (3)		55.0%		5		111.8		55.0%		7		195.6
Other Institutional Programs (2)		Various		2		0.4		Various		9		5.2
Other Joint Venture Programs (4)		Various		34		60.4		Various		40		64.0
Canadian Properties		50.0%		1		3.9		Various		35		171.3
Total				135	$	504.2				191	$	742.6

Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block]

	As of December 31 , 2016							As of December 31, 2015
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	647.4		3.07	%		67.5	$	777.1		5.54	%		12.6
KIR		746.5		4.64	%		54.9		811.6		4.64	%		62.3
CPP		84.8		2.17	%		16.0		109.9		5.25	%		3.5
Other Institutional Programs		94.7		4.09	%		19.0		218.5		4.92	%		20.5
Other Joint Venture Programs		482.1		5.67	%		24.5		540.7		5.61	%		36.1
Canadian Properties		7.5		4.70	%		9.1		341.3		4.64	%		56.4
Total	$	2,063.0						$	2,799.1

Investments in and Advances to Affiliates [Table Text Block]

	December 31,
	201 6		2015
Assets:
Real estate, net	$	3,741.9	$	4,855.5
Other assets		224.6		279.3
	$	3,966.5	$	5,134.8
Liabilities and Partners’/Members’ Capital:
Notes payable	$	214.5	$	29.7
Mortgages payable and construction loans		1,848.5		2,769.4
Other liabilities		82.3		119.6
Noncontrolling interests		15.9		16.2
Partners’/Members’ capital		1,805.3		2,199.9
	$	3,966.5	$	5,134.8

Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block]

	Year Ended December 31,
	201 6			2015			2014
Revenues from rental properties	$	597.5		$	842.5		$	1,059.9
Operating expenses		(178.1	)		(265.9	)		(333.5	)
Interest expense		(117.3	)		(202.8	)		(247.3	)
Depreciation and amortization		(138.1	)		(191.9	)		(260.0	)
Impairment charges		(38.6	)		(63.4	)		(23.1	)
Other income/(expense), net	20.1				4.4			(14.4	)
		(452.0	)		(719.6	)		(878.3	)
Income from continuing operations		145.5			122.9			181.6
Discontinued Operations:
Income from discontinued operations		-			-			2.8
Impairment on dispositions of properties		-			-			(3.8	)
Gain on dispositions of properties		-			-			471.1
		-			-			470.1
Gain on sale of operating properties		296.2			1,166.7			-
Net income	$	441.7		$	1,289.6		$	651.7

Income [Member]

Notes Tables

Equity Method Investments [Table Text Block]

	Year Ended December 31,
	2016		2015		2014
KimPru and KimPru II	$	16.4	$	7.1	$	8.1
KIR		44.0		41.0		26.5
CPP		7.7		9.6		7.1
Other Institutional Programs		1.1		4.7		28.8
Other Joint Venture Programs		3.9		14.2		49.7
Canadian Properties		145.6		403.8		39.4
Total	$	218.7	$	480.4	$	159.6

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Note 9 - Other Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Real Estate Investment Financial Statements, Disclosure [Table Text Block]

	December 31,
	201 6		2015
Assets:
Real estate, net	$	187.0	$	258.0
Other assets		587.1		628.3
	$	774.1	$	886.3
Liabilities and Partners’/Members’ Capital:
Notes and mortgages payable	$	454.7	$	563.7
Other liabilities		8.3		12.9
Partners’/Members’ capital		311.1		309.7
	$	774.1	$	886.3

Preferred Equity Investments, Income Statement [Table Text Block]

	Year Ended December 31,
	201 6			2015			2014
Revenues from rental properties	$	102.6		$	122.1		$	146.0
Operating expenses		(27.4	)		(35.6	)		(47.0	)
Interest expense		(26.7	)		(35.7	)		(47.1	)
Depreciation and amortization		(6.7	)		(11.4	)		(19.2	)
Other expense, net		(11.5	)		(9.2	)		(7.2	)
Income from continuing operations		30.3			30.2			25.5
Discontinued Operations:
Gain on disposition of properties		-			-			31.5
		-			-			31.5
Gain on sale of operating properties		5.3			6.0			-
Net income	$	35.6		$	36.2		$	57.0

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Note 11 - Mortgages and Other Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	201 6			2015			2014
Balance at January 1,	$	23,824		$	74,013		$	30,243
Additions:
New mortgage loans		-			5,730			52,728
Write-off of loan discounts		-			-			286
Foreign currency translation		397			-			-
Amortization of loan discounts		112			112			126
Deductions:
Loan repayments		-			(53,646	)		(7,330	)
Charge off/foreign currency translation		(213	)		(884	)		(1,066	)
Collections of principal		(921	)		(1,499	)		(972	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	23,197		$	23,824		$	74,013

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Note 12 - Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Marketable Securities [Table Text Block]

	December 31, 201 6
	Amortized Cost		Gross Unrealized Gains		Total
Available-for-sale:
Equity securities	$	6,096	$	406	$	6,502
Held-to-maturity:
Debt securities		1,599		-		1,599
Total marketable securities	$	7,695	$	406	$	8,101

	December 31, 201 5
	Amortized Cost		Gross Unrealized Gains/ ( Losses )			Total
Available-for-sale:
Equity securities	$	5,511	$	398		$	5,909
Held-to-maturity:
Debt securities		1,656		(1	)		1,655
Total marketable securities	$	7,167	$	397		$	7,564

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Note 13 - Notes Payable (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	Balance at 12/31/1 6			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	3,400.0			2.70%		6.88%		Oct-2019		Dec-2046
Medium Term Notes (“MTN”)		300.0			4.30%		4.30%		Feb-2018		Feb-2018
Term Loan (a)		250.0			(a)		(a)		Jan-2017		Jan-2017
Credit Facility (b)		25.0			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(47.7	)		-		-		-		-
	$	3,927.3

	Balance at 12/31/1 5			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	2,290.9			3.13%		6.88%		May-2017		Apr-2045
MTN		600.0			4.30%		5.78%		Mar-2016		Feb-2018
Term Loan (a)		650.0			(a)		(a)		Jan-2017		Jan-2017
Canadian Notes Payable		251.8			3.86%		5.99%		Apr-2018		Aug-2020
Credit Facility (b)		-			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(31.4	)		-		-		-		-
	$	3,761.3

Schedule of Debt [Table Text Block]

Type	Date Paid	Maturity Date	Amount Repaid (USD)		Interest Rate
Canadian Notes Payable (1)	Aug-16	(1)	$	270.9		(1)
Senior Unsecured Note (2)	Aug-16	May-17	$	290.9		5.70%
MTN	Mar-16	Mar-16	$	300.0		5.783%
MTN	Nov-15	Nov-15	$	150.0		5.584%
Senior Unsecured Note	Sep-15	Sep-15	$	100.0		5.25%
MTN	Feb-15	Feb-15	$	100.0		4.904%

Schedule of Debt Issuance [Table Text Block]

Date Issued	Maturity Date	Amount Issued		Interest Rate
Nov-16	Mar-24	$	400.0		2.7%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.8%
May-16	Apr-45	$	150.0		4.25%
Oct-15	Nov-22	$	500.0		3.40%
Mar-15	Apr-45	$	350.0		4.25%

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Note 15 - Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Convertible Non-convertible Units [Table Text Block]

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Preferred A Units (1)	$	1.00		79,642,697		5.0%
Class B-1 Preferred Units (2)	$	10,000		189		7.0%
Class B-2 Preferred Units (1)	$	10,000		42		7.0%
Class C DownReit Units (2)	$	30.52		52,797	Equal to the Company’s common stock dividend

Redeemable Noncontrolling Interest [Table Text Block]

	201 6			201 5
Balance at January 1,	$	86,709		$	91,480
Income (1)		4,349			7,061
Distribution		(4,105	)		(5,922	)
Conversion of redeemable units		-			(5,910	)
Balance at December 31,	$	86,953		$	86,709

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Note 16 - Fair Value Disclosure of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	December 31,
	201 6				201 5
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Marketable securities (1)	$	8,101	$	8,101	$	7,565	$	7,564
Notes payable (2)	$	3,927,251	$	3,890,797	$	3,761,328	$	3,820,205
Mortgages payable (3)	$	1,139,117	$	1,141,047	$	1,614,982	$	1,629,760

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	6,502	$	6,502	$	-	$	-
Liabilities:
Interest rate swaps	$	975	$	-	$	975	$	-

	Balance at December 31, 201 5		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	5,909	$	5,909	$	-	$	-
Liabilities:
Interest rate swaps	$	1,426	$	-	$	1,426	$	-

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Real estate	$	117,930	$	-	$	-	$	117,930

	Balance at December 31, 201 5		Level 1		Level 2		Level 3
Real estate	$	52,439	$	-	$	-	$	52,439

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Note 17 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

As of December 31, 2016 and 201 5
Series of  Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference		Dividend Rate			Annual Dividend per Depositary Share		Par Value
Series I		18,400		16,000	$	400,000		6.00	%	$	1.50000	$	1.00
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00
		35,450		32,000	$	800,000

Preferred Stock Redeemed [Member]

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

Series of  Preferred Stock	Date Issued	Depositary Shares Issued		Redemption Amount (in millions)		Offering/ Redemption Price		Optional Redemption Date	Actual Redemption Date
Series H (1)	8/30/2010		7,000,000	$	175.0	$	25.00	8/30/2015	11/25/2015

Preferred Stock Issued [Member]

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

Series of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, After Expenses (in millions)		Offering/ Redemption Price		Optional Redemption Date
Series I	3/20/2012		16,000,000	1/1000	$	387.2	$	25.00	3/20/2017
Series J	7/25/2012		9,000,000	1/1000	$	217.8	$	25.00	7/25/2017
Series K	12/7/2012		7,000,000	1/1000	$	169.1	$	25.00	12/7/2017

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Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	201 6			201 5			201 4
Acquisition of real estate interests by assumption of mortgage debt	$	33,174		$	84,699		$	210,232
Acquisition of real estate interests by issuance of redeemable units	$	-		$	-		$	8,219
Acquisition of real estate interests through proceeds held in escrow	$	66,044		$	89,504		$	179,387
Proceeds held in escrow through sale of real estate interests	$	66,044		$	71,623		$	197,270
Disposition of real estate interests by assignment of debt	$	-		$	47,742		$	-
Disposition of real estate interests through the issuance of mortgage receivable	$	-		$	5,730		$	2,728
Disposition of real estate interests by foreclosure of debt	$	22,080		$	-		$	-
Forgiveness of debt due to foreclosure	$	26,000		$	-		$	-
Investment in real estate joint venture through contribution of real estate	$	-		$	-		$	35,080
Decrease of noncontrolling interests through sale of real estate	$	-		$	-		$	17,650
Increase in capital expenditures accrual	$	15,078		$	8,581		$	12,622
Issuance of common stock	$	85		$	493		$	14,047
Surrender of common stock	$	(7,008	)	$	(5,682	)	$	(4,051	)
Declaration of dividends paid in succeeding period	$	124,517		$	115,182		$	111,143
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	407,813		$	1,039,335		$	687,538
Increase in mortgages payable, other liabilities and noncontrolling interests	$	268,194		$	750,135		$	492,318

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Note 21 - Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2014		15,374,145		$	28.79	$	13.1
Exercised		(1,474,432	)	$	16.19	$	9.4
Forfeited		(2,005,952	)	$	28.68
Options outstanding, December 31, 2014		11,893,761		$	30.23	$	29.8
Exercised		(1,019,240	)	$	18.36	$	7.4
Forfeited		(1,862,080	)	$	32.55
Options outstanding, December 31, 2015		9,012,441		$	31.09	$	27.4
Exercised		(1,167,819	)	$	18.03	$	12.4
Forfeited		(1,830,893	)	$	39.69
Options outstanding, December 31, 2016		6,013,729		$	32.09	$	12.1
Options exercisable (fully vested) -
December 31, 2014		10,159,570		$	31.96	$	19.9
December 31, 2015		7,617,882		$	32.90	$	20.0
December 31, 2016		5,144,416		$	32.56	$	11.3

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

	201 6			201 5			2014
Restricted stock outstanding as of January 1,		1,712,534			1,911,145			1,591,082
Granted		756,530			729,160			804,465
Vested		(520,539	)		(875,202	)		(418,309	)
Forfeited		(17,793	)		(52,569	)		(66,093	)
Restricted stock outstanding as of December 31,		1,930,732			1,712,534			1,911,145

Performance Shares [Member]

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	201 6			201 5				201 4
Stock price	$	26.29		$		26.83		$			21.49
Dividend yield (1)		0	%			0	%				0	%
Risk-free rate		0.87	%			0.98	%				0.65	%
Volatility		18.80	%			16.81	%				25.93	%
Term of the award (years)		2.88			1.88,	2.88			0.88,	1.88,	2.88

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Note 22 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Book to Tax Reconciliation [Table Text Block]

	201 6			201 5			201 4
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	378,850		$	894,115		$	424,001
GAAP net loss/(income) of taxable REIT Subsidiaries		2,414			(6,073	)		(13,110	)
GAAP net income from REIT operations (a)		381,264			888,042			410,891
Net book depreciation in excess of tax depreciation		73,409			21,515			24,890
Capitalized leasing/legal commissions		(11,894	)		(14,246	)		(13,576	)
Deferred/prepaid/above-market and below-market rents, net		(35,230	)		(32,848	)		(17,967	)
Fair market value debt amortization		(15,953	)		(19,723	)		(6,236	)
Restricted stock		(4,490	)		(3,094	)		(1,078	)
Book/tax differences from non-qualified stock options		(11,301	)		(4,786	)		(5,144	)
Book/tax differences from investments in real estate joint ventures		(4,205	)		(294	)		8,614
Book/tax difference on sale of properties		(75,445	)		(64,270	)		(146,173	)
Foreign income tax from capital gains		-			5,873			-
Cumulative foreign currency translation adjustment & deferred tax adjustment		3,267			-			139,976
Book adjustment to property carrying values and marketable equity securities		29,042			4,484			62,817
Taxable currency exchange loss, net		(6,775	)		(47,297	)		(100,602	)
Tangible property regulations deduction (b)		(58,000	)		(126,957	)		-
Dividends from taxable REIT subsidiaries		-			647			67,590
GAAP change in control gain		(57,386	)		(149,407	)		(107,235	)
Valuation allowance against net deferred tax assets (see discussion below)		40,097			-			-
Other book/tax differences, net		(9,505	)		(3,618	)		(16,100	)
Adjusted REIT taxable income	$	236,895		$	454,021		$	300,667

Taxable Characteristics of Distributions Paid [Table Text Block]

	201 6				2015				2014
Preferred H Dividends
Ordinary income	$	-	-		$	-	-		$	6,762	56	%
Capital gain		-	-			13,417	100	%		5,313	44	%
	$	-	-		$	13,417	100	%	$	12,075	100	%
Preferred I Dividends
Ordinary income	$	16,320	68	%	$	-	-		$	13,440	56	%
Capital gain		7,680	32	%		24,000	100	%		10,560	44	%
	$	24,000	100	%	$	24,000	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	8,415	68	%	$	-	-		$	6,930	56	%
Capital gain		3,960	32	%		12,375	100	%		5,445	44	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	6,694	68	%	$	-	-		$	5,513	56	%
Capital gain		3,150	32	%		9,844	100	%		4,331	44	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Common Dividends
Ordinary income	$	263,892	62	%	$	-	-		$	132,498	36	%
Capital gain		127,689	30	%		394,400	100	%		103,054	28	%
Return of capital		34,050	8	%		-	-			132,498	36	%
	$	425,631	100	%	$	394,400	100	%	$	368,050	100	%
Total dividends distributed for tax purposes	$	471,850			$	454,036			$	426,344

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	201 6			201 5			201 4
(Loss)/income before income taxes – U.S.	$	(23,810	)	$	23,729		$	22,176
Benefit/(provision) for income taxes, net:
Federal:
Current		2,199			(638	)		(522	)
Deferred		(45,097	)		(7,355	)		(7,156	)
Federal tax provision		(42,898	)		(7,993	)		(7,678	)
State and local:
Current		1,057			(2,535	)		(165	)
Deferred		(8,812	)		(1,474	)		(1,223	)
State tax provision		(7,755	)		(4,009	)		(1,388	)
Total tax provision – U.S.		(50,653	)		(12,002	)		(9,066	)
Net (loss)/income from U.S. taxable REIT subsidiaries	$	(74,463	)	$	11,727		$	13,110
Income before taxes – Non-U.S.	$	138,253		$	381,999		$	116,184
(Provision)/benefit for Non-U.S. income taxes:
Current (1)	$	(24,393	)	$	(58,365	)	$	(18,131	)
Deferred		(3,537	)		4,331			(6,749	)
Non-U.S. tax provision	$	(27,930	)	$	(54,034	)	$	(24,880	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	201 6			201 5			201 4
Federal provision at statutory tax rate (35%) (1)	$	(47,155	)	$	(8,304	)	$	(7,762	)
State and local provision, net of federal benefit (2)		(3,498	)		(3,698	)		(1,304	)
Total tax provision – U.S.	$	(50,653	)	$	(12,002	)	$	(9,066	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	201 6			201 5
Deferred tax assets:
Tax/GAAP basis differences	$	63,167		$	49,601
Net operating losses (1)		44,833			40,100
Related party deferred losses		952			1,549
Tax credit carryforwards (2)		5,368			5,304
Capital loss carryforwards		3,659			4,593
Charitable contribution carryforwards		35			22
Non-U.S. tax/GAAP basis differences		513			4,555
Valuation allowance – U.S.		(95,126	)		(25,045	)
Valuation allowance – Non-U.S.		-			(2,860	)
Total deferred tax assets		23,401			77,819
Deferred tax liabilities – U.S.		(19,599	)		(19,326	)
Deferred tax liabilities – Non-U.S.		(559	)		(3,493	)
Net deferred tax assets	$	3,243		$	55,000

Summary of Income Tax Contingencies [Table Text Block]

	201 6			201 5
Balance at January 1,	$	4,263		$	4,649
Increases for tax positions related to current year		41			1,084
Increase for tax position due to ASU 2013-11		4,930			-
Decreases relating to settlements with taxing authorities		(2,000	)		-
Reductions due to lapsed statute of limitations		(2,272	)		(1,470	)
Balance at December 31,	$	4,962		$	4,263

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Note 23 - Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for- Sale Investments		Unrealized Gain/(Loss) on Interest Rate Swaps			Total
Balance as of January 1, 2016	$	6,616		$	398	$	(1,426	)	$	5,588
Other comprehensive income before reclassifications		(281	)		8		451			178
Amounts reclassified from AOCI		-			-		-			-
Net current-period other comprehensive income		(281	)		8		451			178
Balance as of December 31, 2016	$	6,335		$	406	$	(975	)	$	5,766

	Foreign Currency Translation Adjustments			Unrealized Gains on Available-for- Sale Investments			Unrealized Gain/(Loss) on Interest Rate Swaps			Total
Balance as of January 1, 2015	$	329		$	46,197		$	(1,404	)	$	45,122
Other comprehensive income before reclassifications		(12,493	)		(5,946	)		(22	)		(18,461	)
Amounts reclassified from AOCI		18,780	(1)		(39,853	)(2)		-			(21,073	)
Net current-period other comprehensive income		6,287			(45,799	)		(22	)		(39,534	)
Balance as of December 31, 2015	$	6,616		$	398		$	(1,426	)	$	5,588

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Note 24 - Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Quarterly Financial Information [Table Text Block]

	201 6 (Unaudited)
	Mar. 31		Jun . 30		Sept. 30			Dec. 31
Revenues from rental properties	$	293,091	$	287,115	$	279,286		$	292,909
Net income/(loss) attributable to the Company	$	140,713	$	203,409	$	(43,545	)	$	78,273
Net income/(loss) per common share:
Basic	$	0.31	$	0.46	$	(0.13	)	$	0.16
Diluted	$	0.31	$	0.46	$	(0.13	)	$	0.16

	201 5 (Unaudited)
	Mar. 31		Jun . 30		Sept. 30		Dec. 31
Revenues from rental properties	$	275,506	$	289,080	$	283,387	$	296,501
Net income attributable to the Company	$	310,342	$	127,000	$	77,572	$	379,201
Net income per common share:
Basic	$	0.72	$	0.27	$	0.15	$	0.87
Diluted	$	0.71	$	0.27	$	0.15	$	0.87

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Note 25 - Captive Insurance Company (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Unpaid Losses and Loss Adjustments [Table Text Block]

	201 6			201 5
Balance at the beginning of the year	$	20,046		$	18,078
Incurred related to:
Current year		6,247			7,469
Prior years		(67	)		652
Total incurred		6,180			8,121
Paid related to:
Current year		(962	)		(1,214	)
Prior years		(5,749	)		(4,939	)
Total paid		(6,711	)		(6,153	)
Balance at the end of the year	$	19,515		$	20,046

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Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Summary of Valuation Allowance [Table Text Block]

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2016
Allowance for uncollectable accounts	$	13,918	$	5,249	$	-		$	(6,894	)	$	12,273
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126
Year Ended December 31, 2015
Allowance for uncollectable accounts	$	10,368	$	7,333	$	-		$	(3,783	)	$	13,918
Allowance for deferred tax asset	$	34,302	$	-	$	(6,397	)	$	-		$	27,905
Year Ended December 31, 2014
Allowance for uncollectable accounts	$	10,771	$	3,886	$	-		$	(4,289	)	$	10,368
Allowance for deferred tax asset	$	63,712	$	-	$	(29,410	)	$	-		$	34,302

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Schedule III - Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Real Estate Properties [Table Text Block]

