Real Estate Under

Development

The Company is engaged in various real estate development projects for long-term investment. As of

March

31,

2017,

the Company had in progress a total of

seven

real estate development projects located in the U.S. These projects will be developed into open-air shopping centers aggregating

2.6

million square feet of GLA, including residential and mixed-use components, with a total estimated aggregate project cost of

$674.0

million.

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

Property Name	Location	March 31, 2017		December 31, 2016
Grand Parkway Marketplace	Spring, TX	$	106,752	$	94,841
Dania Pointe (1)	Dania Beach, FL		114,532		107,113
Promenade at Christiana	New Castle, DE		26,041		25,521
Owings Mills	Owings Mills, MD		26,787		25,119
Lincoln Square (2)	Philadelphia, PA		34,836		-
Avenues Walk	Jacksonville, FL		73,048		73,048
Staten Island Plaza (3)	Staten Island, NY		9,392		9,386
		$	391,388	$	335,028

(1)

Includes

$45.9

million of land held for future development.

(2)

During the

three

months ended

March

31,

2017,

KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered in a joint venture agreement wherein KIM Lincoln has a

90%

controlling interest and Lincoln Member has a

10%

noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of

$10.0

million. 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 Condensed Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote

6).

(3)

Land held for future development.