	INITIAL COST							TOTAL COST,
		BUILDING	SUBSEQUENT		BUILDING		ACCUMULATED	NET OF ACCUMULATED		DATE OF	DATE OF
	LAND	& IMPROVEMENT	TO ACQUISITION	LAND	& IMPROVEMENT	TOTAL	DEPRECIATION	DEPRECIATION	ENCUMBRANCES	ACQUISITION(A)	CONSTRUCTION(C)
KEY BANK BUILDING	1,500,000	40,486,755	(12,256,024)	672,719	29,058,012	29,730,731	18,250,563	11,480,168	-	2006
THE GROVE	18,951,763	6,403,809	2,321,874	6,793,454	20,883,992	27,677,446	6,572,921	21,104,525	-		2007
EL MIRAGE	6,786,441	503,987	130,064	6,786,441	634,051	7,420,492	73,155	7,347,337	-		2008
TALAVI TOWN CENTER	8,046,677	17,291,542	394,536	8,046,677	17,686,078	25,732,755	10,390,068	15,342,687	-	2007
MESA PAVILIONS NORTH	6,060,018	35,955,005	24,517	6,060,018	35,979,522	42,039,540	7,909,208	34,130,332	-	2009
MESA RIVERVIEW	15,000,000	-	139,963,982	307,992	154,655,990	154,963,982	48,059,971	106,904,011	-		2005
MESA PAVILLIONS - SOUTH	-	148,508	99,649	-	248,157	248,157	96,454	151,703	-	2011
METRO SQUARE	4,101,017	16,410,632	1,249,341	4,101,017	17,659,973	21,760,990	8,377,898	13,383,092	-	1998
HAYDEN PLAZA NORTH	2,015,726	4,126,509	5,114,019	2,015,726	9,240,528	11,256,254	4,030,084	7,226,170	-	1998
PLAZA DEL SOL	5,324,502	21,269,943	2,164,169	4,577,870	24,180,744	28,758,614	8,268,728	20,489,886	-	1998
PLAZA @ MOUNTAINSIDE	2,450,341	9,802,046	1,809,711	2,450,341	11,611,757	14,062,098	5,707,659	8,354,439	-	1997
VILLAGE CROSSROADS	5,662,554	24,981,223	607,424	5,662,554	25,588,647	31,251,201	4,248,058	27,003,143	-	2011
NORTH VALLEY	6,861,564	18,200,901	6,140,408	3,861,272	27,341,601	31,202,873	4,277,047	26,925,826	-	2011
CHRISTOWN SPECTRUM	33,831,349	91,004,070	12,655,279	76,638,512	60,852,186	137,490,698	5,027,963	132,462,735	63,919,515	2015
ASANTE RETAIL CENTER	8,702,635	3,405,683	2,866,807	11,039,471	3,935,654	14,975,125	422,495	14,552,630	-		2004
SURPRISE SPECTRUM	4,138,760	94,572	1,035	4,138,760	95,607	4,234,367	11,331	4,223,036	-		2008
BELL CAMINO CENTER	2,427,465	6,439,065	209,620	2,427,465	6,648,685	9,076,150	1,662,105	7,414,045	-	2012
COLLEGE PARK SHOPPING CENTER	3,276,952	7,741,323	937,255	3,276,952	8,678,578	11,955,530	2,032,716	9,922,814	-	2011
COSTCO PLAZA - 541	4,995,639	19,982,557	454,041	4,995,639	20,436,598	25,432,237	9,919,333	15,512,904	-	1998
BROOKHURST CENTER	10,492,714	31,357,513	-	10,492,715	31,357,512	41,850,227	170,330	41,679,897	-	2016
LAKEWOOD PLAZA	1,294,176	3,669,266	(90,654)	-	4,872,788	4,872,788	1,253,991	3,618,797	-	2014
MADISON PLAZA	5,874,396	23,476,190	2,639,269	5,874,395	26,115,460	31,989,855	11,883,068	20,106,787	-	1998
BROADWAY PLAZA - 544	6,460,743	25,863,153	12,015,147	6,460,743	37,878,300	44,339,043	15,834,816	28,504,227	-	1998
CORONA HILLS PLAZA	13,360,965	53,373,453	7,747,951	13,360,965	61,121,404	74,482,369	30,140,783	44,341,586	-	1998
280 METRO CENTER	38,734,566	94,903,404	978,329	38,734,567	95,881,732	134,616,299	8,594,553	126,021,746	-	2015
LABAND VILLAGE SHOPPING CENTER	5,600,000	13,289,347	161,263	5,607,237	13,443,373	19,050,610	7,224,966	11,825,644	8,089,040	2008
CUPERTINO VILLAGE	19,886,099	46,534,919	21,651,908	19,886,099	68,186,827	88,072,926	18,539,471	69,533,455	-	2006
NORTH COUNTY PLAZA	10,205,305	28,934,219	(1,428,787)	20,894,811	16,815,926	37,710,737	2,511,204	35,199,533	-	2014
CHICO CROSSROADS	9,975,810	30,534,524	1,278,945	9,985,651	31,803,628	41,789,279	8,872,060	32,917,219	-	2008
CHICO EAST & ESPLANADE(RALEYS)	2,508,716	12,886,184	(1,312,384)	2,284,856	11,797,660	14,082,516	687,471	13,395,045	3,994,238	2015
CORONA HILLS MARKETPLACE	9,727,446	24,778,390	667,593	9,727,446	25,445,983	35,173,429	8,199,536	26,973,893	-	2007
RIVER PARK CROSSING	4,324,000	18,018,653	1,136,480	4,324,000	19,155,133	23,479,133	3,859,696	19,619,437	-	2009
CREEKSIDE CENTER	3,870,823	11,562,580	-	3,870,823	11,562,580	15,433,403	62,601	15,370,802	-	2016
GOLD COUNTRY CENTER	3,272,212	7,864,878	29,687	3,278,290	7,888,487	11,166,777	3,425,408	7,741,369	-	2008
LA MIRADA THEATRE CENTER	8,816,741	35,259,965	(3,469,732)	6,888,680	33,718,294	40,606,974	14,838,975	25,767,999	-	1998
KENNETH HAHN PLAZA	4,114,863	7,660,855	880,557	4,114,863	8,541,412	12,656,275	3,046,335	9,609,940	-	2010
LA VERNE TOWN CENTER	8,414,328	23,856,418	10,840,420	16,362,169	26,748,997	43,111,166	2,401,901	40,709,265	-	2014
LINCOLN HILLS TOWN CENTER	8,228,587	26,127,322	28,378	8,228,586	26,155,701	34,384,287	2,281,415	32,102,872	24,416,451	2015
NOVATO FAIR S.C.	9,259,778	15,599,790	723,259	9,259,778	16,323,049	25,582,827	5,779,281	19,803,546	-	2009
SOUTH NAPA MARKET PLACE	1,100,000	22,159,086	20,615,121	23,119,071	20,755,136	43,874,207	9,867,595	34,006,612	-	2006
PLAZA DI NORTHRIDGE	12,900,000	40,574,842	892,428	12,900,000	41,467,270	54,367,270	14,601,761	39,765,509	-	2005
LINDA MAR SHPPING CENTER	16,548,592	37,521,194	1,418,767	16,548,592	38,939,961	55,488,553	5,972,288	49,516,265	-	2014
POWAY CITY CENTRE	5,854,585	13,792,470	8,378,985	7,247,813	20,778,227	28,026,040	8,030,783	19,995,257	-	2005
REDWOOD CITY PLAZA	2,552,000	6,215,168	5,900,877	2,552,000	12,116,045	14,668,045	1,083,976	13,584,069	-	2009
STANFORD RANCH	10,583,764	30,007,231	(1,670,000)	9,982,626	28,938,369	38,920,995	2,938,618	35,982,377	14,751,853	2014
TYLER STREET PLAZA	3,020,883	7,811,339	(12,456)	3,200,516	7,619,250	10,819,766	2,612,860	8,206,906	-	2008
CROCKER RANCH	7,526,146	24,877,611	16,984	7,526,146	24,894,595	32,420,741	1,545,850	30,874,891	11,237,112	2015
HOME DEPOT PLAZA	4,592,364	18,345,258	-	4,592,365	18,345,257	22,937,622	8,870,544	14,067,078	-	1998
SANTEE TROLLEY SQUARE	40,208,683	62,963,757	535,614	40,208,683	63,499,371	103,708,054	13,018,268	90,689,786	-	2015
SAN/DIEGO CARMEL MOUNTAIN	5,322,600	8,873,991	88,334	5,322,600	8,962,325	14,284,925	2,125,865	12,159,060	-	2009
FULTON MARKET PLACE	2,966,018	6,920,710	1,237,558	2,966,018	8,158,268	11,124,286	2,988,086	8,136,200	-	2005
MARIGOLD SHOPPING CENTER	15,300,000	25,563,978	4,183,111	15,300,000	29,747,089	45,047,089	14,620,807	30,426,282	-	2005
CANYON SQUARE PLAZA	2,648,112	13,876,095	978,581	2,648,112	14,854,676	17,502,788	2,484,006	15,018,782	-	2013
BLACK MOUNTAIN VILLAGE	4,678,015	11,913,344	684,763	4,678,014	12,598,108	17,276,122	4,228,513	13,047,609	-	2007
RANCHO PENASQUITOS TOWNE CTR I	14,851,595	20,342,165	304,024	14,851,595	20,646,189	35,497,784	1,745,657	33,752,127	14,384,811	2015
RANCHO PENASQUITOS TWN CTR. II	12,944,972	20,323,961	177,977	12,944,972	20,501,938	33,446,910	1,794,662	31,652,248	11,038,466	2015
CITY HEIGHTS	10,687,472	28,324,896	(752,643)	13,908,563	24,351,162	38,259,725	2,778,412	35,481,313	-	2012
TRUCKEE CROSSROADS	2,140,000	8,255,753	1,146,729	2,140,000	9,402,482	11,542,482	5,382,067	6,160,415	2,340,536	2006
GATEWAY AT DONNER PASS	4,515,688	8,318,667	226,813	4,515,688	8,545,480	13,061,168	997,166	12,064,002	2,719,649	2015
WESTLAKE SHOPPING CENTER	16,174,307	64,818,562	99,467,618	16,174,307	164,286,180	180,460,487	48,298,485	132,162,002	-	2002
LAKEWOOD VILLAGE	8,597,100	24,374,615	(1,241,442)	11,683,364	20,046,909	31,730,273	2,648,966	29,081,307	-	2014
SAVI RANCH	7,295,646	29,752,511	126,568	7,295,646	29,879,079	37,174,725	4,753,605	32,421,120	-	2012
VILLAGE ON THE PARK	2,194,463	8,885,987	9,224,144	3,018,391	17,286,203	20,304,594	5,791,482	14,513,112	-	1998
QUINCY PLACE S.C.	1,148,317	4,608,249	1,611,804	1,148,318	6,220,052	7,368,370	2,869,681	4,498,689	-	1998
EAST BANK S.C.	1,500,568	6,180,103	1,873,781	1,500,568	8,053,884	9,554,452	3,620,475	5,933,977	-	1998
NORTHRIDGE SHOPPING CENTER	4,932,690	16,496,176	1,722,954	8,934,385	14,217,435	23,151,820	1,758,919	21,392,901	-	2013
SPRING CREEK S.C.	1,423,260	5,718,813	(1,654,650)	603,270	4,884,153	5,487,423	3,549,720	1,937,703	-	1998
DENVER WEST 38TH STREET	161,167	646,983	69	161,167	647,052	808,219	313,795	494,424	-	1998
ENGLEWOOD PLAZA	805,837	3,232,650	442,081	805,836	3,674,732	4,480,568	1,798,011	2,682,557	-	1998
FORT COLLINS S.C.	1,253,497	7,625,278	1,599,607	1,253,496	9,224,886	10,478,382	3,647,392	6,830,990	-	2000
GREELEY COMMONS	3,313,095	20,069,559	104,137	3,313,095	20,173,696	23,486,791	3,605,618	19,881,173	-	2012
HIGHLANDS RANCH VILLAGE S.C.	8,135,427	21,579,936	(659,420)	5,337,081	23,718,862	29,055,943	3,641,248	25,414,695	-	2011
VILLAGE CENTER WEST	2,010,519	8,361,085	60,687	2,010,520	8,421,771	10,432,291	1,248,737	9,183,554	5,503,328	2011
HIGHLANDS RANCH II	3,514,837	11,755,916	204,961	3,514,837	11,960,877	15,475,714	2,272,093	13,203,621	-	2013
HIGHLANDS RANCH PARCEL	1,140,000	2,660,000	64,239	1,140,000	2,724,239	3,864,239	120,726	3,743,513	-	2014
HERITAGE WEST S.C.	1,526,576	6,124,074	1,126,064	1,526,576	7,250,138	8,776,714	3,320,154	5,456,560	-	1998
MARKET AT SOUTHPARK	9,782,769	20,779,522	264,140	9,782,769	21,043,662	30,826,431	3,881,881	26,944,550	-	2011
NEWTOWN S.C.	-	15,635,442	-	-	15,635,442	15,635,442	1,421,090	14,214,352	8,502,201	2014
WEST FARM SHOPPING CENTER	5,805,969	23,348,024	14,403,752	7,585,116	35,972,629	43,557,745	13,063,627	30,494,118	-	1998
HAMDEN MART	13,668,167	40,890,166	-	13,668,167	40,890,166	54,558,333	221,050	54,337,283	22,404,073	2016
HOME DEPOT PLAZA	7,704,968	30,797,640	2,712,557	7,704,968	33,510,197	41,215,165	13,564,341	27,650,824	-	1998
WILTON RIVER PARK SHOPPING CTR	7,154,585	27,509,279	(224,537)	7,154,585	27,284,742	34,439,327	3,581,639	30,857,688	-	2012
BRIGHT HORIZONS	1,211,748	4,610,610	9,499	1,211,748	4,620,109	5,831,857	684,714	5,147,143	-	2012
WILTON CAMPUS	10,168,872	31,893,016	254,233	10,168,872	32,147,249	42,316,121	6,500,963	35,815,158	-	2013
CAMDEN SQUARE	122,741	66,738	4,309,722	3,024,375	1,474,826	4,499,201	155,208	4,343,993	-	2003
PROMENADE AT CHRISTIANA	14,371,686	-	11,148,877	25,520,563	-	25,520,563	-	25,520,563	-		2014
BRANDYWINE COMMONS	-	36,057,487	(505,731)	-	35,551,756	35,551,756	3,276,507	32,275,249	-	2014
CAMINO SQUARE	573,875	2,295,501	2,665,024	733,875	4,800,525	5,534,400	3,636,784	1,897,616	-	1992
BONITA GRANDE CROSSINGS	3,370,941	8,179,481	52,500	3,370,941	8,231,981	11,602,922	668,033	10,934,889	-	2015
HOLLYWOOD VIDEO BONITA GRANDE	341,958	771,935	-	341,958	771,935	1,113,893	68,673	1,045,220	-	2015
CORAL SQUARE PROMENADE	710,000	2,842,907	3,993,496	710,000	6,836,403	7,546,403	3,565,857	3,980,546	-	1994
MAPLEWOOD PLAZA	1,649,000	6,626,301	1,161,119	1,649,000	7,787,420	9,436,420	3,541,619	5,894,801	-	1997
CURLEW CROSSING SHOPPING CTR	5,315,955	12,529,467	2,107,472	5,315,954	14,636,940	19,952,894	5,461,751	14,491,143	-	2005
SHOPS AT SANTA BARBARA PHASE 1	743,463	5,373,994	-	743,463	5,373,994	6,117,457	462,609	5,654,848	-	2015
SHOPS AT SANTA BARBARA PHASE 2	331,692	2,488,832	-	331,692	2,488,832	2,820,524	200,524	2,620,000	-	2015
SHOPS AT SANTA BARBARA PHASE 3	329,726	2,358,700	(12,082)	329,726	2,346,618	2,676,344	217,112	2,459,232	-	2015
CORAL POINTE S.C.	2,411,608	20,507,735	(25,164)	2,411,608	20,482,571	22,894,179	1,580,664	21,313,515	-	2015
PUBLIX AT ADDISON	3,211,156	6,747,895	-	3,211,156	6,747,895	9,959,051	350,697	9,608,354	-	2015
ADDISON CENTER PROF.BUILDING	802,789	1,310,012	(45,779)	802,789	1,264,233	2,067,022	75,322	1,991,700	-	2015
DANIA POINTE	105,113,024	-	2,000,000	107,113,024	-	107,113,024	-	107,113,024	-	2016
FT.LAUDERDALE/CYPRESS CREEK	14,258,760	28,042,390	2,415,038	14,258,760	30,457,428	44,716,188	9,171,140	35,545,048	-	2009
HOMESTEAD-WACHTEL LAND LEASE	150,000	-	-	150,000	-	150,000	-	150,000	-	2013
OAKWOOD PLAZA NORTH	35,300,961	141,731,019	-	35,300,961	141,731,019	177,031,980	4,333,815	172,698,165	100,000,000	2016
OAKWOOD PLAZA SOUTH	11,126,610	40,592,103	-	11,126,610	40,592,103	51,718,713	1,487,871	50,230,842	-	2016
OAKWOOD BUSINESS CTR-BLDG 1	6,792,500	18,662,565	3,027,668	6,792,500	21,690,233	28,482,733	5,592,134	22,890,599	-	2009
AMELIA CONCOURSE	7,600,000	-	2,508,435	676,791	9,431,644	10,108,435	2,819,327	7,289,108	-		2003
KIMCO AVENUES WALK, LLC	26,984,546	-	47,260,955	29,784,056	44,461,445	74,245,501	63,344	74,182,157	-		2005
DUVAL STATION S.C.	1,807,792	11,863,692	114,840	1,807,792	11,978,532	13,786,324	828,285	12,958,039	-	2015
RIVERPLACE SHOPPING CTR.	7,503,282	31,011,027	1,375,379	7,200,050	32,689,638	39,889,688	8,655,946	31,233,742	-	2010
MERCHANTS WALK	2,580,816	10,366,090	6,496,524	2,580,816	16,862,614	19,443,430	7,283,589	12,159,841	-	2001
WAL-MART PLAZA	293,686	792,119	1,726,636	293,686	2,518,755	2,812,441	2,210,865	601,576	-		1968
LEESBURG SHOPS	-	171,636	193,651	-	365,287	365,287	365,287	-	-		1969
TRI-CITY PLAZA	2,832,296	11,329,185	19,606,325	2,832,296	30,935,510	33,767,806	2,730,210	31,037,596	-	1992
FT LAUDERDALE #1, FL	1,002,733	2,602,415	12,831,516	1,774,443	14,662,221	16,436,664	9,613,856	6,822,808	-		1974
LAKE WALES S.C.	601,052	-	-	601,052	-	601,052	-	601,052	-	2009
NASA PLAZA	-	1,754,000	2,653,265	-	4,407,265	4,407,265	3,243,997	1,163,268	-		1968
GROVE GATE S.C.	365,893	1,049,172	1,207,100	365,893	2,256,272	2,622,165	1,959,640	662,525	-		1968
CHEVRON OUTPARCEL	530,570	1,253,410	-	530,570	1,253,410	1,783,980	334,762	1,449,218	-	2010
IVES DAIRY CROSSING	732,914	4,080,460	11,065,138	732,914	15,145,598	15,878,512	9,101,199	6,777,313	-	1985
MILLER ROAD S.C.	1,138,082	4,552,327	4,535,416	1,138,082	9,087,743	10,225,825	5,760,824	4,465,001	-	1986
TRI-CITIES SHOPPING PLAZA	1,011,000	4,062,890	3,190,909	1,011,000	7,253,799	8,264,799	596,772	7,668,027	-	1997
KENDALE LAKES PLAZA	18,491,461	28,496,001	(2,055,786)	15,362,227	29,569,449	44,931,676	6,605,625	38,326,051	-	2009
PLANTATION CROSSING	7,524,800	-	(5,003,280)	2,008,617	512,903	2,521,520	91,054	2,430,466	-		2005
CENTRE OF MERRITT	1,806,275	9,592,435	-	1,806,275	9,592,435	11,398,710	623,343	10,775,367	-	2015
MILLER WEST PLAZA	6,725,660	10,661,420	-	6,725,660	10,661,420	17,387,080	774,598	16,612,482	-	2015
CORSICA SQUARE S.C.	7,225,100	10,757,386	112,000	7,225,100	10,869,386	18,094,486	918,110	17,176,376	10,840,743	2015
MILTON, FL	1,275,593	-	-	1,275,593	-	1,275,593	-	1,275,593	-	2007
FLAGLER PARK	26,162,980	80,737,041	3,482,952	26,725,480	83,657,493	110,382,973	20,442,791	89,940,182	-	2007
PARK HILL PLAZA	10,763,612	19,264,248	187,262	10,763,612	19,451,510	30,215,122	3,784,223	26,430,899	-	2011
WINN DIXIE-MIAMI	2,989,640	9,410,360	(51,872)	3,544,297	8,803,831	12,348,128	677,157	11,670,971	-	2013
MARATHON SHOPPING CENTER	2,412,929	8,069,450	1,013,493	1,514,731	9,981,141	11,495,872	1,112,710	10,383,162	-	2013
SODO S.C.	-	68,139,271	8,283,273	142,195	76,280,349	76,422,544	16,306,907	60,115,637	-	2008
RENAISSANCE CENTER	9,104,379	36,540,873	14,913,118	9,122,758	51,435,612	60,558,370	17,171,361	43,387,009	-	1998
MILLENIA PLAZA PHASE II	7,711,000	20,702,992	1,650,193	7,698,200	22,365,985	30,064,185	7,880,425	22,183,760	-	2009
RIVERSIDE LANDINGS S.C.	3,512,202	14,439,668	96,924	3,512,202	14,536,592	18,048,794	1,012,519	17,036,275	-	2015
GRAND OAKS VILLAGE	7,409,319	19,653,869	(627,365)	5,846,339	20,589,484	26,435,823	3,451,536	22,984,287	-	2011
LOWES S.C.	1,620,203	-	40,689	954,876	706,016	1,660,892	125,514	1,535,378	-	2007
POMPANO POINTE S.C.	10,516,500	10,469,592	530,900	10,516,500	11,000,492	21,516,992	456,268	21,060,724	-	2012
UNIVERSITY TOWN CENTER	5,515,265	13,041,400	426,693	5,515,265	13,468,093	18,983,358	2,378,907	16,604,451	-	2011
PALM BEACH GARDENS	2,764,953	11,059,812	668,875	2,764,953	11,728,687	14,493,640	1,551,717	12,941,923	-	2009
OAK TREE PLAZA	-	917,360	1,562,941	-	2,480,301	2,480,301	1,264,152	1,216,149	-		1968
TUTTLEBEE PLAZA	254,961	828,465	2,142,270	254,961	2,970,735	3,225,696	2,193,861	1,031,835	-	2008
SOUTH MIAMI S.C.	1,280,440	5,133,825	3,121,059	1,280,440	8,254,884	9,535,324	4,254,038	5,281,286	-	1995
CARROLLWOOD COMMONS	5,220,445	16,884,228	2,339,166	5,220,445	19,223,394	24,443,839	8,996,615	15,447,224	-	1997
VILLAGE COMMONS SHOPPING CENT.	2,192,331	8,774,158	2,760,666	2,192,331	11,534,824	13,727,155	5,417,404	8,309,751	-	1998
MISSION BELL SHOPPING CENTER	5,056,426	11,843,119	8,634,466	5,067,033	20,466,978	25,534,011	6,509,898	19,024,113	-	2004
VILLAGE COMMONS S.C.	2,026,423	5,106,476	1,923,704	2,026,423	7,030,180	9,056,603	1,236,632	7,819,971	-	2013
BELMART PLAZA	1,656,097	3,394,420	5,585,602	1,656,097	8,980,022	10,636,119	403,154	10,232,965	-	2014
AUGUSTA SQUARE	1,482,564	5,928,122	2,007,334	1,482,564	7,935,456	9,418,020	4,260,861	5,157,159	-	1995
MARKET AT HAYNES BRIDGE	4,880,659	21,549,424	1,238,043	4,889,863	22,778,263	27,668,126	6,751,969	20,916,157	-	2008
EMBRY VILLAGE	18,147,054	33,009,514	908,584	18,160,525	33,904,627	52,065,152	17,260,605	34,804,547	-	2008
PERIMETER EXPO PROPERTY	14,770,275	44,295,457	-	14,770,275	44,295,457	59,065,732	477,748	58,587,984	40,983,821	2016
RIVERWALK MARKETPLACE	3,512,202	18,862,571	-	3,512,202	18,862,571	22,374,773	995,324	21,379,449	-	2015
VILLAGE SHOPPES-FLOWERY BRANCH	4,444,148	10,510,657	303,983	4,444,148	10,814,640	15,258,788	2,395,174	12,863,614	-	2011
LAWRENCEVILLE MARKET	8,878,266	29,691,191	(44,182)	9,060,436	29,464,839	38,525,275	4,125,715	34,399,560	-	2013
FIVE FORKS CROSSING	2,363,848	7,906,257	372,465	2,363,848	8,278,722	10,642,570	1,646,665	8,995,905	-	2013
BRAELINN VILLAGE	7,314,719	20,738,792	1,149,049	6,342,926	22,859,634	29,202,560	2,185,264	27,017,296	-	2014
SAVANNAH CENTER	2,052,270	8,232,978	3,599,399	2,052,270	11,832,377	13,884,647	6,520,291	7,364,356	-	1993
CHATHAM PLAZA	13,390,238	35,115,882	2,092,634	13,403,262	37,195,492	50,598,754	12,496,124	38,102,630	-	2008
CLIVE PLAZA	500,525	2,002,101	-	500,525	2,002,101	2,502,626	1,073,777	1,428,849	-	1996
DUBUQUE CENTER	-	2,152,476	239,217	-	2,391,693	2,391,693	1,516,782	874,911	-	1997
TREASURE VALLEY	6,501,240	-	(4,284,637)	1,110,530	1,106,073	2,216,603	127,733	2,088,870	-		2005
BLOOMINGTON COMMONS	805,521	2,222,353	4,494,864	805,521	6,717,217	7,522,738	4,816,390	2,706,348	-		1972
87TH STREET CENTER	-	2,687,046	8,092,727	6,992,648	3,787,125	10,779,773	2,284,313	8,495,460	-	1997
ELSTON CHICAGO	1,010,374	5,692,212	498,828	1,010,374	6,191,040	7,201,414	2,763,188	4,438,226	-	1997
DOWNERS PARK PLAZA	2,510,455	10,164,494	1,967,032	2,510,455	12,131,526	14,641,981	5,418,098	9,223,883	-	1999
DOWNERS PARK PLAZA	811,778	4,322,956	3,348,460	811,778	7,671,416	8,483,194	3,600,499	4,882,695	-	1997
TOWN & COUNTRY S.C.	842,555	2,108,674	2,767,311	500,927	5,217,613	5,718,540	3,320,591	2,397,949	-		1972
FAIRVIEW CITY CENTRE	-	11,866,880	12,943,654	1,900,000	22,910,534	24,810,534	1,853,323	22,957,211	-	1998
SHOPS AT KILDEER	5,259,542	28,141,501	2,486,761	5,259,542	30,628,262	35,887,804	4,422,498	31,465,306	-	2013
MOUNT PROSPECT CENTER	1,017,345	6,572,176	4,047,329	1,017,345	10,619,505	11,636,850	5,762,647	5,874,203	-	1997
MUNDELEIN SHOPPING CENTER	1,127,720	5,826,129	136,968	1,129,634	5,961,183	7,090,817	2,800,456	4,290,361	-	1998
MARKETPLACE OF OAKLAWN	-	678,668	108,483	-	787,151	787,151	714,718	72,433	-	1998
OAK LAWN CENTER	1,530,111	8,776,631	666,590	1,530,111	9,443,221	10,973,332	4,656,435	6,316,897	-	1997
22ND STREET PLAZA	1,527,188	8,679,108	4,081,004	1,527,188	12,760,112	14,287,300	5,611,968	8,675,332	-	1997
ROCKFORD CROSSINGS	4,575,990	11,654,022	(2,628,093)	3,816,080	9,785,839	13,601,919	3,208,253	10,393,666	-	2008
SKOKIE POINTE	-	2,276,360	9,487,443	2,628,440	9,135,363	11,763,803	3,686,787	8,077,016	-	1997
HAWTHORN HILLS SQUARE	6,783,928	33,033,624	4,028,883	6,783,928	37,062,507	43,846,435	6,266,665	37,579,770	19,375,231	2012
WOODGROVE FESTIVAL	5,049,149	20,822,993	5,130,768	4,805,866	26,197,044	31,002,910	12,562,704	18,440,206	-	1998
GROVE PARCEL	907,291	2,240,810	-	907,291	2,240,810	3,148,101	216,402	2,931,699	-	2016
WOODRIDGE PAD	702,757	1,746,223	-	702,757	1,746,223	2,448,980	81,704	2,367,276	-	2016
GREENWOOD S.C.	423,371	1,883,421	10,388,475	1,801,822	10,893,445	12,695,267	4,145,861	8,549,406	-		1970
SOUTH PARK S.C.	1,675,031	6,848,209	6,362,777	1,551,079	13,334,938	14,886,017	7,913,763	6,972,254	-	1993
CENTRE AT WESTBANK	9,554,230	24,401,082	1,070,226	9,329,880	25,695,658	35,025,538	8,296,073	26,729,465	18,533,743	2008
AMBASSADOR PLAZA	1,803,672	4,260,966	251,561	1,796,972	4,519,227	6,316,199	1,186,224	5,129,975	4,374,638	2010
EAST SIDE PLAZA	3,295,799	7,785,942	180,773	3,295,635	7,966,879	11,262,514	2,197,127	9,065,387	-	2010
ABINGTON PLAZA	10,457,183	494,652	-	10,457,183	494,652	10,951,835	89,429	10,862,406	4,387,721	2014
WASHINGTON ST.PLAZA	11,007,593	5,652,368	8,851,085	12,957,593	12,553,453	25,511,046	878,925	24,632,121	5,914,448	2014
MEMORIAL PLAZA	16,411,388	27,553,908	323,380	16,411,388	27,877,288	44,288,676	2,467,356	41,821,320	16,309,360	2014
MAIN ST. PLAZA	555,898	2,139,494	-	555,898	2,139,494	2,695,392	215,377	2,480,015	1,375,084	2014
MORRISSEY PLAZA	4,097,251	3,751,068	-	4,097,251	3,751,068	7,848,319	505,455	7,342,864	3,150,546	2014
GLENDALE SQUARE	4,698,891	7,141,090	133,070	4,698,891	7,274,160	11,973,051	920,547	11,052,504	5,647,196	2014
FALMOUTH PLAZA	2,361,071	13,065,817	334,684	2,361,071	13,400,501	15,761,572	1,276,155	14,485,417	7,946,761	2014
WAVERLY PLAZA	1,215,005	3,622,911	5,426	1,203,205	3,640,137	4,843,342	443,908	4,399,434	2,317,720	2014
BARRINGTON PLAZA S.C.	642,170	2,547,830	7,667,513	751,124	10,106,389	10,857,513	4,923,540	5,933,973	-	1994
FESTIVAL OF HYANNIS S.C.	15,038,197	40,682,853	948,247	15,038,197	41,631,100	56,669,297	5,524,945	51,144,352	-	2014
FELLSWAY PLAZA	5,300,388	11,013,543	92,558	5,300,388	11,106,101	16,406,489	1,145,971	15,260,518	6,742,131	2014
DEL ALBA PLAZA	3,163,033	8,967,874	19,995	3,163,033	8,987,869	12,150,902	665,099	11,485,803	7,942,609	2014
NORTH QUINCY PLAZA	6,332,542	17,954,110	(782,383)	3,894,436	19,609,833	23,504,269	1,591,805	21,912,464	-	2014
ADAMS PLAZA	2,089,363	3,226,648	248,359	2,089,363	3,475,007	5,564,370	307,934	5,256,436	1,870,765	2014
BROADWAY PLAZA	6,485,065	343,422	-	6,485,065	343,422	6,828,487	67,420	6,761,067	2,870,966	2014
SHREWSBURY S.C.	1,284,168	5,284,853	5,466,855	1,284,168	10,751,708	12,035,876	4,277,257	7,758,619	-	2000
VINNIN SQUARE PLAZA	5,545,425	16,324,060	(214,252)	5,545,425	16,109,808	21,655,233	2,032,293	19,622,940	9,173,706	2014
PARADISE PLAZA	4,183,038	12,194,885	536,224	4,183,038	12,731,109	16,914,147	1,470,800	15,443,347	8,865,650	2014
BELMONT PLAZA	11,104,983	848,844	-	11,104,983	848,844	11,953,827	112,244	11,841,583	5,237,954	2014
VINNIN SQUARE IN-LINE	582,228	2,094,560	(109,616)	582,228	1,984,944	2,567,172	196,341	2,370,831	-	2014
LINDEN PLAZA	4,628,215	3,535,431	437,334	4,628,215	3,972,765	8,600,980	555,369	8,045,611	3,527,131	2014
NORTH AVE. PLAZA	1,163,875	1,194,673	15,933	1,163,875	1,210,606	2,374,481	149,740	2,224,741	897,489	2014
WASHINGTON ST. S.C.	7,380,918	9,987,119	391,907	7,380,918	10,379,026	17,759,944	887,059	16,872,885	6,286,514	2014
MILL ST. PLAZA	4,195,024	6,203,410	205,071	4,195,024	6,408,481	10,603,505	821,636	9,781,869	4,110,675	2014
FULLERTON PLAZA	14,237,901	6,743,980	(352,777)	14,237,901	6,391,203	20,629,104	855,593	19,773,511	12,551,399	2014
GREENBRIER S.C.	8,891,468	30,304,760	(48,812)	8,891,468	30,255,948	39,147,416	2,842,793	36,304,623	12,488,817	2014
INGLESIDE S.C.	10,416,726	17,889,235	(156,601)	10,416,726	17,732,634	28,149,360	2,186,844	25,962,516	19,320,814	2014
ROLLING ROAD PLAZA	2,510,395	11,930,217	(82,994)	2,508,715	11,848,903	14,357,618	904,646	13,452,972	-	2015
SECURITY SQUARE SHOPPING CTR.	5,342,463	15,147,024	(3,355,446)	4,572,639	12,561,402	17,134,041	1,269,556	15,864,485	16,221,870	2014
WILKENS BELTWAY PLAZA	9,948,235	22,125,942	147,794	9,948,235	22,273,736	32,221,971	2,730,525	29,491,446	-	2014
YORK ROAD PLAZA	4,276,715	37,205,757	29,473	4,276,715	37,235,230	41,511,945	3,247,427	38,264,518	-	2014
PUTTY HILL PLAZA	4,192,152	11,112,111	456,319	4,192,152	11,568,430	15,760,582	2,153,516	13,607,066	-	2013
SNOWDEN SQUARE S.C.	1,929,402	4,557,934	5,155,349	3,326,422	8,316,263	11,642,685	1,213,234	10,429,451	-	2012
COLUMBIA CROSSING	3,612,550	34,344,509	159,554	3,612,550	34,504,063	38,116,613	2,323,495	35,793,118	-	2015
DORSEY'S SEARCH VILLAGE CENTER	6,321,963	27,996,087	(33,532)	6,321,963	27,962,555	34,284,518	1,673,230	32,611,288	-	2015
HICKORY RIDGE	7,183,646	26,947,776	469,483	7,183,646	27,417,259	34,600,905	2,333,408	32,267,497	-	2015
HICKORY RIDGE (SUNOCO)	543,197	2,122,234	-	543,197	2,122,234	2,665,431	174,802	2,490,629	-	2015
KINGS CONTRIVANCE	9,308,349	31,759,940	289,751	9,308,349	32,049,691	41,358,040	2,880,736	38,477,304	23,036,820	2014
HARPER'S CHOICE	8,429,284	18,373,994	246,478	8,429,284	18,620,472	27,049,756	1,475,298	25,574,458	-	2015
WILDE LAKE	1,468,038	5,869,862	22,579,270	2,577,073	27,340,097	29,917,170	8,351,586	21,565,584	-	2002
RIVERHILL VILLAGE CENTER	16,825,496	23,282,222	156,233	16,825,496	23,438,455	40,263,951	2,955,172	37,308,779	22,686,843	2014
OLD BRANCH PLAZA	39,779	130,716	2,026,165	121,747	2,074,913	2,196,660	246,706	1,949,954	-	2003
COLUMBIA CROSSING OUTPARCELS	1,279,200	2,870,800	13,977,613	4,597,200	13,530,413	18,127,613	1,993,683	16,133,930	-	2011
COLUMBIA CROSSING II SHOP.CTR.	3,137,628	19,868,075	2,625,989	3,137,628	22,494,064	25,631,692	3,667,910	21,963,782	-	2013
SHOPS AT DISTRICT HEIGHTS	8,165,638	21,970,661	(1,396,775)	7,298,215	21,441,309	28,739,524	754,538	27,984,986	14,005,190	2015
ENCHANTED FOREST S.C.	20,123,946	34,345,102	145,118	20,123,946	34,490,220	54,614,166	4,157,739	50,456,427	-	2014
SHOPPES AT EASTON	6,523,713	16,402,204	93,697	6,523,713	16,495,901	23,019,614	1,549,799	21,469,815	-	2014
VILLAGES AT URBANA	3,190,074	6,067	13,493,944	4,828,774	11,861,311	16,690,085	1,531,750	15,158,335	-	2003
GAITHERSBURG S.C.	244,890	6,787,534	384,231	244,890	7,171,765	7,416,655	3,110,363	4,306,292	-	1999
KENTLANDS MARKET SQUARE	20,167,048	84,615,052	-	20,167,048	84,615,052	104,782,100	1,569,436	103,212,664	34,521,793	2016
SHAWAN PLAZA	4,466,000	20,222,367	(1,451,885)	4,466,000	18,770,482	23,236,482	10,346,400	12,890,082	4,270,079	2008
LAUREL PLAZA	349,562	1,398,250	3,704,961	1,571,288	3,881,485	5,452,773	1,731,567	3,721,206	-	1995
LAUREL PLAZA	274,580	1,100,968	173,969	274,580	1,274,937	1,549,517	1,156,349	393,168	-		1972
NORTH EAST STATION	8,219,613	9,536,990	(4,446,037)	5,593,160	7,717,406	13,310,566	1,127,040	12,183,526	8,276,083	2014
OWINGS MILLS THEATER/RSTRNTS	23,378,543	1,089,760	16,500,314	39,856,836	1,111,781	40,968,617	67,754	40,900,863	-	2015
CENTRE COURT-RETAIL/BANK	1,035,359	7,785,830	(76,204)	1,035,359	7,709,626	8,744,985	1,175,696	7,569,289	1,907,905	2011
CENTRE COURT-GIANT	3,854,099	12,769,628	-	3,854,099	12,769,628	16,623,727	2,045,590	14,578,137	6,208,957	2011
CENTRE COURT-OLD COURT/COURTYD	2,279,177	5,284,577	(177)	2,279,177	5,284,400	7,563,577	913,182	6,650,395	-	2011
RADCLIFFE CENTER	12,042,713	21,187,946	-	12,042,713	21,187,946	33,230,659	2,067,536	31,163,123	-	2014
TIMONIUM CROSSING	2,525,377	14,862,817	339,960	2,525,377	15,202,777	17,728,154	1,626,614	16,101,540	14,623,506	2014
TIMONIUM SQUARE	6,000,000	24,282,998	14,483,175	7,331,195	37,434,978	44,766,173	15,649,683	29,116,490	-	2003
TOWSON PLACE	43,886,876	101,764,931	613,012	43,270,792	102,994,027	146,264,819	16,147,159	130,117,660	-	2012
MALLSIDE PLAZA	6,930,996	18,148,727	(1,781,449)	5,956,485	17,341,789	23,298,274	6,672,789	16,625,485	-	2008
WHITE LAKE COMMONS	2,300,050	9,249,607	3,264,058	2,300,050	12,513,665	14,813,715	6,292,985	8,520,730	-	1996
DOWNTOWN FARMINGTON CENTER	1,098,426	4,525,723	4,277,242	1,098,426	8,802,965	9,901,391	3,010,957	6,890,434	-	1993
FLINT - VACANT LAND	101,424	-	-	101,424	-	101,424	-	101,424	-	2012
CENTURY PLAZA	178,785	925,818	1,224,093	178,785	2,149,911	2,328,696	1,593,653	735,043	-		1968
CROSS CREEK S.C.	1,451,397	5,806,263	647,769	1,451,397	6,454,032	7,905,429	3,662,287	4,243,142	-	1993
GREEN ORCHARD SHOPPING CENTER	3,682,478	14,730,060	5,711,459	3,682,478	20,441,519	24,123,997	9,908,388	14,215,609	-	1993
THE FOUNTAINS AT ARBOR LAKES	28,585,296	66,699,024	13,287,679	29,485,296	79,086,703	108,571,999	24,480,182	84,091,817	-	2006
ROSEVILLE PLAZA	132,842	957,340	9,736,267	1,675,667	9,150,782	10,826,449	1,457,654	9,368,795	-	2005
CREVE COUER SHOPPING CENTER	1,044,598	5,475,623	896,084	960,814	6,455,491	7,416,305	2,959,637	4,456,668	-	1998
NORTH POINT SHOPPING CENTER	1,935,380	7,800,746	933,471	1,935,380	8,734,217	10,669,597	4,077,420	6,592,177	-	1998
KIRKWOOD CROSSING	-	9,704,005	14,512,599	-	24,216,604	24,216,604	14,603,879	9,612,725	-	1998
LEMAY S.C.	125,879	503,510	3,846,838	451,155	4,025,072	4,476,227	1,662,327	2,813,900	-		1974
GRAVOIS PLAZA	1,032,416	4,455,514	11,033,266	1,032,413	15,488,783	16,521,196	9,021,664	7,499,532	-	2008
HOME DEPOT PLAZA	431,960	-	758,855	431,960	758,855	1,190,815	307,406	883,409	-	1998
PRIMROSE MARKET PLACE	2,745,595	10,985,778	8,433,741	2,904,022	19,261,092	22,165,114	10,101,312	12,063,802	-	1994
PRIMROSE MARKETPLACE	905,674	3,666,386	5,261,809	905,674	8,928,195	9,833,869	3,206,994	6,626,875	127,225	2002
CENTER POINT S.C.	-	550,204	-	-	550,204	550,204	357,716	192,488	-	1998
KINGS HIGHWAY S.C.	809,087	4,430,514	2,781,299	809,087	7,211,813	8,020,900	3,372,037	4,648,863	-	1998
OVERLAND CROSSING	-	4,928,677	759,896	-	5,688,573	5,688,573	3,156,042	2,532,531	-	1997
CAVE SPRINGS S.C.	1,182,194	7,423,459	7,110,186	1,563,694	14,152,145	15,715,839	10,167,687	5,548,152	-	1997
SPRINGFIELD S.C.	-	608,793	11,012,797	8,800,000	2,821,590	11,621,590	1,260,636	10,360,954	-	1998
OVERLOOK VILLAGE	8,276,500	17,249,587	212,226	8,276,500	17,461,813	25,738,313	3,204,115	22,534,198	-	2012
WOODLAWN MARKETPLACE	919,251	3,570,981	2,621,647	919,251	6,192,628	7,111,879	3,174,870	3,937,009	-	2008
TYVOLA SQUARE	-	4,736,345	6,968,268	-	11,704,613	11,704,613	8,870,713	2,833,900	-	1986
CROSSROADS PLAZA	767,864	3,098,881	1,233,350	767,864	4,332,231	5,100,095	1,574,024	3,526,071	-	2000
JETTON VILLAGE SHOPPES	3,875,224	10,292,231	263,116	2,143,695	12,286,876	14,430,571	1,761,917	12,668,654	-	2011
MOUNTAIN ISLAND MARKETPLACE	3,318,587	7,331,413	736,014	3,818,587	7,567,427	11,386,014	1,291,311	10,094,703	-	2012
WOODLAWN SHOPPING CENTER	2,010,725	5,833,626	1,550,109	2,010,725	7,383,735	9,394,460	946,605	8,447,855	-	2012
CROSSROADS PLAZA	13,405,529	86,455,763	(540,910)	13,405,529	85,914,853	99,320,382	11,613,154	87,707,228	70,739,527	2014
QUAIL CORNERS	7,318,321	26,675,644	1,326,080	7,318,321	28,001,724	35,320,045	2,468,557	32,851,488	16,975,639	2014
OAKCREEK VILLAGE	1,882,800	7,551,576	2,333,493	1,882,800	9,885,069	11,767,869	5,331,393	6,436,476	-	1996
DAVIDSON COMMONS	2,978,533	12,859,867	194,020	2,978,533	13,053,887	16,032,420	1,849,478	14,182,942	-	2012
SENATE/HILLSBOROUGH CROSSI	519,395	-	-	519,395	-	519,395	-	519,395	-	2003
PARK PLACE SC	5,461,478	16,163,494	320,144	5,469,809	16,475,307	21,945,116	6,841,674	15,103,442	-	2008
MOORESVILLE CROSSING	12,013,727	30,604,173	109,598	11,625,801	31,101,697	42,727,498	10,220,209	32,507,289	-	2007
PLEASANT VALLEY PROMENADE	5,208,885	20,885,792	13,796,952	5,208,885	34,682,744	39,891,629	19,390,497	20,501,132	-	1993
WAKEFIELD COMMONS III	6,506,450	-	(5,120,646)	1,843,341	(457,537)	1,385,804	221,296	1,164,508	-		2001
WAKEFIELD CROSSINGS	3,413,932	-	(3,017,959)	336,236	59,737	395,973	6,960	389,013	-		2001
BRENNAN STATION	7,749,751	20,556,891	(700,646)	6,321,923	21,284,073	27,605,996	4,474,520	23,131,476	-	2011
BRENNAN STATION OUTPARCEL	627,906	1,665,576	(93,482)	450,232	1,749,768	2,200,000	347,904	1,852,096	-	2011
CLOVERDALE PLAZA	540,667	719,655	6,879,635	540,667	7,599,290	8,139,957	3,978,961	4,160,996	-		1969
WEBSTER SQUARE	11,683,145	41,708,383	5,174,840	11,683,145	46,883,223	58,566,368	5,143,811	53,422,557	-	2014
WEBSTER SQUARE NORTH	2,163,138	6,511,424	-	2,163,138	6,511,424	8,674,562	199,146	8,475,416	-	2016
ROCKINGHAM PLAZA-SHAWS PARCEL	2,660,915	10,643,660	14,302,905	3,148,715	24,458,765	27,607,480	11,447,997	16,159,483	-	2008
SHOP RITE PLAZA	2,417,583	6,364,094	1,599,403	2,417,583	7,963,497	10,381,080	7,151,851	3,229,229	-		1985
MARLTON PLAZA	-	4,318,534	114,215	-	4,432,749	4,432,749	2,269,505	2,163,244	-	1996
HILLVIEW SHOPPING CENTER	16,007,647	32,607,423	(1,517,229)	16,007,647	31,090,194	47,097,841	3,404,107	43,693,734	25,096,230	2014
GARDEN STATE PAVILIONS	7,530,709	10,801,949	20,360,667	12,203,841	26,489,484	38,693,325	5,290,027	33,403,298	-	2011
CLARK SHOPRITE 70 CENTRAL AVE	3,496,673	11,693,769	994,829	13,959,593	2,225,678	16,185,271	515,706	15,669,565	-	2013
COMMERCE CENTER WEST	385,760	1,290,080	160,534	793,595	1,042,779	1,836,374	218,405	1,617,969	-	2013
COMMERCE CENTER EAST	1,518,930	5,079,690	1,753,865	7,235,196	1,117,289	8,352,485	270,427	8,082,058	-	2013
CENTRAL PLAZA	3,170,465	10,602,845	(186,938)	5,145,167	8,441,205	13,586,372	1,389,217	12,197,155	-	2013
EAST WINDSOR VILLAGE	9,335,011	23,777,978	(728,416)	9,335,011	23,049,562	32,384,573	5,463,964	26,920,609	-	2008
HOLMDEL TOWNE CENTER	10,824,624	43,301,494	7,797,435	10,824,624	51,098,929	61,923,553	18,456,550	43,467,003	-	2002
COMMONS AT HOLMDEL	16,537,556	38,759,952	3,395,971	16,537,556	42,155,923	58,693,479	16,134,863	42,558,616	-	2004
PLAZA AT HILLSDALE	7,601,596	6,994,196	544,603	7,601,596	7,538,799	15,140,395	782,960	14,357,435	6,021,151	2014
MAPLE SHADE	-	9,957,611	(845,234)	-	9,112,377	9,112,377	916,239	8,196,138	-	2009
PLAZA AT SHORT HILLS	20,155,471	11,061,984	36,110	20,155,471	11,098,094	31,253,565	1,615,234	29,638,331	9,721,798	2014
NORTH BRUNSWICK PLAZA	3,204,978	12,819,912	27,813,346	3,204,978	40,633,258	43,838,236	17,565,395	26,272,841	-	1994
PISCATAWAY TOWN CENTER	3,851,839	15,410,851	1,216,192	3,851,839	16,627,043	20,478,882	7,981,590	12,497,292	-	1998
RIDGEWOOD S.C.	450,000	2,106,566	1,068,571	450,000	3,175,137	3,625,137	1,651,823	1,973,314	-	1993
UNION CRESCENT III-BEST BUY	7,895,483	3,010,640	28,918,367	8,696,579	31,127,911	39,824,490	12,610,403	27,214,087	-	2007
WESTMONT PLAZA	601,655	2,404,604	11,025,881	601,655	13,430,485	14,032,140	6,132,664	7,899,476	-	1994
WILLOWBROOK PLAZA	15,320,436	40,996,874	3,368,891	15,320,436	44,365,765	59,686,201	5,917,315	53,768,886	-	2009
DEL MONTE PLAZA	2,489,429	5,590,415	561,061	2,210,000	6,430,905	8,640,905	3,033,951	5,606,954	2,598,997	2006
REDFIELD PROMENADE	4,415,339	32,035,192	81,095	4,415,339	32,116,287	36,531,626	3,116,035	33,415,591	-	2015
MCQUEEN CROSSINGS	5,017,431	20,779,024	193,820	5,017,431	20,972,844	25,990,275	2,026,006	23,964,269	-	2015
GALENA JUNCTION	8,931,027	17,503,387	(14,107)	8,931,027	17,489,280	26,420,307	1,715,262	24,705,045	19,862,619	2015
D'ANDREA MARKETPLACE	11,556,067	29,435,364	183,997	11,556,067	29,619,361	41,175,428	7,252,367	33,923,061	11,828,709	2007
SPARKS MERCANTILE	6,221,614	17,069,172	35,957	6,221,614	17,105,129	23,326,743	1,639,300	21,687,443	19,162,216	2015
BRIDGEHAMPTON COMMONS-W&E SIDE	1,811,752	3,107,232	27,119,033	1,858,188	30,179,829	32,038,017	19,471,600	12,566,417	-		1972
OCEAN PLAZA	564,097	2,268,768	8,468	564,097	2,277,236	2,841,333	802,290	2,039,043	-	2003
KINGS HIGHWAY	2,743,820	6,811,268	1,841,513	2,743,820	8,652,781	11,396,601	3,199,221	8,197,380	-	2004
RALPH AVENUE PLAZA	4,414,466	11,339,857	3,567,551	4,414,467	14,907,407	19,321,874	4,905,187	14,416,687	-	2004
BELLMORE S.C.	1,272,269	3,183,547	1,590,605	1,272,269	4,774,152	6,046,421	1,531,268	4,515,153	-	2004
MARKET AT BAY SHORE	12,359,621	30,707,802	2,883,868	12,359,621	33,591,670	45,951,291	11,418,553	34,532,738	11,899,751	2006
KEY FOOD - ATLANTIC AVE	2,272,500	5,624,589	509,260	4,808,822	3,597,527	8,406,349	471,685	7,934,664	-	2012
KING KULLEN PLAZA	5,968,082	23,243,404	6,064,033	5,980,130	29,295,389	35,275,519	13,498,533	21,776,986	-	1998
BIRCHWOOD PLAZA COMMACK	3,630,000	4,774,791	1,073,476	3,630,000	5,848,267	9,478,267	1,743,532	7,734,735	-	2007
ELMONT S.C.	3,011,658	7,606,066	2,770,293	3,011,658	10,376,359	13,388,017	3,327,198	10,060,819	-	2004
NORTHPORT LAND PARCEL	-	14,460	-	-	14,460	14,460	-	14,460	-	2012
ELMONT PLAZA	-	5,119,714	-	-	5,119,714	5,119,714	371,728	4,747,986	-	2015
ELMSFORD CENTER 1	4,134,273	1,193,084	-	4,134,273	1,193,084	5,327,357	118,420	5,208,937	-	2013
ELMSFORD CENTER 2	4,076,403	15,598,504	949,902	4,076,403	16,548,406	20,624,809	1,872,113	18,752,696	-	2013
FRANKLIN SQUARE S.C.	1,078,541	2,516,581	3,937,137	1,078,541	6,453,718	7,532,259	2,216,400	5,315,859	-	2004
AIRPORT PLAZA	22,711,189	107,011,500	3,764,964	22,711,189	110,776,464	133,487,653	10,317,734	123,169,919	-	2015
KISSENA BOULEVARD SHOPPING CTR	11,610,000	2,933,487	147,329	11,610,000	3,080,816	14,690,816	1,012,304	13,678,512	-	2007
HAMPTON BAYS PLAZA	1,495,105	5,979,320	3,533,406	1,495,105	9,512,726	11,007,831	6,950,371	4,057,460	-	1989
HICKSVILLE PLAZA	3,542,739	8,266,375	3,095,524	3,542,739	11,361,899	14,904,638	3,700,135	11,204,503	-	2004
WOODBURY CENTRE	4,314,991	32,585,508	1,661,793	4,314,991	34,247,301	38,562,292	2,699,939	35,862,353	-	2015
TURNPIKE PLAZA	2,471,832	5,839,416	583,236	2,471,832	6,422,652	8,894,484	1,669,509	7,224,975	-	2011
JERICHO COMMONS SOUTH	12,368,330	33,071,495	721,082	12,368,330	33,792,577	46,160,907	9,612,581	36,548,326	9,006,205	2007
501 NORTH BROADWAY	-	1,175,543	197,738	-	1,373,281	1,373,281	672,031	701,250	-	2007
MERRY LANE (PARKING LOT)	1,485,531	1,749	(1,749)	1,485,531	-	1,485,531	-	1,485,531	-	2007
MILLERIDGE INN	7,500,330	481,316	69,437	7,500,000	551,083	8,051,083	14,430	8,036,653	-	2015
JERICHO ATRIUM	10,624,099	20,065,496	-	10,624,099	20,065,496	30,689,595	1,816,983	28,872,612	-	2016
FAMILY DOLLAR UNION TURNPIKE	909,000	2,249,775	258,033	1,056,709	2,360,099	3,416,808	413,009	3,003,799	-	2012
LITTLE NECK PLAZA	3,277,254	13,161,218	5,837,212	3,277,253	18,998,431	22,275,684	6,285,079	15,990,605	-	2003
KEY FOOD - 21ST STREET	1,090,800	2,699,730	(159,449)	1,669,153	1,961,928	3,631,081	210,207	3,420,874	-	2012
MANHASSET CENTER	4,567,003	19,165,808	29,214,394	3,471,939	49,475,266	52,947,205	21,514,253	31,432,952	-	1999
MANHASSET CENTER(residential)	950,000	-	-	950,000	-	950,000	-	950,000	-	2012
MASPETH QUEENS-DUANE READE	1,872,013	4,827,940	1,036,886	1,872,013	5,864,826	7,736,839	1,957,523	5,779,316	1,677,019	2004
NORTH MASSAPEQUA S.C.	1,880,816	4,388,549	699,203	1,623,601	5,344,967	6,968,568	2,000,668	4,967,900	-	2004
MINEOLA CROSSINGS	4,150,000	7,520,692	224,517	4,150,000	7,745,209	11,895,209	1,943,416	9,951,793	-	2007
BIRCHWOOD PARK	3,507,162	4,126	(1,510,445)	2,000,000	843	2,000,843	843	2,000,000	-	2007
SMITHTOWN PLAZA	3,528,000	7,364,098	414,233	3,528,000	7,778,331	11,306,331	2,258,789	9,047,542	-	2009
MANETTO HILL PLAZA	263,693	584,031	10,227,903	263,693	10,811,934	11,075,627	6,176,092	4,899,535	-		1969
SYOSSET S.C.	106,655	76,197	1,781,201	106,655	1,857,398	1,964,053	1,047,980	916,073	-		1990
RICHMOND S.C.	2,280,000	9,027,951	12,459,766	2,280,000	21,487,717	23,767,717	12,038,465	11,729,252	-	1989
GREENRIDGE - OUT PARCEL	2,940,000	11,811,964	6,268,972	3,148,424	17,872,512	21,020,936	6,833,007	14,187,929	-	1997
STATEN ISLAND PLAZA	5,600,744	6,788,460	(3,003,049)	9,386,155	-	9,386,155	-	9,386,155	-	2005
HYLAN PLAZA	28,723,536	38,232,267	36,986,741	28,723,536	75,219,008	103,942,544	38,896,894	65,045,650	-	2006
FOREST AVENUE PLAZA	4,558,592	10,441,408	155,848	4,558,592	10,597,256	15,155,848	3,701,092	11,454,756	-	2005
INDEPENDENCE PLAZA	12,279,093	34,813,852	215,399	16,131,632	31,176,712	47,308,344	5,877,127	41,431,217	31,490,535	2014
KEY FOOD - CENTRAL AVE.	2,787,600	6,899,310	(394,910)	2,603,321	6,688,679	9,292,000	749,341	8,542,659	-	2012
WHITE PLAINS S.C.	1,777,775	4,453,894	2,471,597	1,777,775	6,925,491	8,703,266	2,246,846	6,456,420	-	2004
CHAMPION FOOD SUPERMARKET	757,500	1,874,813	(24,388)	2,241,118	366,807	2,607,925	107,809	2,500,116	-	2012
SHOPRITE S.C.	871,977	3,487,909	-	871,977	3,487,909	4,359,886	2,144,278	2,215,608	-	1998
ROMAINE PLAZA	782,459	1,825,737	588,133	782,459	2,413,870	3,196,329	616,916	2,579,413	-	2005
KENT CENTER	2,261,530	-	(1,826,497)	435,033	-	435,033	-	435,033	-	1995
HIGH PARK CTR RETAIL	3,783,875	-	(2,778,460)	921,704	83,711	1,005,415	24,910	980,505	-		2001
OREGON TRAIL CENTER	5,802,422	12,622,879	590,069	5,802,422	13,212,948	19,015,370	4,770,972	14,244,398	-	2009
POWELL VALLEY JUNCTION	5,062,500	3,152,982	(2,508,712)	2,035,125	3,671,645	5,706,770	1,406,074	4,300,696	-	2009
HOSPITAL GARAGE & MED. OFFICE	-	30,061,177	59,094	-	30,120,271	30,120,271	8,509,839	21,610,432	-	2004
SUBURBAN SQUARE	70,679,871	166,351,381	10,146,149	71,279,871	175,897,530	247,177,401	44,800,084	202,377,317	-	2007
COULTER AVE. PARCEL	577,630	1,348,019	6,720,666	8,645,796	519	8,646,315	-	8,646,315	-	2015
CHIPPEWA PLAZA	2,881,525	11,526,101	153,290	2,881,525	11,679,391	14,560,916	5,133,586	9,427,330	1,931,697	2000
CARNEGIE PLAZA	-	3,298,908	17,747	-	3,316,655	3,316,655	1,445,722	1,870,933	-	1999
CENTER SQUARE SHOPPING CENTER	731,888	2,927,551	1,342,103	731,888	4,269,654	5,001,542	2,661,695	2,339,847	-	1996
WAYNE PLAZA	6,127,623	15,605,012	400,438	6,135,670	15,997,403	22,133,073	3,985,695	18,147,378	-	2008
DEVON VILLAGE	4,856,379	25,846,910	3,995,839	4,856,379	29,842,749	34,699,128	5,029,943	29,669,185	-	2012
POCONO PLAZA	1,050,000	2,372,628	1,431,729	1,050,000	3,804,357	4,854,357	3,174,132	1,680,225	-		1973
RIDGE PIKE PLAZA	1,525,337	4,251,732	(2,602,946)	914,299	2,259,824	3,174,123	938,226	2,235,897	-	2008
WHITELAND - HOBBY LOBBY	176,666	4,895,360	1,447,703	176,666	6,343,063	6,519,729	2,192,866	4,326,863	-	1999
WHITELAND TOWN CENTER	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
EASTWICK WELLNESS CENTER	889,001	2,762,888	3,074,728	889,001	5,837,616	6,726,617	2,869,745	3,856,872	-	1997
HARRISBURG EAST SHOPPING CTR.	452,888	6,665,238	6,889,185	3,002,888	11,004,423	14,007,311	6,690,361	7,316,950	-	2002
TOWNSHIP LINE S.C.	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
HORSHAM POINT	3,813,247	18,189,450	45,820	3,813,247	18,235,270	22,048,517	1,141,314	20,907,203	-	2015
HOLIDAY CENTER	7,726,844	20,014,243	50,582	7,726,844	20,064,825	27,791,669	2,002,263	25,789,406	-	2015
NORRITON SQUARE	686,134	2,664,535	3,817,458	774,084	6,394,043	7,168,127	4,679,752	2,488,375	-	1984
NEW KENSINGTON S.C	521,945	2,548,322	862,730	521,945	3,411,052	3,932,997	3,125,467	807,530	-	1986
SEARS HARDWARE	10,000	-	-	10,000	-	10,000	-	10,000	-		2015
FRANKFORD AVENUE S.C.	731,888	2,927,551	-	731,888	2,927,551	3,659,439	1,526,331	2,133,108	-	1996
WEXFORD PLAZA	6,413,635	9,774,600	9,955,083	6,299,299	19,844,019	26,143,318	3,657,982	22,485,336	-	2010
CRANBERRY TOWNSHIP-PARCEL 1&2	10,270,846	30,769,592	-	10,270,846	30,769,592	41,040,438	333,570	40,706,868	21,636,092	2016
CROSSROADS PLAZA	788,761	3,155,044	12,759,977	976,439	15,727,343	16,703,782	9,633,622	7,070,160	-	1986
SPRINGFIELD S.C.	919,998	4,981,589	12,704,250	920,000	17,685,837	18,605,837	9,073,040	9,532,797	-	1983
SHREWSBURY SQUARE S.C.	8,066,107	16,997,997	(1,648,173)	6,534,966	16,880,965	23,415,931	1,804,686	21,611,245	-	2014
WHITEHALL MALL	-	5,195,577	-	-	5,195,577	5,195,577	2,708,806	2,486,771	-	1996
WHOLE FOODS AT WYNNEWOOD	15,042,165	-	11,598,520	13,772,394	12,868,291	26,640,685	66,430	26,574,255	-		2014
SHOPPES AT WYNNEWOOD	7,478,907	-	3,768,083	7,478,907	3,768,083	11,246,990	62,308	11,184,682	-		2015
WEST MARKET ST. PLAZA	188,562	1,158,307	41,712	188,562	1,200,019	1,388,581	1,169,083	219,498	-	1986
REXVILLE TOWN CENTER	24,872,981	48,688,161	8,014,056	25,678,064	55,897,134	81,575,198	32,302,168	49,273,030	-	2006
PLAZA CENTRO - COSTCO	3,627,973	10,752,212	1,535,656	3,866,206	12,049,635	15,915,841	6,391,287	9,524,554	-	2006
PLAZA CENTRO - MALL	19,873,263	58,719,179	7,545,697	19,408,112	66,730,027	86,138,139	35,105,932	51,032,207	-	2006
PLAZA CENTRO - RETAIL	5,935,566	16,509,748	2,695,750	6,026,070	19,114,994	25,141,064	9,984,894	15,156,170	-	2006
PLAZA CENTRO - SAM'S CLUB	6,643,224	20,224,758	2,321,593	6,520,090	22,669,485	29,189,575	21,610,984	7,578,591	-	2006
LOS COLOBOS - BUILDERS SQUARE	4,404,593	9,627,903	1,361,338	4,461,145	10,932,689	15,393,834	9,024,387	6,369,447	-	2006
LOS COLOBOS - KMART	4,594,944	10,120,147	726,279	4,402,338	11,039,032	15,441,370	9,386,129	6,055,241	-	2006
LOS COLOBOS I	12,890,882	26,046,669	3,697,161	13,613,375	29,021,337	42,634,712	15,652,923	26,981,789	-	2006
LOS COLOBOS II	14,893,698	30,680,556	5,857,364	15,142,300	36,289,318	51,431,618	18,829,986	32,601,632	-	2006
WESTERN PLAZA - MAYAQUEZ ONE	10,857,773	12,252,522	1,347,575	11,241,993	13,215,877	24,457,870	8,562,000	15,895,870	-	2006
WESTERN PLAZA - MAYAGUEZ TWO	16,874,345	19,911,045	1,964,632	16,872,647	21,877,375	38,750,022	14,087,431	24,662,591	-	2006
MANATI VILLA MARIA SC	2,781,447	5,673,119	1,699,755	2,606,588	7,547,733	10,154,321	3,953,428	6,200,893	-	2006
PONCE TOWN CENTER	14,432,778	28,448,754	4,875,507	14,903,024	32,854,015	47,757,039	15,091,421	32,665,618	-	2006
TRUJILLO ALTO PLAZA	12,053,673	24,445,858	3,942,389	12,289,288	28,152,632	40,441,920	16,021,971	24,419,949	-	2006
MARSHALL PLAZA	1,886,600	7,575,302	1,797,067	1,886,600	9,372,369	11,258,969	4,569,037	6,689,932	-	1998
ST. ANDREWS CENTER	730,164	3,132,092	19,122,683	730,164	22,254,775	22,984,939	9,949,662	13,035,277	-		1978
WESTWOOD PLAZA	1,744,430	6,986,094	6,970,136	1,726,833	13,973,827	15,700,660	4,352,208	11,348,452	-	1995
CHERRYDALE POINT	5,801,948	32,055,019	1,885,250	5,801,948	33,940,269	39,742,217	7,869,993	31,872,224	-	2009
WOODRUFF SHOPPING CENTER	3,110,439	15,501,117	1,146,035	3,465,199	16,292,392	19,757,591	2,847,116	16,910,475	-	2010
FOREST PARK	1,920,241	9,544,875	186,314	1,920,241	9,731,189	11,651,430	1,398,248	10,253,182	-	2012
OLD TOWNE VILLAGE	-	4,133,904	4,003,667	-	8,137,571	8,137,571	5,935,218	2,202,353	-		1978
HICKORY RIDGE COMMONS	596,347	2,545,033	(2,457,560)	683,820	-	683,820	-	683,820	-	2000
CENTER OF THE HILLS	2,923,585	11,706,145	1,186,149	2,923,585	12,892,294	15,815,879	6,288,060	9,527,819	-	2008
DOWLEN TOWN CENTER-II	2,244,581	-	(722,251)	484,828	1,037,502	1,522,330	173,357	1,348,973	-		2002
GATEWAY STATION	1,373,692	28,145,158	137,320	1,374,880	28,281,290	29,656,170	3,653,199	26,002,971	-	2011
BAYTOWN VILLAGE S.C.	500,422	2,431,651	818,249	500,422	3,249,900	3,750,322	1,433,566	2,316,756	-	1996
LAS TIENDAS PLAZA	8,678,107	-	27,525,578	7,943,925	28,259,760	36,203,685	5,068,574	31,135,111	-		2005
ISLAND GATE PLAZA	-	944,562	1,864,189	-	2,808,751	2,808,751	976,939	1,831,812	-	1997
ISLAND GATE PLAZA	4,343,000	4,723,215	3,434,004	4,292,636	8,207,583	12,500,219	2,159,227	10,340,992	-	2011
CONROE MARKETPLACE	18,869,087	50,756,554	(3,309,577)	10,841,611	55,474,453	66,316,064	4,351,300	61,964,764	-	2015
MONTGOMERY PLAZA	10,739,067	63,065,333	(281,830)	10,738,796	62,783,774	73,522,570	6,158,788	67,363,782	28,821,667	2015
PRESTON LEBANON CROSSING	13,552,180	-	26,717,900	12,163,694	28,106,386	40,270,080	5,930,870	34,339,210	-		2006
LAKE PRAIRIE TOWN CROSSING	7,897,491	-	28,539,296	6,783,464	29,653,323	36,436,787	5,059,248	31,377,539	-		2006
CENTER AT BAYBROOK	6,941,017	27,727,491	8,890,735	6,928,120	36,631,123	43,559,243	15,483,311	28,075,932	-	1998
CYPRESS TOWNE CENTER	6,033,932	-	1,636,605	2,251,666	5,418,871	7,670,537	882,419	6,788,118	-		2003
CYPRESS TOWNE CENTER	12,329,195	36,836,381	-	12,329,195	36,836,381	49,165,576	398,790	48,766,786	-	2016
CYPRESS TOWNE CENTER(PHASE II)	2,061,477	6,157,862	-	2,061,477	6,157,862	8,219,339	66,679	8,152,660	-	2016
THE CENTRE AT COPPERFIELD	6,723,267	22,524,551	147,681	6,723,357	22,672,142	29,395,499	1,765,721	27,629,778	-	2015
COPPERWOOD VILLAGE	13,848,109	84,183,731	488,670	13,848,109	84,672,401	98,520,510	8,574,685	89,945,825	-	2015
ATASCOCITA COMMONS SHOP.CTR.	16,322,636	54,587,066	640,629	16,099,004	55,451,327	71,550,331	6,426,983	65,123,348	28,723,371	2013
TOMBALL CROSSINGS	8,517,427	28,484,450	(22,511)	7,964,894	29,014,472	36,979,366	3,597,691	33,381,675	-	2013
COPPERFIELD VILLAGE SHOP.CTR.	7,827,639	34,864,441	140,205	7,827,639	35,004,646	42,832,285	2,785,358	40,046,927	-	2015
SHOPS AT VISTA RIDGE	3,257,199	13,029,416	2,198,969	3,257,199	15,228,385	18,485,584	6,908,102	11,577,482	-	1998
VISTA RIDGE PLAZA	2,926,495	11,716,483	2,584,098	2,926,495	14,300,581	17,227,076	6,722,152	10,504,924	-	1998
VISTA RIDGE PLAZA	2,276,575	9,106,300	1,355,098	2,276,575	10,461,398	12,737,973	4,969,800	7,768,173	-	1998
KROGER PLAZA	520,340	2,081,356	1,359,284	520,340	3,440,640	3,960,980	1,790,106	2,170,874	-	1995
ACCENT PLAZA	500,414	2,830,835	-	500,414	2,830,835	3,331,249	1,464,554	1,866,695	-	1996
SOUTHLAKE OAKS PHASE II-480 W.	3,011,260	7,703,844	103,968	3,016,617	7,802,455	10,819,072	2,611,864	8,207,208	-	2008
WOODBRIDGE SHOPPING CENTER	2,568,705	6,813,716	60,806	2,568,705	6,874,522	9,443,227	1,137,926	8,305,301	-	2012
GRAND PARKWAY MARKETPLACE	25,363,548	-	49,662,448	75,025,996	-	75,025,996	-	75,025,996	-		2014
GRAND PARKWAY MARKET PLACE II	13,436,447	-	6,378,376	19,814,823	-	19,814,823	-	19,814,823	-		2015
TEMPLE TOWNE CENTER	609,317	2,983,262	1	609,317	2,983,263	3,592,580	258,770	3,333,810	-	2015
TEMPLE TOWNE CENTER	4,909,857	25,882,414	24,910	4,909,857	25,907,324	30,817,181	3,096,902	27,720,279	-	2015
BURKE TOWN PLAZA	-	43,240,068	(77,919)	-	43,162,149	43,162,149	4,705,503	38,456,646	-	2014
OLD TOWN PLAZA	4,500,000	41,569,735	(13,561,193)	3,087,520	29,421,022	32,508,542	5,331,198	27,177,344	-	2007
SKYLINE VILLAGE	10,145,283	28,764,045	119,265	10,573,875	28,454,718	39,028,593	2,408,808	36,619,785	28,540,865	2014
SUDLEY TOWNE PLAZA	4,114,293	15,988,465	(2,870)	4,114,293	15,985,595	20,099,888	1,223,448	18,876,440	-	2015
BURLINGTON COAT CENTER	670,500	2,751,375	1,666,127	670,500	4,417,502	5,088,002	1,555,483	3,532,519	-	1995
TOWNE SQUARE	8,499,373	24,302,141	1,558,230	8,858,432	25,501,312	34,359,744	2,148,027	32,211,717	24,915,548	2014
POTOMAC RUN PLAZA	27,369,515	48,451,209	(1,609,051)	27,369,515	46,842,158	74,211,673	12,954,070	61,257,603	-	2008
DULLES TOWN CROSSING	53,285,116	104,175,738	(400,522)	53,285,116	103,775,216	157,060,332	11,215,337	145,844,995	-	2015
DOCSTONE COMMONS	3,839,249	11,468,264	-	3,839,249	11,468,264	15,307,513	124,181	15,183,332	11,123,972	2016
DOCSTONE O/P - STAPLES	1,425,307	4,317,552	-	1,425,307	4,317,552	5,742,859	46,102	5,696,757	-	2016
STAFFORD MARKETPLACE	26,893,429	86,449,614	71,698	26,893,429	86,521,312	113,414,741	6,751,401	106,663,340	-	2015
AUBURN NORTH	7,785,841	18,157,625	1,466,041	7,785,841	19,623,666	27,409,507	6,662,844	20,746,663	-	2007
THE MARKETPLACE AT FACTORIA	60,502,358	92,696,231	2,554,967	60,502,358	95,251,198	155,753,556	15,307,136	140,446,420	56,633,213	2013
FRONTIER VILLAGE SHOPPING CTR.	10,750,863	35,649,111	96,299	10,750,863	35,745,410	46,496,273	5,383,855	41,112,418	-	2012
GATEWAY SHOPPING CENTER	6,937,929	11,270,322	-	6,937,929	11,270,322	18,208,251	241,160	17,967,091	-	2016
OLYMPIA WEST OUTPARCEL	360,000	799,640	100,360	360,000	900,000	1,260,000	102,255	1,157,745	-	2012
FRANKLIN PARK COMMONS	5,418,825	11,988,657	977,979	5,418,825	12,966,636	18,385,461	1,277,370	17,108,091	-	2015
SILVERDALE PLAZA	3,875,013	32,272,736	86,050	3,755,613	32,478,186	36,233,799	4,689,699	31,544,100	-	2012
BLUE RIDGE	12,346,900	71,529,796	(35,751,174)	6,158,426	41,967,096	48,125,522	19,367,363	28,758,159	6,870,989	2005
MICROPROPERTIES	24,206,390	56,481,576	(74,328,657)	2,038,463	4,320,846	6,359,309	904,208	5,455,101	-	2012
KRC NORTH LOAN IV, INC.	23,516,663	-	(5,308,827)	18,207,836	-	18,207,836	-	18,207,836	-	2013
BALANCE OF PORTFOLIO	1,907,178	65,127,203	6,458,145	13,419,726	60,072,800	73,492,526	37,230,123	36,262,403	11,608,413
TOTALS	2,988,153,342	7,590,553,397	1,429,368,409	3,130,217,410	8,877,857,738	12,008,075,148	2,278,291,645	9,729,783,503	1,139,117,399

SEC Schedule III, Depreciation and Amortization [Table Text Block]

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

SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Table Text Block]

	2016			2015			2014
Balance, beginning of period	$	11,568,809,126		$	10,018,225,775		$	9,123,343,869
Acquisitions		181,719,189			278,401,182			548,553,619
Improvements		217,668,292			191,662,698			134,921,993
Transfers from (to) unconsolidated joint ventures		615,511,560			1,673,542,610			1,065,330,540
Sales		(391,758,149	)		(507,185,370	)		(781,200,981	)
Assets held for sale		(12,608,829	)		(587,007	)		-
Adjustment of fully depreciated asset		(80,660,536	)		(56,774,522	)		(8,628,954	)
Adjustment of property carrying values		(91,204,249	)		(18,432,226	)		(32,935,408	)
Change in exchange rate		598,744			(10,044,014	)		(31,158,903	)
Balance, end of period	$	12,008,075,148		$	11,568,809,126		$	10,018,225,775

	2016			2015			2014
Balance, beginning of period	$	2,115,319,888		$	1,955,405,720		$	1,878,680,836
Depreciation for year		344,179,201			333,948,605			256,088,382
Transfers from (to) unconsolidated joint ventures		-			-			-
Sales		(97,063,934	)		(116,864,875	)		(167,458,882	)
Adjustment of fully depreciated asset		(80,660,536	)		(56,774,522	)		(8,628,954	)
Assets held for sale		(3,482,974	)		-			-
Change in exchange rate		-			(395,040	)		(3,275,662	)
Balance, end of period	$	2,278,291,645		$	2,115,319,888		$	1,955,405,720

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Schedule IV - Mortgage Loans on Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Participating Mortgage Loans [Table Text Block]

Type of Loan/Borrower	Description	Location (c)	Interest Accrual Rates		Interest Payment Rates		Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Face Amount of Mortgages or Maximum Available Credit (b)		Carrying Amount of Mortgages (b) (c)
Mortgage Loans:
Borrower A	Retail	Toronto, ON		5.00%		5.00%	7/31/2017	P& I		-	$	5,730	$	5,314
Borrower B	Retail	Westport, CT		6.50%		6.50%	3/4/2033	I		-	$	5,014	$	5,014
Borrower C	Retail	Las Vegas, NV		12.00%		12.00%	5/14/2033	I		-	$	3,075	$	3,075
Borrower D	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	3,966	$	2,078
Borrower E	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	4,201	$	2,037
Borrower F	Retail	Miami, FL		7.57%		7.57%	6/1/2019	P& I		-	$	3,678	$	1,923
Borrower G	Nonretail	Oakbrook Terrace, IL		6.00%		6.00%	12/9/2024	I		-	$	1,950	$	1,950
												-
Individually < 3%	(d)			(e)		(e)	(f)			-		2,922		1,393
												30,536		22,784
Other:
Individually < 3%	Nonretail			2.28%		2.28%	4/1/2027					600		407
Capitalized loan costs												-		6
Total											$	31,136	$	23,197

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Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares
Financing Receivable Past Due Term	90 days
Number of Portfolio Segments	1
Capitalized Computer Software, Net	$ 10,200	$ 16,100
Capitalized Computer Software, Amortization	$ 8,000	$ 10,700	$ 9,200
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	3,490,400	5,300,680	7,137,120
Number of Equity Participation Plans	2
Amount of Ineffectiveness on Net Investment Hedges	$ 0	$ 0	$ 0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Restricted Stock [Member] | i [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Restricted Stock [Member] | ii [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Restricted Stock [Member] | iii [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	20.00%
Prior Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	47,000,000
The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	10,000,000
Billed Accounts Receivable [Member]
Allowance for Doubtful Accounts Receivable	$ 12,300	13,900
Straight-line Rent Receivable [Member]
Allowance for Doubtful Accounts Receivable	$ 11,900	$ 17,900
Construction Completion [Member]
Number of Years	1 year
After Issuance [Member]
Number of Years	1 year
Maximum [Member]
Real Estate Acquisition, Fair Value Measurement, Adjustment Period	1 year
Maximum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Maximum [Member] | Restricted Stock [Member] | ii [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Maximum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] | Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Maximum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	50 years
Minimum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] | Restricted Stock [Member] | ii [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Minimum [Member] | Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Minimum [Member] | Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	15 years

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Note 1 - Summary of Significant Accounting Policies - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income from continuing operations										$ 299,353	$ 774,405	$ 384,506
Gain on sale of operating properties, net, net of tax										86,785	125,813	389
Net income attributable to noncontrolling interests										(7,288)	(6,028)	(11,879)
Discontinued operations attributable to noncontrolling interests												2,117
Preferred stock redemption charges											(5,816)
Preferred dividends										(46,220)	(57,084)	(58,294)
Income from continuing operations available to the common Shareholders										332,630	831,290	316,839
Earnings attributable to participating securities										(2,018)	(4,134)	(1,749)
Income from continuing operations available to common Shareholders										330,612	827,156	315,090
(Loss)/income from discontinued operations											(75)	48,868
Net income available to the Company’s common shareholders for basic earnings per share										$ 330,612	$ 827,081	$ 363,958
Weighted average common shares outstanding – basic (in shares)										418,402	411,319	409,088
-Basic (in dollars per share)										$ 0.79	$ 2.01	$ 0.77
Income from discontinued operations (in dollars per share)												0.12
Basic (in dollars per share)		$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.15	$ 0.27	$ 0.72	$ 0.79	$ 2.01	$ 0.89
Distributions on convertible units											$ 192	$ 529
Net income available to the Company’s common shareholders for diluted earnings per share										$ 330,612	$ 827,273	$ 364,487
Effect of dilutive securities (a): Equity awards (in shares)	[1]									1,307	1,414	1,227
Assumed conversion of convertible units (in shares)	[1]										118	723
Shares for diluted earnings per common share (in shares)	[1]									419,709	412,851	411,038
-Diluted (in dollars per share)										$ 0.79	$ 2	$ 0.77
Income from discontinued operations (in dollars per share)												0.12
Diluted (in dollars per share)		$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.15	$ 0.27	$ 0.71	$ 0.79	$ 2	$ 0.89

[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,490,400, 5,300,680 and 7,137,120, stock options that were not dilutive as of December 31, 2016, 2015 and 2014, respectively.

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Note 2 - Real Estate (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Off-market Lease, Unfavorable	$ 292,600	$ 291,700
Below Market Rents [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	193,900	193,700
Above and Below Market Leases [Member]
Amortization of above and below Market Leases	21,400	18,500	$ 13,500
Leases in Place and Tenant Relationships [Member]
Amortization	66,600	68,300	$ 41,200
Other Rental Property [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 409,062	$ 357,581

XML

Note 2 - Real Estate - Components of Rental Property (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Land		$ 2,845,186	$ 2,728,257
Buildings and improvements:
Buildings and improvements		8,827,861	8,661,362
Above-market leases		150,207	155,451
In-place leases and tenant relationships		543,342	528,539
		11,673,047	11,389,619
Accumulated depreciation and amortization (1)	[1]	(2,278,292)	(2,115,320)
Total		9,394,755	9,274,299
Land [Member]
Land		2,786,255	2,660,722
Undeveloped Land [Member]
Land		58,931	67,535
Building [Member]
Buildings and improvements:
Buildings and improvements		5,790,681	5,643,629
Building Improvements [Member]
Buildings and improvements:
Buildings and improvements		1,562,439	1,559,652
Tenant Improvements [Member]
Buildings and improvements:
Buildings and improvements		733,993	727,036
Fixtures And Leasehold Improvements [Member]
Buildings and improvements:
Buildings and improvements		$ 47,199	$ 47,055

[1] At December 31, 2016 and 2015, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $409,062 and $357,581, respectively.

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Note 2 - Real Estate - Estimated Net Amortization Income (Expense) (Details) $ in Millions	Dec. 31, 2016 USD ($)
Above-market and below-market leases amortization, net, 2017	$ 10.7
Above-market and below-market leases amortization, net, 2018	10.8
Above-market and below-market leases amortization, net, 2019	11.3
Above-market and below-market leases amortization, net, 2020	11.5
Above-market and below-market leases amortization, net, 2021	11.5
In-place Lease and Tenant Relationships [Member]
In-place leases and tenant relationships amortization, 2017	(46.5)
In-place leases and tenant relationships amortization, 2018	(34.1)
In-place leases and tenant relationships amortization, 2019	(26.3)
In-place leases and tenant relationships amortization, 2020	(19.3)
In-place leases and tenant relationships amortization, 2021	$ (15.4)

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Note 3 - Property Acquisitions, Developments and Other Investments (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)		Dec. 31, 2015 USD ($)		Dec. 31, 2014 USD ($)
Proceeds from Delayed Tax Exempt Exchange	$ 66,000		$ 89,500
Real Estate Revenue From Acquisitions During Period	23,800		$ 112,200		$ 75,300
Business Acquisition, Percentage of Voting Interests Acquired			50.00%
Payments to Acquire Businesses, Gross	255,910	[1]	$ 712,055	[2]
Number of Land Parcels Acquired			3
Payments to Acquire Real Estate	$ 203,190		$ 661,423		$ 384,828
Land Parcels [Member]
Payments to Acquire Real Estate			30,000
Real Estate Under Development [Member]
Business Combination, Separately Recognized Transactions, Assets Recognized			8,400
Operating Real Estate [Member]
Business Combination, Separately Recognized Transactions, Assets Recognized			14,600
Property Held in Joint [Member]
Payments to Acquire Businesses, Gross			23,000
Property Held in Joint [Member] | Other Liabilities [Member]
Business Combination, Separately Recognized Transactions, Liabilities Recognized			$ 11,500

[1] The Company utilized $66.0 million associated with Internal Revenue Code 1031 sales proceeds.

[2] The Company utilized $89.5 million associated with Internal Revenue Code 1031 sales proceeds.

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Note 3 - Property Acquisitions, Developments and Other Investments - Acquisition of Operating Properties (Details) ft² in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2016 USD ($) ft²		Dec. 31, 2015 USD ($) ft²
Purchase Price Cash		$ 255,910	[1]	$ 712,055	[2]
Purchase Price Debt Acquired		284,732		807,591
Purchase Price Other	[3]	104,982		252,467
Purchase Price Total		$ 645,624		$ 1,772,113
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	2,665		7,519
Jericho Atrium [Member]
Purchase Price Cash	[1]	$ 29,750
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 29,750
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[1],[4]	147
Elmont Plaza [Member]
Purchase Price Cash	[2],[5]			$ 2,400
Purchase Price Debt Acquired	[5]
Purchase Price Other	[3],[5]			3,358
Purchase Price Total	[5]			$ 5,758
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]			13
Oakwood Plaza North [Member]
Purchase Price Cash	[1],[5]	$ 53,412
Purchase Price Debt Acquired	[5]	100,000
Purchase Price Other	[3],[5]	61,588
Purchase Price Total	[5]	$ 215,000
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]	899
Garden State Pavilions [Member]
Purchase Price Cash	[2]			$ 16,300
Purchase Price Debt Acquired
Purchase Price Other	[3],[5]
Purchase Price Total				$ 16,300
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			111
Webster Square North [Member]
Purchase Price Cash	[1]	$ 8,200
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 8,200
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	21
Kimstone [Member]
Purchase Price Cash	[2],[5]			$ 513,513
Purchase Price Debt Acquired	[5]			637,976
Purchase Price Other	[3],[5]			236,011
Purchase Price Total	[5]			$ 1,387,500
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]			5,631
Gateway Plaza [Member]
Purchase Price Cash	[1],[5]	$ 493
Purchase Price Debt Acquired	[5]	17,500
Purchase Price Other	[3],[5]
Purchase Price Total	[5]	$ 17,993
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]	97
Copperfield Village [Member]
Purchase Price Cash	[2]			$ 18,700
Purchase Price Debt Acquired				20,800
Purchase Price Other	[3]
Purchase Price Total				$ 39,500
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			165
Kentlands Market Square [Member]
Purchase Price Cash	[1]	$ 61,826
Purchase Price Debt Acquired		33,174
Purchase Price Other	[3]
Purchase Price Total		$ 95,000
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	221
Snowden Square [Member]
Purchase Price Cash	[2]			$ 4,868
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 4,868
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			25
GEPT Portfolio [Member]
Purchase Price Cash	[1],[5]	$ 79,974
Purchase Price Debt Acquired	[5]	76,989
Purchase Price Other	[3],[5]	10,882
Purchase Price Total	[5]	$ 167,845
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]	681
Dulles Town Crossing [Member]
Purchase Price Cash	[2]			$ 4,830
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 4,830
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			9
Coulter Ave. Parcel [Member]
Purchase Price Cash	[1]	$ 6,750
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 6,750
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	20
Flagler Park S.C. [Member]
Purchase Price Cash	[2]			$ 1,875
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 1,875
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			5
Kim Pru [Member]
Purchase Price Cash	[1],[5]	$ 15,505
Purchase Price Debt Acquired	[5]	35,700
Purchase Price Other	[3],[5]	3,218
Purchase Price Total	[5]	$ 54,423
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]	234
West Farms Parcel [Member]
Purchase Price Cash	[2]			$ 6,200
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 6,200
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			24
Hamden Mart [Member]
Purchase Price Cash	[1],[5]
Purchase Price Debt Acquired	[5]	21,369
Purchase Price Other	[3],[5]	29,294
Purchase Price Total	[5]	$ 50,663
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5]	345
Milleridge Inn [Member]
Purchase Price Cash	[2]			$ 7,500
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 7,500
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]
Woodgrove Festival [Member]
Purchase Price Cash	[2]			$ 5,611
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 5,611
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			12
Montgomery Plaza [Member]
Purchase Price Cash	[2],[5]			$ 34,522
Purchase Price Debt Acquired	[5]			29,311
Purchase Price Other	[3],[5]			9,044
Purchase Price Total	[5]			$ 72,877
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			291
Coulter Avenue 125 [Member]
Purchase Price Cash	[2]			$ 1,925
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 1,925
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			6
Conroe Marketplace [Member]
Purchase Price Cash	[2],[5]			$ 18,546
Purchase Price Debt Acquired	[5]			42,350
Purchase Price Other	[3],[5]			3,104
Purchase Price Total	[5]			$ 64,000
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			289
Laurel Plaza [Member]
Purchase Price Cash	[2]			$ 1,200
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 1,200
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			4
Shops at District Heights [Member]
Purchase Price Cash	[2],[5]			$ 13,140
Purchase Price Debt Acquired	[5]			13,255
Purchase Price Other	[3],[5]			950
Purchase Price Total	[5]			$ 27,345
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			91
Village on the Park [Member]
Purchase Price Cash	[2]			$ 824
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 824
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			10
Christown Mall [Member]
Purchase Price Cash	[2]			$ 51,351
Purchase Price Debt Acquired				63,899
Purchase Price Other	[3]
Purchase Price Total				$ 115,250
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]			833
Washington St. Plaza [Member]
Purchase Price Cash	[2]			$ 8,750
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 8,750
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]

[1] The Company utilized $66.0 million associated with Internal Revenue Code 1031 sales proceeds.

[2] The Company utilized $89.5 million associated with Internal Revenue Code 1031 sales proceeds.

[3] Includes the Company's previously held equity interest investment.

[4] Gross leasable area ("GLA")

[5] The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB's Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company's previously held equity interests, which are included in the purchase price above in Other. The Company's previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in millions):

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Note 3 - Property Acquisitions, Developments and Other Investments - Previous Ownership Interest and Gain on Change of Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Gain on change in control of interests, net	$ 57.4	$ 149.2
Oakwood Plaza North [Member]
Previous ownership interest	55.00%
Gain on change in control of interests, net	$ 46.5
Elmont Plaza [Member]
Previous ownership interest		50.00%
Gain on change in control of interests, net		$ (0.2)
Gateway Plaza [Member]
Previous ownership interest	15.00%
Gain on change in control of interests, net
Kimstone [Member]
Previous ownership interest		33.30%
Gain on change in control of interests, net		$ 140.0
GEPT Portfolio [Member]
Previous ownership interest	15.00%
Gain on change in control of interests, net	$ 6.6
Montgomery Plaza [Member]
Previous ownership interest		20.00%
Gain on change in control of interests, net		$ 6.3
Kim Pru [Member]
Previous ownership interest	15.00%
Gain on change in control of interests, net	$ 0.8
Conroe Marketplace [Member]
Previous ownership interest		15.00%
Gain on change in control of interests, net		$ 2.4
Hamden Mart [Member]
Previous ownership interest	47.95%
Gain on change in control of interests, net	$ 3.5
Shops at District Heights [Member]
Previous ownership interest		15.00%
Gain on change in control of interests, net		$ 0.7

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Note 3 - Property Acquisitions, Developments and Other Investments - Purchase Price Allocation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Allocation		$ (4,986,000)		$ (27,615,000)
Weighted-average amortization period (Year)		4 years 36 days		3 years
Allocation		$ 234,000		$ 3,058,000
Allocation		(27,000)		(188,000)
Allocation		645,624,000		1,772,113,000
Above Market Leases [Member]
Allocation		$ 7,678,000		$ 32,049,000
Weighted-average amortization period (Year)		8 years 36 days		7 years 73 days
Below Market Leases [Member]
Allocation		$ (36,230)		$ (81,303,000)
Weighted-average amortization period (Year)		19 years 36 days		17 years 255 days
Leases, Acquired-in-Place [Member]
Allocation		$ 39,932,000		$ 127,418,000
Weighted-average amortization period (Year)		6 years 146 days		4 years 255 days
Tenant Improvements [Member]
Allocation		$ 10,240,000		$ 36,614,000
Weighted-average amortization period (Year)		7 years 36 days		6 years 36 days
Preliminary Allocation [Member]
Allocation		$ (4,292,000)		$ (27,615,000)
Allocation		234,000		3,058,000
Allocation		(27,000)		(188,000)
Allocation		645,624,000		1,772,113,000
Preliminary Allocation [Member] | Above Market Leases [Member]
Allocation		11,982,000		34,182,000
Preliminary Allocation [Member] | Below Market Leases [Member]
Allocation		(31,903,000)		(74,997,000)
Preliminary Allocation [Member] | Leases, Acquired-in-Place [Member]
Allocation		44,094,000		125,993,000
Preliminary Allocation [Member] | Tenant Improvements [Member]
Allocation		12,788,000		34,814,000
Allocation Adjustments [Member]
Allocation adjustments	[1]	(694,000)
Allocation Adjustments [Member] | Above Market Leases [Member]
Allocation adjustments		(4,304,000)	[1]	(2,133,000)	[2]
Allocation Adjustments [Member] | Below Market Leases [Member]
Allocation adjustments		(4,327,000)	[1]	(6,306,000)	[2]
Allocation Adjustments [Member] | Leases, Acquired-in-Place [Member]
Allocation adjustments		(4,162,000)	[1]	1,425,000	[2]
Allocation Adjustments [Member] | Tenant Improvements [Member]
Allocation adjustments		(2,548,000)	[1]	1,800,000	[2]
Land [Member]
Allocation		165,798,000		478,544,000
Land [Member] | Preliminary Allocation [Member]
Allocation		179,150,000		444,626,000
Land [Member] | Allocation Adjustments [Member]
Allocation adjustments		(13,352,000)	[1]	33,918,000	[2]
Building [Member]
Allocation		$ 379,074,000		$ 1,055,144,000
Weighted-average amortization period (Year)		50 years		50 years
Building [Member] | Preliminary Allocation [Member]
Allocation		$ 309,493,000		$ 1,063,124,000
Building [Member] | Allocation Adjustments [Member]
Allocation adjustments		69,581,000	[1]	(7,980,000)	[2]
Building Improvements [Member]
Allocation		$ 83,911,000		$ 148,392,000
Weighted-average amortization period (Year)		45 years		45 years
Building Improvements [Member] | Preliminary Allocation [Member]
Allocation		$ 124,105,000		$ 169,116,000
Building Improvements [Member] | Allocation Adjustments [Member]
Allocation adjustments		$ (40,194,000)	[1]	$ (20,724,000)	[2]

[1] In accordance with ASU 2015-16, which eliminated the requirement to restate prior period financial statements for measurement period adjustments relating to purchase price allocations, the Company adjusted the preliminary allocation amounts recorded for properties acquired during 2016. The impact of these allocation adjustments on the Company's tangible and intangible assets and liabilities are reflected in the table above.

[2] In accordance with the Company’s adoption of ASU 2015-16, which eliminates the requirement to restate prior period financial statements for measurement period adjustments relating to purchase price allocations, the Company adjusted the preliminary allocation amounts recorded for properties acquired during 2015. The impact of these allocation adjustments on the Company's tangible and intangible assets and liabilities are reflected in the table above.

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Note 3 - Property Acquisitions, Developments and Other Investments - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from rental properties	$ 1,174.9	$ 1,198.6	$ 1,097.8
Net income	397.7	921.6	521.9
Net income available to the Company	$ 344.2	$ 852.6	$ 451.7
Basic (in dollars per share)	$ 0.82	$ 2.07	$ 1.10
Diluted (in dollars per share)	$ 0.82	$ 2.07	$ 1.10

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Note 4 - Real Estate Under Development (Details Textual) ft² in Thousands		12 Months Ended
		Dec. 31, 2016 USD ($) ft²		Dec. 31, 2015 USD ($) ft²		Dec. 31, 2014 USD ($)
Gross Leasable Area | ft²	[1]	2,665		7,519
Real Estate Investment Property, Net		$ 9,729,783,503		$ 9,453,489,000
Payments to Acquire Businesses, Gross		255,910,000	[2]	712,055,000	[3]
Payments to Acquire Real Estate		$ 203,190,000		$ 661,423,000		$ 384,828,000
Real Estate Under Development [Member]
Number of Real Estate Properties		6
Gross Leasable Area | ft²		2,200
Real Estate Investment Property, Net		$ 514,000,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage		55.00%
Payments to Acquire Businesses, Gross		$ 84,200,000
Real Estate Under Development, Completed [Member]
Real Estate Investment Property, Net		$ 38,000,000
Acquired Land [Member]
Number of Real Estate Properties		3		2
Payments to Acquire Real Estate		$ 13,800,000		$ 20,700,000

[1] Gross leasable area ("GLA")

[2] The Company utilized $66.0 million associated with Internal Revenue Code 1031 sales proceeds.

[3] The Company utilized $89.5 million associated with Internal Revenue Code 1031 sales proceeds.

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Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Property Under Development		$ 335,028	$ 179,190
Grand Parkway Marketplace [Member]
Property Under Development		94,841	42,032
Dania Pointe [Member]
Property Under Development	[1]	107,113
Promenade at Christiana [Member]
Property Under Development		25,521	16,063
Owings Mills [Member]
Property Under Development		25,119	8,640
Avenues Walk [Member]
Property Under Development		73,048	77,544
Staten Island Plaza [Member]
Property Under Development	[2]	9,386
Shoppes at Wynnewood [Member]
Property Under Development	[3]		$ 34,911

[1] During the year ended December 31, 2016, the Company acquired from its partner the remaining ownership interest in a property that was held in a joint venture in which the Company has a 55.0% noncontrolling interest for a gross purchase price of $84.2 million. The Company evaluated this transaction pursuant to the FASB's Consolidation guidance and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company's previously held equity interest. Based upon the Company's intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company's Consolidated Balance Sheets.

[2] Land held for future development

[3] During the year ended December 31, 2016, a development project, aggregating $38.0 million, was completed and reclassified into Land and Building and improvements on the Company's Consolidated Balance Sheets.

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale (Details Textual) $ in Thousands, MXN in Millions		12 Months Ended
		Dec. 31, 2016 USD ($)	Dec. 31, 2016 MXN	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2016 MXN
Income Tax Expense (Benefit)		$ (72,545)		$ (60,230)	$ (22,438)
Foreign Currency Transaction Gain (Loss), Realized	[1]				(92,900)
Financing Receivable, Net					$ 52,700
Real Estate Investment Property, Accumulated Depreciation	[2]	$ 2,278,292		$ 2,115,320
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage					7.00%
Latin America [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					2.50%
Disposed Operating Properties [Member]
Number of Real Estate Properties					90
Disposed Operating Properties [Member] | Latin America [Member]
Number of Real Estate Properties					27
Operating Properties [Member]
Sales of Real Estate					$ 833,500
Impairment of Real Estate					178,000
Operating Properties [Member] | Initial Dispositions [Member]
Gain (Loss) on Sale of Properties					203,300
Operating Properties [Member] | MEXICO
Foreign Currency Transaction Gain (Loss), Realized					$ 92,900
Disposed Operating Properties [Member]
Number of Real Estate Properties		30		89		30
Disposed Out-parcels [Member]
Number of Real Estate Properties		2		8		2
Disposed Operating Properties and Out-parcels [Member]
Sales of Real Estate		$ 378,700		$ 492,500
Gain (Loss) on Sale of Properties		86,800		143,600
Impairment of Real Estate		37,200		10,200
Income Tax Expense (Benefit)		$ 10,000		2,300
Operating Property in Chile [Member]
Sales of Real Estate				51,300
Gain (Loss) on Sale of Properties				1,800
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax				$ (19,600)
Land Parcels [Member]
Number of Real Estate Properties		6		13	3	6
Sales of Real Estate		$ 3,900		$ 31,500	$ 5,100
Gain (Loss) on Sale of Properties		$ 1,900		$ 4,300	$ 3,500
Real Estate Held-for-sale [Member] | MEXICO | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Number of Real Estate Properties		2				2
Impairment of Real Estate		$ 1,300	MXN 25.8
Real Estate Held-for-sale		9,200				MXN 121.9
Real Estate Investment Property, Accumulated Depreciation		$ 3,500				MXN 51.1

[1] Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million.

[2] At December 31, 2016 and 2015, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $409,062 and $357,581, respectively.

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Note 6 - Discontinued Operations (Details Textual) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Foreign Currency Transaction Gain (Loss), Realized	[1]			$ (92.9)

[1] Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million.

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Note 6 - Discontinued Operations - Income From Discontinued Operations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from rental properties			$ 124	$ 71,906
Rental property expenses			(49)	(16,657)
Depreciation and amortization				(15,019)
Provision for doubtful accounts			(57)	(719)
Interest expense				(1,823)
Income from other real estate investments				680
Income from discontinued operating properties, before income taxes			6	37,612
Impairment of property carrying value, before income taxes (1)	[1]		(82)	(178,048)
Gain on disposition of operating properties, before income taxes				203,271
Benefit/(provision) for income taxes			1	(11,850)
(Loss)/income from discontinued operating properties			(75)	50,985
Net income attributable to noncontrolling interests				(2,117)
(Loss)/income from discontinued operations attributable to the Company			(75)	48,868
Other [Member]
Other expense, net			$ (12)	$ (756)

[1] The year ended December 31, 2014, includes $92.9 million related to the release of a cumulative foreign currency translation loss due to the Company's substantial liquidation of its investment in Mexico.

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Note 7 - Impairments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Asset Impairment Charges	$ 93,266	$ 45,464	$ 217,858
Income Tax Expense (Benefit)	(72,545)	(60,230)	(22,438)
Equity Method Investments [Member]
Impairment of Real Estate	15,000	22,200	54,500
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | MEXICO
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			(92,900)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax			(5,800)
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | MEXICO | Equity in Income of Joint Ventures [Member]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			47,300
Before Income Tax Benefit and Noncontrolling Interest [Member]
Asset Impairment Charges	93,300	30,300	33,300
Income Tax Benefit Amount [Member]
Income Tax Expense (Benefit)	21,100	5,400	6,100
Noncontrolling Interest Amount [Member]
Income (Loss) Attributable to Noncontrolling Interest	$ 400	$ 5,600	$ 300

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Note 7 - Impairments - Asset Impairment Charges (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Impairment of marketable securities and other investments* (5)	[1],[2]		$ 9,800	$ 4,800
Impairment charges		93,266	45,464	217,858
Cumulative foreign currency translation loss included in discontinued operations (6)	[3]			92,900
Income tax benefit		(72,545)	(60,230)	(22,438)
Net [Member]
Impairment charges		71,800	30,900	209,600
Noncontrolling Interest [Member]
Noncontrolling interests		(400)	(5,600)	(400)
Discontinued Operations [Member]
Impairment charges			100
Income tax benefit				(1,700)
Operating Expense [Member]
Impairment charges		93,300	45,400	39,800
Impairment Charges [Member]
Income tax benefit		(21,100)	(9,000)	(6,100)
Other Real Estate Investments [Member]
Real estate	[2],[4]		5,300	1,700
Real estate	[2],[4]		5,300	1,700
Property Carrying Values [Member]
Real estate	[2],[5],[6],[7]	93,300	30,300	33,300
Real estate	[2],[5],[6],[7]	93,300	30,300	33,300
Property Carrying Values [Member] | Discontinued Operations [Member]
Real estate	[8]		100	85,100
Real estate	[8]		$ 100	$ 85,100

[1] During 2015 and 2014, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments' estimated fair value.

[2] See Footnote 16 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

[3] Due to the substantial liquidation of its investment in Mexico, the Company recognized a loss from foreign currency translation related to consolidated properties in the amount of $92.9 million, before noncontrolling interest of $5.8 million.

[4] Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company's preferred equity investments, during 2015 and 2014. The Company believes it will not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

[5] During 2014, the Company recognized aggregate impairment charges of $33.3 million, before an income tax benefit of $6.1 million and noncontrolling interests of $0.3 million.

[6] During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

[7] During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 22 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

[8] See Footnotes 5 & 6 of the Notes to Consolidated Financial Statements above for additional disclosure

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Note 8 - Investment and Advances in Real Estate Joint Ventures (Details Textual) ft² in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2016 USD ($) ft²	Dec. 31, 2015 USD ($) ft²	Dec. 31, 2014 USD ($)
Gross Leasable Area | ft²	[1]	2,665	7,519
Number of Joint Ventures			3
Business Combination, Consideration Transferred		$ 645,624	$ 1,772,113
Other Liabilities		404,137	433,960
Equity Method Investments		$ 504,209	$ 742,559
All Equity Method Investments [Member]
Number of Real Estate Properties		135	191
Gross Leasable Area | ft²		26,200	35,400
Kim Pru and Kim Pru II [Member]
Number of Real Estate Properties	[2],[3]	48	53
Number of Joint Ventures		4
Number Of Accounts		4
Kim Pru [Member]
Number of Joint Ventures		3
CPP [Member]
Number of Real Estate Properties	[3],[4]	5	7
CPP [Member] | Property Interest Adjacent to Existing Operating Property in Temecula, CA [Member]
Business Combination, Consideration Transferred		$ 27,500
Real Estate Joint Ventures [Member] | Land Parcels [Member]
Number of Real Estate Properties, Interest Disposed of or Transferred		1	11
Real Estate Joint Ventures [Member] | Land Parcels [Member] | MEXICO
Number of Real Estate Properties		5
Real Estate Joint Ventures [Member] | Operating Properties [Member]
Business Combination, Consideration Transferred		$ 590,100	$ 1,600,000	$ 1,000,000
Number of Real Estate Properties, Interest Disposed of or Transferred		45	98	37
Equity Method Investment, Sales Price				$ 811,700
Equity Method Investment, Realized Gain (Loss) on Disposal				$ 96,000
Number of Real Estate Properties, Remaining Interest Acquired		9	43	34
Real Estate Joint Ventures [Member] | Operating Properties and Land Parcels [Member]
Equity Method Investment, Sales Price		$ 1,100,000	$ 1,800,000
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 151,200	$ 380,600
Real Estate Joint Ventures [Member] | Development Properties [Member]
Number of Real Estate Properties, Remaining Interest Acquired		1
Other Joint Venture Programs [Member]
Number of Real Estate Properties	[5]	34	40
Other Liabilities		$ 11,000	$ 12,600

[1] Gross leasable area ("GLA")

[2] Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management ("PGIM"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

[3] The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

[4] During the year ended December 31, 2016, CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

[5] Includes five land parcels located in Mexico.

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Note 8 - Investment and Advances in Real Estate Joint Ventures - Investment Details (Details) - USD ($)		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
The company's investment		$ 12,008,075,148	$ 11,568,809,126	$ 10,018,225,775	$ 9,123,343,869
Kim Pru and Kim Pru II [Member]
Average ownership interest	[1],[2]	15.00%	15.00%
Number of properties	[1],[2]	48	53
The company's investment	[1],[2]	$ 182,500,000	$ 175,500,000
Kimco Income Fund [Member]
Average ownership interest	[2]	48.60%	48.60%
Number of properties	[2]	45	47
The company's investment	[2]	$ 145,200,000	$ 131,000,000
CPP [Member]
Average ownership interest	[2],[3]	55.00%	55.00%
Number of properties	[2],[3]	5	7
The company's investment	[2],[3]	$ 111,800,000	$ 195,600,000
Other Institutional Programs [Member]
Number of properties	[2]	2	9
The company's investment	[2]	$ 400,000	$ 5,200,000
Other Joint Venture Programs [Member]
Number of properties	[4]	34	40
The company's investment	[4]	$ 60,400,000	$ 64,000,000
Canadian Properties [Member]
Average ownership interest		50.00%
Number of properties		1	35
The company's investment		$ 3,900,000	$ 171,300,000
All Equity Method Investments [Member]
Number of properties		135	191
The company's investment		$ 504,200,000	$ 742,600,000

[1] Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management ("PGIM"), three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

[2] The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

[3] During the year ended December 31, 2016, CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

[4] Includes five land parcels located in Mexico.

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Note 8 - Investment and Advances in Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income of joint ventures, net	$ 218,714	$ 480,395	$ 159,560
Kim Pru and Kim Pru II [Member]
Income of joint ventures, net	16,400	7,100	8,100
KIR [Member]
Income of joint ventures, net	44,000	41,000	26,500
CPP [Member]
Income of joint ventures, net	7,700	9,600	7,100
Other Institutional Programs [Member]
Income of joint ventures, net	1,100	4,700	28,800
Other Joint Venture Programs [Member]
Income of joint ventures, net	3,900	14,200	49,700
Canadian Properties [Member]
Income of joint ventures, net	$ 145,600	$ 403,800	$ 39,400

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Note 8 - Investment and Advances in Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Mortgage and notes payable		$ 2,063.0	$ 2,799.1
Kim Pru and Kim Pru II [Member]
Mortgage and notes payable		$ 647.4	$ 777.1
Weighted average interest rate		3.07%	5.54%
Weighted average remaining term (Month)	[1]	5 years 225 days	1 year 18 days
KIR [Member]
Mortgage and notes payable		$ 746.5	$ 811.6
Weighted average interest rate		4.64%	4.64%
Weighted average remaining term (Month)	[1]	4 years 207 days	5 years 69 days
CPP [Member]
Mortgage and notes payable		$ 84.8	$ 109.9
Weighted average interest rate		2.17%	5.25%
Weighted average remaining term (Month)	[1]	1 year 120 days	105 days
Other Institutional Programs [Member]
Mortgage and notes payable		$ 94.7	$ 218.5
Weighted average interest rate		4.09%	4.92%
Weighted average remaining term (Month)	[1]	1 year 210 days	1 year 255 days
Other Joint Venture Programs [Member]
Mortgage and notes payable		$ 482.1	$ 540.7
Weighted average interest rate		5.67%	5.61%
Weighted average remaining term (Month)	[1]	2 years 15 days	3 years 3 days
Canadian Properties [Member]
Mortgage and notes payable		$ 7.5	$ 341.3
Weighted average interest rate		4.70%	4.64%
Weighted average remaining term (Month)	[1]	273 days	4 years 252 days

[1] Average remaining term includes extensions

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Note 8 - Investment and Advances in Real Estate Joint Ventures - Investment and Advances to Real Estate Joint Ventures - Balance Sheets (Details) - Excluding KIR and Rio Can [Member] - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets	$ 3,966.5	$ 5,134.8
Noncontrolling interests	15.9	16.2
Partners’/Members’ capital	1,805.3	2,199.9
	3,966.5	5,134.8
Real Estate [Member]
Assets	3,741.9	4,855.5
Other Assets [Member]
Assets	224.6	279.3
Notes Payable [Member]
Liabilities	214.5	29.7
Mortgages Payable and Construction Loans [Member]
Liabilities	1,848.5	2,769.4
Other Liabilities [Member]
Liabilities	$ 82.3	$ 119.6

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Note 8 - Investment and Advances in Real Estate Joint Ventures - Investment and Advances to Real Estate Joint Ventures - Income Statements (Details) - Excluding KIR and Rio Can [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from rental properties	$ 597.5	$ 842.5	$ 1,059.9
Operating expenses	(178.1)	(265.9)	(333.5)
Interest expense	(117.3)	(202.8)	(247.3)
Depreciation and amortization	(138.1)	(191.9)	(260.0)
Impairment charges	(38.6)	(63.4)	(23.1)
Other income/(expense), net	20.1	4.4	(14.4)
	(452.0)	(719.6)	(878.3)
Income from continuing operations	145.5	122.9	181.6
Income from discontinued operations			2.8
Impairment on dispositions of properties			(3.8)
Gain on dispositions of properties			471.1
			470.1
Gain on sale of operating properties	296.2	1,166.7
Net income	$ 441.7	$ 1,289.6	$ 651.7

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Note 9 - Other Real Estate Investments (Details Textual) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Equity Method Investments		$ 504,209	$ 742,559
Income (Loss) from Equity Method Investments		218,714	480,395	$ 159,560
Secured Debt		1,139,117	1,614,982
Payments to Acquire Interest in Joint Venture		$ 86,453	$ 91,609	$ 93,845
Albertsons, NAI and Safeway [Member]
Number of Stores			2,200
Number of States in which Entity Operates			33
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage				7.00%
Preferred Equity Investments [Member]
Equity Method Investments			$ 199,900
Number of Real Estate Properties		365	421
Income (Loss) from Equity Method Investments		$ 27,500	$ 27,000
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 10,500	$ 9,300
Number of Capital Transactions		5	9
Secured Debt		$ 427,400
Preferred Equity Investments [Member] | Minimum [Member]
Debt Instrument, Term		30 days
Debt Instrument, Interest Rate, Stated Percentage		4.19%
Preferred Equity Investments [Member] | Maximum [Member]
Debt Instrument, Term		8 years
Debt Instrument, Interest Rate, Stated Percentage		10.47%
Preferred Equity Investments [Member] | Leased Properties [Member]
Number of Real Estate Properties		346	385
Preferred Equity Investments [Member] | Maximum Exposure [Member]
Equity Method Investments		$ 193,700
ABS Venture [Member]
Payments to Acquire Investments	$ 85,300
ABS Venture [Member] | Two Partners [Member]
Payments to Acquire Interest in Joint Venture	105,000
ABS Venture [Member] | Colony [Member]
Payments to Acquire Interest in Joint Venture	$ 100,000
AB Acquisition [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		9.80%
AB Acquisition [Member] | Colony [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		4.30%	4.30%
AB Acquisition [Member] | ABS Venture [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		14.35%	14.35%
AB Acquisition [Member] | Kimco [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			9.80%
Safeway [Member]
Noncontrolling Interest Liability			$ 65,000
Cost Method Investments Increase (Decrease) In Additional Paid In Capital			24,000
Cost Method Investment Deferred Tax Effect			16,000
Safeway [Member] | Other Assets [Member]
Cost Method Investments			$ 190,300

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Note 9 - Other Real Estate Investments - Preferred Equity Investments - Balance Sheet Disclosures (Details) - Preferred Equity Investments [Member] - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets:
Assets	$ 774.1	$ 886.3
Liabilities and Partners’/Members’ Capital:
Partners’/Members’ capital	311.1	309.7
	774.1	886.3
Real Estate, Net [Member]
Assets:
Assets	187.0	258.0
Other Assets [Member]
Assets:
Assets	587.1	628.3
Notes and Mortgage Payable [Member]
Liabilities and Partners’/Members’ Capital:
Liabilities	454.7	563.7
Other Liabilities [Member]
Liabilities and Partners’/Members’ Capital:
Liabilities	$ 8.3	$ 12.9

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Note 9 - Other Real Estate Investments - Preferred Equity Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from rental properties	$ 292,909	$ 279,286	$ 287,115	$ 293,091	$ 296,501	$ 283,387	$ 289,080	$ 275,506	$ 1,152,401	$ 1,144,474	$ 958,888
Operating expenses									(869,969)	(823,197)	(683,582)
Interest expense									(192,549)	(218,891)	(203,759)
Depreciation and amortization									(355,320)	(344,527)	(258,074)
Other expense, net									2,313	2,234	(8,544)
Income from continuing operations									300,823	343,572	310,315
Discontinued Operations:
										6	37,612
Net (loss)/income from U.S. taxable REIT subsidiaries									386,138	900,143	435,880
Preferred Equity Investments [Member]
Revenues from rental properties									102,600	122,100	146,000
Operating expenses									(27,400)	(35,600)	(47,000)
Interest expense									(26,700)	(35,700)	(47,100)
Depreciation and amortization									(6,700)	(11,400)	(19,200)
Other expense, net									(11,500)	(9,200)	(7,200)
Income from continuing operations									30,300	30,200	25,500
Discontinued Operations:
Gain on disposition of properties											31,500
											31,500
Gain on sale of operating properties									5,300	6,000
Net (loss)/income from U.S. taxable REIT subsidiaries									$ 35,600	$ 36,200	$ 57,000

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Note 10 - Variable Interest Entities (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Consolidated Operating Properties [Member]
Variable Interest Entity, Number of Entities	21
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 902.0
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	174.2
Real Estate Under Development [Member]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	183.1
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 2.3
Number of Consolidated Entities	2
Variable Interest Entity, Financial or Other Support, Amount	$ 68.7
Redevelopment [Member]
Variable Interest Entity, Financial or Other Support, Amount	7.4
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 7.4

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Note 11 - Mortgages and Other Financing Receivables (Details Textual)	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate, Number of Loans	12

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Note 11 - Mortgages and Other Financing Receivables - Mortgage Loans and Other Financing Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance at January 1	$ 23,824	$ 74,013	$ 30,243
New mortgage loans		5,730	52,728
Balance at December 31	23,197	23,824	74,013
Write-off of Loan Discounts [Member]
Other additions			286
Foreign Currency Translation [Member]
Other additions	397
Amortization of Loan Discounts [Member]
Other additions	112	112	126
Loan Repayments [Member]
Collections of principal		(53,646)	(7,330)
Charge Off/Foreign Currency Translation [Member]
Other deductions	(213)	(884)	(1,066)
Collections of Principal [Member]
Collections of principal	(921)	(1,499)	(972)
Amortization of Loan Costs [Member]
Other deductions	$ (2)	$ (2)	$ (2)

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Note 12 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Proceeds from Sale and Maturity of Marketable Securities	$ 1,937	$ 76,170	$ 3,780
Available-for-sale Securities, Gross Realized Gains		39,900
Maximum [Member]
Held-to-maturity Securities, Debt Maturities, Period	5 years
Certain Marketable Securities [Member]
Proceeds from Sale and Maturity of Marketable Securities		$ 76,200

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Note 12 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Gross Unrealized Gains - Equity securities	$ 406	$ 398
Marketable equity securities	6,502	5,909
Gross Unrealized Gains - Debt securities		(1)
Estimated Fair Value - Debt securities	1,599	1,655
Amortized Cost - Total marketable securities	8,101	7,565
Gross Unrealized Gains - Total marketable securities	406	397
Estimated Fair Value - Total marketable securities	8,101	7,564
Amortized Cost [Member]
Amortized Cost - Equity securities	6,096	5,511
Amortized Cost - Debt securities	1,599	1,656
Amortized Cost - Total marketable securities	$ 7,695	$ 7,167

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Note 13 - Notes Payable (Details Textual) CAD in Millions				1 Months Ended					12 Months Ended
		Aug. 26, 2016 USD ($)	Aug. 26, 2016 CAD	Feb. 24, 2017 USD ($)	Jan. 31, 2017 USD ($)	Nov. 30, 2016 USD ($)	Aug. 31, 2016 USD ($)	Jan. 31, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Gain (Loss) on Extinguishment of Debt										$ (45,674,000)
Debt Covenants Dividend Payment Restriction Maximum Payment										26,000,000
Line of Credit Facility Sub-limit										500,000,000
Long-term Line of Credit										25,000,000
Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity										1,750,000,000
Line of Credit Facility, Maximum Borrowing Capacity										2,250,000,000
Letter of Credit [Member]
Line of Credit Facility, Current Borrowing Capacity										1,750,000,000
Long-term Line of Credit										$ 700,000
Subsequent Event [Member]
Line of Credit Facility Sub-limit				$ 500,000,000
Subsequent Event [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity				2,250,000,000
Subsequent Event [Member] | Revolving Credit Facility [Member] | Credit Facility Accordion Feature [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 2,750,000,000
London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member]
Debt Instrument, Basis Spread on Variable Rate				0.875%
Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage										1.60%	1.37%
Repayments of Long-term Debt						$ 400,000,000		$ 400,000,000
Unsecured Debt								$ 650,000,000		$ 250,000,000
Term Loan [Member] | Subsequent Event [Member]
Repayments of Long-term Debt					$ 250,000,000				$ 250,000,000
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate										0.95%		1.05%
Line of Credit [Member]
Debt Instrument, Interest Rate, Stated Percentage										1.67%	1.35%
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate										0.925%
Unsecured Debt [Member]
Debt, Weighted Average Interest Rate										3.58%
Debt Issuance Costs, Net										$ 47,700,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months										250,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Two										325,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Three										300,000,000
Long-term Debt, Maturities, Repayments of Principal in Year Four										0
Long-term Debt, Maturities, Repayments of Principal in Year Five										500,000,000
Long-term Debt, Maturities, Repayments of Principal after Year Five										2,600,000,000
Gain (Loss) on Extinguishment of Debt										$ (10,200,000)
Canadian Notes Payable, Mature in April 2018 [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.99%	5.99%
Repayments of Long-term Debt | CAD			CAD 150.0
Canadian Notes Payable, Mature in August 2020 [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.855%	3.855%
Repayments of Long-term Debt | CAD			CAD 200.0
Canadian Notes Payable [Member]
Repayments of Long-term Debt	[1]						$ 270,900,000
Gain (Loss) on Extinguishment of Debt		$ (26,300,000)	CAD (34.1)

[1] On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated ("CAD") $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

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Note 13 - Notes Payable - Notes Payable (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Deferred financing costs, net		$ (47.7)		$ (31.4)
Balance, Net		3,927.3		3,761.3
Maximum [Member]
Interest Rate					7.00%
Unsecured Debt [Member]
Gross Balance		$ 3,400.0		$ 2,290.9
Unsecured Debt [Member] | Minimum [Member]
Interest Rate		2.70%		3.13%
Maturity Date		Oct-2019		May-2017
Unsecured Debt [Member] | Maximum [Member]
Interest Rate		6.88%		6.88%
Maturity Date		Dec-2046		Apr-2045
Medium-term Notes [Member]
Gross Balance		$ 300.0		$ 600.0
Medium-term Notes [Member] | Minimum [Member]
Interest Rate		4.30%		4.30%
Maturity Date		Feb-2018		Mar-2016
Medium-term Notes [Member] | Maximum [Member]
Interest Rate		4.30%		5.78%
Maturity Date		Feb-2018		Feb-2018
Term Loan [Member]
Gross Balance		$ 250.0	[1]	$ 650.0
Interest Rate		1.60%		1.37%
Term Loan [Member] | Minimum [Member]
Interest Rate	[1]
Maturity Date	[1]	Jan-2017		Jan-2017
Term Loan [Member] | Maximum [Member]
Interest Rate	[1]
Maturity Date	[1]	Jan-2017		Jan-2017
Line of Credit [Member]
Gross Balance	[2]	$ 25.0
Interest Rate		1.67%		1.35%
Line of Credit [Member] | Minimum [Member]
Interest Rate	[2]
Maturity Date	[2]	Mar-2018		Mar-2018 (b)
Line of Credit [Member] | Maximum [Member]
Interest Rate	[2]
Maturity Date	[2]	Mar-2018		Mar-2018 (b)
Canadian Notes Payable [Member]
Gross Balance				$ 251.8
Canadian Notes Payable [Member] | Minimum [Member]
Interest Rate				3.86%
Maturity Date				Apr-2018
Canadian Notes Payable [Member] | Maximum [Member]
Interest Rate				5.99%
Maturity Date				Aug-2020

[1] Interest rate is equal to LIBOR + 0.95% (1.60% and 1.37% at December 31, 2016 and 2015, respectively). During January 2017, the Company repaid the $250.0 million outstanding balance on the Term Loan and terminated the agreement.

[2] Interest rate is equal to LIBOR + 0.925% (1.67% and 1.35% at December 31, 2016 and 2015, respectively). During February 2017, the Company repaid the outstanding balance on the Credit Facility and terminated the agreement. The Company closed on a new $2.25 billion unsecured revolving credit facility which is scheduled to mature March 2021 with two six-month extension options at an interest rate of LIBOR plus 87.5 basis points.

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Note 13 - Notes and Mortgage Payable - Note Repayments (Details) - USD ($) $ in Millions		1 Months Ended
		Aug. 31, 2016	Mar. 31, 2016	Nov. 30, 2015	Sep. 30, 2015	Feb. 28, 2015
Canadian Notes Payable [Member]
Amount Repaid	[1]	$ 270.9
Senior Note 1 [Member]
Amount Repaid	[2]	$ 290.9
Maturity Date	[2]	May-17
Interest Rate	[2]	5.70%
Medium-term Note 1 [Member]
Amount Repaid			$ 300.0
Maturity Date			Mar-16
Interest Rate			5.783%
Medium-term Note 2 [Member]
Amount Repaid				$ 150.0
Maturity Date				Nov-15
Interest Rate				5.584%
Senior Note 2 [Member]
Amount Repaid					$ 100.0
Maturity Date					Sep-15
Interest Rate					5.25%
Medium-term Note 3 [Member]
Amount Repaid						$ 100.0
Maturity Date						Feb-15
Interest Rate						4.904%

[1] On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated ("CAD") $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

[2] The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

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Note 13 - Notes Payable - Senior Unsecured Notes Issuance (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)
Senior Unsecured Notes 1 [Member]
Date Issued	Nov-16
Maturity Date	Mar-24
Amount Issued	$ 400,000,000
Interest Rate	2.70%
Senior Unsecured Notes 2 [Member]
Date Issued	Nov-16
Maturity Date	Dec-46
Amount Issued	$ 350,000,000
Interest Rate	4.125%
Senior Unsecured Notes 3 [Member]
Date Issued	Aug-16
Maturity Date	Oct-26
Amount Issued	$ 500,000,000
Interest Rate	2.80%
Senior Unsecured Notes 4 [Member]
Date Issued	May-16
Maturity Date	Apr-45
Amount Issued	$ 150,000,000
Interest Rate	4.25%
Senior Unsecured Notes 5 [Member]
Date Issued	Oct-15
Maturity Date	Nov-22
Amount Issued	$ 500,000,000
Interest Rate	3.40%
Senior Unsecured Notes 6 [Member]
Date Issued	Mar-15
Maturity Date	Apr-45
Amount Issued	$ 350,000,000
Interest Rate	4.25%

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Note 14 - Mortgages Payable (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Gain (Loss) on Extinguishment of Debt	$ (45,674)
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage			7.00%
Mortgages [Member]
Number of Real Estate Properties	47	27
Long-term Debt, Fair Value	$ 2,100	$ 1,400
Repayments of Long-term Debt	703,000	557,000
Gain (Loss) on Extinguishment of Debt	(9,200)
Debt Instrument, Increase (Decrease), Net	(25,600)
Liabilities, Fair Value Adjustment	$ 400
Debt, Weighted Average Interest Rate	4.94%
Unamortized Fair Value Debt Adjustments	$ 27,700
Unamortized Debt Issuance Expense	3,000
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	462,400
Long-term Debt, Maturities, Repayments of Principal in Year Two	124,400
Long-term Debt, Maturities, Repayments of Principal in Year Three	115,900
Long-term Debt, Maturities, Repayments of Principal in Year Four	101,200
Long-term Debt, Maturities, Repayments of Principal in Year Five	145,400
Long-term Debt, Maturities, Repayments of Principal after Year Five	$ 165,100
Mortgages [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage	1.91%
Mortgages [Member] | Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage	9.75%
Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.35%
Mortgages [Member] | Other Income (Expense), Net [Member]
Gain on Forgiveness of Debt	$ 3,100
Mortgages [Member] | Fair Market Value Adjustment Amount [Member]
Long-term Debt, Fair Value	4,300	27,600
Mortgages [Member] | Operating Properties [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 289,000	$ 835,200
Mortgages [Member] | Operating Properties [Member] | Acquired [Member]
Number of Real Estate Properties	10	38

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Note 15 - Noncontrolling Interests (Details Textual) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2007 USD ($) shares	Dec. 31, 2006 USD ($) $ / shares shares
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 16,667	$ 66,163	$ 6,259
Redeemable Noncontrolling Interest, Equity, Carrying Amount	86,953	86,709	91,480
Redeemable Units to Company Common Stock, Ratio					1
Redeemable Non-controlling Interest, Issuance Amount, Fair Value Remeasurement		$ 1,000
Number of Joint Ventures		3
Payments to Acquire Additional Interest in Subsidiaries		$ 31,600
Noncontrolling Interest, Period Increase (Decrease)			$ 17,650
Adjustments to Additional Paid in Capital, Other		(6,400)
Remaining Interest in Joint Ventures [Member]
Noncontrolling Interest, Period Increase (Decrease)		(25,200)
Capital Units, Class B [Member]
Non-controlling Interest, Units Redeemed | shares				30,000
Non-controlling Interest, Cumulative Par Value				$ 1,100
Class B Units [Member]
Non-controlling Interest, Units Issued | shares					647,758
Non-controlling Interest, Par Value | $ / shares					$ 37.24
Remaining [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount	86,200	88,900
Convertible Units [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance					$ 5,300
Non-controlling Interest, Units | shares					138,015
Convertible Units [Member] | Fair Market Value Adjustments [Member]
Unamortized Fair Value Debt Adjustments					$ 300
Redeemable Units [Member]
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 26,500	$ 26,500
PUERTO RICO
Number of Real Estate Properties	7
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 233,000
PUERTO RICO | Fair Market Value Adjustments [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	15,100
PUERTO RICO | Non-convertible Units [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	158,600
PUERTO RICO | Convertible Units [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	45,800
PUERTO RICO | Premiums [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 13,500

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Note 15 - Noncontrolling Interest - Convertible Non-convertible Units (Details)	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Preferred A Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 1	[1]
Number of Units Remaining (in shares) | shares	79,642,697	[1]
Return Per Annum	5.00%	[1]
Class B-1 Preferred Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 10,000	[2]
Number of Units Remaining (in shares) | shares	189	[2]
Return Per Annum	7.00%	[2]
Class B-2 Preferred Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 10,000	[1]
Number of Units Remaining (in shares) | shares	42	[1]
Return Per Annum	7.00%	[1]
Class C DownReit Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 30.52	[2]
Number of Units Remaining (in shares) | shares	52,797	[2]

[1] These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets.

[2] These units are redeemable for cash by the holder or at the Company's option, shares of the Company's common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company's Consolidated Balance Sheets.

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Note 15- Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Balance		$ 86,709	$ 91,480
Income (1)	[1]	4,349	7,061
Distribution		(4,105)	(5,922)
Conversion of redeemable units			(5,910)
Balance		$ 86,953	$ 86,709

[1] Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2015.

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Note 16 - Fair Value Disclosure of Financial Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Marketable Securities	$ 8,101	$ 7,565
Asset Impairment Charges	$ 93,266	45,464	$ 217,858
Cost-method Investments, Other than Temporary Impairment		9,000
Debt Securities [Member]
Asset Impairment Charges		800
Other Real Estate Investments [Member]
Asset Impairment Charges		5,300
Sold Sites [Member]
Asset Impairment Charges		10,200
Discontinued Operations [Member]
Asset Impairment Charges		$ 100
Minimum [Member]
Fair Value Inputs, Cap Rate	7.75%	8.25%
Fair Value Inputs, Discount Rate	9.25%	9.25%
Maximum [Member]
Fair Value Inputs, Cap Rate	9.00%	8.50%
Fair Value Inputs, Discount Rate	12.17%	9.75%
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member]
Impairment of Real Estate	$ 93,300	$ 20,200
Fair Value, Inputs, Level 1 [Member]
Marketable Securities	6,500	5,900
Impairment of Real Estate		5,700
Fair Value, Inputs, Level 3 [Member]
Marketable Securities	$ 1,600	1,700
Impairment of Real Estate		5,600
Fair Value, Inputs, Level 2 [Member]
Impairment of Real Estate		$ 8,900

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Note 16 - Fair Value Disclosure of Financial Instruments - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Mortgages [Member]
Mortgages payable (3)		$ 2,100	$ 1,400
Reported Value Measurement [Member]
Notes payable (2)	[1]	3,927,251	3,761,328
Reported Value Measurement [Member] | Mortgages [Member]
Mortgages payable (3)	[2]	1,139,117	1,614,982
Reported Value Measurement [Member] | Marketable Securities [Member]
Marketable securities (1)	[3]	8,101	7,565
Estimate of Fair Value Measurement [Member]
Notes payable (2)	[1]	3,890,797	3,820,205
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Mortgages payable (3)	[2]	1,141,047	1,629,760
Estimate of Fair Value Measurement [Member] | Marketable Securities [Member]
Marketable securities (1)	[3]	$ 8,101	$ 7,564

[1] The Company determined that its valuation of these Notes payable was classified within Level 2 of the fair value hierarchy.

[2] The Company determined that its valuation of these Mortgages payable was classified within Level 3 of the fair value hierarchy.

[3] As of December 31, 2016 and 2015, the Company determined that $6.5 million and $5.9 million, respectively, of the Marketable securities estimated fair value were classified within Level 1 of the fair value hierarchy and the remaining $1.6 million and $1.7 million, respectively, were classified within Level 3 of the fair value hierarchy.

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Note 16 - Fair Value Disclosure of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Marketable equity securities	$ 6,502	$ 5,909
Fair Value, Measurements, Nonrecurring [Member]
Real estate	117,930	52,439
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Real estate
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Real estate
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Real estate	117,930	52,439
Fair Value, Measurements, Recurring [Member]
Marketable equity securities	6,502	5,909
Interest rate swaps	975	1,426
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	6,502	5,909
Interest rate swaps
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable equity securities
Interest rate swaps	975	1,426
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable equity securities
Interest rate swaps

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Note 17 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details Textual)	1 Months Ended	12 Months Ended
	Feb. 28, 2015 USD ($) $ / shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 shares
Preferred Stock, Liquidation Preference, Value		$ 800,000,000	$ 800,000,000
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.01	$ 0.01
ATM Program, Amount Available		$ 211,900,000
Stock Repurchased During Period, Shares | shares		257,477	179,696	128,147
Stockholders' Equity Attributable to Noncontrolling Interest		$ 146,735,000	$ 135,651,000
Partners' Capital Account, Units, Converted | shares		900,000
ATM Program [Member]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Maximum Aggregate Sales Price	$ 500,000,000
Stock Issued During Period, Shares, New Issues | shares		9,806,377
Proceeds from Issuance of Common Stock		$ 285,200,000
Payments of Stock Issuance Costs		$ 2,900,000
Redeemable Series H Preferred Stock [Member]
Preferred Stock, Liquidation Preference, Value			$ 5,800,000
Series I, J or K Preferred Stock [Member]
Number of Votes		1,000
Number of Proxies		1,000
Number of Votes, Depositary		1
Series I Preferred Stock [Member]
Preferred Stock, Liquidation Preference, Value		$ 400,000,000
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 25,000
Stock Issued During Period, Shares, New Issues | shares			16,000,000
Series J Preferred Stock [Member]
Preferred Stock, Liquidation Preference, Value		$ 225,000,000
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 25,000
Stock Issued During Period, Shares, New Issues | shares			9,000,000
Series K Preferred Stock [Member]
Preferred Stock, Liquidation Preference, Value		$ 175,000,000
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 25,000
Stock Issued During Period, Shares, New Issues | shares			7,000,000
Depositary Share [Member]
Preferred Stock, Liquidation Preference Per Share | $ / shares		$ 25
Convertible Units [Member]
Stockholders' Equity Attributable to Noncontrolling Interest		$ 24,100,000

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Note 17 - Preferred Stock, Common Stock and Convertible Unit Transactions - Outstanding Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Shares authorized (in shares)	6,029,100	6,029,100
Liquidation preference	$ 800,000,000	$ 800,000,000
Par value (in dollars per share)	$ 1	$ 1
Series I Preferred Stock [Member]
Shares authorized (in shares)	18,400
Shares issued and outstanding (in shares)	16,000
Liquidation preference	$ 400,000,000
Dividend rate	6.00%
Annual dividend per depository share (in dollars per share)	$ 1.50
Par value (in dollars per share)	$ 1
Series J Preferred Stock [Member]
Shares authorized (in shares)	9,000
Shares issued and outstanding (in shares)	9,000
Liquidation preference	$ 225,000,000
Dividend rate	5.50%
Annual dividend per depository share (in dollars per share)	$ 1.375
Par value (in dollars per share)	$ 1
Series K Preferred Stock [Member]
Shares authorized (in shares)	8,050
Shares issued and outstanding (in shares)	7,000
Liquidation preference	$ 175,000,000
Dividend rate	5.625%
Annual dividend per depository share (in dollars per share)	$ 1.40625
Par value (in dollars per share)	$ 1
Total [Member]
Shares authorized (in shares)	35,450
Shares issued and outstanding (in shares)	32,000
Liquidation preference	$ 800,000,000

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Note 17 - Preferred Stock, Common Stock and Convertible Unit Transactions - Preferred Stock Issued (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Proceeds, After Expenses	$ 286,421	$ 493	$ 14,047
Series I Preferred Stock [Member]
Depositary Shares Issued (in shares)		16,000,000
Net Proceeds, After Expenses		$ 387,200
Offering/ Redemption Price (in dollars per share)		$ 25
Series J Preferred Stock [Member]
Depositary Shares Issued (in shares)		9,000,000
Net Proceeds, After Expenses		$ 217,800
Offering/ Redemption Price (in dollars per share)		$ 25
Series K Preferred Stock [Member]
Depositary Shares Issued (in shares)		7,000,000
Net Proceeds, After Expenses		$ 169,100
Offering/ Redemption Price (in dollars per share)		$ 25

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Note 17 - Preferred Stock, Common Stock and Convertible Unit Transactions - Preferred Stock Redeemed (Details) - Redeemable Series H Preferred Stock [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares	[1]
Depositary Shares Issued (in shares) | shares	7,000,000
Redemption Amount | $	$ 175
Offering/ Redemption Price (in dollars per share) | $ / shares	$ 25

[1] In connection with this redemption the Company recorded a non-cash charge of $5.8 million resulting from the difference between the redemption amount and the carrying amount of the Class H Preferred Stock on the Company's Consolidated Balance Sheets in accordance with the FASB's guidance on Distinguishing Liabilities from Equity. The $5.8 million was subtracted from net income to arrive at net income available to common shareholders and is used in the calculation of earnings per share for the year ended December 31, 2015.

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Note 18 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition of real estate interests by assumption of mortgage debt	$ 33,174	$ 84,699	$ 210,232
Acquisition of real estate interests by issuance of redeemable units			8,219
Acquisition of real estate interests through proceeds held in escrow	66,044	89,504	179,387
Proceeds held in escrow through sale of real estate interests	66,044	71,623	197,270
Disposition of real estate interests by assignment of debt		47,742
Disposition of real estate interests through the issuance of mortgage receivable		5,730	2,728
Disposition of real estate interests by foreclosure of debt	22,080
Forgiveness of debt due to foreclosure	26,000
Investment in real estate joint venture through contribution of real estate			35,080
Decrease of noncontrolling interests through sale of real estate			17,650
Increase in capital expenditures accrual	15,078	8,581	12,622
Issuance of common stock	85	493	14,047
Surrender of common stock	(7,008)	(5,682)	(4,051)
Declaration of dividends paid in succeeding period	124,517	115,182	111,143
Increase in real estate and other assets	407,813	1,039,335	687,538
Increase in mortgages payable, other liabilities and noncontrolling interests	$ 268,194	$ 750,135	$ 492,318

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Note 19 - Transactions with Related Parties (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Payments to Acquire Interest in Joint Venture		$ 86,453	$ 91,609	$ 93,845
ABS Venture [Member] | Colony [Member]
Payments to Acquire Interest in Joint Venture	$ 100,000
AB Acquisition [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		9.80%
AB Acquisition [Member] | Colony [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		4.30%	4.30%
AB Acquisition [Member] | ABS Venture [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		14.35%	14.35%
AB Acquisition [Member] | Unrelated Third Party [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		0.25%
Ripco [Member]
Related Party Transaction, Amounts of Transaction		$ 200	$ 600	300
Ripco [Member] | Officer [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		50.00%
Prohealth [Member]
Property Subject to or Available for Operating Lease, Number of Units		2
Prohealth [Member] | Annual Base Rent for Leased Properties [Member]
Related Party Transaction, Amounts of Transaction		$ 400	$ 400	$ 100

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Note 20 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Future Minimum Payments Receivable, Current	$ 834.6
Operating Leases, Future Minimum Payments Receivable, in Two Years	755.9
Operating Leases, Future Minimum Payments Receivable, in Three Years	664.1
Operating Leases, Future Minimum Payments Receivable, in Four Years	567.7
Operating Leases, Future Minimum Payments Receivable, in Five Years	471.5
Operating Leases, Future Minimum Payments Receivable, Thereafter	1,971.7
Straight Line Rent	16.5	$ 14.8	$ 8.4
Operating Leases, Future Minimum Payments Due, Next Twelve Months	10.3
Operating Leases, Future Minimum Payments, Due in Two Years	9.9
Operating Leases, Future Minimum Payments, Due in Three Years	9.2
Operating Leases, Future Minimum Payments, Due in Four Years	8.6
Operating Leases, Future Minimum Payments, Due in Five Years	8.3
Operating Leases, Future Minimum Payments, Due Thereafter	143.0
Letters of Credit Outstanding, Amount	40.8
Performance and Surety Bonds	$ 30.1
Revenues from Rental Property [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	98.00%	98.00%	98.00%
Minimum [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	5 years
Maximum [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	25 years

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Note 21 - Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allocated Share-based Compensation Expense		$ 19.1	$ 18.5	$ 17.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 31.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		3 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		10,015,040	9,095,416	9,251,021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0	0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit		$ 11.54
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit		$ 53.14
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		2 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		2 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term		6 years 73 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		225,695
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		$ 21.54
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		$ 0.8
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options		$ 21.1	$ 18.7	$ 23.9
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		5.00%
Defined Contribution Plan, Cost Recognized		$ 2.0	2.1	2.2
Employee [Member]
Severance Costs		1.7	4.8	6.3
Restricted Stock [Member]
Dividends, Share-based Compensation, Stock		$ 2.2	$ 1.8	$ 1.5
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 26.15	$ 25.98	$ 21.60
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 28.60	$ 27.87	$ 22.65
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		197,249	202,754	171,400
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	[1]	0.00%	0.00%	0.00%

[1] Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

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Note 21 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Options outstanding (in shares)	9,012,441	11,893,761	15,374,145
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 31.09	$ 30.23	$ 28.79
Options outstanding, aggregate intrinsic value	$ 12.1	$ 27.4	$ 29.8	$ 13.1
Options exercised, shares (in shares)	(1,167,819)	(1,019,240)	(1,474,432)
Options exercised, weighted average exercise price per share (in dollars per share)	$ 18.03	$ 18.36	$ 16.19
Options exercised, aggregate intrinsic value	$ 12.4	$ 7.4	$ 9.4
Options forfeited, shares (in shares)	(1,830,893)	(1,862,080)	(2,005,952)
Options forfeited, weighted average exercise price per share (in dollars per share)	$ 39.69	$ 32.55	$ 28.68
Options outstanding (in shares)	6,013,729	9,012,441	11,893,761
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 32.09	$ 31.09	$ 30.23
Options Exercisable, Shares (in shares)	5,144,416	7,617,882	10,159,570
Options exercisable, weighted average exercise price per share (in dollars per share)	$ 32.56	$ 32.90	$ 31.96
Options exercisable, aggregate intrinsic value	$ 11.3	$ 20.0	$ 19.9

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Note 21 - Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted stock outstanding as of January 1, (in shares)	1,712,534	1,911,145	1,591,082
Granted (in shares)	756,530	729,160	804,465
Vested (in shares)	(520,539)	(875,202)	(418,309)
Forfeited (in shares)	(17,793)	(52,569)	(66,093)
Restricted stock outstanding as of December 31, (in shares)	1,930,732	1,712,534	1,911,145

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Note 21 - Incentive Plans - Performance Shares Significant Fair Value Assumptions (Details) - Performance Shares [Member] - $ / shares		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock price (in dollars per share)		$ 26.29	$ 26.83	$ 21.49
Dividend yield (1)	[1]	0.00%	0.00%	0.00%
Risk-free rate		0.87%	0.98%	0.65%
Volatility		18.80%	16.81%	25.93%
Term of the award (years) (Year)		2 years 321 days	2 years 321 days	2 years 321 days
Performance Share Issued 2 [Member]
Term of the award (years) (Year)			1 year 321 days	1 year 321 days
Performance Shares Issued 1 [Member]
Term of the award (years) (Year)				321 days

[1] Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

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Note 22 - Income Taxes (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 01, 2013
Required Dividend Payout		90.00%
Effective Income Tax Rate, Reconciliation Deductions, One-time Allowable Deduction			$ 85,900
Deferred Tax Assets, Valuation Allowance		$ 55,600
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax		3,100
Taxable Income		236,895	454,021	$ 300,667
Unrecognized Tax Benefits		4,962	4,263	$ 4,649
CANADA
Unrecognized Tax Benefits		$ 4,900
Latest Tax Year [Member]
Open Tax Year		2016
KRS [Member]
Deferred Tax Assets, Valuation Allowance					$ 63,500
Taxable Income		$ 20,600	19,700
Operating Loss Carryforwards		44,000	70,300
State and Local Jurisdiction [Member]
Deferred Tax Assets, Valuation Allowance		7,900
Canada Revenue Agency [Member]
Current Foreign Tax Expense (Benefit)		$ 24,900	53,500
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Income Tax Examination, Year under Examination		2009
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Income Tax Examination, Year under Examination		2004
Internal Revenue Service (IRS) [Member] | Tax Year 2009 [Member]
Income Tax Examination, Potential Penalty, Percent		100.00%
Income Tax Examination, Penalties Expense		$ 40,900
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority		(100)
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities		$ 2,000
Mexican Tax Authority [Member] | Tax Year 2010 [Member]
Income Tax Examination, Year under Examination	2010
Tax Assessment Estimated Tax Expense	$ 33,700
Tax Assessment Estimated Interest Expense	16,500
Tax Assessment Estimated Penalties Expense	11,400
Taxes Payable	$ 0
REIT Eligibility [Member]
Number of Years		4 years
Used [Member] | KRS [Member]
Operating Loss Carryforwards		$ 20,600	$ 19,700

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Note 22 - Income Taxes - GAAP Net Income/(Loss) to Taxable Income Reconciliation (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
GAAP net income		$ 78,273	$ (43,545)	$ 203,409	$ 140,713	$ 379,201	$ 77,572	$ 127,000	$ 310,342	$ 378,850	$ 894,115	$ 424,001
Net book depreciation in excess of tax depreciation										73,409	21,515	24,890
Capitalized leasing/legal commissions										(11,894)	(14,246)	(13,576)
Deferred/prepaid/above-market and below-market rents, net										(35,230)	(32,848)	(17,967)
Fair market value debt amortization										(15,953)	(19,723)	(6,236)
Book/tax differences from investments in real estate joint ventures										(4,205)	(294)	8,614
Book/tax difference on sale of properties										(75,445)	(64,270)	(146,173)
Foreign income tax from capital gains											5,873
Cumulative foreign currency translation adjustment & deferred tax adjustment										3,267		139,976
Book adjustment to property carrying values and marketable equity securities										29,042	4,484	62,817
Taxable currency exchange loss, net										(6,775)	(47,297)	(100,602)
Tangible property regulations deduction (b)	[1]									(58,000)	(126,957)
Dividends from taxable REIT subsidiaries											647	67,590
GAAP change in control gain										(57,386)	(149,407)	(107,235)
Valuation allowance against net deferred tax assets (see discussion below)										40,097
Other book/tax differences, net										(9,505)	(3,618)	(16,100)
Adjusted REIT taxable income										236,895	454,021	300,667
Restricted Stock [Member]
Sharebased Compensation										(4,490)	(3,094)	(1,078)
Employee Stock Option [Member]
Sharebased Compensation										(11,301)	(4,786)	(5,144)
GAAP Net Loss/(Income) of Taxable REIT Subsidiaries [Member]
GAAP net loss/(income) of taxable REIT Subsidiaries										2,414	(6,073)	(13,110)
GAAP Net Income From REIT Operations [Member]
GAAP net income	[2]									$ 381,264	$ 888,042	$ 410,891

[1] In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers like the Company must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers can deduct such costs. These Regulations permitted the Company to deduct certain types of expenditures that were previously required to be capitalized. The Regulations also allowed the Company to make a one-time election to immediately deduct certain amounts that were capitalized in previous years that are not required to be capitalized under the new Regulations. The Company elected to take its one-time allowable deduction in 2015, which totaled approximately $85.9 million.

[2] All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interest and taxable REIT subsidiaries.

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Note 22 - Income Taxes - Taxable Characteristics of Distributions Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends distributed, amount	$ 471,850	$ 454,036	$ 426,344
Dividends distributed, percent
Series H Preferred Stock [Member]
Ordinary income, amount			$ 6,762
Ordinary income, percent			56.00%
Capital gain, amount		$ 13,417	$ 5,313
Capital gain, percent		100.00%	44.00%
Dividends distributed, amount		$ 13,417	$ 12,075
Dividends distributed, percent		100.00%	100.00%
Series I Preferred Stock [Member]
Ordinary income, amount	$ 16,320		$ 13,440
Ordinary income, percent	68.00%		56.00%
Capital gain, amount	$ 7,680	$ 24,000	$ 10,560
Capital gain, percent	32.00%	100.00%	44.00%
Dividends distributed, amount	$ 24,000	$ 24,000	$ 24,000
Dividends distributed, percent	100.00%	100.00%	100.00%
Series J Preferred Stock [Member]
Ordinary income, amount	$ 8,415		$ 6,930
Ordinary income, percent	68.00%		56.00%
Capital gain, amount	$ 3,960	$ 12,375	$ 5,445
Capital gain, percent	32.00%	100.00%	44.00%
Dividends distributed, amount	$ 12,375	$ 12,375	$ 12,375
Dividends distributed, percent	100.00%	100.00%	100.00%
Series K Preferred Stock [Member]
Ordinary income, amount	$ 6,694		$ 5,513
Ordinary income, percent	68.00%		56.00%
Capital gain, amount	$ 3,150	$ 9,844	$ 4,331
Capital gain, percent	32.00%	100.00%	44.00%
Dividends distributed, amount	$ 9,844	$ 9,844	$ 9,844
Dividends distributed, percent	100.00%	100.00%	100.00%
Common Stock 1 [Member]
Ordinary income, amount	$ 263,892		$ 132,498
Ordinary income, percent	62.00%		36.00%
Capital gain, amount	$ 127,689	$ 394,400	$ 103,054
Capital gain, percent	30.00%	100.00%	28.00%
Dividends distributed, amount	$ 425,631	$ 394,400	$ 368,050
Dividends distributed, percent	100.00%	100.00%	100.00%
Return of capital, amount	$ 34,050		$ 132,498
Return of capital, percent	8.00%		36.00%

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Note 22 - Income Taxes - Taxable Income and Provisions for Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
(Loss)/income before income taxes – U.S.		$ (23,810)	$ 23,729	$ 22,176
Federal tax provision		(50,653)	(12,002)	(9,066)
Income tax benefit		(72,545)	(60,230)	(22,438)
Net (loss)/income from U.S. taxable REIT subsidiaries		386,138	900,143	435,880
Taxable REIT Subsidiaries [Member]
Current		2,199	(638)	(522)
Deferred		(45,097)	(7,355)	(7,156)
Federal tax provision		(42,898)	(7,993)	(7,678)
Current		1,057	(2,535)	(165)
Deferred		(8,812)	(1,474)	(1,223)
State tax provision		(7,755)	(4,009)	(1,388)
Income tax benefit		(50,653)	(12,002)	(9,066)
Net (loss)/income from U.S. taxable REIT subsidiaries		(74,463)	11,727	13,110
Income before taxes – Non-U.S.		138,253	381,999	116,184
Current (1)	[1]	(24,393)	(58,365)	(18,131)
Deferred		(3,537)	4,331	(6,749)
Non-U.S. tax provision		$ (27,930)	$ (54,034)	$ (24,880)

[1] For the years ended December 31, 2016 and 2015 includes $24.9 million and $53.5 million, respectively, in expense related to the sale of interests in properties located in Canada.

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Note 22 - Income Taxes - Statutory Income Tax to Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Federal provision at statutory tax rate (35%) (1)	$ (47,155)	[1]	$ (8,304)	$ (7,762)
State and local provision, net of federal benefit (2)	(3,498)	[2]	(3,698)	(1,304)
Total tax provision – U.S.	$ (50,653)		$ (12,002)	$ (9,066)

[1] For the year ended December 31, 2016, includes a $55.6 million charge related to the recording of a deferred tax valuation allowance.

[2] For the year ended December 31, 2016, includes a $7.9 million charge related to the recording of a deferred tax valuation allowance.

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Note 22 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Net operating losses (1)	[1]	$ 44,833	$ 40,100
Related party deferred losses		952	1,549
Tax credit carryforwards (2)	[2]	5,368	5,304
Capital loss carryforwards		3,659	4,593
Charitable contribution carryforwards		35	22
Valuation allowance		(55,600)
Total deferred tax assets		23,401	77,819
Net deferred tax assets		3,243	55,000
Domestic Tax Authority [Member]
Tax/GAAP basis differences		63,167	49,601
Valuation allowance		(95,126)	(25,045)
Deferred tax liabilities		(19,599)	(19,326)
Foreign Tax Authority [Member]
Tax/GAAP basis differences		513	4,555
Valuation allowance			(2,860)
Deferred tax liabilities		$ (559)	$ (3,493)

[1] Expiration dates ranging from 2021 to 2033.

[2] Expiration dates ranging from 2027 to 2034 and includes alternative minimum tax credit carryovers of $3.1 million that do not expire.

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Note 22 - Income Taxes - Uncertain Tax Benefits Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance at January 1,	$ 4,263	$ 4,649
Increases for tax positions related to current year	41	1,084
Increase for tax position due to ASU 2013-11	4,930
Decreases relating to settlements with taxing authorities	(2,000)
Reductions due to lapsed statute of limitations	(2,272)	(1,470)
Balance at December 31,	$ 4,962	$ 4,263

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Note 23 - Accumulated Other Comprehensive Income (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CANADA
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 6,300
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		$ (18,780)	[1]
Gain on Disposition of Operating Properties Net of Tax [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | CHILE
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		19,600
Equity in Income of Joint Ventures, Net [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | CHILE
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		$ 800

[1] During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company's investment in Chile. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net.

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Note 23 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015		Dec. 31, 2014
Balance at the beginning of the year	$ 5,181,951	$ 4,901,765		$ 4,769,526
Balance at the end of the year	5,402,874	5,181,951		4,901,765
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance at the beginning of the year	6,616	329
Other comprehensive income before reclassifications	(281)	(12,493)
Amounts reclassified from AOCI		18,780	[1]
Net current-period other comprehensive income	(281)	6,287
Balance at the end of the year	6,335	6,616		329
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance at the beginning of the year	398	46,197
Other comprehensive income before reclassifications	8	(5,946)
Amounts reclassified from AOCI		(39,853)	[2]
Net current-period other comprehensive income	8	(45,799)
Balance at the end of the year	406	398		46,197
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Balance at the beginning of the year	(1,426)	(1,404)
Other comprehensive income before reclassifications	451	(22)
Amounts reclassified from AOCI
Net current-period other comprehensive income	451	(22)
Balance at the end of the year	(975)	(1,426)		(1,404)
AOCI Attributable to Parent [Member]
Balance at the beginning of the year	5,588	45,122		(64,982)
Other comprehensive income before reclassifications	178	(18,461)
Amounts reclassified from AOCI		(21,073)
Net current-period other comprehensive income	178	(39,534)
Balance at the end of the year	$ 5,766	$ 5,588		$ 45,122

[1] During 2015, the Company recognized a cumulative foreign currency translation loss as a result of the liquidation of the Company's investment in Chile. Amounts were reclassified on the Company's Consolidated Statements of Income as follows (i) $19.6 million of loss was reclassified to Gain on sale of operating properties, net of tax, offset by (ii) $0.8 million of gain was reclassified to Equity in income of joint ventures, net.

[2] Amounts reclassified to Interest, dividends and other investment income on the Company's Consolidated Statements of Income.

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Note 24 - Supplemental Financial Information - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from rental properties	$ 292,909	$ 279,286	$ 287,115	$ 293,091	$ 296,501	$ 283,387	$ 289,080	$ 275,506	$ 1,152,401	$ 1,144,474	$ 958,888
Net income/(loss) attributable to the Company	$ 78,273	$ (43,545)	$ 203,409	$ 140,713	$ 379,201	$ 77,572	$ 127,000	$ 310,342	$ 378,850	$ 894,115	$ 424,001
Basic (in dollars per share)	$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.15	$ 0.27	$ 0.72	$ 0.79	$ 2.01	$ 0.89
Diluted (in dollars per share)	$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.15	$ 0.27	$ 0.71	$ 0.79	$ 2	$ 0.89

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Note 25 - Captive Insurance Company (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Letters of Credit Outstanding, Amount	$ 40,800,000
Kimco Insurance Company [Member]
Captive Insurance, Percentage of Occurance Risk Layer	100.00%
Captive Insurance, Obligation Per Occurrence	$ 250,000
Letters of Credit Outstanding, Amount	23,000,000	$ 23,000,000
Increase (Decrease) in Incurred Insurance Losses and Loss Adjustment Expenses	(100,000)	$ 700,000
Kimco Insurance Company [Member] | Minimum [Member]
Captive Insurance, Annual Aggregates Per Policy	$ 7,800,000
Captive Insurance, Obligations to Reinsurance Provider, Percent of Incurred Losses	9.50%
Kimco Insurance Company [Member] | Maximum [Member]
Captive Insurance, Annual Aggregates Per Policy	$ 11,500,000
Captive Insurance, Obligations to Reinsurance Provider, Percent of Incurred Losses	12.20%

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Note 25 - Captive Insurance Company - Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance at the beginning of the year	$ 20,046	$ 18,078
Incurred related to current year	6,247	7,469
Incurred related to prior years	(67)	652
Total incurred	6,180	8,121
Paid related to current year	(962)	(1,214)
Paid related to prior years	(5,749)	(4,939)
Total paid	(6,711)	(6,153)
Balance at the end of the year	$ 19,515	$ 20,046

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Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts [Member]
Balance at beginning of period	$ 13,918	$ 10,368	$ 10,771
Charged to expenses	5,249	7,333	3,886
Deductions	(6,894)	(3,783)	(4,289)
Balance at end of period	12,273	13,918	10,368
Valuation Allowance of Deferred Tax Assets [Member]
Balance at beginning of period	27,905	34,302	63,712
Balance at end of period	95,126	27,905	34,302
Adjustments to valuation accounts	$ 67,221	$ (6,397)	$ (29,410)

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Schedule III - Real Estate and Accumulated Depreciation (Details Textual) $ in Billions	Dec. 31, 2016 USD ($)
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 9.6

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Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Initial Cost - Land	$ 2,988,153,342
Initial Cost - Building & Improvement	7,590,553,397
Subsequent to Acquisition	1,429,368,409
Land	3,130,217,410
Building & Improvement	8,877,857,738
The company's investment	12,008,075,148	$ 11,568,809,126	$ 10,018,225,775	$ 9,123,343,869
Accumulated Depreciation	2,278,291,645	2,115,319,888	$ 1,955,405,720	$ 1,878,680,836
Total Cost, Net of Accumulated Depreciation	9,729,783,503	$ 9,453,489,000
Encumbrances	1,139,117,399
Key Bank Building [Member]
Initial Cost - Land	1,500,000
Initial Cost - Building & Improvement	40,486,755
Subsequent to Acquisition	(12,256,024)
Land	672,719
Building & Improvement	29,058,012
The company's investment	29,730,731
Accumulated Depreciation	18,250,563
Total Cost, Net of Accumulated Depreciation	11,480,168
Encumbrances
The Grove [Member]
Initial Cost - Land	18,951,763
Initial Cost - Building & Improvement	6,403,809
Subsequent to Acquisition	2,321,874
Land	6,793,454
Building & Improvement	20,883,992
The company's investment	27,677,446
Accumulated Depreciation	6,572,921
Total Cost, Net of Accumulated Depreciation	21,104,525
Encumbrances
El Mirage [Member]
Initial Cost - Land	6,786,441
Initial Cost - Building & Improvement	503,987
Subsequent to Acquisition	130,064
Land	6,786,441
Building & Improvement	634,051
The company's investment	7,420,492
Accumulated Depreciation	73,155
Total Cost, Net of Accumulated Depreciation	7,347,337
Encumbrances
Talavi Town Center [Member]
Initial Cost - Land	8,046,677
Initial Cost - Building & Improvement	17,291,542
Subsequent to Acquisition	394,536
Land	8,046,677
Building & Improvement	17,686,078
The company's investment	25,732,755
Accumulated Depreciation	10,390,068
Total Cost, Net of Accumulated Depreciation	15,342,687
Encumbrances
Mesa Pavilions North [Member]
Initial Cost - Land	6,060,018
Initial Cost - Building & Improvement	35,955,005
Subsequent to Acquisition	24,517
Land	6,060,018
Building & Improvement	35,979,522
The company's investment	42,039,540
Accumulated Depreciation	7,909,208
Total Cost, Net of Accumulated Depreciation	34,130,332
Encumbrances
Mesa Riverview [Member]
Initial Cost - Land	15,000,000
Initial Cost - Building & Improvement
Subsequent to Acquisition	139,963,982
Land	307,992
Building & Improvement	154,655,990
The company's investment	154,963,982
Accumulated Depreciation	48,059,971
Total Cost, Net of Accumulated Depreciation	106,904,011
Encumbrances
Mesa Pavilions South [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	148,508
Subsequent to Acquisition	99,649
Land
Building & Improvement	248,157
The company's investment	248,157
Accumulated Depreciation	96,454
Total Cost, Net of Accumulated Depreciation	151,703
Encumbrances
Metro Square [Member]
Initial Cost - Land	4,101,017
Initial Cost - Building & Improvement	16,410,632
Subsequent to Acquisition	1,249,341
Land	4,101,017
Building & Improvement	17,659,973
The company's investment	21,760,990
Accumulated Depreciation	8,377,898
Total Cost, Net of Accumulated Depreciation	13,383,092
Encumbrances
Hayden Plaza North [Member]
Initial Cost - Land	2,015,726
Initial Cost - Building & Improvement	4,126,509
Subsequent to Acquisition	5,114,019
Land	2,015,726
Building & Improvement	9,240,528
The company's investment	11,256,254
Accumulated Depreciation	4,030,084
Total Cost, Net of Accumulated Depreciation	7,226,170
Encumbrances
Plaza Del Sol [Member]
Initial Cost - Land	5,324,502
Initial Cost - Building & Improvement	21,269,943
Subsequent to Acquisition	2,164,169
Land	4,577,870
Building & Improvement	24,180,744
The company's investment	28,758,614
Accumulated Depreciation	8,268,728
Total Cost, Net of Accumulated Depreciation	20,489,886
Encumbrances
Plaza at Mountainside [Member]
Initial Cost - Land	2,450,341
Initial Cost - Building & Improvement	9,802,046
Subsequent to Acquisition	1,809,711
Land	2,450,341
Building & Improvement	11,611,757
The company's investment	14,062,098
Accumulated Depreciation	5,707,659
Total Cost, Net of Accumulated Depreciation	8,354,439
Encumbrances
Village Crossroads [Member]
Initial Cost - Land	5,662,554
Initial Cost - Building & Improvement	24,981,223
Subsequent to Acquisition	607,424
Land	5,662,554
Building & Improvement	25,588,647
The company's investment	31,251,201
Accumulated Depreciation	4,248,058
Total Cost, Net of Accumulated Depreciation	27,003,143
Encumbrances
North Valley [Member]
Initial Cost - Land	6,861,564
Initial Cost - Building & Improvement	18,200,901
Subsequent to Acquisition	6,140,408
Land	3,861,272
Building & Improvement	27,341,601
The company's investment	31,202,873
Accumulated Depreciation	4,277,047
Total Cost, Net of Accumulated Depreciation	26,925,826
Encumbrances
Christown Spectrum Mall [Member]
Initial Cost - Land	33,831,349
Initial Cost - Building & Improvement	91,004,070
Subsequent to Acquisition	12,655,279
Land	76,638,512
Building & Improvement	60,852,186
The company's investment	137,490,698
Accumulated Depreciation	5,027,963
Total Cost, Net of Accumulated Depreciation	132,462,735
Encumbrances	63,919,515
Asante Retail Center [Member]
Initial Cost - Land	8,702,635
Initial Cost - Building & Improvement	3,405,683
Subsequent to Acquisition	2,866,807
Land	11,039,471
Building & Improvement	3,935,654
The company's investment	14,975,125
Accumulated Depreciation	422,495
Total Cost, Net of Accumulated Depreciation	14,552,630
Encumbrances
Surprise Spectrum [Member]
Initial Cost - Land	4,138,760
Initial Cost - Building & Improvement	94,572
Subsequent to Acquisition	1,035
Land	4,138,760
Building & Improvement	95,607
The company's investment	4,234,367
Accumulated Depreciation	11,331
Total Cost, Net of Accumulated Depreciation	4,223,036
Encumbrances
Bell Camino Center [Member]
Initial Cost - Land	2,427,465
Initial Cost - Building & Improvement	6,439,065
Subsequent to Acquisition	209,620
Land	2,427,465
Building & Improvement	6,648,685
The company's investment	9,076,150
Accumulated Depreciation	1,662,105
Total Cost, Net of Accumulated Depreciation	7,414,045
Encumbrances
College Park Shopping Center [Member]
Initial Cost - Land	3,276,952
Initial Cost - Building & Improvement	7,741,323
Subsequent to Acquisition	937,255
Land	3,276,952
Building & Improvement	8,678,578
The company's investment	11,955,530
Accumulated Depreciation	2,032,716
Total Cost, Net of Accumulated Depreciation	9,922,814
Encumbrances
Costco Plaza - 541 [Member]
Initial Cost - Land	4,995,639
Initial Cost - Building & Improvement	19,982,557
Subsequent to Acquisition	454,041
Land	4,995,639
Building & Improvement	20,436,598
The company's investment	25,432,237
Accumulated Depreciation	9,919,333
Total Cost, Net of Accumulated Depreciation	15,512,904
Encumbrances
Brookhurst Center [Member]
Initial Cost - Land	10,492,714
Initial Cost - Building & Improvement	31,357,513
Subsequent to Acquisition
Land	10,492,715
Building & Improvement	31,357,512
The company's investment	41,850,227
Accumulated Depreciation	170,330
Total Cost, Net of Accumulated Depreciation	41,679,897
Encumbrances
Lakewood Plaza [Member]
Initial Cost - Land	1,294,176
Initial Cost - Building & Improvement	3,669,266
Subsequent to Acquisition	(90,654)
Land
Building & Improvement	4,872,788
The company's investment	4,872,788
Accumulated Depreciation	1,253,991
Total Cost, Net of Accumulated Depreciation	3,618,797
Encumbrances
Madison Plaza [Member]
Initial Cost - Land	5,874,396
Initial Cost - Building & Improvement	23,476,190
Subsequent to Acquisition	2,639,269
Land	5,874,395
Building & Improvement	26,115,460
The company's investment	31,989,855
Accumulated Depreciation	11,883,068
Total Cost, Net of Accumulated Depreciation	20,106,787
Encumbrances
Broadway Plaza - 544 [Member]
Initial Cost - Land	6,460,743
Initial Cost - Building & Improvement	25,863,153
Subsequent to Acquisition	12,015,147
Land	6,460,743
Building & Improvement	37,878,300
The company's investment	44,339,043
Accumulated Depreciation	15,834,816
Total Cost, Net of Accumulated Depreciation	28,504,227
Encumbrances
Corona Hills Plaza [Member]
Initial Cost - Land	13,360,965
Initial Cost - Building & Improvement	53,373,453
Subsequent to Acquisition	7,747,951
Land	13,360,965
Building & Improvement	61,121,404
The company's investment	74,482,369
Accumulated Depreciation	30,140,783
Total Cost, Net of Accumulated Depreciation	44,341,586
Encumbrances
The 280 Metro Center [Member]
Initial Cost - Land	38,734,566
Initial Cost - Building & Improvement	94,903,404
Subsequent to Acquisition	978,329
Land	38,734,567
Building & Improvement	95,881,732
The company's investment	134,616,299
Accumulated Depreciation	8,594,553
Total Cost, Net of Accumulated Depreciation	126,021,746
Encumbrances
Laband Village Shopping Center [Member]
Initial Cost - Land	5,600,000
Initial Cost - Building & Improvement	13,289,347
Subsequent to Acquisition	161,263
Land	5,607,237
Building & Improvement	13,443,373
The company's investment	19,050,610
Accumulated Depreciation	7,224,966
Total Cost, Net of Accumulated Depreciation	11,825,644
Encumbrances	8,089,040
Cupertino Village [Member]
Initial Cost - Land	19,886,099
Initial Cost - Building & Improvement	46,534,919
Subsequent to Acquisition	21,651,908
Land	19,886,099
Building & Improvement	68,186,827
The company's investment	88,072,926
Accumulated Depreciation	18,539,471
Total Cost, Net of Accumulated Depreciation	69,533,455
Encumbrances
North County Plaza [Member]
Initial Cost - Land	10,205,305
Initial Cost - Building & Improvement	28,934,219
Subsequent to Acquisition	(1,428,787)
Land	20,894,811
Building & Improvement	16,815,926
The company's investment	37,710,737
Accumulated Depreciation	2,511,204
Total Cost, Net of Accumulated Depreciation	35,199,533
Encumbrances
Chico Crossroads [Member]
Initial Cost - Land	9,975,810
Initial Cost - Building & Improvement	30,534,524
Subsequent to Acquisition	1,278,945
Land	9,985,651
Building & Improvement	31,803,628
The company's investment	41,789,279
Accumulated Depreciation	8,872,060
Total Cost, Net of Accumulated Depreciation	32,917,219
Encumbrances
Chico East & Esplanade (Raley's) [Member]
Initial Cost - Land	2,508,716
Initial Cost - Building & Improvement	12,886,184
Subsequent to Acquisition	(1,312,384)
Land	2,284,856
Building & Improvement	11,797,660
The company's investment	14,082,516
Accumulated Depreciation	687,471
Total Cost, Net of Accumulated Depreciation	13,395,045
Encumbrances	3,994,238
Corona Hills Marketplace [Member]
Initial Cost - Land	9,727,446
Initial Cost - Building & Improvement	24,778,390
Subsequent to Acquisition	667,593
Land	9,727,446
Building & Improvement	25,445,983
The company's investment	35,173,429
Accumulated Depreciation	8,199,536
Total Cost, Net of Accumulated Depreciation	26,973,893
Encumbrances
River Park Crossing [Member]
Initial Cost - Land	4,324,000
Initial Cost - Building & Improvement	18,018,653
Subsequent to Acquisition	1,136,480
Land	4,324,000
Building & Improvement	19,155,133
The company's investment	23,479,133
Accumulated Depreciation	3,859,696
Total Cost, Net of Accumulated Depreciation	19,619,437
Encumbrances
Creekside Center [Member]
Initial Cost - Land	3,870,823
Initial Cost - Building & Improvement	11,562,580
Subsequent to Acquisition
Land	3,870,823
Building & Improvement	11,562,580
The company's investment	15,433,403
Accumulated Depreciation	62,601
Total Cost, Net of Accumulated Depreciation	15,370,802
Encumbrances
Gold Country Center [Member]
Initial Cost - Land	3,272,212
Initial Cost - Building & Improvement	7,864,878
Subsequent to Acquisition	29,687
Land	3,278,290
Building & Improvement	7,888,487
The company's investment	11,166,777
Accumulated Depreciation	3,425,408
Total Cost, Net of Accumulated Depreciation	7,741,369
Encumbrances
La Mirada Theatre Center [Member]
Initial Cost - Land	8,816,741
Initial Cost - Building & Improvement	35,259,965
Subsequent to Acquisition	(3,469,732)
Land	6,888,680
Building & Improvement	33,718,294
The company's investment	40,606,974
Accumulated Depreciation	14,838,975
Total Cost, Net of Accumulated Depreciation	25,767,999
Encumbrances
Kenneth Kahn Plaza [Member]
Initial Cost - Land	4,114,863
Initial Cost - Building & Improvement	7,660,855
Subsequent to Acquisition	880,557
Land	4,114,863
Building & Improvement	8,541,412
The company's investment	12,656,275
Accumulated Depreciation	3,046,335
Total Cost, Net of Accumulated Depreciation	9,609,940
Encumbrances
La Verne Town Center [Member]
Initial Cost - Land	8,414,328
Initial Cost - Building & Improvement	23,856,418
Subsequent to Acquisition	10,840,420
Land	16,362,169
Building & Improvement	26,748,997
The company's investment	43,111,166
Accumulated Depreciation	2,401,901
Total Cost, Net of Accumulated Depreciation	40,709,265
Encumbrances
Lincoln Hills Town Center [Member]
Initial Cost - Land	8,228,587
Initial Cost - Building & Improvement	26,127,322
Subsequent to Acquisition	28,378
Land	8,228,586
Building & Improvement	26,155,701
The company's investment	34,384,287
Accumulated Depreciation	2,281,415
Total Cost, Net of Accumulated Depreciation	32,102,872
Encumbrances	24,416,451
Novato Fair S.C. [Member]
Initial Cost - Land	9,259,778
Initial Cost - Building & Improvement	15,599,790
Subsequent to Acquisition	723,259
Land	9,259,778
Building & Improvement	16,323,049
The company's investment	25,582,827
Accumulated Depreciation	5,779,281
Total Cost, Net of Accumulated Depreciation	19,803,546
Encumbrances
South Napa Market Place [Member]
Initial Cost - Land	1,100,000
Initial Cost - Building & Improvement	22,159,086
Subsequent to Acquisition	20,615,121
Land	23,119,071
Building & Improvement	20,755,136
The company's investment	43,874,207
Accumulated Depreciation	9,867,595
Total Cost, Net of Accumulated Depreciation	34,006,612
Encumbrances
Plaza Di Northridge [Member]
Initial Cost - Land	12,900,000
Initial Cost - Building & Improvement	40,574,842
Subsequent to Acquisition	892,428
Land	12,900,000
Building & Improvement	41,467,270
The company's investment	54,367,270
Accumulated Depreciation	14,601,761
Total Cost, Net of Accumulated Depreciation	39,765,509
Encumbrances
Linda Mar Shipping Center [Member]
Initial Cost - Land	16,548,592
Initial Cost - Building & Improvement	37,521,194
Subsequent to Acquisition	1,418,767
Land	16,548,592
Building & Improvement	38,939,961
The company's investment	55,488,553
Accumulated Depreciation	5,972,288
Total Cost, Net of Accumulated Depreciation	49,516,265
Encumbrances
Poway City Centre [Member]
Initial Cost - Land	5,854,585
Initial Cost - Building & Improvement	13,792,470
Subsequent to Acquisition	8,378,985
Land	7,247,813
Building & Improvement	20,778,227
The company's investment	28,026,040
Accumulated Depreciation	8,030,783
Total Cost, Net of Accumulated Depreciation	19,995,257
Encumbrances
Redwood City Plaza [Member]
Initial Cost - Land	2,552,000
Initial Cost - Building & Improvement	6,215,168
Subsequent to Acquisition	5,900,877
Land	2,552,000
Building & Improvement	12,116,045
The company's investment	14,668,045
Accumulated Depreciation	1,083,976
Total Cost, Net of Accumulated Depreciation	13,584,069
Encumbrances
Stanford Ranch [Member]
Initial Cost - Land	10,583,764
Initial Cost - Building & Improvement	30,007,231
Subsequent to Acquisition	(1,670,000)
Land	9,982,626
Building & Improvement	28,938,369
The company's investment	38,920,995
Accumulated Depreciation	2,938,618
Total Cost, Net of Accumulated Depreciation	35,982,377
Encumbrances	14,751,853
Tyler Street Plaza [Member]
Initial Cost - Land	3,020,883
Initial Cost - Building & Improvement	7,811,339
Subsequent to Acquisition	(12,456)
Land	3,200,516
Building & Improvement	7,619,250
The company's investment	10,819,766
Accumulated Depreciation	2,612,860
Total Cost, Net of Accumulated Depreciation	8,206,906
Encumbrances
Crocker Ranch [Member]
Initial Cost - Land	7,526,146
Initial Cost - Building & Improvement	24,877,611
Subsequent to Acquisition	16,984
Land	7,526,146
Building & Improvement	24,894,595
The company's investment	32,420,741
Accumulated Depreciation	1,545,850
Total Cost, Net of Accumulated Depreciation	30,874,891
Encumbrances	11,237,112
Home Depot Plaza [Member]
Initial Cost - Land	4,592,364
Initial Cost - Building & Improvement	18,345,258
Subsequent to Acquisition
Land	4,592,365
Building & Improvement	18,345,257
The company's investment	22,937,622
Accumulated Depreciation	8,870,544
Total Cost, Net of Accumulated Depreciation	14,067,078
Encumbrances
Santee Trolley Square [Member]
Initial Cost - Land	40,208,683
Initial Cost - Building & Improvement	62,963,757
Subsequent to Acquisition	535,614
Land	40,208,683
Building & Improvement	63,499,371
The company's investment	103,708,054
Accumulated Depreciation	13,018,268
Total Cost, Net of Accumulated Depreciation	90,689,786
Encumbrances
San Diego Carmel Mountain [Member]
Initial Cost - Land	5,322,600
Initial Cost - Building & Improvement	8,873,991
Subsequent to Acquisition	88,334
Land	5,322,600
Building & Improvement	8,962,325
The company's investment	14,284,925
Accumulated Depreciation	2,125,865
Total Cost, Net of Accumulated Depreciation	12,159,060
Encumbrances
Fulton Market Place [Member]
Initial Cost - Land	2,966,018
Initial Cost - Building & Improvement	6,920,710
Subsequent to Acquisition	1,237,558
Land	2,966,018
Building & Improvement	8,158,268
The company's investment	11,124,286
Accumulated Depreciation	2,988,086
Total Cost, Net of Accumulated Depreciation	8,136,200
Encumbrances
Marigold Shopping Center [Member]
Initial Cost - Land	15,300,000
Initial Cost - Building & Improvement	25,563,978
Subsequent to Acquisition	4,183,111
Land	15,300,000
Building & Improvement	29,747,089
The company's investment	45,047,089
Accumulated Depreciation	14,620,807
Total Cost, Net of Accumulated Depreciation	30,426,282
Encumbrances
Canyon Square Plaza [Member]
Initial Cost - Land	2,648,112
Initial Cost - Building & Improvement	13,876,095
Subsequent to Acquisition	978,581
Land	2,648,112
Building & Improvement	14,854,676
The company's investment	17,502,788
Accumulated Depreciation	2,484,006
Total Cost, Net of Accumulated Depreciation	15,018,782
Encumbrances
Black Mountain Village [Member]
Initial Cost - Land	4,678,015
Initial Cost - Building & Improvement	11,913,344
Subsequent to Acquisition	684,763
Land	4,678,014
Building & Improvement	12,598,108
The company's investment	17,276,122
Accumulated Depreciation	4,228,513
Total Cost, Net of Accumulated Depreciation	13,047,609
Encumbrances
Rancho Penasquitos Towne Ctr I [Member]
Initial Cost - Land	14,851,595
Initial Cost - Building & Improvement	20,342,165
Subsequent to Acquisition	304,024
Land	14,851,595
Building & Improvement	20,646,189
The company's investment	35,497,784
Accumulated Depreciation	1,745,657
Total Cost, Net of Accumulated Depreciation	33,752,127
Encumbrances	14,384,811
Rancho Penasquitos Towne Ctr II [Member]
Initial Cost - Land	12,944,972
Initial Cost - Building & Improvement	20,323,961
Subsequent to Acquisition	177,977
Land	12,944,972
Building & Improvement	20,501,938
The company's investment	33,446,910
Accumulated Depreciation	1,794,662
Total Cost, Net of Accumulated Depreciation	31,652,248
Encumbrances	11,038,466
City Heights [Member]
Initial Cost - Land	10,687,472
Initial Cost - Building & Improvement	28,324,896
Subsequent to Acquisition	(752,643)
Land	13,908,563
Building & Improvement	24,351,162
The company's investment	38,259,725
Accumulated Depreciation	2,778,412
Total Cost, Net of Accumulated Depreciation	35,481,313
Encumbrances
Truckee Crossroads [Member]
Initial Cost - Land	2,140,000
Initial Cost - Building & Improvement	8,255,753
Subsequent to Acquisition	1,146,729
Land	2,140,000
Building & Improvement	9,402,482
The company's investment	11,542,482
Accumulated Depreciation	5,382,067
Total Cost, Net of Accumulated Depreciation	6,160,415
Encumbrances	2,340,536
Gateway at Donner Pass [Member]
Initial Cost - Land	4,515,688
Initial Cost - Building & Improvement	8,318,667
Subsequent to Acquisition	226,813
Land	4,515,688
Building & Improvement	8,545,480
The company's investment	13,061,168
Accumulated Depreciation	997,166
Total Cost, Net of Accumulated Depreciation	12,064,002
Encumbrances	2,719,649
Westlake Shopping Center [Member]
Initial Cost - Land	16,174,307
Initial Cost - Building & Improvement	64,818,562
Subsequent to Acquisition	99,467,618
Land	16,174,307
Building & Improvement	164,286,180
The company's investment	180,460,487
Accumulated Depreciation	48,298,485
Total Cost, Net of Accumulated Depreciation	132,162,002
Encumbrances
Lakewood Village [Member]
Initial Cost - Land	8,597,100
Initial Cost - Building & Improvement	24,374,615
Subsequent to Acquisition	(1,241,442)
Land	11,683,364
Building & Improvement	20,046,909
The company's investment	31,730,273
Accumulated Depreciation	2,648,966
Total Cost, Net of Accumulated Depreciation	29,081,307
Encumbrances
Savi Ranch [Member]
Initial Cost - Land	7,295,646
Initial Cost - Building & Improvement	29,752,511
Subsequent to Acquisition	126,568
Land	7,295,646
Building & Improvement	29,879,079
The company's investment	37,174,725
Accumulated Depreciation	4,753,605
Total Cost, Net of Accumulated Depreciation	32,421,120
Encumbrances
Village on the Park [Member]
Initial Cost - Land	2,194,463
Initial Cost - Building & Improvement	8,885,987
Subsequent to Acquisition	9,224,144
Land	3,018,391
Building & Improvement	17,286,203
The company's investment	20,304,594
Accumulated Depreciation	5,791,482
Total Cost, Net of Accumulated Depreciation	14,513,112
Encumbrances
Quincy Place S.C. [Member]
Initial Cost - Land	1,148,317
Initial Cost - Building & Improvement	4,608,249
Subsequent to Acquisition	1,611,804
Land	1,148,318
Building & Improvement	6,220,052
The company's investment	7,368,370
Accumulated Depreciation	2,869,681
Total Cost, Net of Accumulated Depreciation	4,498,689
Encumbrances
East Bank S.C. [Member]
Initial Cost - Land	1,500,568
Initial Cost - Building & Improvement	6,180,103
Subsequent to Acquisition	1,873,781
Land	1,500,568
Building & Improvement	8,053,884
The company's investment	9,554,452
Accumulated Depreciation	3,620,475
Total Cost, Net of Accumulated Depreciation	5,933,977
Encumbrances
Northridge Shopping Center [Member]
Initial Cost - Land	4,932,690
Initial Cost - Building & Improvement	16,496,176
Subsequent to Acquisition	1,722,954
Land	8,934,385
Building & Improvement	14,217,435
The company's investment	23,151,820
Accumulated Depreciation	1,758,919
Total Cost, Net of Accumulated Depreciation	21,392,901
Encumbrances
Spring Creek S.C. [Member]
Initial Cost - Land	1,423,260
Initial Cost - Building & Improvement	5,718,813
Subsequent to Acquisition	(1,654,650)
Land	603,270
Building & Improvement	4,884,153
The company's investment	5,487,423
Accumulated Depreciation	3,549,720
Total Cost, Net of Accumulated Depreciation	1,937,703
Encumbrances
Denver West 38th Street [Member]
Initial Cost - Land	161,167
Initial Cost - Building & Improvement	646,983
Subsequent to Acquisition	69
Land	161,167
Building & Improvement	647,052
The company's investment	808,219
Accumulated Depreciation	313,795
Total Cost, Net of Accumulated Depreciation	494,424
Encumbrances
Englewood Plaza [Member]
Initial Cost - Land	805,837
Initial Cost - Building & Improvement	3,232,650
Subsequent to Acquisition	442,081
Land	805,836
Building & Improvement	3,674,732
The company's investment	4,480,568
Accumulated Depreciation	1,798,011
Total Cost, Net of Accumulated Depreciation	2,682,557
Encumbrances
Fort Collins S.C. [Member]
Initial Cost - Land	1,253,497
Initial Cost - Building & Improvement	7,625,278
Subsequent to Acquisition	1,599,607
Land	1,253,496
Building & Improvement	9,224,886
The company's investment	10,478,382
Accumulated Depreciation	3,647,392
Total Cost, Net of Accumulated Depreciation	6,830,990
Encumbrances
Greeley Commons [Member]
Initial Cost - Land	3,313,095
Initial Cost - Building & Improvement	20,069,559
Subsequent to Acquisition	104,137
Land	3,313,095
Building & Improvement	20,173,696
The company's investment	23,486,791
Accumulated Depreciation	3,605,618
Total Cost, Net of Accumulated Depreciation	19,881,173
Encumbrances
Highlands Ranch Village S.C. [Member]
Initial Cost - Land	8,135,427
Initial Cost - Building & Improvement	21,579,936
Subsequent to Acquisition	(659,420)
Land	5,337,081
Building & Improvement	23,718,862
The company's investment	29,055,943
Accumulated Depreciation	3,641,248
Total Cost, Net of Accumulated Depreciation	25,414,695
Encumbrances
Village Center West [Member]
Initial Cost - Land	2,010,519
Initial Cost - Building & Improvement	8,361,085
Subsequent to Acquisition	60,687
Land	2,010,520
Building & Improvement	8,421,771
The company's investment	10,432,291
Accumulated Depreciation	1,248,737
Total Cost, Net of Accumulated Depreciation	9,183,554
Encumbrances	5,503,328
Highlands Ranch II [Member]
Initial Cost - Land	3,514,837
Initial Cost - Building & Improvement	11,755,916
Subsequent to Acquisition	204,961
Land	3,514,837
Building & Improvement	11,960,877
The company's investment	15,475,714
Accumulated Depreciation	2,272,093
Total Cost, Net of Accumulated Depreciation	13,203,621
Encumbrances
Highlands Ranch Parcel [Member]
Initial Cost - Land	1,140,000
Initial Cost - Building & Improvement	2,660,000
Subsequent to Acquisition	64,239
Land	1,140,000
Building & Improvement	2,724,239
The company's investment	3,864,239
Accumulated Depreciation	120,726
Total Cost, Net of Accumulated Depreciation	3,743,513
Encumbrances
Heritage West S.C. [Member]
Initial Cost - Land	1,526,576
Initial Cost - Building & Improvement	6,124,074
Subsequent to Acquisition	1,126,064
Land	1,526,576
Building & Improvement	7,250,138
The company's investment	8,776,714
Accumulated Depreciation	3,320,154
Total Cost, Net of Accumulated Depreciation	5,456,560
Encumbrances
Market at Southpark [Member]
Initial Cost - Land	9,782,769
Initial Cost - Building & Improvement	20,779,522
Subsequent to Acquisition	264,140
Land	9,782,769
Building & Improvement	21,043,662
The company's investment	30,826,431
Accumulated Depreciation	3,881,881
Total Cost, Net of Accumulated Depreciation	26,944,550
Encumbrances
Newtown S.C. [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	15,635,442
Subsequent to Acquisition
Land
Building & Improvement	15,635,442
The company's investment	15,635,442
Accumulated Depreciation	1,421,090
Total Cost, Net of Accumulated Depreciation	14,214,352
Encumbrances	8,502,201
West Farm Shopping Center [Member]
Initial Cost - Land	5,805,969
Initial Cost - Building & Improvement	23,348,024
Subsequent to Acquisition	14,403,752
Land	7,585,116
Building & Improvement	35,972,629
The company's investment	43,557,745
Accumulated Depreciation	13,063,627
Total Cost, Net of Accumulated Depreciation	30,494,118
Encumbrances
Hamden Mart [Member]
Initial Cost - Land	13,668,167
Initial Cost - Building & Improvement	40,890,166
Subsequent to Acquisition
Land	13,668,167
Building & Improvement	40,890,166
The company's investment	54,558,333
Accumulated Depreciation	221,050
Total Cost, Net of Accumulated Depreciation	54,337,283
Encumbrances	22,404,073
Home Depot Plaza 2 [Member]
Initial Cost - Land	7,704,968
Initial Cost - Building & Improvement	30,797,640
Subsequent to Acquisition	2,712,557
Land	7,704,968
Building & Improvement	33,510,197
The company's investment	41,215,165
Accumulated Depreciation	13,564,341
Total Cost, Net of Accumulated Depreciation	27,650,824
Encumbrances
Wilton River Park Shopping Ctr [Member]
Initial Cost - Land	7,154,585
Initial Cost - Building & Improvement	27,509,279
Subsequent to Acquisition	(224,537)
Land	7,154,585
Building & Improvement	27,284,742
The company's investment	34,439,327
Accumulated Depreciation	3,581,639
Total Cost, Net of Accumulated Depreciation	30,857,688
Encumbrances
Bright Horizons [Member]
Initial Cost - Land	1,211,748
Initial Cost - Building & Improvement	4,610,610
Subsequent to Acquisition	9,499
Land	1,211,748
Building & Improvement	4,620,109
The company's investment	5,831,857
Accumulated Depreciation	684,714
Total Cost, Net of Accumulated Depreciation	5,147,143
Encumbrances
Wilton Campus [Member]
Initial Cost - Land	10,168,872
Initial Cost - Building & Improvement	31,893,016
Subsequent to Acquisition	254,233
Land	10,168,872
Building & Improvement	32,147,249
The company's investment	42,316,121
Accumulated Depreciation	6,500,963
Total Cost, Net of Accumulated Depreciation	35,815,158
Encumbrances
Camden Square [Member]
Initial Cost - Land	122,741
Initial Cost - Building & Improvement	66,738
Subsequent to Acquisition	4,309,722
Land	3,024,375
Building & Improvement	1,474,826
The company's investment	4,499,201
Accumulated Depreciation	155,208
Total Cost, Net of Accumulated Depreciation	4,343,993
Encumbrances
Promenade at Christiana [Member]
Initial Cost - Land	14,371,686
Initial Cost - Building & Improvement
Subsequent to Acquisition	11,148,877
Land	25,520,563
Building & Improvement
The company's investment	25,520,563
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	25,520,563
Encumbrances
Brandywine Commons [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	36,057,487
Subsequent to Acquisition	(505,731)
Land
Building & Improvement	35,551,756
The company's investment	35,551,756
Accumulated Depreciation	3,276,507
Total Cost, Net of Accumulated Depreciation	32,275,249
Encumbrances
Camino Square [Member]
Initial Cost - Land	573,875
Initial Cost - Building & Improvement	2,295,501
Subsequent to Acquisition	2,665,024
Land	733,875
Building & Improvement	4,800,525
The company's investment	5,534,400
Accumulated Depreciation	3,636,784
Total Cost, Net of Accumulated Depreciation	1,897,616
Encumbrances
Bonita Grande Crossings [Member]
Initial Cost - Land	3,370,941
Initial Cost - Building & Improvement	8,179,481
Subsequent to Acquisition	52,500
Land	3,370,941
Building & Improvement	8,231,981
The company's investment	11,602,922
Accumulated Depreciation	668,033
Total Cost, Net of Accumulated Depreciation	10,934,889
Encumbrances
Hollywood Video Bonita Grande [Member]
Initial Cost - Land	341,958
Initial Cost - Building & Improvement	771,935
Subsequent to Acquisition
Land	341,958
Building & Improvement	771,935
The company's investment	1,113,893
Accumulated Depreciation	68,673
Total Cost, Net of Accumulated Depreciation	1,045,220
Encumbrances
Coral Square Promenade [Member]
Initial Cost - Land	710,000
Initial Cost - Building & Improvement	2,842,907
Subsequent to Acquisition	3,993,496
Land	710,000
Building & Improvement	6,836,403
The company's investment	7,546,403
Accumulated Depreciation	3,565,857
Total Cost, Net of Accumulated Depreciation	3,980,546
Encumbrances
Maplewood Plaze [Member]
Initial Cost - Land	1,649,000
Initial Cost - Building & Improvement	6,626,301
Subsequent to Acquisition	1,161,119
Land	1,649,000
Building & Improvement	7,787,420
The company's investment	9,436,420
Accumulated Depreciation	3,541,619
Total Cost, Net of Accumulated Depreciation	5,894,801
Encumbrances
Curlew Crossing Shopping Ctr [Member]
Initial Cost - Land	5,315,955
Initial Cost - Building & Improvement	12,529,467
Subsequent to Acquisition	2,107,472
Land	5,315,954
Building & Improvement	14,636,940
The company's investment	19,952,894
Accumulated Depreciation	5,461,751
Total Cost, Net of Accumulated Depreciation	14,491,143
Encumbrances
Shops at Santa Barbara Phase 1 [Member]
Initial Cost - Land	743,463
Initial Cost - Building & Improvement	5,373,994
Subsequent to Acquisition
Land	743,463
Building & Improvement	5,373,994
The company's investment	6,117,457
Accumulated Depreciation	462,609
Total Cost, Net of Accumulated Depreciation	5,654,848
Encumbrances
Shops at Santa Barbara Phase 2 [Member]
Initial Cost - Land	331,692
Initial Cost - Building & Improvement	2,488,832
Subsequent to Acquisition
Land	331,692
Building & Improvement	2,488,832
The company's investment	2,820,524
Accumulated Depreciation	200,524
Total Cost, Net of Accumulated Depreciation	2,620,000
Encumbrances
Shops at Santa Barbara Phase 3 [Member]
Initial Cost - Land	329,726
Initial Cost - Building & Improvement	2,358,700
Subsequent to Acquisition	(12,082)
Land	329,726
Building & Improvement	2,346,618
The company's investment	2,676,344
Accumulated Depreciation	217,112
Total Cost, Net of Accumulated Depreciation	2,459,232
Encumbrances
Coral Pointe S.C. [Member]
Initial Cost - Land	2,411,608
Initial Cost - Building & Improvement	20,507,735
Subsequent to Acquisition	(25,164)
Land	2,411,608
Building & Improvement	20,482,571
The company's investment	22,894,179
Accumulated Depreciation	1,580,664
Total Cost, Net of Accumulated Depreciation	21,313,515
Encumbrances
Publix at Addison [Member]
Initial Cost - Land	3,211,156
Initial Cost - Building & Improvement	6,747,895
Subsequent to Acquisition
Land	3,211,156
Building & Improvement	6,747,895
The company's investment	9,959,051
Accumulated Depreciation	350,697
Total Cost, Net of Accumulated Depreciation	9,608,354
Encumbrances
Addison Center Prof. Building [Member]
Initial Cost - Land	802,789
Initial Cost - Building & Improvement	1,310,012
Subsequent to Acquisition	(45,779)
Land	802,789
Building & Improvement	1,264,233
The company's investment	2,067,022
Accumulated Depreciation	75,322
Total Cost, Net of Accumulated Depreciation	1,991,700
Encumbrances
Dania Pointe [Member]
Initial Cost - Land	105,113,024
Initial Cost - Building & Improvement
Subsequent to Acquisition	2,000,000
Land	107,113,024
Building & Improvement
The company's investment	107,113,024
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	107,113,024
Encumbrances
Ft. Lauderdale/Cypress Creek [Member]
Initial Cost - Land	14,258,760
Initial Cost - Building & Improvement	28,042,390
Subsequent to Acquisition	2,415,038
Land	14,258,760
Building & Improvement	30,457,428
The company's investment	44,716,188
Accumulated Depreciation	9,171,140
Total Cost, Net of Accumulated Depreciation	35,545,048
Encumbrances
Homestead-Wachtel Land Lease [Member]
Initial Cost - Land	150,000
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	150,000
Building & Improvement
The company's investment	150,000
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	150,000
Encumbrances
Oakwood Plaza North [Member]
Initial Cost - Land	35,300,961
Initial Cost - Building & Improvement	141,731,019
Subsequent to Acquisition
Land	35,300,961
Building & Improvement	141,731,019
The company's investment	177,031,980
Accumulated Depreciation	4,333,815
Total Cost, Net of Accumulated Depreciation	172,698,165
Encumbrances	100,000,000
Oakwood Plaza South [Member]
Initial Cost - Land	11,126,610
Initial Cost - Building & Improvement	40,592,103
Subsequent to Acquisition
Land	11,126,610
Building & Improvement	40,592,103
The company's investment	51,718,713
Accumulated Depreciation	1,487,871
Total Cost, Net of Accumulated Depreciation	50,230,842
Encumbrances
Oakwood Business Ctr BDLG 1 [Member]
Initial Cost - Land	6,792,500
Initial Cost - Building & Improvement	18,662,565
Subsequent to Acquisition	3,027,668
Land	6,792,500
Building & Improvement	21,690,233
The company's investment	28,482,733
Accumulated Depreciation	5,592,134
Total Cost, Net of Accumulated Depreciation	22,890,599
Encumbrances
Amelia Concourse [Member]
Initial Cost - Land	7,600,000
Initial Cost - Building & Improvement
Subsequent to Acquisition	2,508,435
Land	676,791
Building & Improvement	9,431,644
The company's investment	10,108,435
Accumulated Depreciation	2,819,327
Total Cost, Net of Accumulated Depreciation	7,289,108
Encumbrances
Kimco Avenues Walk, LLC [Member]
Initial Cost - Land	26,984,546
Initial Cost - Building & Improvement
Subsequent to Acquisition	47,260,955
Land	29,784,056
Building & Improvement	44,461,445
The company's investment	74,245,501
Accumulated Depreciation	63,344
Total Cost, Net of Accumulated Depreciation	74,182,157
Encumbrances
Duval Station S.C. [Member]
Initial Cost - Land	1,807,792
Initial Cost - Building & Improvement	11,863,692
Subsequent to Acquisition	114,840
Land	1,807,792
Building & Improvement	11,978,532
The company's investment	13,786,324
Accumulated Depreciation	828,285
Total Cost, Net of Accumulated Depreciation	12,958,039
Encumbrances
Riverplace Shopping Ctr. [Member]
Initial Cost - Land	7,503,282
Initial Cost - Building & Improvement	31,011,027
Subsequent to Acquisition	1,375,379
Land	7,200,050
Building & Improvement	32,689,638
The company's investment	39,889,688
Accumulated Depreciation	8,655,946
Total Cost, Net of Accumulated Depreciation	31,233,742
Encumbrances
Merchants Walk [Member]
Initial Cost - Land	2,580,816
Initial Cost - Building & Improvement	10,366,090
Subsequent to Acquisition	6,496,524
Land	2,580,816
Building & Improvement	16,862,614
The company's investment	19,443,430
Accumulated Depreciation	7,283,589
Total Cost, Net of Accumulated Depreciation	12,159,841
Encumbrances
Wal-Mart Plaza [Member]
Initial Cost - Land	293,686
Initial Cost - Building & Improvement	792,119
Subsequent to Acquisition	1,726,636
Land	293,686
Building & Improvement	2,518,755
The company's investment	2,812,441
Accumulated Depreciation	2,210,865
Total Cost, Net of Accumulated Depreciation	601,576
Encumbrances
Leesburg Shops [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	171,636
Subsequent to Acquisition	193,651
Land
Building & Improvement	365,287
The company's investment	365,287
Accumulated Depreciation	365,287
Total Cost, Net of Accumulated Depreciation
Encumbrances
Tri-City Plaza [Member]
Initial Cost - Land	2,832,296
Initial Cost - Building & Improvement	11,329,185
Subsequent to Acquisition	19,606,325
Land	2,832,296
Building & Improvement	30,935,510
The company's investment	33,767,806
Accumulated Depreciation	2,730,210
Total Cost, Net of Accumulated Depreciation	31,037,596
Encumbrances
Ft. Lauderdale #1, FL [Member]
Initial Cost - Land	1,002,733
Initial Cost - Building & Improvement	2,602,415
Subsequent to Acquisition	12,831,516
Land	1,774,443
Building & Improvement	14,662,221
The company's investment	16,436,664
Accumulated Depreciation	9,613,856
Total Cost, Net of Accumulated Depreciation	6,822,808
Encumbrances
Lake Wales S.C. [Member]
Initial Cost - Land	601,052
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	601,052
Building & Improvement
The company's investment	601,052
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	601,052
Encumbrances
NASA Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	1,754,000
Subsequent to Acquisition	2,653,265
Land
Building & Improvement	4,407,265
The company's investment	4,407,265
Accumulated Depreciation	3,243,997
Total Cost, Net of Accumulated Depreciation	1,163,268
Encumbrances
Grove Gates S.C. [Member]
Initial Cost - Land	365,893
Initial Cost - Building & Improvement	1,049,172
Subsequent to Acquisition	1,207,100
Land	365,893
Building & Improvement	2,256,272
The company's investment	2,622,165
Accumulated Depreciation	1,959,640
Total Cost, Net of Accumulated Depreciation	662,525
Encumbrances
Chevron Outparcel [Member]
Initial Cost - Land	530,570
Initial Cost - Building & Improvement	1,253,410
Subsequent to Acquisition
Land	530,570
Building & Improvement	1,253,410
The company's investment	1,783,980
Accumulated Depreciation	334,762
Total Cost, Net of Accumulated Depreciation	1,449,218
Encumbrances
Ives Dairy Crossing [Member]
Initial Cost - Land	732,914
Initial Cost - Building & Improvement	4,080,460
Subsequent to Acquisition	11,065,138
Land	732,914
Building & Improvement	15,145,598
The company's investment	15,878,512
Accumulated Depreciation	9,101,199
Total Cost, Net of Accumulated Depreciation	6,777,313
Encumbrances
Miller Road S.C. [Member]
Initial Cost - Land	1,138,082
Initial Cost - Building & Improvement	4,552,327
Subsequent to Acquisition	4,535,416
Land	1,138,082
Building & Improvement	9,087,743
The company's investment	10,225,825
Accumulated Depreciation	5,760,824
Total Cost, Net of Accumulated Depreciation	4,465,001
Encumbrances
Tri-Cities Shopping Plaza [Member]
Initial Cost - Land	1,011,000
Initial Cost - Building & Improvement	4,062,890
Subsequent to Acquisition	3,190,909
Land	1,011,000
Building & Improvement	7,253,799
The company's investment	8,264,799
Accumulated Depreciation	596,772
Total Cost, Net of Accumulated Depreciation	7,668,027
Encumbrances
Kendale Lakes Plaza [Member]
Initial Cost - Land	18,491,461
Initial Cost - Building & Improvement	28,496,001
Subsequent to Acquisition	(2,055,786)
Land	15,362,227
Building & Improvement	29,569,449
The company's investment	44,931,676
Accumulated Depreciation	6,605,625
Total Cost, Net of Accumulated Depreciation	38,326,051
Encumbrances
Plantation Crossing [Member]
Initial Cost - Land	7,524,800
Initial Cost - Building & Improvement
Subsequent to Acquisition	(5,003,280)
Land	2,008,617
Building & Improvement	512,903
The company's investment	2,521,520
Accumulated Depreciation	91,054
Total Cost, Net of Accumulated Depreciation	2,430,466
Encumbrances
Centre of Merritt [Member]
Initial Cost - Land	1,806,275
Initial Cost - Building & Improvement	9,592,435
Subsequent to Acquisition
Land	1,806,275
Building & Improvement	9,592,435
The company's investment	11,398,710
Accumulated Depreciation	623,343
Total Cost, Net of Accumulated Depreciation	10,775,367
Encumbrances
Miller West Plaza [Member]
Initial Cost - Land	6,725,660
Initial Cost - Building & Improvement	10,661,420
Subsequent to Acquisition
Land	6,725,660
Building & Improvement	10,661,420
The company's investment	17,387,080
Accumulated Depreciation	774,598
Total Cost, Net of Accumulated Depreciation	16,612,482
Encumbrances
Corsica Square S.C. [Member]
Initial Cost - Land	7,225,100
Initial Cost - Building & Improvement	10,757,386
Subsequent to Acquisition	112,000
Land	7,225,100
Building & Improvement	10,869,386
The company's investment	18,094,486
Accumulated Depreciation	918,110
Total Cost, Net of Accumulated Depreciation	17,176,376
Encumbrances	10,840,743
Milton, FL [Member]
Initial Cost - Land	1,275,593
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	1,275,593
Building & Improvement
The company's investment	1,275,593
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	1,275,593
Encumbrances
Flagler Park [Member]
Initial Cost - Land	26,162,980
Initial Cost - Building & Improvement	80,737,041
Subsequent to Acquisition	3,482,952
Land	26,725,480
Building & Improvement	83,657,493
The company's investment	110,382,973
Accumulated Depreciation	20,442,791
Total Cost, Net of Accumulated Depreciation	89,940,182
Encumbrances
Parkhill Plaza [Member]
Initial Cost - Land	10,763,612
Initial Cost - Building & Improvement	19,264,248
Subsequent to Acquisition	187,262
Land	10,763,612
Building & Improvement	19,451,510
The company's investment	30,215,122
Accumulated Depreciation	3,784,223
Total Cost, Net of Accumulated Depreciation	26,430,899
Encumbrances
Winn Dixie-Miami [Member]
Initial Cost - Land	2,989,640
Initial Cost - Building & Improvement	9,410,360
Subsequent to Acquisition	(51,872)
Land	3,544,297
Building & Improvement	8,803,831
The company's investment	12,348,128
Accumulated Depreciation	677,157
Total Cost, Net of Accumulated Depreciation	11,670,971
Encumbrances
Marathon Shopping Center [Member]
Initial Cost - Land	2,412,929
Initial Cost - Building & Improvement	8,069,450
Subsequent to Acquisition	1,013,493
Land	1,514,731
Building & Improvement	9,981,141
The company's investment	11,495,872
Accumulated Depreciation	1,112,710
Total Cost, Net of Accumulated Depreciation	10,383,162
Encumbrances
Sodo S.C. [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	68,139,271
Subsequent to Acquisition	8,283,273
Land	142,195
Building & Improvement	76,280,349
The company's investment	76,422,544
Accumulated Depreciation	16,306,907
Total Cost, Net of Accumulated Depreciation	60,115,637
Encumbrances
Renaissance Center [Member]
Initial Cost - Land	9,104,379
Initial Cost - Building & Improvement	36,540,873
Subsequent to Acquisition	14,913,118
Land	9,122,758
Building & Improvement	51,435,612
The company's investment	60,558,370
Accumulated Depreciation	17,171,361
Total Cost, Net of Accumulated Depreciation	43,387,009
Encumbrances
MIllenia Plaza Phase II [Member]
Initial Cost - Land	7,711,000
Initial Cost - Building & Improvement	20,702,992
Subsequent to Acquisition	1,650,193
Land	7,698,200
Building & Improvement	22,365,985
The company's investment	30,064,185
Accumulated Depreciation	7,880,425
Total Cost, Net of Accumulated Depreciation	22,183,760
Encumbrances
Riverside Landings S.C. [Member]
Initial Cost - Land	3,512,202
Initial Cost - Building & Improvement	14,439,668
Subsequent to Acquisition	96,924
Land	3,512,202
Building & Improvement	14,536,592
The company's investment	18,048,794
Accumulated Depreciation	1,012,519
Total Cost, Net of Accumulated Depreciation	17,036,275
Encumbrances
Grand Oaks Village [Member]
Initial Cost - Land	7,409,319
Initial Cost - Building & Improvement	19,653,869
Subsequent to Acquisition	(627,365)
Land	5,846,339
Building & Improvement	20,589,484
The company's investment	26,435,823
Accumulated Depreciation	3,451,536
Total Cost, Net of Accumulated Depreciation	22,984,287
Encumbrances
Lowes S.C. [Member]
Initial Cost - Land	1,620,203
Initial Cost - Building & Improvement
Subsequent to Acquisition	40,689
Land	954,876
Building & Improvement	706,016
The company's investment	1,660,892
Accumulated Depreciation	125,514
Total Cost, Net of Accumulated Depreciation	1,535,378
Encumbrances
Pompano Pointe S.C. [Member]
Initial Cost - Land	10,516,500
Initial Cost - Building & Improvement	10,469,592
Subsequent to Acquisition	530,900
Land	10,516,500
Building & Improvement	11,000,492
The company's investment	21,516,992
Accumulated Depreciation	456,268
Total Cost, Net of Accumulated Depreciation	21,060,724
Encumbrances
University Town Center [Member]
Initial Cost - Land	5,515,265
Initial Cost - Building & Improvement	13,041,400
Subsequent to Acquisition	426,693
Land	5,515,265
Building & Improvement	13,468,093
The company's investment	18,983,358
Accumulated Depreciation	2,378,907
Total Cost, Net of Accumulated Depreciation	16,604,451
Encumbrances
Palm Beach Gardens [Member]
Initial Cost - Land	2,764,953
Initial Cost - Building & Improvement	11,059,812
Subsequent to Acquisition	668,875
Land	2,764,953
Building & Improvement	11,728,687
The company's investment	14,493,640
Accumulated Depreciation	1,551,717
Total Cost, Net of Accumulated Depreciation	12,941,923
Encumbrances
Oak Tree Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	917,360
Subsequent to Acquisition	1,562,941
Land
Building & Improvement	2,480,301
The company's investment	2,480,301
Accumulated Depreciation	1,264,152
Total Cost, Net of Accumulated Depreciation	1,216,149
Encumbrances
Tuttlebee Plaza [Member]
Initial Cost - Land	254,961
Initial Cost - Building & Improvement	828,465
Subsequent to Acquisition	2,142,270
Land	254,961
Building & Improvement	2,970,735
The company's investment	3,225,696
Accumulated Depreciation	2,193,861
Total Cost, Net of Accumulated Depreciation	1,031,835
Encumbrances
South Miami S.C. [Member]
Initial Cost - Land	1,280,440
Initial Cost - Building & Improvement	5,133,825
Subsequent to Acquisition	3,121,059
Land	1,280,440
Building & Improvement	8,254,884
The company's investment	9,535,324
Accumulated Depreciation	4,254,038
Total Cost, Net of Accumulated Depreciation	5,281,286
Encumbrances
Carrolwood Commons [Member]
Initial Cost - Land	5,220,445
Initial Cost - Building & Improvement	16,884,228
Subsequent to Acquisition	2,339,166
Land	5,220,445
Building & Improvement	19,223,394
The company's investment	24,443,839
Accumulated Depreciation	8,996,615
Total Cost, Net of Accumulated Depreciation	15,447,224
Encumbrances
Village Commons Shopping Center [Member]
Initial Cost - Land	2,192,331
Initial Cost - Building & Improvement	8,774,158
Subsequent to Acquisition	2,760,666
Land	2,192,331
Building & Improvement	11,534,824
The company's investment	13,727,155
Accumulated Depreciation	5,417,404
Total Cost, Net of Accumulated Depreciation	8,309,751
Encumbrances
Mission Bell Shopping Center [Member]
Initial Cost - Land	5,056,426
Initial Cost - Building & Improvement	11,843,119
Subsequent to Acquisition	8,634,466
Land	5,067,033
Building & Improvement	20,466,978
The company's investment	25,534,011
Accumulated Depreciation	6,509,898
Total Cost, Net of Accumulated Depreciation	19,024,113
Encumbrances
Village Commons S.C. [Member]
Initial Cost - Land	2,026,423
Initial Cost - Building & Improvement	5,106,476
Subsequent to Acquisition	1,923,704
Land	2,026,423
Building & Improvement	7,030,180
The company's investment	9,056,603
Accumulated Depreciation	1,236,632
Total Cost, Net of Accumulated Depreciation	7,819,971
Encumbrances
Belmart Plaza [Member]
Initial Cost - Land	1,656,097
Initial Cost - Building & Improvement	3,394,420
Subsequent to Acquisition	5,585,602
Land	1,656,097
Building & Improvement	8,980,022
The company's investment	10,636,119
Accumulated Depreciation	403,154
Total Cost, Net of Accumulated Depreciation	10,232,965
Encumbrances
Augusta Square [Member]
Initial Cost - Land	1,482,564
Initial Cost - Building & Improvement	5,928,122
Subsequent to Acquisition	2,007,334
Land	1,482,564
Building & Improvement	7,935,456
The company's investment	9,418,020
Accumulated Depreciation	4,260,861
Total Cost, Net of Accumulated Depreciation	5,157,159
Encumbrances
Market at Haynes Bridge [Member]
Initial Cost - Land	4,880,659
Initial Cost - Building & Improvement	21,549,424
Subsequent to Acquisition	1,238,043
Land	4,889,863
Building & Improvement	22,778,263
The company's investment	27,668,126
Accumulated Depreciation	6,751,969
Total Cost, Net of Accumulated Depreciation	20,916,157
Encumbrances
Embry Village [Member]
Initial Cost - Land	18,147,054
Initial Cost - Building & Improvement	33,009,514
Subsequent to Acquisition	908,584
Land	18,160,525
Building & Improvement	33,904,627
The company's investment	52,065,152
Accumulated Depreciation	17,260,605
Total Cost, Net of Accumulated Depreciation	34,804,547
Encumbrances
Perimeter Expo Property [Member]
Initial Cost - Land	14,770,275
Initial Cost - Building & Improvement	44,295,457
Subsequent to Acquisition
Land	14,770,275
Building & Improvement	44,295,457
The company's investment	59,065,732
Accumulated Depreciation	477,748
Total Cost, Net of Accumulated Depreciation	58,587,984
Encumbrances	40,983,821
Riverwalk Marketplace [Member]
Initial Cost - Land	3,512,202
Initial Cost - Building & Improvement	18,862,571
Subsequent to Acquisition
Land	3,512,202
Building & Improvement	18,862,571
The company's investment	22,374,773
Accumulated Depreciation	995,324
Total Cost, Net of Accumulated Depreciation	21,379,449
Encumbrances
Village Shopes - Flowery Branch [Member]
Initial Cost - Land	4,444,148
Initial Cost - Building & Improvement	10,510,657
Subsequent to Acquisition	303,983
Land	4,444,148
Building & Improvement	10,814,640
The company's investment	15,258,788
Accumulated Depreciation	2,395,174
Total Cost, Net of Accumulated Depreciation	12,863,614
Encumbrances
Lawrenceville Market [Member]
Initial Cost - Land	8,878,266
Initial Cost - Building & Improvement	29,691,191
Subsequent to Acquisition	(44,182)
Land	9,060,436
Building & Improvement	29,464,839
The company's investment	38,525,275
Accumulated Depreciation	4,125,715
Total Cost, Net of Accumulated Depreciation	34,399,560
Encumbrances
Five Forks Crossing [Member]
Initial Cost - Land	2,363,848
Initial Cost - Building & Improvement	7,906,257
Subsequent to Acquisition	372,465
Land	2,363,848
Building & Improvement	8,278,722
The company's investment	10,642,570
Accumulated Depreciation	1,646,665
Total Cost, Net of Accumulated Depreciation	8,995,905
Encumbrances
Braelinn Village [Member]
Initial Cost - Land	7,314,719
Initial Cost - Building & Improvement	20,738,792
Subsequent to Acquisition	1,149,049
Land	6,342,926
Building & Improvement	22,859,634
The company's investment	29,202,560
Accumulated Depreciation	2,185,264
Total Cost, Net of Accumulated Depreciation	27,017,296
Encumbrances
Savannah Center [Member]
Initial Cost - Land	2,052,270
Initial Cost - Building & Improvement	8,232,978
Subsequent to Acquisition	3,599,399
Land	2,052,270
Building & Improvement	11,832,377
The company's investment	13,884,647
Accumulated Depreciation	6,520,291
Total Cost, Net of Accumulated Depreciation	7,364,356
Encumbrances
Chatham Plaza [Member]
Initial Cost - Land	13,390,238
Initial Cost - Building & Improvement	35,115,882
Subsequent to Acquisition	2,092,634
Land	13,403,262
Building & Improvement	37,195,492
The company's investment	50,598,754
Accumulated Depreciation	12,496,124
Total Cost, Net of Accumulated Depreciation	38,102,630
Encumbrances
Clive Plaza [Member]
Initial Cost - Land	500,525
Initial Cost - Building & Improvement	2,002,101
Subsequent to Acquisition
Land	500,525
Building & Improvement	2,002,101
The company's investment	2,502,626
Accumulated Depreciation	1,073,777
Total Cost, Net of Accumulated Depreciation	1,428,849
Encumbrances
Dubuque Center [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	2,152,476
Subsequent to Acquisition	239,217
Land
Building & Improvement	2,391,693
The company's investment	2,391,693
Accumulated Depreciation	1,516,782
Total Cost, Net of Accumulated Depreciation	874,911
Encumbrances
Treasure Valley [Member]
Initial Cost - Land	6,501,240
Initial Cost - Building & Improvement
Subsequent to Acquisition	(4,284,637)
Land	1,110,530
Building & Improvement	1,106,073
The company's investment	2,216,603
Accumulated Depreciation	127,733
Total Cost, Net of Accumulated Depreciation	2,088,870
Encumbrances
Bloomington Commons [Member]
Initial Cost - Land	805,521
Initial Cost - Building & Improvement	2,222,353
Subsequent to Acquisition	4,494,864
Land	805,521
Building & Improvement	6,717,217
The company's investment	7,522,738
Accumulated Depreciation	4,816,390
Total Cost, Net of Accumulated Depreciation	2,706,348
Encumbrances
The 87th Street Center [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	2,687,046
Subsequent to Acquisition	8,092,727
Land	6,992,648
Building & Improvement	3,787,125
The company's investment	10,779,773
Accumulated Depreciation	2,284,313
Total Cost, Net of Accumulated Depreciation	8,495,460
Encumbrances
Elston Chicago [Member]
Initial Cost - Land	1,010,374
Initial Cost - Building & Improvement	5,692,212
Subsequent to Acquisition	498,828
Land	1,010,374
Building & Improvement	6,191,040
The company's investment	7,201,414
Accumulated Depreciation	2,763,188
Total Cost, Net of Accumulated Depreciation	4,438,226
Encumbrances
Downers Park Plaza [Member]
Initial Cost - Land	2,510,455
Initial Cost - Building & Improvement	10,164,494
Subsequent to Acquisition	1,967,032
Land	2,510,455
Building & Improvement	12,131,526
The company's investment	14,641,981
Accumulated Depreciation	5,418,098
Total Cost, Net of Accumulated Depreciation	9,223,883
Encumbrances
Downers Park Plaza 2 [Member]
Initial Cost - Land	811,778
Initial Cost - Building & Improvement	4,322,956
Subsequent to Acquisition	3,348,460
Land	811,778
Building & Improvement	7,671,416
The company's investment	8,483,194
Accumulated Depreciation	3,600,499
Total Cost, Net of Accumulated Depreciation	4,882,695
Encumbrances
Town & Country S.C. [Member]
Initial Cost - Land	842,555
Initial Cost - Building & Improvement	2,108,674
Subsequent to Acquisition	2,767,311
Land	500,927
Building & Improvement	5,217,613
The company's investment	5,718,540
Accumulated Depreciation	3,320,591
Total Cost, Net of Accumulated Depreciation	2,397,949
Encumbrances
Fairview City Centre [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	11,866,880
Subsequent to Acquisition	12,943,654
Land	1,900,000
Building & Improvement	22,910,534
The company's investment	24,810,534
Accumulated Depreciation	1,853,323
Total Cost, Net of Accumulated Depreciation	22,957,211
Encumbrances
Shops at Kildeer [Member]
Initial Cost - Land	5,259,542
Initial Cost - Building & Improvement	28,141,501
Subsequent to Acquisition	2,486,761
Land	5,259,542
Building & Improvement	30,628,262
The company's investment	35,887,804
Accumulated Depreciation	4,422,498
Total Cost, Net of Accumulated Depreciation	31,465,306
Encumbrances
Mount Prospect Center [Member]
Initial Cost - Land	1,017,345
Initial Cost - Building & Improvement	6,572,176
Subsequent to Acquisition	4,047,329
Land	1,017,345
Building & Improvement	10,619,505
The company's investment	11,636,850
Accumulated Depreciation	5,762,647
Total Cost, Net of Accumulated Depreciation	5,874,203
Encumbrances
Mundelein Shopping Center [Member]
Initial Cost - Land	1,127,720
Initial Cost - Building & Improvement	5,826,129
Subsequent to Acquisition	136,968
Land	1,129,634
Building & Improvement	5,961,183
The company's investment	7,090,817
Accumulated Depreciation	2,800,456
Total Cost, Net of Accumulated Depreciation	4,290,361
Encumbrances
Marketplace of Oaklawn [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	678,668
Subsequent to Acquisition	108,483
Land
Building & Improvement	787,151
The company's investment	787,151
Accumulated Depreciation	714,718
Total Cost, Net of Accumulated Depreciation	72,433
Encumbrances
Oak Lawn Center [Member]
Initial Cost - Land	1,530,111
Initial Cost - Building & Improvement	8,776,631
Subsequent to Acquisition	666,590
Land	1,530,111
Building & Improvement	9,443,221
The company's investment	10,973,332
Accumulated Depreciation	4,656,435
Total Cost, Net of Accumulated Depreciation	6,316,897
Encumbrances
The 22nd Street Plaza [Member]
Initial Cost - Land	1,527,188
Initial Cost - Building & Improvement	8,679,108
Subsequent to Acquisition	4,081,004
Land	1,527,188
Building & Improvement	12,760,112
The company's investment	14,287,300
Accumulated Depreciation	5,611,968
Total Cost, Net of Accumulated Depreciation	8,675,332
Encumbrances
Rockford Crossings [Member]
Initial Cost - Land	4,575,990
Initial Cost - Building & Improvement	11,654,022
Subsequent to Acquisition	(2,628,093)
Land	3,816,080
Building & Improvement	9,785,839
The company's investment	13,601,919
Accumulated Depreciation	3,208,253
Total Cost, Net of Accumulated Depreciation	10,393,666
Encumbrances
Skokie Pointe [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	2,276,360
Subsequent to Acquisition	9,487,443
Land	2,628,440
Building & Improvement	9,135,363
The company's investment	11,763,803
Accumulated Depreciation	3,686,787
Total Cost, Net of Accumulated Depreciation	8,077,016
Encumbrances
Hawthorn Hills Square [Member]
Initial Cost - Land	6,783,928
Initial Cost - Building & Improvement	33,033,624
Subsequent to Acquisition	4,028,883
Land	6,783,928
Building & Improvement	37,062,507
The company's investment	43,846,435
Accumulated Depreciation	6,266,665
Total Cost, Net of Accumulated Depreciation	37,579,770
Encumbrances	19,375,231
Woodgrove Festival [Member]
Initial Cost - Land	5,049,149
Initial Cost - Building & Improvement	20,822,993
Subsequent to Acquisition	5,130,768
Land	4,805,866
Building & Improvement	26,197,044
The company's investment	31,002,910
Accumulated Depreciation	12,562,704
Total Cost, Net of Accumulated Depreciation	18,440,206
Encumbrances
Grove Parcel [Member]
Initial Cost - Land	907,291
Initial Cost - Building & Improvement	2,240,810
Subsequent to Acquisition
Land	907,291
Building & Improvement	2,240,810
The company's investment	3,148,101
Accumulated Depreciation	216,402
Total Cost, Net of Accumulated Depreciation	2,931,699
Encumbrances
Woodridge Pad [Member]
Initial Cost - Land	702,757
Initial Cost - Building & Improvement	1,746,223
Subsequent to Acquisition
Land	702,757
Building & Improvement	1,746,223
The company's investment	2,448,980
Accumulated Depreciation	81,704
Total Cost, Net of Accumulated Depreciation	2,367,276
Encumbrances
Greenwood S.C. [Member]
Initial Cost - Land	423,371
Initial Cost - Building & Improvement	1,883,421
Subsequent to Acquisition	10,388,475
Land	1,801,822
Building & Improvement	10,893,445
The company's investment	12,695,267
Accumulated Depreciation	4,145,861
Total Cost, Net of Accumulated Depreciation	8,549,406
Encumbrances
South Park S.C. [Member]
Initial Cost - Land	1,675,031
Initial Cost - Building & Improvement	6,848,209
Subsequent to Acquisition	6,362,777
Land	1,551,079
Building & Improvement	13,334,938
The company's investment	14,886,017
Accumulated Depreciation	7,913,763
Total Cost, Net of Accumulated Depreciation	6,972,254
Encumbrances
Centre at Westbank [Member]
Initial Cost - Land	9,554,230
Initial Cost - Building & Improvement	24,401,082
Subsequent to Acquisition	1,070,226
Land	9,329,880
Building & Improvement	25,695,658
The company's investment	35,025,538
Accumulated Depreciation	8,296,073
Total Cost, Net of Accumulated Depreciation	26,729,465
Encumbrances	18,533,743
Ambassador Plaza [Member]
Initial Cost - Land	1,803,672
Initial Cost - Building & Improvement	4,260,966
Subsequent to Acquisition	251,561
Land	1,796,972
Building & Improvement	4,519,227
The company's investment	6,316,199
Accumulated Depreciation	1,186,224
Total Cost, Net of Accumulated Depreciation	5,129,975
Encumbrances	4,374,638
East Side Plaza [Member]
Initial Cost - Land	3,295,799
Initial Cost - Building & Improvement	7,785,942
Subsequent to Acquisition	180,773
Land	3,295,635
Building & Improvement	7,966,879
The company's investment	11,262,514
Accumulated Depreciation	2,197,127
Total Cost, Net of Accumulated Depreciation	9,065,387
Encumbrances
Abington Plaza [Member]
Initial Cost - Land	10,457,183
Initial Cost - Building & Improvement	494,652
Subsequent to Acquisition
Land	10,457,183
Building & Improvement	494,652
The company's investment	10,951,835
Accumulated Depreciation	89,429
Total Cost, Net of Accumulated Depreciation	10,862,406
Encumbrances	4,387,721
Washington St. Plaza [Member]
Initial Cost - Land	11,007,593
Initial Cost - Building & Improvement	5,652,368
Subsequent to Acquisition	8,851,085
Land	12,957,593
Building & Improvement	12,553,453
The company's investment	25,511,046
Accumulated Depreciation	878,925
Total Cost, Net of Accumulated Depreciation	24,632,121
Encumbrances	5,914,448
Memorial Plaza [Member]
Initial Cost - Land	16,411,388
Initial Cost - Building & Improvement	27,553,908
Subsequent to Acquisition	323,380
Land	16,411,388
Building & Improvement	27,877,288
The company's investment	44,288,676
Accumulated Depreciation	2,467,356
Total Cost, Net of Accumulated Depreciation	41,821,320
Encumbrances	16,309,360
Main St. Plaza [Member]
Initial Cost - Land	555,898
Initial Cost - Building & Improvement	2,139,494
Subsequent to Acquisition
Land	555,898
Building & Improvement	2,139,494
The company's investment	2,695,392
Accumulated Depreciation	215,377
Total Cost, Net of Accumulated Depreciation	2,480,015
Encumbrances	1,375,084
Morrissey Plaza [Member]
Initial Cost - Land	4,097,251
Initial Cost - Building & Improvement	3,751,068
Subsequent to Acquisition
Land	4,097,251
Building & Improvement	3,751,068
The company's investment	7,848,319
Accumulated Depreciation	505,455
Total Cost, Net of Accumulated Depreciation	7,342,864
Encumbrances	3,150,546
Glendale Square [Member]
Initial Cost - Land	4,698,891
Initial Cost - Building & Improvement	7,141,090
Subsequent to Acquisition	133,070
Land	4,698,891
Building & Improvement	7,274,160
The company's investment	11,973,051
Accumulated Depreciation	920,547
Total Cost, Net of Accumulated Depreciation	11,052,504
Encumbrances	5,647,196
Falmouth Plaza [Member]
Initial Cost - Land	2,361,071
Initial Cost - Building & Improvement	13,065,817
Subsequent to Acquisition	334,684
Land	2,361,071
Building & Improvement	13,400,501
The company's investment	15,761,572
Accumulated Depreciation	1,276,155
Total Cost, Net of Accumulated Depreciation	14,485,417
Encumbrances	7,946,761
Waverly Plaza [Member]
Initial Cost - Land	1,215,005
Initial Cost - Building & Improvement	3,622,911
Subsequent to Acquisition	5,426
Land	1,203,205
Building & Improvement	3,640,137
The company's investment	4,843,342
Accumulated Depreciation	443,908
Total Cost, Net of Accumulated Depreciation	4,399,434
Encumbrances	2,317,720
Barrington Plaza S.C. [Member]
Initial Cost - Land	642,170
Initial Cost - Building & Improvement	2,547,830
Subsequent to Acquisition	7,667,513
Land	751,124
Building & Improvement	10,106,389
The company's investment	10,857,513
Accumulated Depreciation	4,923,540
Total Cost, Net of Accumulated Depreciation	5,933,973
Encumbrances
Festival of Hyannis S.C. [Member]
Initial Cost - Land	15,038,197
Initial Cost - Building & Improvement	40,682,853
Subsequent to Acquisition	948,247
Land	15,038,197
Building & Improvement	41,631,100
The company's investment	56,669,297
Accumulated Depreciation	5,524,945
Total Cost, Net of Accumulated Depreciation	51,144,352
Encumbrances
Fellsway Plaza [Member]
Initial Cost - Land	5,300,388
Initial Cost - Building & Improvement	11,013,543
Subsequent to Acquisition	92,558
Land	5,300,388
Building & Improvement	11,106,101
The company's investment	16,406,489
Accumulated Depreciation	1,145,971
Total Cost, Net of Accumulated Depreciation	15,260,518
Encumbrances	6,742,131
Del Alba Plaza [Member]
Initial Cost - Land	3,163,033
Initial Cost - Building & Improvement	8,967,874
Subsequent to Acquisition	19,995
Land	3,163,033
Building & Improvement	8,987,869
The company's investment	12,150,902
Accumulated Depreciation	665,099
Total Cost, Net of Accumulated Depreciation	11,485,803
Encumbrances	7,942,609
North Quincy Plaza [Member]
Initial Cost - Land	6,332,542
Initial Cost - Building & Improvement	17,954,110
Subsequent to Acquisition	(782,383)
Land	3,894,436
Building & Improvement	19,609,833
The company's investment	23,504,269
Accumulated Depreciation	1,591,805
Total Cost, Net of Accumulated Depreciation	21,912,464
Encumbrances
Adams Plaza [Member]
Initial Cost - Land	2,089,363
Initial Cost - Building & Improvement	3,226,648
Subsequent to Acquisition	248,359
Land	2,089,363
Building & Improvement	3,475,007
The company's investment	5,564,370
Accumulated Depreciation	307,934
Total Cost, Net of Accumulated Depreciation	5,256,436
Encumbrances	1,870,765
Broadway Plaza [Member]
Initial Cost - Land	6,485,065
Initial Cost - Building & Improvement	343,422
Subsequent to Acquisition
Land	6,485,065
Building & Improvement	343,422
The company's investment	6,828,487
Accumulated Depreciation	67,420
Total Cost, Net of Accumulated Depreciation	6,761,067
Encumbrances	2,870,966
Shrewsbury S.C. [Member]
Initial Cost - Land	1,284,168
Initial Cost - Building & Improvement	5,284,853
Subsequent to Acquisition	5,466,855
Land	1,284,168
Building & Improvement	10,751,708
The company's investment	12,035,876
Accumulated Depreciation	4,277,257
Total Cost, Net of Accumulated Depreciation	7,758,619
Encumbrances
Vinnin Square Plaza [Member]
Initial Cost - Land	5,545,425
Initial Cost - Building & Improvement	16,324,060
Subsequent to Acquisition	(214,252)
Land	5,545,425
Building & Improvement	16,109,808
The company's investment	21,655,233
Accumulated Depreciation	2,032,293
Total Cost, Net of Accumulated Depreciation	19,622,940
Encumbrances	9,173,706
Paradise Plaza [Member]
Initial Cost - Land	4,183,038
Initial Cost - Building & Improvement	12,194,885
Subsequent to Acquisition	536,224
Land	4,183,038
Building & Improvement	12,731,109
The company's investment	16,914,147
Accumulated Depreciation	1,470,800
Total Cost, Net of Accumulated Depreciation	15,443,347
Encumbrances	8,865,650
Belmont Plaza [Member]
Initial Cost - Land	11,104,983
Initial Cost - Building & Improvement	848,844
Subsequent to Acquisition
Land	11,104,983
Building & Improvement	848,844
The company's investment	11,953,827
Accumulated Depreciation	112,244
Total Cost, Net of Accumulated Depreciation	11,841,583
Encumbrances	5,237,954
Vinnin Square In-line [Member]
Initial Cost - Land	582,228
Initial Cost - Building & Improvement	2,094,560
Subsequent to Acquisition	(109,616)
Land	582,228
Building & Improvement	1,984,944
The company's investment	2,567,172
Accumulated Depreciation	196,341
Total Cost, Net of Accumulated Depreciation	2,370,831
Encumbrances
Linden Plaza [Member]
Initial Cost - Land	4,628,215
Initial Cost - Building & Improvement	3,535,431
Subsequent to Acquisition	437,334
Land	4,628,215
Building & Improvement	3,972,765
The company's investment	8,600,980
Accumulated Depreciation	555,369
Total Cost, Net of Accumulated Depreciation	8,045,611
Encumbrances	3,527,131
North Ave. Plaza [Member]
Initial Cost - Land	1,163,875
Initial Cost - Building & Improvement	1,194,673
Subsequent to Acquisition	15,933
Land	1,163,875
Building & Improvement	1,210,606
The company's investment	2,374,481
Accumulated Depreciation	149,740
Total Cost, Net of Accumulated Depreciation	2,224,741
Encumbrances	897,489
Washington St. S.C. [Member]
Initial Cost - Land	7,380,918
Initial Cost - Building & Improvement	9,987,119
Subsequent to Acquisition	391,907
Land	7,380,918
Building & Improvement	10,379,026
The company's investment	17,759,944
Accumulated Depreciation	887,059
Total Cost, Net of Accumulated Depreciation	16,872,885
Encumbrances	6,286,514
Mill St. Plaza [Member]
Initial Cost - Land	4,195,024
Initial Cost - Building & Improvement	6,203,410
Subsequent to Acquisition	205,071
Land	4,195,024
Building & Improvement	6,408,481
The company's investment	10,603,505
Accumulated Depreciation	821,636
Total Cost, Net of Accumulated Depreciation	9,781,869
Encumbrances	4,110,675
Fullerton Plaza [Member]
Initial Cost - Land	14,237,901
Initial Cost - Building & Improvement	6,743,980
Subsequent to Acquisition	(352,777)
Land	14,237,901
Building & Improvement	6,391,203
The company's investment	20,629,104
Accumulated Depreciation	855,593
Total Cost, Net of Accumulated Depreciation	19,773,511
Encumbrances	12,551,399
Greenbrier S.C. [Member]
Initial Cost - Land	8,891,468
Initial Cost - Building & Improvement	30,304,760
Subsequent to Acquisition	(48,812)
Land	8,891,468
Building & Improvement	30,255,948
The company's investment	39,147,416
Accumulated Depreciation	2,842,793
Total Cost, Net of Accumulated Depreciation	36,304,623
Encumbrances	12,488,817
Ingleside S.C. [Member]
Initial Cost - Land	10,416,726
Initial Cost - Building & Improvement	17,889,235
Subsequent to Acquisition	(156,601)
Land	10,416,726
Building & Improvement	17,732,634
The company's investment	28,149,360
Accumulated Depreciation	2,186,844
Total Cost, Net of Accumulated Depreciation	25,962,516
Encumbrances	19,320,814
Rolling Road Plaza [Member]
Initial Cost - Land	2,510,395
Initial Cost - Building & Improvement	11,930,217
Subsequent to Acquisition	(82,994)
Land	2,508,715
Building & Improvement	11,848,903
The company's investment	14,357,618
Accumulated Depreciation	904,646
Total Cost, Net of Accumulated Depreciation	13,452,972
Encumbrances
Security Square Shopping Ctr. [Member]
Initial Cost - Land	5,342,463
Initial Cost - Building & Improvement	15,147,024
Subsequent to Acquisition	(3,355,446)
Land	4,572,639
Building & Improvement	12,561,402
The company's investment	17,134,041
Accumulated Depreciation	1,269,556
Total Cost, Net of Accumulated Depreciation	15,864,485
Encumbrances	16,221,870
Wilkens Beltway Plaza [Member]
Initial Cost - Land	9,948,235
Initial Cost - Building & Improvement	22,125,942
Subsequent to Acquisition	147,794
Land	9,948,235
Building & Improvement	22,273,736
The company's investment	32,221,971
Accumulated Depreciation	2,730,525
Total Cost, Net of Accumulated Depreciation	29,491,446
Encumbrances
York Road Plaza [Member]
Initial Cost - Land	4,276,715
Initial Cost - Building & Improvement	37,205,757
Subsequent to Acquisition	29,473
Land	4,276,715
Building & Improvement	37,235,230
The company's investment	41,511,945
Accumulated Depreciation	3,247,427
Total Cost, Net of Accumulated Depreciation	38,264,518
Encumbrances
Putty Hill Plaza [Member]
Initial Cost - Land	4,192,152
Initial Cost - Building & Improvement	11,112,111
Subsequent to Acquisition	456,319
Land	4,192,152
Building & Improvement	11,568,430
The company's investment	15,760,582
Accumulated Depreciation	2,153,516
Total Cost, Net of Accumulated Depreciation	13,607,066
Encumbrances
Snowden Square S.C. [Member]
Initial Cost - Land	1,929,402
Initial Cost - Building & Improvement	4,557,934
Subsequent to Acquisition	5,155,349
Land	3,326,422
Building & Improvement	8,316,263
The company's investment	11,642,685
Accumulated Depreciation	1,213,234
Total Cost, Net of Accumulated Depreciation	10,429,451
Encumbrances
Columbia Crossing [Member]
Initial Cost - Land	3,612,550
Initial Cost - Building & Improvement	34,344,509
Subsequent to Acquisition	159,554
Land	3,612,550
Building & Improvement	34,504,063
The company's investment	38,116,613
Accumulated Depreciation	2,323,495
Total Cost, Net of Accumulated Depreciation	35,793,118
Encumbrances
Dorsey's Search Village Center [Member]
Initial Cost - Land	6,321,963
Initial Cost - Building & Improvement	27,996,087
Subsequent to Acquisition	(33,532)
Land	6,321,963
Building & Improvement	27,962,555
The company's investment	34,284,518
Accumulated Depreciation	1,673,230
Total Cost, Net of Accumulated Depreciation	32,611,288
Encumbrances
Hickory Ridge [Member]
Initial Cost - Land	7,183,646
Initial Cost - Building & Improvement	26,947,776
Subsequent to Acquisition	469,483
Land	7,183,646
Building & Improvement	27,417,259
The company's investment	34,600,905
Accumulated Depreciation	2,333,408
Total Cost, Net of Accumulated Depreciation	32,267,497
Encumbrances
Hickory Ridge (Sunoco) [Member]
Initial Cost - Land	543,197
Initial Cost - Building & Improvement	2,122,234
Subsequent to Acquisition
Land	543,197
Building & Improvement	2,122,234
The company's investment	2,665,431
Accumulated Depreciation	174,802
Total Cost, Net of Accumulated Depreciation	2,490,629
Encumbrances
King's Contrivance [Member]
Initial Cost - Land	9,308,349
Initial Cost - Building & Improvement	31,759,940
Subsequent to Acquisition	289,751
Land	9,308,349
Building & Improvement	32,049,691
The company's investment	41,358,040
Accumulated Depreciation	2,880,736
Total Cost, Net of Accumulated Depreciation	38,477,304
Encumbrances	23,036,820
Harper's Choice [Member]
Initial Cost - Land	8,429,284
Initial Cost - Building & Improvement	18,373,994
Subsequent to Acquisition	246,478
Land	8,429,284
Building & Improvement	18,620,472
The company's investment	27,049,756
Accumulated Depreciation	1,475,298
Total Cost, Net of Accumulated Depreciation	25,574,458
Encumbrances
Wilde Lake [Member]
Initial Cost - Land	1,468,038
Initial Cost - Building & Improvement	5,869,862
Subsequent to Acquisition	22,579,270
Land	2,577,073
Building & Improvement	27,340,097
The company's investment	29,917,170
Accumulated Depreciation	8,351,586
Total Cost, Net of Accumulated Depreciation	21,565,584
Encumbrances
Riverhill Village Center [Member]
Initial Cost - Land	16,825,496
Initial Cost - Building & Improvement	23,282,222
Subsequent to Acquisition	156,233
Land	16,825,496
Building & Improvement	23,438,455
The company's investment	40,263,951
Accumulated Depreciation	2,955,172
Total Cost, Net of Accumulated Depreciation	37,308,779
Encumbrances	22,686,843
Old Branch Plaza [Member]
Initial Cost - Land	39,779
Initial Cost - Building & Improvement	130,716
Subsequent to Acquisition	2,026,165
Land	121,747
Building & Improvement	2,074,913
The company's investment	2,196,660
Accumulated Depreciation	246,706
Total Cost, Net of Accumulated Depreciation	1,949,954
Encumbrances
Columbia Crossing Outparcels [Member]
Initial Cost - Land	1,279,200
Initial Cost - Building & Improvement	2,870,800
Subsequent to Acquisition	13,977,613
Land	4,597,200
Building & Improvement	13,530,413
The company's investment	18,127,613
Accumulated Depreciation	1,993,683
Total Cost, Net of Accumulated Depreciation	16,133,930
Encumbrances
Columbia Crossing II Shop Ctr, [Member]
Initial Cost - Land	3,137,628
Initial Cost - Building & Improvement	19,868,075
Subsequent to Acquisition	2,625,989
Land	3,137,628
Building & Improvement	22,494,064
The company's investment	25,631,692
Accumulated Depreciation	3,667,910
Total Cost, Net of Accumulated Depreciation	21,963,782
Encumbrances
Shops at District Heights [Member]
Initial Cost - Land	8,165,638
Initial Cost - Building & Improvement	21,970,661
Subsequent to Acquisition	(1,396,775)
Land	7,298,215
Building & Improvement	21,441,309
The company's investment	28,739,524
Accumulated Depreciation	754,538
Total Cost, Net of Accumulated Depreciation	27,984,986
Encumbrances	14,005,190
Enchanted Forest S.C. [Member]
Initial Cost - Land	20,123,946
Initial Cost - Building & Improvement	34,345,102
Subsequent to Acquisition	145,118
Land	20,123,946
Building & Improvement	34,490,220
The company's investment	54,614,166
Accumulated Depreciation	4,157,739
Total Cost, Net of Accumulated Depreciation	50,456,427
Encumbrances
Shoppes at Easton [Member]
Initial Cost - Land	6,523,713
Initial Cost - Building & Improvement	16,402,204
Subsequent to Acquisition	93,697
Land	6,523,713
Building & Improvement	16,495,901
The company's investment	23,019,614
Accumulated Depreciation	1,549,799
Total Cost, Net of Accumulated Depreciation	21,469,815
Encumbrances
Villages at Urbana [Member]
Initial Cost - Land	3,190,074
Initial Cost - Building & Improvement	6,067
Subsequent to Acquisition	13,493,944
Land	4,828,774
Building & Improvement	11,861,311
The company's investment	16,690,085
Accumulated Depreciation	1,531,750
Total Cost, Net of Accumulated Depreciation	15,158,335
Encumbrances
Gaithersburg S.C. [Member]
Initial Cost - Land	244,890
Initial Cost - Building & Improvement	6,787,534
Subsequent to Acquisition	384,231
Land	244,890
Building & Improvement	7,171,765
The company's investment	7,416,655
Accumulated Depreciation	3,110,363
Total Cost, Net of Accumulated Depreciation	4,306,292
Encumbrances
Kentlands Market Square [Member]
Initial Cost - Land	20,167,048
Initial Cost - Building & Improvement	84,615,052
Subsequent to Acquisition
Land	20,167,048
Building & Improvement	84,615,052
The company's investment	104,782,100
Accumulated Depreciation	1,569,436
Total Cost, Net of Accumulated Depreciation	103,212,664
Encumbrances	34,521,793
Shawan Plaza [Member]
Initial Cost - Land	4,466,000
Initial Cost - Building & Improvement	20,222,367
Subsequent to Acquisition	(1,451,885)
Land	4,466,000
Building & Improvement	18,770,482
The company's investment	23,236,482
Accumulated Depreciation	10,346,400
Total Cost, Net of Accumulated Depreciation	12,890,082
Encumbrances	4,270,079
Laurel Plaza [Member]
Initial Cost - Land	349,562
Initial Cost - Building & Improvement	1,398,250
Subsequent to Acquisition	3,704,961
Land	1,571,288
Building & Improvement	3,881,485
The company's investment	5,452,773
Accumulated Depreciation	1,731,567
Total Cost, Net of Accumulated Depreciation	3,721,206
Encumbrances
Laurel Plaza 2 [Member]
Initial Cost - Land	274,580
Initial Cost - Building & Improvement	1,100,968
Subsequent to Acquisition	173,969
Land	274,580
Building & Improvement	1,274,937
The company's investment	1,549,517
Accumulated Depreciation	1,156,349
Total Cost, Net of Accumulated Depreciation	393,168
Encumbrances
North East Station [Member]
Initial Cost - Land	8,219,613
Initial Cost - Building & Improvement	9,536,990
Subsequent to Acquisition	(4,446,037)
Land	5,593,160
Building & Improvement	7,717,406
The company's investment	13,310,566
Accumulated Depreciation	1,127,040
Total Cost, Net of Accumulated Depreciation	12,183,526
Encumbrances	8,276,083
Owings Mills Theater/Restaurants [Member]
Initial Cost - Land	23,378,543
Initial Cost - Building & Improvement	1,089,760
Subsequent to Acquisition	16,500,314
Land	39,856,836
Building & Improvement	1,111,781
The company's investment	40,968,617
Accumulated Depreciation	67,754
Total Cost, Net of Accumulated Depreciation	40,900,863
Encumbrances
Centre Court - Retail/Bank [Member]
Initial Cost - Land	1,035,359
Initial Cost - Building & Improvement	7,785,830
Subsequent to Acquisition	(76,204)
Land	1,035,359
Building & Improvement	7,709,626
The company's investment	8,744,985
Accumulated Depreciation	1,175,696
Total Cost, Net of Accumulated Depreciation	7,569,289
Encumbrances	1,907,905
Centre Court - Giant [Member]
Initial Cost - Land	3,854,099
Initial Cost - Building & Improvement	12,769,628
Subsequent to Acquisition
Land	3,854,099
Building & Improvement	12,769,628
The company's investment	16,623,727
Accumulated Depreciation	2,045,590
Total Cost, Net of Accumulated Depreciation	14,578,137
Encumbrances	6,208,957
Centre Court - Old Court/Courtyard [Member]
Initial Cost - Land	2,279,177
Initial Cost - Building & Improvement	5,284,577
Subsequent to Acquisition	(177)
Land	2,279,177
Building & Improvement	5,284,400
The company's investment	7,563,577
Accumulated Depreciation	913,182
Total Cost, Net of Accumulated Depreciation	6,650,395
Encumbrances
Radcliffe Center [Member]
Initial Cost - Land	12,042,713
Initial Cost - Building & Improvement	21,187,946
Subsequent to Acquisition
Land	12,042,713
Building & Improvement	21,187,946
The company's investment	33,230,659
Accumulated Depreciation	2,067,536
Total Cost, Net of Accumulated Depreciation	31,163,123
Encumbrances
Timonium Crossing [Member]
Initial Cost - Land	2,525,377
Initial Cost - Building & Improvement	14,862,817
Subsequent to Acquisition	339,960
Land	2,525,377
Building & Improvement	15,202,777
The company's investment	17,728,154
Accumulated Depreciation	1,626,614
Total Cost, Net of Accumulated Depreciation	16,101,540
Encumbrances	14,623,506
Timonium Square [Member]
Initial Cost - Land	6,000,000
Initial Cost - Building & Improvement	24,282,998
Subsequent to Acquisition	14,483,175
Land	7,331,195
Building & Improvement	37,434,978
The company's investment	44,766,173
Accumulated Depreciation	15,649,683
Total Cost, Net of Accumulated Depreciation	29,116,490
Encumbrances
Towson Place [Member]
Initial Cost - Land	43,886,876
Initial Cost - Building & Improvement	101,764,931
Subsequent to Acquisition	613,012
Land	43,270,792
Building & Improvement	102,994,027
The company's investment	146,264,819
Accumulated Depreciation	16,147,159
Total Cost, Net of Accumulated Depreciation	130,117,660
Encumbrances
Mallside Plaza [Member]
Initial Cost - Land	6,930,996
Initial Cost - Building & Improvement	18,148,727
Subsequent to Acquisition	(1,781,449)
Land	5,956,485
Building & Improvement	17,341,789
The company's investment	23,298,274
Accumulated Depreciation	6,672,789
Total Cost, Net of Accumulated Depreciation	16,625,485
Encumbrances
White Lake Commons [Member]
Initial Cost - Land	2,300,050
Initial Cost - Building & Improvement	9,249,607
Subsequent to Acquisition	3,264,058
Land	2,300,050
Building & Improvement	12,513,665
The company's investment	14,813,715
Accumulated Depreciation	6,292,985
Total Cost, Net of Accumulated Depreciation	8,520,730
Encumbrances
Downtown Farmington Center [Member]
Initial Cost - Land	1,098,426
Initial Cost - Building & Improvement	4,525,723
Subsequent to Acquisition	4,277,242
Land	1,098,426
Building & Improvement	8,802,965
The company's investment	9,901,391
Accumulated Depreciation	3,010,957
Total Cost, Net of Accumulated Depreciation	6,890,434
Encumbrances
Flint - Vacant Land [Member]
Initial Cost - Land	101,424
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	101,424
Building & Improvement
The company's investment	101,424
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	101,424
Encumbrances
Century Plaza [Member]
Initial Cost - Land	178,785
Initial Cost - Building & Improvement	925,818
Subsequent to Acquisition	1,224,093
Land	178,785
Building & Improvement	2,149,911
The company's investment	2,328,696
Accumulated Depreciation	1,593,653
Total Cost, Net of Accumulated Depreciation	735,043
Encumbrances
Cross Creek S.C. [Member]
Initial Cost - Land	1,451,397
Initial Cost - Building & Improvement	5,806,263
Subsequent to Acquisition	647,769
Land	1,451,397
Building & Improvement	6,454,032
The company's investment	7,905,429
Accumulated Depreciation	3,662,287
Total Cost, Net of Accumulated Depreciation	4,243,142
Encumbrances
Green Orchard Shopping Center [Member]
Initial Cost - Land	3,682,478
Initial Cost - Building & Improvement	14,730,060
Subsequent to Acquisition	5,711,459
Land	3,682,478
Building & Improvement	20,441,519
The company's investment	24,123,997
Accumulated Depreciation	9,908,388
Total Cost, Net of Accumulated Depreciation	14,215,609
Encumbrances
The Fountains at Arbor Lakes [Member]
Initial Cost - Land	28,585,296
Initial Cost - Building & Improvement	66,699,024
Subsequent to Acquisition	13,287,679
Land	29,485,296
Building & Improvement	79,086,703
The company's investment	108,571,999
Accumulated Depreciation	24,480,182
Total Cost, Net of Accumulated Depreciation	84,091,817
Encumbrances
Roseville Plaza [Member]
Initial Cost - Land	132,842
Initial Cost - Building & Improvement	957,340
Subsequent to Acquisition	9,736,267
Land	1,675,667
Building & Improvement	9,150,782
The company's investment	10,826,449
Accumulated Depreciation	1,457,654
Total Cost, Net of Accumulated Depreciation	9,368,795
Encumbrances
Creve Couer Shopping Center [Member]
Initial Cost - Land	1,044,598
Initial Cost - Building & Improvement	5,475,623
Subsequent to Acquisition	896,084
Land	960,814
Building & Improvement	6,455,491
The company's investment	7,416,305
Accumulated Depreciation	2,959,637
Total Cost, Net of Accumulated Depreciation	4,456,668
Encumbrances
North Point Shopping Center [Member]
Initial Cost - Land	1,935,380
Initial Cost - Building & Improvement	7,800,746
Subsequent to Acquisition	933,471
Land	1,935,380
Building & Improvement	8,734,217
The company's investment	10,669,597
Accumulated Depreciation	4,077,420
Total Cost, Net of Accumulated Depreciation	6,592,177
Encumbrances
Kirkwood Crossing [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	9,704,005
Subsequent to Acquisition	14,512,599
Land
Building & Improvement	24,216,604
The company's investment	24,216,604
Accumulated Depreciation	14,603,879
Total Cost, Net of Accumulated Depreciation	9,612,725
Encumbrances
Lemay S.C. [Member]
Initial Cost - Land	125,879
Initial Cost - Building & Improvement	503,510
Subsequent to Acquisition	3,846,838
Land	451,155
Building & Improvement	4,025,072
The company's investment	4,476,227
Accumulated Depreciation	1,662,327
Total Cost, Net of Accumulated Depreciation	2,813,900
Encumbrances
Gravois Plaza [Member]
Initial Cost - Land	1,032,416
Initial Cost - Building & Improvement	4,455,514
Subsequent to Acquisition	11,033,266
Land	1,032,413
Building & Improvement	15,488,783
The company's investment	16,521,196
Accumulated Depreciation	9,021,664
Total Cost, Net of Accumulated Depreciation	7,499,532
Encumbrances
Home Depot Plaza 3 [Member]
Initial Cost - Land	431,960
Initial Cost - Building & Improvement
Subsequent to Acquisition	758,855
Land	431,960
Building & Improvement	758,855
The company's investment	1,190,815
Accumulated Depreciation	307,406
Total Cost, Net of Accumulated Depreciation	883,409
Encumbrances
Primrose Market Place [Member]
Initial Cost - Land	2,745,595
Initial Cost - Building & Improvement	10,985,778
Subsequent to Acquisition	8,433,741
Land	2,904,022
Building & Improvement	19,261,092
The company's investment	22,165,114
Accumulated Depreciation	10,101,312
Total Cost, Net of Accumulated Depreciation	12,063,802
Encumbrances
Primrose Market Place 2 [Member]
Initial Cost - Land	905,674
Initial Cost - Building & Improvement	3,666,386
Subsequent to Acquisition	5,261,809
Land	905,674
Building & Improvement	8,928,195
The company's investment	9,833,869
Accumulated Depreciation	3,206,994
Total Cost, Net of Accumulated Depreciation	6,626,875
Encumbrances	127,225
Center Point S.C. [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	550,204
Subsequent to Acquisition
Land
Building & Improvement	550,204
The company's investment	550,204
Accumulated Depreciation	357,716
Total Cost, Net of Accumulated Depreciation	192,488
Encumbrances
Kings Hightway S.C. [Member]
Initial Cost - Land	809,087
Initial Cost - Building & Improvement	4,430,514
Subsequent to Acquisition	2,781,299
Land	809,087
Building & Improvement	7,211,813
The company's investment	8,020,900
Accumulated Depreciation	3,372,037
Total Cost, Net of Accumulated Depreciation	4,648,863
Encumbrances
Overland Crossing [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	4,928,677
Subsequent to Acquisition	759,896
Land
Building & Improvement	5,688,573
The company's investment	5,688,573
Accumulated Depreciation	3,156,042
Total Cost, Net of Accumulated Depreciation	2,532,531
Encumbrances
Cave Springs S.C. [Member]
Initial Cost - Land	1,182,194
Initial Cost - Building & Improvement	7,423,459
Subsequent to Acquisition	7,110,186
Land	1,563,694
Building & Improvement	14,152,145
The company's investment	15,715,839
Accumulated Depreciation	10,167,687
Total Cost, Net of Accumulated Depreciation	5,548,152
Encumbrances
Springfield S.C. [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	608,793
Subsequent to Acquisition	11,012,797
Land	8,800,000
Building & Improvement	2,821,590
The company's investment	11,621,590
Accumulated Depreciation	1,260,636
Total Cost, Net of Accumulated Depreciation	10,360,954
Encumbrances
Overlook Village [Member]
Initial Cost - Land	8,276,500
Initial Cost - Building & Improvement	17,249,587
Subsequent to Acquisition	212,226
Land	8,276,500
Building & Improvement	17,461,813
The company's investment	25,738,313
Accumulated Depreciation	3,204,115
Total Cost, Net of Accumulated Depreciation	22,534,198
Encumbrances
Woodlawn Marketplace [Member]
Initial Cost - Land	919,251
Initial Cost - Building & Improvement	3,570,981
Subsequent to Acquisition	2,621,647
Land	919,251
Building & Improvement	6,192,628
The company's investment	7,111,879
Accumulated Depreciation	3,174,870
Total Cost, Net of Accumulated Depreciation	3,937,009
Encumbrances
Tyvola Mall [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	4,736,345
Subsequent to Acquisition	6,968,268
Land
Building & Improvement	11,704,613
The company's investment	11,704,613
Accumulated Depreciation	8,870,713
Total Cost, Net of Accumulated Depreciation	2,833,900
Encumbrances
Crossroads Plaza [Member]
Initial Cost - Land	767,864
Initial Cost - Building & Improvement	3,098,881
Subsequent to Acquisition	1,233,350
Land	767,864
Building & Improvement	4,332,231
The company's investment	5,100,095
Accumulated Depreciation	1,574,024
Total Cost, Net of Accumulated Depreciation	3,526,071
Encumbrances
Jetton Village Shoppers [Member]
Initial Cost - Land	3,875,224
Initial Cost - Building & Improvement	10,292,231
Subsequent to Acquisition	263,116
Land	2,143,695
Building & Improvement	12,286,876
The company's investment	14,430,571
Accumulated Depreciation	1,761,917
Total Cost, Net of Accumulated Depreciation	12,668,654
Encumbrances
Mountain Island Marketplace [Member]
Initial Cost - Land	3,318,587
Initial Cost - Building & Improvement	7,331,413
Subsequent to Acquisition	736,014
Land	3,818,587
Building & Improvement	7,567,427
The company's investment	11,386,014
Accumulated Depreciation	1,291,311
Total Cost, Net of Accumulated Depreciation	10,094,703
Encumbrances
Woodlawn Shopping Center [Member]
Initial Cost - Land	2,010,725
Initial Cost - Building & Improvement	5,833,626
Subsequent to Acquisition	1,550,109
Land	2,010,725
Building & Improvement	7,383,735
The company's investment	9,394,460
Accumulated Depreciation	946,605
Total Cost, Net of Accumulated Depreciation	8,447,855
Encumbrances
Crossroads Plaza 2 [Member]
Initial Cost - Land	13,405,529
Initial Cost - Building & Improvement	86,455,763
Subsequent to Acquisition	(540,910)
Land	13,405,529
Building & Improvement	85,914,853
The company's investment	99,320,382
Accumulated Depreciation	11,613,154
Total Cost, Net of Accumulated Depreciation	87,707,228
Encumbrances	70,739,527
Quail Corners [Member]
Initial Cost - Land	7,318,321
Initial Cost - Building & Improvement	26,675,644
Subsequent to Acquisition	1,326,080
Land	7,318,321
Building & Improvement	28,001,724
The company's investment	35,320,045
Accumulated Depreciation	2,468,557
Total Cost, Net of Accumulated Depreciation	32,851,488
Encumbrances	16,975,639
Oakcreek Village [Member]
Initial Cost - Land	1,882,800
Initial Cost - Building & Improvement	7,551,576
Subsequent to Acquisition	2,333,493
Land	1,882,800
Building & Improvement	9,885,069
The company's investment	11,767,869
Accumulated Depreciation	5,331,393
Total Cost, Net of Accumulated Depreciation	6,436,476
Encumbrances
Davidson Commons [Member]
Initial Cost - Land	2,978,533
Initial Cost - Building & Improvement	12,859,867
Subsequent to Acquisition	194,020
Land	2,978,533
Building & Improvement	13,053,887
The company's investment	16,032,420
Accumulated Depreciation	1,849,478
Total Cost, Net of Accumulated Depreciation	14,182,942
Encumbrances
Senate/Hillsborough Cross [Member]
Initial Cost - Land	519,395
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	519,395
Building & Improvement
The company's investment	519,395
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	519,395
Encumbrances
Park Place SC [Member]
Initial Cost - Land	5,461,478
Initial Cost - Building & Improvement	16,163,494
Subsequent to Acquisition	320,144
Land	5,469,809
Building & Improvement	16,475,307
The company's investment	21,945,116
Accumulated Depreciation	6,841,674
Total Cost, Net of Accumulated Depreciation	15,103,442
Encumbrances
Mooresville Crossing [Member]
Initial Cost - Land	12,013,727
Initial Cost - Building & Improvement	30,604,173
Subsequent to Acquisition	109,598
Land	11,625,801
Building & Improvement	31,101,697
The company's investment	42,727,498
Accumulated Depreciation	10,220,209
Total Cost, Net of Accumulated Depreciation	32,507,289
Encumbrances
Pleasant Valley Promenade [Member]
Initial Cost - Land	5,208,885
Initial Cost - Building & Improvement	20,885,792
Subsequent to Acquisition	13,796,952
Land	5,208,885
Building & Improvement	34,682,744
The company's investment	39,891,629
Accumulated Depreciation	19,390,497
Total Cost, Net of Accumulated Depreciation	20,501,132
Encumbrances
Wakefield Commons III [Member]
Initial Cost - Land	6,506,450
Initial Cost - Building & Improvement
Subsequent to Acquisition	(5,120,646)
Land	1,843,341
The company's investment	1,385,804
Accumulated Depreciation	221,296
Total Cost, Net of Accumulated Depreciation	1,164,508
Encumbrances
Building & Improvement	(457,537)
Wakefield Crossings [Member]
Initial Cost - Land	3,413,932
Initial Cost - Building & Improvement
Subsequent to Acquisition	(3,017,959)
Land	336,236
Building & Improvement	59,737
The company's investment	395,973
Accumulated Depreciation	6,960
Total Cost, Net of Accumulated Depreciation	389,013
Encumbrances
Brennan Station [Member]
Initial Cost - Land	7,749,751
Initial Cost - Building & Improvement	20,556,891
Subsequent to Acquisition	(700,646)
Land	6,321,923
Building & Improvement	21,284,073
The company's investment	27,605,996
Accumulated Depreciation	4,474,520
Total Cost, Net of Accumulated Depreciation	23,131,476
Encumbrances
Brennan Station Outparcel [Member]
Initial Cost - Land	627,906
Initial Cost - Building & Improvement	1,665,576
Subsequent to Acquisition	(93,482)
Land	450,232
Building & Improvement	1,749,768
The company's investment	2,200,000
Accumulated Depreciation	347,904
Total Cost, Net of Accumulated Depreciation	1,852,096
Encumbrances
Cloverdale Plaza [Member]
Initial Cost - Land	540,667
Initial Cost - Building & Improvement	719,655
Subsequent to Acquisition	6,879,635
Land	540,667
Building & Improvement	7,599,290
The company's investment	8,139,957
Accumulated Depreciation	3,978,961
Total Cost, Net of Accumulated Depreciation	4,160,996
Encumbrances
Webster Square [Member]
Initial Cost - Land	11,683,145
Initial Cost - Building & Improvement	41,708,383
Subsequent to Acquisition	5,174,840
Land	11,683,145
Building & Improvement	46,883,223
The company's investment	58,566,368
Accumulated Depreciation	5,143,811
Total Cost, Net of Accumulated Depreciation	53,422,557
Encumbrances
Webster Square North [Member]
Initial Cost - Land	2,163,138
Initial Cost - Building & Improvement	6,511,424
Subsequent to Acquisition
Land	2,163,138
Building & Improvement	6,511,424
The company's investment	8,674,562
Accumulated Depreciation	199,146
Total Cost, Net of Accumulated Depreciation	8,475,416
Encumbrances
Rockingham Mall - Shaws Land PCL [Member]
Initial Cost - Land	2,660,915
Initial Cost - Building & Improvement	10,643,660
Subsequent to Acquisition	14,302,905
Land	3,148,715
Building & Improvement	24,458,765
The company's investment	27,607,480
Accumulated Depreciation	11,447,997
Total Cost, Net of Accumulated Depreciation	16,159,483
Encumbrances
Shop Rite Plaza [Member]
Initial Cost - Land	2,417,583
Initial Cost - Building & Improvement	6,364,094
Subsequent to Acquisition	1,599,403
Land	2,417,583
Building & Improvement	7,963,497
The company's investment	10,381,080
Accumulated Depreciation	7,151,851
Total Cost, Net of Accumulated Depreciation	3,229,229
Encumbrances
Marlton Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	4,318,534
Subsequent to Acquisition	114,215
Land
Building & Improvement	4,432,749
The company's investment	4,432,749
Accumulated Depreciation	2,269,505
Total Cost, Net of Accumulated Depreciation	2,163,244
Encumbrances
Hillview Shopping Center [Member]
Initial Cost - Land	16,007,647
Initial Cost - Building & Improvement	32,607,423
Subsequent to Acquisition	(1,517,229)
Land	16,007,647
Building & Improvement	31,090,194
The company's investment	47,097,841
Accumulated Depreciation	3,404,107
Total Cost, Net of Accumulated Depreciation	43,693,734
Encumbrances	25,096,230
Garden State Pavilions [Member]
Initial Cost - Land	7,530,709
Initial Cost - Building & Improvement	10,801,949
Subsequent to Acquisition	20,360,667
Land	12,203,841
Building & Improvement	26,489,484
The company's investment	38,693,325
Accumulated Depreciation	5,290,027
Total Cost, Net of Accumulated Depreciation	33,403,298
Encumbrances
Clark Shoprite 70 Central Ave [Member]
Initial Cost - Land	3,496,673
Initial Cost - Building & Improvement	11,693,769
Subsequent to Acquisition	994,829
Land	13,959,593
Building & Improvement	2,225,678
The company's investment	16,185,271
Accumulated Depreciation	515,706
Total Cost, Net of Accumulated Depreciation	15,669,565
Encumbrances
Commerce Center West [Member]
Initial Cost - Land	385,760
Initial Cost - Building & Improvement	1,290,080
Subsequent to Acquisition	160,534
Land	793,595
Building & Improvement	1,042,779
The company's investment	1,836,374
Accumulated Depreciation	218,405
Total Cost, Net of Accumulated Depreciation	1,617,969
Encumbrances
Commerce Center East [Member]
Initial Cost - Land	1,518,930
Initial Cost - Building & Improvement	5,079,690
Subsequent to Acquisition	1,753,865
Land	7,235,196
Building & Improvement	1,117,289
The company's investment	8,352,485
Accumulated Depreciation	270,427
Total Cost, Net of Accumulated Depreciation	8,082,058
Encumbrances
Central Plaza [Member]
Initial Cost - Land	3,170,465
Initial Cost - Building & Improvement	10,602,845
Subsequent to Acquisition	(186,938)
Land	5,145,167
Building & Improvement	8,441,205
The company's investment	13,586,372
Accumulated Depreciation	1,389,217
Total Cost, Net of Accumulated Depreciation	12,197,155
Encumbrances
East Windsor Village [Member]
Initial Cost - Land	9,335,011
Initial Cost - Building & Improvement	23,777,978
Subsequent to Acquisition	(728,416)
Land	9,335,011
Building & Improvement	23,049,562
The company's investment	32,384,573
Accumulated Depreciation	5,463,964
Total Cost, Net of Accumulated Depreciation	26,920,609
Encumbrances
Holmdel Towne Center [Member]
Initial Cost - Land	10,824,624
Initial Cost - Building & Improvement	43,301,494
Subsequent to Acquisition	7,797,435
Land	10,824,624
Building & Improvement	51,098,929
The company's investment	61,923,553
Accumulated Depreciation	18,456,550
Total Cost, Net of Accumulated Depreciation	43,467,003
Encumbrances
Commons at Holmdel [Member]
Initial Cost - Land	16,537,556
Initial Cost - Building & Improvement	38,759,952
Subsequent to Acquisition	3,395,971
Land	16,537,556
Building & Improvement	42,155,923
The company's investment	58,693,479
Accumulated Depreciation	16,134,863
Total Cost, Net of Accumulated Depreciation	42,558,616
Encumbrances
Plaza at Hillsdale [Member]
Initial Cost - Land	7,601,596
Initial Cost - Building & Improvement	6,994,196
Subsequent to Acquisition	544,603
Land	7,601,596
Building & Improvement	7,538,799
The company's investment	15,140,395
Accumulated Depreciation	782,960
Total Cost, Net of Accumulated Depreciation	14,357,435
Encumbrances	6,021,151
Maple Shade [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	9,957,611
Subsequent to Acquisition	(845,234)
Land
Building & Improvement	9,112,377
The company's investment	9,112,377
Accumulated Depreciation	916,239
Total Cost, Net of Accumulated Depreciation	8,196,138
Encumbrances
Plaza at Short Hills [Member]
Initial Cost - Land	20,155,471
Initial Cost - Building & Improvement	11,061,984
Subsequent to Acquisition	36,110
Land	20,155,471
Building & Improvement	11,098,094
The company's investment	31,253,565
Accumulated Depreciation	1,615,234
Total Cost, Net of Accumulated Depreciation	29,638,331
Encumbrances	9,721,798
North Brunswick Plaza [Member]
Initial Cost - Land	3,204,978
Initial Cost - Building & Improvement	12,819,912
Subsequent to Acquisition	27,813,346
Land	3,204,978
Building & Improvement	40,633,258
The company's investment	43,838,236
Accumulated Depreciation	17,565,395
Total Cost, Net of Accumulated Depreciation	26,272,841
Encumbrances
Piscataway Town Center [Member]
Initial Cost - Land	3,851,839
Initial Cost - Building & Improvement	15,410,851
Subsequent to Acquisition	1,216,192
Land	3,851,839
Building & Improvement	16,627,043
The company's investment	20,478,882
Accumulated Depreciation	7,981,590
Total Cost, Net of Accumulated Depreciation	12,497,292
Encumbrances
Ridgewood S.C. [Member]
Initial Cost - Land	450,000
Initial Cost - Building & Improvement	2,106,566
Subsequent to Acquisition	1,068,571
Land	450,000
Building & Improvement	3,175,137
The company's investment	3,625,137
Accumulated Depreciation	1,651,823
Total Cost, Net of Accumulated Depreciation	1,973,314
Encumbrances
Union Crescent III - Best Buy [Member]
Initial Cost - Land	7,895,483
Initial Cost - Building & Improvement	3,010,640
Subsequent to Acquisition	28,918,367
Land	8,696,579
Building & Improvement	31,127,911
The company's investment	39,824,490
Accumulated Depreciation	12,610,403
Total Cost, Net of Accumulated Depreciation	27,214,087
Encumbrances
Westmont Plaza [Member]
Initial Cost - Land	601,655
Initial Cost - Building & Improvement	2,404,604
Subsequent to Acquisition	11,025,881
Land	601,655
Building & Improvement	13,430,485
The company's investment	14,032,140
Accumulated Depreciation	6,132,664
Total Cost, Net of Accumulated Depreciation	7,899,476
Encumbrances
Willowbrook Plaza [Member]
Initial Cost - Land	15,320,436
Initial Cost - Building & Improvement	40,996,874
Subsequent to Acquisition	3,368,891
Land	15,320,436
Building & Improvement	44,365,765
The company's investment	59,686,201
Accumulated Depreciation	5,917,315
Total Cost, Net of Accumulated Depreciation	53,768,886
Encumbrances
Del Monte Plaza [Member]
Initial Cost - Land	2,489,429
Initial Cost - Building & Improvement	5,590,415
Subsequent to Acquisition	561,061
Land	2,210,000
Building & Improvement	6,430,905
The company's investment	8,640,905
Accumulated Depreciation	3,033,951
Total Cost, Net of Accumulated Depreciation	5,606,954
Encumbrances	2,598,997
Redfield Promenade [Member]
Initial Cost - Land	4,415,339
Initial Cost - Building & Improvement	32,035,192
Subsequent to Acquisition	81,095
Land	4,415,339
Building & Improvement	32,116,287
The company's investment	36,531,626
Accumulated Depreciation	3,116,035
Total Cost, Net of Accumulated Depreciation	33,415,591
Encumbrances
McQueen Crossings [Member]
Initial Cost - Land	5,017,431
Initial Cost - Building & Improvement	20,779,024
Subsequent to Acquisition	193,820
Land	5,017,431
Building & Improvement	20,972,844
The company's investment	25,990,275
Accumulated Depreciation	2,026,006
Total Cost, Net of Accumulated Depreciation	23,964,269
Encumbrances
Galena Junction [Member]
Initial Cost - Land	8,931,027
Initial Cost - Building & Improvement	17,503,387
Subsequent to Acquisition	(14,107)
Land	8,931,027
Building & Improvement	17,489,280
The company's investment	26,420,307
Accumulated Depreciation	1,715,262
Total Cost, Net of Accumulated Depreciation	24,705,045
Encumbrances	19,862,619
D'Andrea Marketplace [Member]
Initial Cost - Land	11,556,067
Initial Cost - Building & Improvement	29,435,364
Subsequent to Acquisition	183,997
Land	11,556,067
Building & Improvement	29,619,361
The company's investment	41,175,428
Accumulated Depreciation	7,252,367
Total Cost, Net of Accumulated Depreciation	33,923,061
Encumbrances	11,828,709
Sparks Mercantile [Member]
Initial Cost - Land	6,221,614
Initial Cost - Building & Improvement	17,069,172
Subsequent to Acquisition	35,957
Land	6,221,614
Building & Improvement	17,105,129
The company's investment	23,326,743
Accumulated Depreciation	1,639,300
Total Cost, Net of Accumulated Depreciation	21,687,443
Encumbrances	19,162,216
Bridgehampton Commons - W&E Side [Member]
Initial Cost - Land	1,811,752
Initial Cost - Building & Improvement	3,107,232
Subsequent to Acquisition	27,119,033
Land	1,858,188
Building & Improvement	30,179,829
The company's investment	32,038,017
Accumulated Depreciation	19,471,600
Total Cost, Net of Accumulated Depreciation	12,566,417
Encumbrances
Ocean Plaza [Member]
Initial Cost - Land	564,097
Initial Cost - Building & Improvement	2,268,768
Subsequent to Acquisition	8,468
Land	564,097
Building & Improvement	2,277,236
The company's investment	2,841,333
Accumulated Depreciation	802,290
Total Cost, Net of Accumulated Depreciation	2,039,043
Encumbrances
Kings Highway [Member]
Initial Cost - Land	2,743,820
Initial Cost - Building & Improvement	6,811,268
Subsequent to Acquisition	1,841,513
Land	2,743,820
Building & Improvement	8,652,781
The company's investment	11,396,601
Accumulated Depreciation	3,199,221
Total Cost, Net of Accumulated Depreciation	8,197,380
Encumbrances
Ralph Avenue Plaza [Member]
Initial Cost - Land	4,414,466
Initial Cost - Building & Improvement	11,339,857
Subsequent to Acquisition	3,567,551
Land	4,414,467
Building & Improvement	14,907,407
The company's investment	19,321,874
Accumulated Depreciation	4,905,187
Total Cost, Net of Accumulated Depreciation	14,416,687
Encumbrances
Bellmore S.C. [Member]
Initial Cost - Land	1,272,269
Initial Cost - Building & Improvement	3,183,547
Subsequent to Acquisition	1,590,605
Land	1,272,269
Building & Improvement	4,774,152
The company's investment	6,046,421
Accumulated Depreciation	1,531,268
Total Cost, Net of Accumulated Depreciation	4,515,153
Encumbrances
Market at Bay Shore [Member]
Initial Cost - Land	12,359,621
Initial Cost - Building & Improvement	30,707,802
Subsequent to Acquisition	2,883,868
Land	12,359,621
Building & Improvement	33,591,670
The company's investment	45,951,291
Accumulated Depreciation	11,418,553
Total Cost, Net of Accumulated Depreciation	34,532,738
Encumbrances	11,899,751
Key Food - Atlantic Ave [Member]
Initial Cost - Land	2,272,500
Initial Cost - Building & Improvement	5,624,589
Subsequent to Acquisition	509,260
Land	4,808,822
Building & Improvement	3,597,527
The company's investment	8,406,349
Accumulated Depreciation	471,685
Total Cost, Net of Accumulated Depreciation	7,934,664
Encumbrances
King Kullen Plaza [Member]
Initial Cost - Land	5,968,082
Initial Cost - Building & Improvement	23,243,404
Subsequent to Acquisition	6,064,033
Land	5,980,130
Building & Improvement	29,295,389
The company's investment	35,275,519
Accumulated Depreciation	13,498,533
Total Cost, Net of Accumulated Depreciation	21,776,986
Encumbrances
Birchwood Plaza Commack [Member]
Initial Cost - Land	3,630,000
Initial Cost - Building & Improvement	4,774,791
Subsequent to Acquisition	1,073,476
Land	3,630,000
Building & Improvement	5,848,267
The company's investment	9,478,267
Accumulated Depreciation	1,743,532
Total Cost, Net of Accumulated Depreciation	7,734,735
Encumbrances
Elmont S.C. [Member]
Initial Cost - Land	3,011,658
Initial Cost - Building & Improvement	7,606,066
Subsequent to Acquisition	2,770,293
Land	3,011,658
Building & Improvement	10,376,359
The company's investment	13,388,017
Accumulated Depreciation	3,327,198
Total Cost, Net of Accumulated Depreciation	10,060,819
Encumbrances
Northport Land Parcel [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	14,460
Subsequent to Acquisition
Land
Building & Improvement	14,460
The company's investment	14,460
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	14,460
Encumbrances
Elmont Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	5,119,714
Subsequent to Acquisition
Land
Building & Improvement	5,119,714
The company's investment	5,119,714
Accumulated Depreciation	371,728
Total Cost, Net of Accumulated Depreciation	4,747,986
Encumbrances
Elmsford Center 1 [Member]
Initial Cost - Land	4,134,273
Initial Cost - Building & Improvement	1,193,084
Subsequent to Acquisition
Land	4,134,273
Building & Improvement	1,193,084
The company's investment	5,327,357
Accumulated Depreciation	118,420
Total Cost, Net of Accumulated Depreciation	5,208,937
Encumbrances
Elmsford Center 2 [Member]
Initial Cost - Land	4,076,403
Initial Cost - Building & Improvement	15,598,504
Subsequent to Acquisition	949,902
Land	4,076,403
Building & Improvement	16,548,406
The company's investment	20,624,809
Accumulated Depreciation	1,872,113
Total Cost, Net of Accumulated Depreciation	18,752,696
Encumbrances
Franklin Square S.C. [Member]
Initial Cost - Land	1,078,541
Initial Cost - Building & Improvement	2,516,581
Subsequent to Acquisition	3,937,137
Land	1,078,541
Building & Improvement	6,453,718
The company's investment	7,532,259
Accumulated Depreciation	2,216,400
Total Cost, Net of Accumulated Depreciation	5,315,859
Encumbrances
Airport Plaza [Member]
Initial Cost - Land	22,711,189
Initial Cost - Building & Improvement	107,011,500
Subsequent to Acquisition	3,764,964
Land	22,711,189
Building & Improvement	110,776,464
The company's investment	133,487,653
Accumulated Depreciation	10,317,734
Total Cost, Net of Accumulated Depreciation	123,169,919
Encumbrances
Kissena Boulevard Shopping Ctr. [Member]
Initial Cost - Land	11,610,000
Initial Cost - Building & Improvement	2,933,487
Subsequent to Acquisition	147,329
Land	11,610,000
Building & Improvement	3,080,816
The company's investment	14,690,816
Accumulated Depreciation	1,012,304
Total Cost, Net of Accumulated Depreciation	13,678,512
Encumbrances
Hampton Bays Plaza [Member]
Initial Cost - Land	1,495,105
Initial Cost - Building & Improvement	5,979,320
Subsequent to Acquisition	3,533,406
Land	1,495,105
Building & Improvement	9,512,726
The company's investment	11,007,831
Accumulated Depreciation	6,950,371
Total Cost, Net of Accumulated Depreciation	4,057,460
Encumbrances
Hicksville Plaza [Member]
Initial Cost - Land	3,542,739
Initial Cost - Building & Improvement	8,266,375
Subsequent to Acquisition	3,095,524
Land	3,542,739
Building & Improvement	11,361,899
The company's investment	14,904,638
Accumulated Depreciation	3,700,135
Total Cost, Net of Accumulated Depreciation	11,204,503
Encumbrances
Woodbury Centre [Member]
Initial Cost - Land	4,314,991
Initial Cost - Building & Improvement	32,585,508
Subsequent to Acquisition	1,661,793
Land	4,314,991
Building & Improvement	34,247,301
The company's investment	38,562,292
Accumulated Depreciation	2,699,939
Total Cost, Net of Accumulated Depreciation	35,862,353
Encumbrances
Turnpike Plaza [Member]
Initial Cost - Land	2,471,832
Initial Cost - Building & Improvement	5,839,416
Subsequent to Acquisition	583,236
Land	2,471,832
Building & Improvement	6,422,652
The company's investment	8,894,484
Accumulated Depreciation	1,669,509
Total Cost, Net of Accumulated Depreciation	7,224,975
Encumbrances
Jericho Commons South [Member]
Initial Cost - Land	12,368,330
Initial Cost - Building & Improvement	33,071,495
Subsequent to Acquisition	721,082
Land	12,368,330
Building & Improvement	33,792,577
The company's investment	46,160,907
Accumulated Depreciation	9,612,581
Total Cost, Net of Accumulated Depreciation	36,548,326
Encumbrances	9,006,205
501 North Broadway [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	1,175,543
Subsequent to Acquisition	197,738
Land
Building & Improvement	1,373,281
The company's investment	1,373,281
Accumulated Depreciation	672,031
Total Cost, Net of Accumulated Depreciation	701,250
Encumbrances
Merry Lane (Parking Lot) [Member]
Initial Cost - Land	1,485,531
Initial Cost - Building & Improvement	1,749
Subsequent to Acquisition	(1,749)
Land	1,485,531
Building & Improvement
The company's investment	1,485,531
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	1,485,531
Encumbrances
Milleridge Inn [Member]
Initial Cost - Land	7,500,330
Initial Cost - Building & Improvement	481,316
Subsequent to Acquisition	69,437
Land	7,500,000
Building & Improvement	551,083
The company's investment	8,051,083
Accumulated Depreciation	14,430
Total Cost, Net of Accumulated Depreciation	8,036,653
Encumbrances
Jericho Atrium [Member]
Initial Cost - Land	10,624,099
Initial Cost - Building & Improvement	20,065,496
Subsequent to Acquisition
Land	10,624,099
Building & Improvement	20,065,496
The company's investment	30,689,595
Accumulated Depreciation	1,816,983
Total Cost, Net of Accumulated Depreciation	28,872,612
Encumbrances
Family Dollar Union Turnpike [Member]
Initial Cost - Land	909,000
Initial Cost - Building & Improvement	2,249,775
Subsequent to Acquisition	258,033
Land	1,056,709
Building & Improvement	2,360,099
The company's investment	3,416,808
Accumulated Depreciation	413,009
Total Cost, Net of Accumulated Depreciation	3,003,799
Encumbrances
Little Neck Plaza [Member]
Initial Cost - Land	3,277,254
Initial Cost - Building & Improvement	13,161,218
Subsequent to Acquisition	5,837,212
Land	3,277,253
Building & Improvement	18,998,431
The company's investment	22,275,684
Accumulated Depreciation	6,285,079
Total Cost, Net of Accumulated Depreciation	15,990,605
Encumbrances
Key Food - 21st Street [Member]
Initial Cost - Land	1,090,800
Initial Cost - Building & Improvement	2,699,730
Subsequent to Acquisition	(159,449)
Land	1,669,153
Building & Improvement	1,961,928
The company's investment	3,631,081
Accumulated Depreciation	210,207
Total Cost, Net of Accumulated Depreciation	3,420,874
Encumbrances
Manhasset Center [Member]
Initial Cost - Land	4,567,003
Initial Cost - Building & Improvement	19,165,808
Subsequent to Acquisition	29,214,394
Land	3,471,939
Building & Improvement	49,475,266
The company's investment	52,947,205
Accumulated Depreciation	21,514,253
Total Cost, Net of Accumulated Depreciation	31,432,952
Encumbrances
Manhasset Center (Residential) [Member]
Initial Cost - Land	950,000
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	950,000
Building & Improvement
The company's investment	950,000
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	950,000
Encumbrances
Maspeth Queens-Duane Reade [Member]
Initial Cost - Land	1,872,013
Initial Cost - Building & Improvement	4,827,940
Subsequent to Acquisition	1,036,886
Land	1,872,013
Building & Improvement	5,864,826
The company's investment	7,736,839
Accumulated Depreciation	1,957,523
Total Cost, Net of Accumulated Depreciation	5,779,316
Encumbrances	1,677,019
North Massapequa S.C. [Member]
Initial Cost - Land	1,880,816
Initial Cost - Building & Improvement	4,388,549
Subsequent to Acquisition	699,203
Land	1,623,601
Building & Improvement	5,344,967
The company's investment	6,968,568
Accumulated Depreciation	2,000,668
Total Cost, Net of Accumulated Depreciation	4,967,900
Encumbrances
Mineola Shoppintg Center [Member]
Initial Cost - Land	4,150,000
Initial Cost - Building & Improvement	7,520,692
Subsequent to Acquisition	224,517
Land	4,150,000
Building & Improvement	7,745,209
The company's investment	11,895,209
Accumulated Depreciation	1,943,416
Total Cost, Net of Accumulated Depreciation	9,951,793
Encumbrances
Birchwood Park [Member]
Initial Cost - Land	3,507,162
Initial Cost - Building & Improvement	4,126
Subsequent to Acquisition	(1,510,445)
Land	2,000,000
Building & Improvement	843
The company's investment	2,000,843
Accumulated Depreciation	843
Total Cost, Net of Accumulated Depreciation	2,000,000
Encumbrances
Smithtown Plaza [Member]
Initial Cost - Land	3,528,000
Initial Cost - Building & Improvement	7,364,098
Subsequent to Acquisition	414,233
Land	3,528,000
Building & Improvement	7,778,331
The company's investment	11,306,331
Accumulated Depreciation	2,258,789
Total Cost, Net of Accumulated Depreciation	9,047,542
Encumbrances
Manetto Hill Plaza [Member]
Initial Cost - Land	263,693
Initial Cost - Building & Improvement	584,031
Subsequent to Acquisition	10,227,903
Land	263,693
Building & Improvement	10,811,934
The company's investment	11,075,627
Accumulated Depreciation	6,176,092
Total Cost, Net of Accumulated Depreciation	4,899,535
Encumbrances
Syosset S.C. [Member]
Initial Cost - Land	106,655
Initial Cost - Building & Improvement	76,197
Subsequent to Acquisition	1,781,201
Land	106,655
Building & Improvement	1,857,398
The company's investment	1,964,053
Accumulated Depreciation	1,047,980
Total Cost, Net of Accumulated Depreciation	916,073
Encumbrances
Richmond S.C. [Member]
Initial Cost - Land	2,280,000
Initial Cost - Building & Improvement	9,027,951
Subsequent to Acquisition	12,459,766
Land	2,280,000
Building & Improvement	21,487,717
The company's investment	23,767,717
Accumulated Depreciation	12,038,465
Total Cost, Net of Accumulated Depreciation	11,729,252
Encumbrances
Greenridge - Out Parcel [Member]
Initial Cost - Land	2,940,000
Initial Cost - Building & Improvement	11,811,964
Subsequent to Acquisition	6,268,972
Land	3,148,424
Building & Improvement	17,872,512
The company's investment	21,020,936
Accumulated Depreciation	6,833,007
Total Cost, Net of Accumulated Depreciation	14,187,929
Encumbrances
Staten Island Plaza [Member]
Initial Cost - Land	5,600,744
Initial Cost - Building & Improvement	6,788,460
Subsequent to Acquisition	(3,003,049)
Land	9,386,155
Building & Improvement
The company's investment	9,386,155
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	9,386,155
Encumbrances
Hylan Plaza [Member]
Initial Cost - Land	28,723,536
Initial Cost - Building & Improvement	38,232,267
Subsequent to Acquisition	36,986,741
Land	28,723,536
Building & Improvement	75,219,008
The company's investment	103,942,544
Accumulated Depreciation	38,896,894
Total Cost, Net of Accumulated Depreciation	65,045,650
Encumbrances
Forest Avenue Plaza [Member]
Initial Cost - Land	4,558,592
Initial Cost - Building & Improvement	10,441,408
Subsequent to Acquisition	155,848
Land	4,558,592
Building & Improvement	10,597,256
The company's investment	15,155,848
Accumulated Depreciation	3,701,092
Total Cost, Net of Accumulated Depreciation	11,454,756
Encumbrances
Independence Plaza [Member]
Initial Cost - Land	12,279,093
Initial Cost - Building & Improvement	34,813,852
Subsequent to Acquisition	215,399
Land	16,131,632
Building & Improvement	31,176,712
The company's investment	47,308,344
Accumulated Depreciation	5,877,127
Total Cost, Net of Accumulated Depreciation	41,431,217
Encumbrances	31,490,535
Key Food - Central Ave. [Member]
Initial Cost - Land	2,787,600
Initial Cost - Building & Improvement	6,899,310
Subsequent to Acquisition	(394,910)
Land	2,603,321
Building & Improvement	6,688,679
The company's investment	9,292,000
Accumulated Depreciation	749,341
Total Cost, Net of Accumulated Depreciation	8,542,659
Encumbrances
White Plains S.C. [Member]
Initial Cost - Land	1,777,775
Initial Cost - Building & Improvement	4,453,894
Subsequent to Acquisition	2,471,597
Land	1,777,775
Building & Improvement	6,925,491
The company's investment	8,703,266
Accumulated Depreciation	2,246,846
Total Cost, Net of Accumulated Depreciation	6,456,420
Encumbrances
Champion Food Supermarket [Member[
Initial Cost - Land	757,500
Initial Cost - Building & Improvement	1,874,813
Subsequent to Acquisition	(24,388)
Land	2,241,118
Building & Improvement	366,807
The company's investment	2,607,925
Accumulated Depreciation	107,809
Total Cost, Net of Accumulated Depreciation	2,500,116
Encumbrances
Shoprite S.C. [Member]
Initial Cost - Land	871,977
Initial Cost - Building & Improvement	3,487,909
Subsequent to Acquisition
Land	871,977
Building & Improvement	3,487,909
The company's investment	4,359,886
Accumulated Depreciation	2,144,278
Total Cost, Net of Accumulated Depreciation	2,215,608
Encumbrances
Romaine Plaza [Member]
Initial Cost - Land	782,459
Initial Cost - Building & Improvement	1,825,737
Subsequent to Acquisition	588,133
Land	782,459
Building & Improvement	2,413,870
The company's investment	3,196,329
Accumulated Depreciation	616,916
Total Cost, Net of Accumulated Depreciation	2,579,413
Encumbrances
Kent Center [Member]
Initial Cost - Land	2,261,530
Initial Cost - Building & Improvement
Subsequent to Acquisition	(1,826,497)
Land	435,033
Building & Improvement
The company's investment	435,033
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	435,033
Encumbrances
High Park CTR Retail [Member]
Initial Cost - Land	3,783,875
Initial Cost - Building & Improvement
Subsequent to Acquisition	(2,778,460)
Land	921,704
Building & Improvement	83,711
The company's investment	1,005,415
Accumulated Depreciation	24,910
Total Cost, Net of Accumulated Depreciation	980,505
Encumbrances
Oregon Trail Center [Member]
Initial Cost - Land	5,802,422
Initial Cost - Building & Improvement	12,622,879
Subsequent to Acquisition	590,069
Land	5,802,422
Building & Improvement	13,212,948
The company's investment	19,015,370
Accumulated Depreciation	4,770,972
Total Cost, Net of Accumulated Depreciation	14,244,398
Encumbrances
Powell Valley Junction [Member]
Initial Cost - Land	5,062,500
Initial Cost - Building & Improvement	3,152,982
Subsequent to Acquisition	(2,508,712)
Land	2,035,125
Building & Improvement	3,671,645
The company's investment	5,706,770
Accumulated Depreciation	1,406,074
Total Cost, Net of Accumulated Depreciation	4,300,696
Encumbrances
Hospital Garage and Med. Office [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	30,061,177
Subsequent to Acquisition	59,094
Land
Building & Improvement	30,120,271
The company's investment	30,120,271
Accumulated Depreciation	8,509,839
Total Cost, Net of Accumulated Depreciation	21,610,432
Encumbrances
Suburban Square [Member]
Initial Cost - Land	70,679,871
Initial Cost - Building & Improvement	166,351,381
Subsequent to Acquisition	10,146,149
Land	71,279,871
Building & Improvement	175,897,530
The company's investment	247,177,401
Accumulated Depreciation	44,800,084
Total Cost, Net of Accumulated Depreciation	202,377,317
Encumbrances
Coulter Ave. Parcel [Member]
Initial Cost - Land	577,630
Initial Cost - Building & Improvement	1,348,019
Subsequent to Acquisition	6,720,666
Land	8,645,796
Building & Improvement	519
The company's investment	8,646,315
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	8,646,315
Encumbrances
Chippewa Plaza [Member]
Initial Cost - Land	2,881,525
Initial Cost - Building & Improvement	11,526,101
Subsequent to Acquisition	153,290
Land	2,881,525
Building & Improvement	11,679,391
The company's investment	14,560,916
Accumulated Depreciation	5,133,586
Total Cost, Net of Accumulated Depreciation	9,427,330
Encumbrances	1,931,697
Carnegie Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	3,298,908
Subsequent to Acquisition	17,747
Land
Building & Improvement	3,316,655
The company's investment	3,316,655
Accumulated Depreciation	1,445,722
Total Cost, Net of Accumulated Depreciation	1,870,933
Encumbrances
Center Square Shopping Center [Member]
Initial Cost - Land	731,888
Initial Cost - Building & Improvement	2,927,551
Subsequent to Acquisition	1,342,103
Land	731,888
Building & Improvement	4,269,654
The company's investment	5,001,542
Accumulated Depreciation	2,661,695
Total Cost, Net of Accumulated Depreciation	2,339,847
Encumbrances
Wayne Plaza [Member]
Initial Cost - Land	6,127,623
Initial Cost - Building & Improvement	15,605,012
Subsequent to Acquisition	400,438
Land	6,135,670
Building & Improvement	15,997,403
The company's investment	22,133,073
Accumulated Depreciation	3,985,695
Total Cost, Net of Accumulated Depreciation	18,147,378
Encumbrances
Devon Village [Member]
Initial Cost - Land	4,856,379
Initial Cost - Building & Improvement	25,846,910
Subsequent to Acquisition	3,995,839
Land	4,856,379
Building & Improvement	29,842,749
The company's investment	34,699,128
Accumulated Depreciation	5,029,943
Total Cost, Net of Accumulated Depreciation	29,669,185
Encumbrances
Pocono Plaza [Member]
Initial Cost - Land	1,050,000
Initial Cost - Building & Improvement	2,372,628
Subsequent to Acquisition	1,431,729
Land	1,050,000
Building & Improvement	3,804,357
The company's investment	4,854,357
Accumulated Depreciation	3,174,132
Total Cost, Net of Accumulated Depreciation	1,680,225
Encumbrances
Ridge Pike Plaza [Member]
Initial Cost - Land	1,525,337
Initial Cost - Building & Improvement	4,251,732
Subsequent to Acquisition	(2,602,946)
Land	914,299
Building & Improvement	2,259,824
The company's investment	3,174,123
Accumulated Depreciation	938,226
Total Cost, Net of Accumulated Depreciation	2,235,897
Encumbrances
Whiteland - Hobby Lobby [Member]
Initial Cost - Land	176,666
Initial Cost - Building & Improvement	4,895,360
Subsequent to Acquisition	1,447,703
Land	176,666
Building & Improvement	6,343,063
The company's investment	6,519,729
Accumulated Depreciation	2,192,866
Total Cost, Net of Accumulated Depreciation	4,326,863
Encumbrances
Whiteland Town Center [Member]
Initial Cost - Land	731,888
Initial Cost - Building & Improvement	2,927,551
Subsequent to Acquisition
Land	731,888
Building & Improvement	2,927,551
The company's investment	3,659,439
Accumulated Depreciation	1,526,331
Total Cost, Net of Accumulated Depreciation	2,133,108
Encumbrances
Eastwick Wellness Center [Member]
Initial Cost - Land	889,001
Initial Cost - Building & Improvement	2,762,888
Subsequent to Acquisition	3,074,728
Land	889,001
Building & Improvement	5,837,616
The company's investment	6,726,617
Accumulated Depreciation	2,869,745
Total Cost, Net of Accumulated Depreciation	3,856,872
Encumbrances
Harrisburg East Shopping Ctr. [Member
Initial Cost - Land	452,888
Initial Cost - Building & Improvement	6,665,238
Subsequent to Acquisition	6,889,185
Land	3,002,888
Building & Improvement	11,004,423
The company's investment	14,007,311
Accumulated Depreciation	6,690,361
Total Cost, Net of Accumulated Depreciation	7,316,950
Encumbrances
Township Line S.C. [Member]
Initial Cost - Land	731,888
Initial Cost - Building & Improvement	2,927,551
Subsequent to Acquisition
Land	731,888
Building & Improvement	2,927,551
The company's investment	3,659,439
Accumulated Depreciation	1,526,331
Total Cost, Net of Accumulated Depreciation	2,133,108
Encumbrances
Horsham Point [Member]
Initial Cost - Land	3,813,247
Initial Cost - Building & Improvement	18,189,450
Subsequent to Acquisition	45,820
Land	3,813,247
Building & Improvement	18,235,270
The company's investment	22,048,517
Accumulated Depreciation	1,141,314
Total Cost, Net of Accumulated Depreciation	20,907,203
Encumbrances
Holiday Center [Member]
Initial Cost - Land	7,726,844
Initial Cost - Building & Improvement	20,014,243
Subsequent to Acquisition	50,582
Land	7,726,844
Building & Improvement	20,064,825
The company's investment	27,791,669
Accumulated Depreciation	2,002,263
Total Cost, Net of Accumulated Depreciation	25,789,406
Encumbrances
Norriton Square [Member]
Initial Cost - Land	686,134
Initial Cost - Building & Improvement	2,664,535
Subsequent to Acquisition	3,817,458
Land	774,084
Building & Improvement	6,394,043
The company's investment	7,168,127
Accumulated Depreciation	4,679,752
Total Cost, Net of Accumulated Depreciation	2,488,375
Encumbrances
New Kensington S.C. [Member]
Initial Cost - Land	521,945
Initial Cost - Building & Improvement	2,548,322
Subsequent to Acquisition	862,730
Land	521,945
Building & Improvement	3,411,052
The company's investment	3,932,997
Accumulated Depreciation	3,125,467
Total Cost, Net of Accumulated Depreciation	807,530
Encumbrances
Sears Hardware [Member]
Initial Cost - Land	10,000
Initial Cost - Building & Improvement
Subsequent to Acquisition
Land	10,000
Building & Improvement
The company's investment	10,000
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	10,000
Encumbrances
Frankford Avenue S.C. [Member]
Initial Cost - Land	731,888
Initial Cost - Building & Improvement	2,927,551
Subsequent to Acquisition
Land	731,888
Building & Improvement	2,927,551
The company's investment	3,659,439
Accumulated Depreciation	1,526,331
Total Cost, Net of Accumulated Depreciation	2,133,108
Encumbrances
Wexford Plaza [Member]
Initial Cost - Land	6,413,635
Initial Cost - Building & Improvement	9,774,600
Subsequent to Acquisition	9,955,083
Land	6,299,299
Building & Improvement	19,844,019
The company's investment	26,143,318
Accumulated Depreciation	3,657,982
Total Cost, Net of Accumulated Depreciation	22,485,336
Encumbrances
Cranberry Township - Parcel 1 and 2 [Member]
Initial Cost - Land	10,270,846
Initial Cost - Building & Improvement	30,769,592
Subsequent to Acquisition
Land	10,270,846
Building & Improvement	30,769,592
The company's investment	41,040,438
Accumulated Depreciation	333,570
Total Cost, Net of Accumulated Depreciation	40,706,868
Encumbrances	21,636,092
Crossroads Plaza 3 [Member]
Initial Cost - Land	788,761
Initial Cost - Building & Improvement	3,155,044
Subsequent to Acquisition	12,759,977
Land	976,439
Building & Improvement	15,727,343
The company's investment	16,703,782
Accumulated Depreciation	9,633,622
Total Cost, Net of Accumulated Depreciation	7,070,160
Encumbrances
Springfield S.C. 2 [Member]
Initial Cost - Land	919,998
Initial Cost - Building & Improvement	4,981,589
Subsequent to Acquisition	12,704,250
Land	920,000
Building & Improvement	17,685,837
The company's investment	18,605,837
Accumulated Depreciation	9,073,040
Total Cost, Net of Accumulated Depreciation	9,532,797
Encumbrances
Shrewsbury Square S.C. [Member]
Initial Cost - Land	8,066,107
Initial Cost - Building & Improvement	16,997,997
Subsequent to Acquisition	(1,648,173)
Land	6,534,966
Building & Improvement	16,880,965
The company's investment	23,415,931
Accumulated Depreciation	1,804,686
Total Cost, Net of Accumulated Depreciation	21,611,245
Encumbrances
Whitehall Mall [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	5,195,577
Subsequent to Acquisition
Land
Building & Improvement	5,195,577
The company's investment	5,195,577
Accumulated Depreciation	2,708,806
Total Cost, Net of Accumulated Depreciation	2,486,771
Encumbrances
Whole Foods at Wynnewood [Member]
Initial Cost - Land	15,042,165
Initial Cost - Building & Improvement
Subsequent to Acquisition	11,598,520
Land	13,772,394
Building & Improvement	12,868,291
The company's investment	26,640,685
Accumulated Depreciation	66,430
Total Cost, Net of Accumulated Depreciation	26,574,255
Encumbrances
Shoppes at Wynnewood [Member]
Initial Cost - Land	7,478,907
Initial Cost - Building & Improvement
Subsequent to Acquisition	3,768,083
Land	7,478,907
Building & Improvement	3,768,083
The company's investment	11,246,990
Accumulated Depreciation	62,308
Total Cost, Net of Accumulated Depreciation	11,184,682
Encumbrances
West Market St. Plaza [Member]
Initial Cost - Land	188,562
Initial Cost - Building & Improvement	1,158,307
Subsequent to Acquisition	41,712
Land	188,562
Building & Improvement	1,200,019
The company's investment	1,388,581
Accumulated Depreciation	1,169,083
Total Cost, Net of Accumulated Depreciation	219,498
Encumbrances
Rexville Town Center [Member]
Initial Cost - Land	24,872,981
Initial Cost - Building & Improvement	48,688,161
Subsequent to Acquisition	8,014,056
Land	25,678,064
Building & Improvement	55,897,134
The company's investment	81,575,198
Accumulated Depreciation	32,302,168
Total Cost, Net of Accumulated Depreciation	49,273,030
Encumbrances
Plaza Centro - Costco [Member]
Initial Cost - Land	3,627,973
Initial Cost - Building & Improvement	10,752,212
Subsequent to Acquisition	1,535,656
Land	3,866,206
Building & Improvement	12,049,635
The company's investment	15,915,841
Accumulated Depreciation	6,391,287
Total Cost, Net of Accumulated Depreciation	9,524,554
Encumbrances
Plaza Centro - Mall [Member]
Initial Cost - Land	19,873,263
Initial Cost - Building & Improvement	58,719,179
Subsequent to Acquisition	7,545,697
Land	19,408,112
Building & Improvement	66,730,027
The company's investment	86,138,139
Accumulated Depreciation	35,105,932
Total Cost, Net of Accumulated Depreciation	51,032,207
Encumbrances
Plaza Centro - Retail [Member]
Initial Cost - Land	5,935,566
Initial Cost - Building & Improvement	16,509,748
Subsequent to Acquisition	2,695,750
Land	6,026,070
Building & Improvement	19,114,994
The company's investment	25,141,064
Accumulated Depreciation	9,984,894
Total Cost, Net of Accumulated Depreciation	15,156,170
Encumbrances
Plaza Centro - Sam's Club [Member]
Initial Cost - Land	6,643,224
Initial Cost - Building & Improvement	20,224,758
Subsequent to Acquisition	2,321,593
Land	6,520,090
Building & Improvement	22,669,485
The company's investment	29,189,575
Accumulated Depreciation	21,610,984
Total Cost, Net of Accumulated Depreciation	7,578,591
Encumbrances
Los Colobos - Builders Square [Member]
Initial Cost - Land	4,404,593
Initial Cost - Building & Improvement	9,627,903
Subsequent to Acquisition	1,361,338
Land	4,461,145
Building & Improvement	10,932,689
The company's investment	15,393,834
Accumulated Depreciation	9,024,387
Total Cost, Net of Accumulated Depreciation	6,369,447
Encumbrances
Los Colobos - Kmart [Member]
Initial Cost - Land	4,594,944
Initial Cost - Building & Improvement	10,120,147
Subsequent to Acquisition	726,279
Land	4,402,338
Building & Improvement	11,039,032
The company's investment	15,441,370
Accumulated Depreciation	9,386,129
Total Cost, Net of Accumulated Depreciation	6,055,241
Encumbrances
Los Colobos I [Member]
Initial Cost - Land	12,890,882
Initial Cost - Building & Improvement	26,046,669
Subsequent to Acquisition	3,697,161
Land	13,613,375
Building & Improvement	29,021,337
The company's investment	42,634,712
Accumulated Depreciation	15,652,923
Total Cost, Net of Accumulated Depreciation	26,981,789
Encumbrances
Los Colobos II [Member]
Initial Cost - Land	14,893,698
Initial Cost - Building & Improvement	30,680,556
Subsequent to Acquisition	5,857,364
Land	15,142,300
Building & Improvement	36,289,318
The company's investment	51,431,618
Accumulated Depreciation	18,829,986
Total Cost, Net of Accumulated Depreciation	32,601,632
Encumbrances
Western Plaza - Mayaquez One [Member]
Initial Cost - Land	10,857,773
Initial Cost - Building & Improvement	12,252,522
Subsequent to Acquisition	1,347,575
Land	11,241,993
Building & Improvement	13,215,877
The company's investment	24,457,870
Accumulated Depreciation	8,562,000
Total Cost, Net of Accumulated Depreciation	15,895,870
Encumbrances
Western Plaza - Mayaguez Two [Member]
Initial Cost - Land	16,874,345
Initial Cost - Building & Improvement	19,911,045
Subsequent to Acquisition	1,964,632
Land	16,872,647
Building & Improvement	21,877,375
The company's investment	38,750,022
Accumulated Depreciation	14,087,431
Total Cost, Net of Accumulated Depreciation	24,662,591
Encumbrances
Manati Villa Maria SC [Member]
Initial Cost - Land	2,781,447
Initial Cost - Building & Improvement	5,673,119
Subsequent to Acquisition	1,699,755
Land	2,606,588
Building & Improvement	7,547,733
The company's investment	10,154,321
Accumulated Depreciation	3,953,428
Total Cost, Net of Accumulated Depreciation	6,200,893
Encumbrances
Ponce Town Center [Member]
Initial Cost - Land	14,432,778
Initial Cost - Building & Improvement	28,448,754
Subsequent to Acquisition	4,875,507
Land	14,903,024
Building & Improvement	32,854,015
The company's investment	47,757,039
Accumulated Depreciation	15,091,421
Total Cost, Net of Accumulated Depreciation	32,665,618
Encumbrances
Trujillo Alto Plaza [Member]
Initial Cost - Land	12,053,673
Initial Cost - Building & Improvement	24,445,858
Subsequent to Acquisition	3,942,389
Land	12,289,288
Building & Improvement	28,152,632
The company's investment	40,441,920
Accumulated Depreciation	16,021,971
Total Cost, Net of Accumulated Depreciation	24,419,949
Encumbrances
Marshall Plaza [Member]
Initial Cost - Land	1,886,600
Initial Cost - Building & Improvement	7,575,302
Subsequent to Acquisition	1,797,067
Land	1,886,600
Building & Improvement	9,372,369
The company's investment	11,258,969
Accumulated Depreciation	4,569,037
Total Cost, Net of Accumulated Depreciation	6,689,932
Encumbrances
St. Andrews Center [Member]
Initial Cost - Land	730,164
Initial Cost - Building & Improvement	3,132,092
Subsequent to Acquisition	19,122,683
Land	730,164
Building & Improvement	22,254,775
The company's investment	22,984,939
Accumulated Depreciation	9,949,662
Total Cost, Net of Accumulated Depreciation	13,035,277
Encumbrances
Westwood Plaza [Member]
Initial Cost - Land	1,744,430
Initial Cost - Building & Improvement	6,986,094
Subsequent to Acquisition	6,970,136
Land	1,726,833
Building & Improvement	13,973,827
The company's investment	15,700,660
Accumulated Depreciation	4,352,208
Total Cost, Net of Accumulated Depreciation	11,348,452
Encumbrances
Cherrydale Point [Member]
Initial Cost - Land	5,801,948
Initial Cost - Building & Improvement	32,055,019
Subsequent to Acquisition	1,885,250
Land	5,801,948
Building & Improvement	33,940,269
The company's investment	39,742,217
Accumulated Depreciation	7,869,993
Total Cost, Net of Accumulated Depreciation	31,872,224
Encumbrances
Woodruff Shopping Center [Member]
Initial Cost - Land	3,110,439
Initial Cost - Building & Improvement	15,501,117
Subsequent to Acquisition	1,146,035
Land	3,465,199
Building & Improvement	16,292,392
The company's investment	19,757,591
Accumulated Depreciation	2,847,116
Total Cost, Net of Accumulated Depreciation	16,910,475
Encumbrances
Forest Park [Member]
Initial Cost - Land	1,920,241
Initial Cost - Building & Improvement	9,544,875
Subsequent to Acquisition	186,314
Land	1,920,241
Building & Improvement	9,731,189
The company's investment	11,651,430
Accumulated Depreciation	1,398,248
Total Cost, Net of Accumulated Depreciation	10,253,182
Encumbrances
Old Towne Village [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	4,133,904
Subsequent to Acquisition	4,003,667
Land
Building & Improvement	8,137,571
The company's investment	8,137,571
Accumulated Depreciation	5,935,218
Total Cost, Net of Accumulated Depreciation	2,202,353
Encumbrances
Hickory Ridge Commons [Member]
Initial Cost - Land	596,347
Initial Cost - Building & Improvement	2,545,033
Subsequent to Acquisition	(2,457,560)
Land	683,820
Building & Improvement
The company's investment	683,820
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	683,820
Encumbrances
Center of the Hills [Member]
Initial Cost - Land	2,923,585
Initial Cost - Building & Improvement	11,706,145
Subsequent to Acquisition	1,186,149
Land	2,923,585
Building & Improvement	12,892,294
The company's investment	15,815,879
Accumulated Depreciation	6,288,060
Total Cost, Net of Accumulated Depreciation	9,527,819
Encumbrances
Dowlen Town Center II [Member]
Initial Cost - Land	2,244,581
Initial Cost - Building & Improvement
Subsequent to Acquisition	(722,251)
Land	484,828
Building & Improvement	1,037,502
The company's investment	1,522,330
Accumulated Depreciation	173,357
Total Cost, Net of Accumulated Depreciation	1,348,973
Encumbrances
Gateway Station [Member]
Initial Cost - Land	1,373,692
Initial Cost - Building & Improvement	28,145,158
Subsequent to Acquisition	137,320
Land	1,374,880
Building & Improvement	28,281,290
The company's investment	29,656,170
Accumulated Depreciation	3,653,199
Total Cost, Net of Accumulated Depreciation	26,002,971
Encumbrances
Baytown Village S.C. [Member]
Initial Cost - Land	500,422
Initial Cost - Building & Improvement	2,431,651
Subsequent to Acquisition	818,249
Land	500,422
Building & Improvement	3,249,900
The company's investment	3,750,322
Accumulated Depreciation	1,433,566
Total Cost, Net of Accumulated Depreciation	2,316,756
Encumbrances
Las Tiendas Plaza [Member]
Initial Cost - Land	8,678,107
Initial Cost - Building & Improvement
Subsequent to Acquisition	27,525,578
Land	7,943,925
Building & Improvement	28,259,760
The company's investment	36,203,685
Accumulated Depreciation	5,068,574
Total Cost, Net of Accumulated Depreciation	31,135,111
Encumbrances
Island Gate Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	944,562
Subsequent to Acquisition	1,864,189
Land
Building & Improvement	2,808,751
The company's investment	2,808,751
Accumulated Depreciation	976,939
Total Cost, Net of Accumulated Depreciation	1,831,812
Encumbrances
Island Gate Plaza 2 [Member]
Initial Cost - Land	4,343,000
Initial Cost - Building & Improvement	4,723,215
Subsequent to Acquisition	3,434,004
Land	4,292,636
Building & Improvement	8,207,583
The company's investment	12,500,219
Accumulated Depreciation	2,159,227
Total Cost, Net of Accumulated Depreciation	10,340,992
Encumbrances
Conroe Marketplace [Member]
Initial Cost - Land	18,869,087
Initial Cost - Building & Improvement	50,756,554
Subsequent to Acquisition	(3,309,577)
Land	10,841,611
Building & Improvement	55,474,453
The company's investment	66,316,064
Accumulated Depreciation	4,351,300
Total Cost, Net of Accumulated Depreciation	61,964,764
Encumbrances
Montgomery Plaza [Member]
Initial Cost - Land	10,739,067
Initial Cost - Building & Improvement	63,065,333
Subsequent to Acquisition	(281,830)
Land	10,738,796
Building & Improvement	62,783,774
The company's investment	73,522,570
Accumulated Depreciation	6,158,788
Total Cost, Net of Accumulated Depreciation	67,363,782
Encumbrances	28,821,667
Preston Lebanon Crossing [Member]
Initial Cost - Land	13,552,180
Initial Cost - Building & Improvement
Subsequent to Acquisition	26,717,900
Land	12,163,694
Building & Improvement	28,106,386
The company's investment	40,270,080
Accumulated Depreciation	5,930,870
Total Cost, Net of Accumulated Depreciation	34,339,210
Encumbrances
Lake Prairie Town Crossing [Member]
Initial Cost - Land	7,897,491
Initial Cost - Building & Improvement
Subsequent to Acquisition	28,539,296
Land	6,783,464
Building & Improvement	29,653,323
The company's investment	36,436,787
Accumulated Depreciation	5,059,248
Total Cost, Net of Accumulated Depreciation	31,377,539
Encumbrances
Center at Baybrook [Member]
Initial Cost - Land	6,941,017
Initial Cost - Building & Improvement	27,727,491
Subsequent to Acquisition	8,890,735
Land	6,928,120
Building & Improvement	36,631,123
The company's investment	43,559,243
Accumulated Depreciation	15,483,311
Total Cost, Net of Accumulated Depreciation	28,075,932
Encumbrances
Cypress Towne Center [Member]
Initial Cost - Land	6,033,932
Initial Cost - Building & Improvement
Subsequent to Acquisition	1,636,605
Land	2,251,666
Building & Improvement	5,418,871
The company's investment	7,670,537
Accumulated Depreciation	882,419
Total Cost, Net of Accumulated Depreciation	6,788,118
Encumbrances
Cypress Towne Center 2 [Member]
Initial Cost - Land	12,329,195
Initial Cost - Building & Improvement	36,836,381
Subsequent to Acquisition
Land	12,329,195
Building & Improvement	36,836,381
The company's investment	49,165,576
Accumulated Depreciation	398,790
Total Cost, Net of Accumulated Depreciation	48,766,786
Encumbrances
Cypress Towne Center (Phase II) [Member]
Initial Cost - Land	2,061,477
Initial Cost - Building & Improvement	6,157,862
Subsequent to Acquisition
Land	2,061,477
Building & Improvement	6,157,862
The company's investment	8,219,339
Accumulated Depreciation	66,679
Total Cost, Net of Accumulated Depreciation	8,152,660
Encumbrances
The Centre at Copperfield [Member]
Initial Cost - Land	6,723,267
Initial Cost - Building & Improvement	22,524,551
Subsequent to Acquisition	147,681
Land	6,723,357
Building & Improvement	22,672,142
The company's investment	29,395,499
Accumulated Depreciation	1,765,721
Total Cost, Net of Accumulated Depreciation	27,629,778
Encumbrances
Copperwood Village [Member]
Initial Cost - Land	13,848,109
Initial Cost - Building & Improvement	84,183,731
Subsequent to Acquisition	488,670
Land	13,848,109
Building & Improvement	84,672,401
The company's investment	98,520,510
Accumulated Depreciation	8,574,685
Total Cost, Net of Accumulated Depreciation	89,945,825
Encumbrances
Atascocita Commons Shop CTR [Member]
Initial Cost - Land	16,322,636
Initial Cost - Building & Improvement	54,587,066
Subsequent to Acquisition	640,629
Land	16,099,004
Building & Improvement	55,451,327
The company's investment	71,550,331
Accumulated Depreciation	6,426,983
Total Cost, Net of Accumulated Depreciation	65,123,348
Encumbrances	28,723,371
Tomball Crossings [Member]
Initial Cost - Land	8,517,427
Initial Cost - Building & Improvement	28,484,450
Subsequent to Acquisition	(22,511)
Land	7,964,894
Building & Improvement	29,014,472
The company's investment	36,979,366
Accumulated Depreciation	3,597,691
Total Cost, Net of Accumulated Depreciation	33,381,675
Encumbrances
Copperfield Village Shop CTR [Member]
Initial Cost - Land	7,827,639
Initial Cost - Building & Improvement	34,864,441
Subsequent to Acquisition	140,205
Land	7,827,639
Building & Improvement	35,004,646
The company's investment	42,832,285
Accumulated Depreciation	2,785,358
Total Cost, Net of Accumulated Depreciation	40,046,927
Encumbrances
Shops at Vista Ridge [Member]
Initial Cost - Land	3,257,199
Initial Cost - Building & Improvement	13,029,416
Subsequent to Acquisition	2,198,969
Land	3,257,199
Building & Improvement	15,228,385
The company's investment	18,485,584
Accumulated Depreciation	6,908,102
Total Cost, Net of Accumulated Depreciation	11,577,482
Encumbrances
Vista Ridge Plaza [Member]
Initial Cost - Land	2,926,495
Initial Cost - Building & Improvement	11,716,483
Subsequent to Acquisition	2,584,098
Land	2,926,495
Building & Improvement	14,300,581
The company's investment	17,227,076
Accumulated Depreciation	6,722,152
Total Cost, Net of Accumulated Depreciation	10,504,924
Encumbrances
Vista Ridge Plaza 2 [Member]
Initial Cost - Land	2,276,575
Initial Cost - Building & Improvement	9,106,300
Subsequent to Acquisition	1,355,098
Land	2,276,575
Building & Improvement	10,461,398
The company's investment	12,737,973
Accumulated Depreciation	4,969,800
Total Cost, Net of Accumulated Depreciation	7,768,173
Encumbrances
Kroger Plaza [Member]
Initial Cost - Land	520,340
Initial Cost - Building & Improvement	2,081,356
Subsequent to Acquisition	1,359,284
Land	520,340
Building & Improvement	3,440,640
The company's investment	3,960,980
Accumulated Depreciation	1,790,106
Total Cost, Net of Accumulated Depreciation	2,170,874
Encumbrances
Accent Plaza [Member]
Initial Cost - Land	500,414
Initial Cost - Building & Improvement	2,830,835
Subsequent to Acquisition
Land	500,414
Building & Improvement	2,830,835
The company's investment	3,331,249
Accumulated Depreciation	1,464,554
Total Cost, Net of Accumulated Depreciation	1,866,695
Encumbrances
Southlake Oaks Phase II - 480 W. [Member]
Initial Cost - Land	3,011,260
Initial Cost - Building & Improvement	7,703,844
Subsequent to Acquisition	103,968
Land	3,016,617
Building & Improvement	7,802,455
The company's investment	10,819,072
Accumulated Depreciation	2,611,864
Total Cost, Net of Accumulated Depreciation	8,207,208
Encumbrances
Woodbridge Shopping Center [Member]
Initial Cost - Land	2,568,705
Initial Cost - Building & Improvement	6,813,716
Subsequent to Acquisition	60,806
Land	2,568,705
Building & Improvement	6,874,522
The company's investment	9,443,227
Accumulated Depreciation	1,137,926
Total Cost, Net of Accumulated Depreciation	8,305,301
Encumbrances
Grand Parkway Marketplace [Member]
Initial Cost - Land	25,363,548
Initial Cost - Building & Improvement
Subsequent to Acquisition	49,662,448
Land	75,025,996
Building & Improvement
The company's investment	75,025,996
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	75,025,996
Encumbrances
Grand Parkway Marketplace II [Member]
Initial Cost - Land	13,436,447
Initial Cost - Building & Improvement
Subsequent to Acquisition	6,378,376
Land	19,814,823
Building & Improvement
The company's investment	19,814,823
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	19,814,823
Encumbrances
Temple Towne Center [Member[
Initial Cost - Land	609,317
Initial Cost - Building & Improvement	2,983,262
Subsequent to Acquisition	1
Land	609,317
Building & Improvement	2,983,263
The company's investment	3,592,580
Accumulated Depreciation	258,770
Total Cost, Net of Accumulated Depreciation	3,333,810
Encumbrances
Temple Towne Center II [Member]
Initial Cost - Land	4,909,857
Initial Cost - Building & Improvement	25,882,414
Subsequent to Acquisition	24,910
Land	4,909,857
Building & Improvement	25,907,324
The company's investment	30,817,181
Accumulated Depreciation	3,096,902
Total Cost, Net of Accumulated Depreciation	27,720,279
Encumbrances
Burke Town Plaza [Member]
Initial Cost - Land
Initial Cost - Building & Improvement	43,240,068
Subsequent to Acquisition	(77,919)
Land
Building & Improvement	43,162,149
The company's investment	43,162,149
Accumulated Depreciation	4,705,503
Total Cost, Net of Accumulated Depreciation	38,456,646
Encumbrances
Old Town Plaza [Member]
Initial Cost - Land	4,500,000
Initial Cost - Building & Improvement	41,569,735
Subsequent to Acquisition	(13,561,193)
Land	3,087,520
Building & Improvement	29,421,022
The company's investment	32,508,542
Accumulated Depreciation	5,331,198
Total Cost, Net of Accumulated Depreciation	27,177,344
Encumbrances
Skyline Village [Member]
Initial Cost - Land	10,145,283
Initial Cost - Building & Improvement	28,764,045
Subsequent to Acquisition	119,265
Land	10,573,875
Building & Improvement	28,454,718
The company's investment	39,028,593
Accumulated Depreciation	2,408,808
Total Cost, Net of Accumulated Depreciation	36,619,785
Encumbrances	28,540,865
Sudley Towne Plaza [Member]
Initial Cost - Land	4,114,293
Initial Cost - Building & Improvement	15,988,465
Subsequent to Acquisition	(2,870)
Land	4,114,293
Building & Improvement	15,985,595
The company's investment	20,099,888
Accumulated Depreciation	1,223,448
Total Cost, Net of Accumulated Depreciation	18,876,440
Encumbrances
Burlington Coat Center [Member]
Initial Cost - Land	670,500
Initial Cost - Building & Improvement	2,751,375
Subsequent to Acquisition	1,666,127
Land	670,500
Building & Improvement	4,417,502
The company's investment	5,088,002
Accumulated Depreciation	1,555,483
Total Cost, Net of Accumulated Depreciation	3,532,519
Encumbrances
Towne Square [Member]
Initial Cost - Land	8,499,373
Initial Cost - Building & Improvement	24,302,141
Subsequent to Acquisition	1,558,230
Land	8,858,432
Building & Improvement	25,501,312
The company's investment	34,359,744
Accumulated Depreciation	2,148,027
Total Cost, Net of Accumulated Depreciation	32,211,717
Encumbrances	24,915,548
Potomac Run Plaza [Member]
Initial Cost - Land	27,369,515
Initial Cost - Building & Improvement	48,451,209
Subsequent to Acquisition	(1,609,051)
Land	27,369,515
Building & Improvement	46,842,158
The company's investment	74,211,673
Accumulated Depreciation	12,954,070
Total Cost, Net of Accumulated Depreciation	61,257,603
Encumbrances
Dulles Town Crossing [Member]
Initial Cost - Land	53,285,116
Initial Cost - Building & Improvement	104,175,738
Subsequent to Acquisition	(400,522)
Land	53,285,116
Building & Improvement	103,775,216
The company's investment	157,060,332
Accumulated Depreciation	11,215,337
Total Cost, Net of Accumulated Depreciation	145,844,995
Encumbrances
Docstone Commons [Member]
Initial Cost - Land	3,839,249
Initial Cost - Building & Improvement	11,468,264
Subsequent to Acquisition
Land	3,839,249
Building & Improvement	11,468,264
The company's investment	15,307,513
Accumulated Depreciation	124,181
Total Cost, Net of Accumulated Depreciation	15,183,332
Encumbrances	11,123,972
Docstone O/P - Staples [Member]
Initial Cost - Land	1,425,307
Initial Cost - Building & Improvement	4,317,552
Subsequent to Acquisition
Land	1,425,307
Building & Improvement	4,317,552
The company's investment	5,742,859
Accumulated Depreciation	46,102
Total Cost, Net of Accumulated Depreciation	5,696,757
Encumbrances
Stafford Marketplace [Member]
Initial Cost - Land	26,893,429
Initial Cost - Building & Improvement	86,449,614
Subsequent to Acquisition	71,698
Land	26,893,429
Building & Improvement	86,521,312
The company's investment	113,414,741
Accumulated Depreciation	6,751,401
Total Cost, Net of Accumulated Depreciation	106,663,340
Encumbrances
Auburn North [Member]
Initial Cost - Land	7,785,841
Initial Cost - Building & Improvement	18,157,625
Subsequent to Acquisition	1,466,041
Land	7,785,841
Building & Improvement	19,623,666
The company's investment	27,409,507
Accumulated Depreciation	6,662,844
Total Cost, Net of Accumulated Depreciation	20,746,663
Encumbrances
The Marketplace at Factoria [Member]
Initial Cost - Land	60,502,358
Initial Cost - Building & Improvement	92,696,231
Subsequent to Acquisition	2,554,967
Land	60,502,358
Building & Improvement	95,251,198
The company's investment	155,753,556
Accumulated Depreciation	15,307,136
Total Cost, Net of Accumulated Depreciation	140,446,420
Encumbrances	56,633,213
Frontier Village Shopping CTR [Member]
Initial Cost - Land	10,750,863
Initial Cost - Building & Improvement	35,649,111
Subsequent to Acquisition	96,299
Land	10,750,863
Building & Improvement	35,745,410
The company's investment	46,496,273
Accumulated Depreciation	5,383,855
Total Cost, Net of Accumulated Depreciation	41,112,418
Encumbrances
Gateway Shopping Center [Member]
Initial Cost - Land	6,937,929
Initial Cost - Building & Improvement	11,270,322
Subsequent to Acquisition
Land	6,937,929
Building & Improvement	11,270,322
The company's investment	18,208,251
Accumulated Depreciation	241,160
Total Cost, Net of Accumulated Depreciation	17,967,091
Encumbrances
Olympia West Outparcel [Member]
Initial Cost - Land	360,000
Initial Cost - Building & Improvement	799,640
Subsequent to Acquisition	100,360
Land	360,000
Building & Improvement	900,000
The company's investment	1,260,000
Accumulated Depreciation	102,255
Total Cost, Net of Accumulated Depreciation	1,157,745
Encumbrances
Franklin Park Commons [Member]
Initial Cost - Land	5,418,825
Initial Cost - Building & Improvement	11,988,657
Subsequent to Acquisition	977,979
Land	5,418,825
Building & Improvement	12,966,636
The company's investment	18,385,461
Accumulated Depreciation	1,277,370
Total Cost, Net of Accumulated Depreciation	17,108,091
Encumbrances
Silverdale Plaza [Member]
Initial Cost - Land	3,875,013
Initial Cost - Building & Improvement	32,272,736
Subsequent to Acquisition	86,050
Land	3,755,613
Building & Improvement	32,478,186
The company's investment	36,233,799
Accumulated Depreciation	4,689,699
Total Cost, Net of Accumulated Depreciation	31,544,100
Encumbrances
Blue Ridge [Member]
Initial Cost - Land	12,346,900
Initial Cost - Building & Improvement	71,529,796
Subsequent to Acquisition	(35,751,174)
Land	6,158,426
Building & Improvement	41,967,096
The company's investment	48,125,522
Accumulated Depreciation	19,367,363
Total Cost, Net of Accumulated Depreciation	28,758,159
Encumbrances	6,870,989
Micro Properties [Member]
Initial Cost - Land	24,206,390
Initial Cost - Building & Improvement	56,481,576
Subsequent to Acquisition	(74,328,657)
Land	2,038,463
Building & Improvement	4,320,846
The company's investment	6,359,309
Accumulated Depreciation	904,208
Total Cost, Net of Accumulated Depreciation	5,455,101
Encumbrances
KRC North Loan IV, Inc [Member]
Initial Cost - Land	23,516,663
Initial Cost - Building & Improvement
Subsequent to Acquisition	(5,308,827)
Land	18,207,836
Building & Improvement
The company's investment	18,207,836
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	18,207,836
Encumbrances
Balance of Portfolio [Member]
Initial Cost - Land	1,907,178
Initial Cost - Building & Improvement	65,127,203
Subsequent to Acquisition	6,458,145
Land	13,419,726
Building & Improvement	60,072,800
The company's investment	73,492,526
Accumulated Depreciation	37,230,123
Total Cost, Net of Accumulated Depreciation	36,262,403
Encumbrances	$ 11,608,413

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Schedule III - Real Estate and Accumulated Depreciation - Depreciation and Amortization (Details) - Buildings and Building Improvements Held For Investment [Member]	12 Months Ended
	Dec. 31, 2016
Minimum [Member]
Buildings and building improvements (in years) (Year)	15 years
Maximum [Member]
Buildings and building improvements (in years) (Year)	50 years

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Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance, beginning of period	$ 11,568,809,126	$ 10,018,225,775	$ 9,123,343,869
Acquisitions	181,719,189	278,401,182	548,553,619
Improvements	217,668,292	191,662,698	134,921,993
Transfers from (to) unconsolidated joint ventures	615,511,560	1,673,542,610	1,065,330,540
Sales	(391,758,149)	(507,185,370)	(781,200,981)
Assets held for sale	(12,608,829)	(587,007)
Adjustment of fully depreciated asset	(80,660,536)	(56,774,522)	(8,628,954)
Adjustment of property carrying values	(91,204,249)	(18,432,226)	(32,935,408)
Change in exchange rate	598,744	(10,044,014)	(31,158,903)
Balance, end of period	12,008,075,148	11,568,809,126	10,018,225,775
Balance, beginning of period	2,115,319,888	1,955,405,720	1,878,680,836
Depreciation for year	344,179,201	333,948,605	256,088,382
Transfers from (to) unconsolidated joint ventures
Sales	(97,063,934)	(116,864,875)	(167,458,882)
Adjustment of fully depreciated asset	(80,660,536)	(56,774,522)	(8,628,954)
Assets held for sale	(3,482,974)
Change in exchange rate		(395,040)	(3,275,662)
Balance, end of period	$ 2,278,291,645	$ 2,115,319,888	$ 1,955,405,720

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Schedule IV - Mortgage Loans on Real Estate (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Mortgage Loans on Real Estate, Federal Income Tax Basis	$ 23,200
Mortgage Loans on Real Estate, Number of Loans	12
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 31,136	[1]
Mortgages [Member]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 30,536	[1]
Individually Less Than 3% [Member] | Mortgages [Member]
Mortgage Loans on Real Estate, Number of Loans	4
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 2,922	[1]
Mortgage Loans on Real Estate, Interest Rate		[2]
Mortgage Loans on Real Estate, Final Maturity Date		[3]
Individually Less Than 3% [Member] | Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 200
Mortgage Loans on Real Estate, Interest Rate	6.88%
Mortgage Loans on Real Estate, Final Maturity Date	Oct. 19, 2019
Individually Less Than 3% [Member] | Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 400
Mortgage Loans on Real Estate, Interest Rate	9.00%
Mortgage Loans on Real Estate, Final Maturity Date	Dec. 01, 2030

[1] The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above

[2] Interest rates range from 6.88% to 9.00%

[3] Maturity dates range from October 19, 2019 to December 1, 2030

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Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Face Amount of Mortgages or Maximum Available Credit	$ 31,136	[1]
Carrying Amount of Mortgages	23,197	[1],[2]
Capitalized loan costs	6	[1],[2]
Mortgages [Member]
Face Amount of Mortgages or Maximum Available Credit	30,536	[1]
Carrying Amount of Mortgages	$ 22,784	[1],[2]
Borrower A [Member] | Mortgages [Member]
Interest Accrual Rates	5.00%
Interest Payment Rates	5.00%
Final Maturity Date	Jul. 31, 2017
Face Amount of Mortgages or Maximum Available Credit	$ 5,730	[1]
Carrying Amount of Mortgages	$ 5,314	[1],[2]
Borrower B [Member] | Mortgages [Member]
Interest Accrual Rates	6.50%
Interest Payment Rates	6.50%
Final Maturity Date	Mar. 04, 2033
Face Amount of Mortgages or Maximum Available Credit	$ 5,014	[1]
Carrying Amount of Mortgages	$ 5,014	[1],[2]
Borrower C [Member] | Mortgages [Member]
Interest Accrual Rates	12.00%
Interest Payment Rates	12.00%
Final Maturity Date	May 14, 2033
Face Amount of Mortgages or Maximum Available Credit	$ 3,075	[1]
Carrying Amount of Mortgages	$ 3,075	[1],[2]
Borrower D [Member] | Mortgages [Member]
Interest Accrual Rates	7.57%
Interest Payment Rates	7.57%
Final Maturity Date	Jun. 01, 2019
Face Amount of Mortgages or Maximum Available Credit	$ 3,966	[1]
Carrying Amount of Mortgages	$ 2,078	[1],[2]
Borrower E [Member] | Mortgages [Member]
Interest Accrual Rates	7.57%
Interest Payment Rates	7.57%
Final Maturity Date	Jun. 01, 2019
Face Amount of Mortgages or Maximum Available Credit	$ 4,201	[1]
Carrying Amount of Mortgages	$ 2,037	[1],[2]
Borrower F [Member] | Mortgages [Member]
Interest Accrual Rates	7.57%
Interest Payment Rates	7.57%
Final Maturity Date	Jun. 01, 2019
Face Amount of Mortgages or Maximum Available Credit	$ 3,678	[1]
Carrying Amount of Mortgages	$ 1,923	[1],[2]
Borrower G [Member] | Mortgages [Member]
Interest Accrual Rates	6.00%
Interest Payment Rates	6.00%
Final Maturity Date	Dec. 09, 2024
Face Amount of Mortgages or Maximum Available Credit	$ 1,950	[1]
Carrying Amount of Mortgages	$ 1,950	[1],[2]
Individually Less Than 3% [Member] | Mortgages [Member]
Interest Accrual Rates		[3]
Interest Payment Rates		[3]
Final Maturity Date		[4]
Face Amount of Mortgages or Maximum Available Credit	$ 2,922	[1]
Carrying Amount of Mortgages	$ 1,393	[1],[2]
Individually Less Than 3% [Member] | Other Loans on Real Estate [Member]
Interest Accrual Rates	2.28%
Interest Payment Rates	2.28%
Final Maturity Date	Apr. 01, 2027
Face Amount of Mortgages or Maximum Available Credit	$ 600	[1]
Carrying Amount of Mortgages	$ 407	[1],[2]

[1] The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above

[2] The aggregate cost for Federal income tax purposes is $23.2 million

[3] Interest rates range from 6.88% to 9.00%

[4] Maturity dates range from October 19, 2019 to December 1, 2030